September | October 2019 | Vol. 15 No. 4 A publication of the Wisconsin Institute of CPAs | wicpa.org
When the Governor Calls Kathy Koltin Blumenfeld | 6
Plus: Opportunity zones update | 12 An elder care education | 16 CPA/educator collaborations | 22 Cybersecurity for small firms | 28
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A publication of the Wisconsin Institute of CPAs | wicpa.org
September | October 2019 Vol. 15 No. 4
Features 6 When the governor calls The Wisconsin CPA who is now secretary of the Department of Financial Institutions is one of few people with dual degrees in accounting and political science. Find out where it’s gotten her and the path she took to arrive there. By Marcia Tillett-Zinzow 12 Opportunity zones update In April, the U.S. Department of Treasury released a second set of proposed regulations covering opportunity zones, resolving several issues that remained open after the initial proposed regulations were released in October 2018. By Michael E. Fitzpatrick, CPA 16 The accidental elder care CPA The aging of your client population means you may find yourself in the role of elder care CPA. And even if you don’t advise clients, you will want to learn these things for yourself. We are least able to do the research when we need this knowledge most. By Barbara DeBaere Poppy, CPA 22 Innovating accounting education As technology advances in the CPA environment, finding well-qualified candidates can be a challenge. Employers are beginning to take a proactive stance in helping prepare students by collaborating with educators to offer students firsthand experiences. By Melodi L. Bunting, CPA, and Amie L. Dragoo, CPA, Ed.D wicpa.org
Columns 28 SMALL BUSINESS Cybersecurity for smaller companies The rapid advancement of technology can be expensive, especially for small to midsized companies without large budgets to handle the necessary upgrades and hire more staff. But there are free and low-cost tools that can help keep these businesses cybersecure—if you know where to look for them. By Jeffrey Lemmermann, CPA, CISA, CITP, CEH 34 MANUFACTURING/DISTRIBUTION LIFO: The last shall be first The last-in, first out (LIFO) inventory valuation method is an alternative to the traditional first-in, first-out (FIFO) method. It assumes the most recently purchased items are sold first. While many businesses thought the Tax Cuts and Jobs Act had eliminated LIFO, that is not the case. Don’t miss taking advantage of this still-available tax-savings option. By James D. Brandenburg, CPA, MST 38 REAL ESTATE Tax incremental districts The tax incremental district (TID) is a popular tool used by municipalities to capitalize on the changes in the Wisconsin economy and repurpose properties that may be underutilized or blighted from contamination, thereby unlocking potential to promote economic growth. Find out how TIDs work and why they’re so popular. By Jordan Boehm, CPA, and Jake Lenell, CPA
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3 Outlook | chair’s letter 4
In Touch | president & CEO’s message
10 Kudos | members in the news 32 Memorials | departed members
On Balance
September | October 2019
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2019-2020 WICPA OFFICERS/BOARD MEMBERS Chair Neil R. Keller, CPA/ABV, CVA
On Balance is published five times a year by the Wisconsin Institute of Certified Public Accountants (WICPA). Change of address should be sent to: Membership, W233N2080 Ridgeview Pkwy, Suite 201, Waukesha WI 53188; Phone: 262-785-0445 or 800-772-6939; Fax: 262-785-0838; email: jessica@wicpa.org. Statements and opinions expressed are those of the authors and not necessarily those of the WICPA. Publication of an advertisement does not constitute an endorsement of the product or service by On Balance or the WICPA. Articles may be reproduced with permission. © Copyright 2019 On Balance.
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Chair-elect Wendi M. Unger, CPA Past Chair Michael D. Akers, CPA, CBM, CFE, CGMA, CIA, CMA, PhD
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OUTLOOK | CHAIR’S LETTER “I believe good organizations need to occasionally recalibrate their compasses to find True North.”
Recalibrating Our Compass
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e live in a world of constant change. Over time, we can focus so much on current short-term changes that we lose sight of the big picture. I believe that good organizations need to occasionally recalibrate their compasses to find True North by taking a step back and reevaluating where they are and where they need to go. With our new CEO, Tammy Hofstede, in place, the time was right for the WICPA to go through that process. This past summer, the WICPA board of directors held their first annual board retreat. Our board members volunteered two days of their time to take inventory of the organization, discuss what our responsibilities are as the board of directors, and discuss where the profession is headed and what we as board members and as a member organization need to focus on to build a stronger and more successful WICPA. Throughout the history of the WICPA, the board has been asked to be involved in a plethora of different activities, including reviewing procedure (vs. policy) and the minutiae of operations. While the result of this was board members “doing” a lot of important things, it was at times at the expense of high-level, strategic discussion and direction. Early on in the retreat, the board had a discussion on how successful boards operate and what our responsibilities as a board should be. In our discussion, we kept coming back to three main initiatives: setting policy, providing fiscal oversight and advancing the WICPA mission. The board spent a large amount of time discussing each of these initiatives, including what is involved in them and what it means to our current and future board members. We challenged what we are currently doing in these areas and took a long, hard look at the responsibilities included under each initiative. We then determined whether each item would be more appropriately performed by board members, our talented WICPA staff or other volunteer members
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within a WICPA committee or task force. Ultimately, the unanimous consensus was that the role of the board is to focus on being strategic and forward-looking, providing oversight and keeping accountability over those to whom we delegate these specific responsibilities while continuing to be champions for the profession and the WICPA in our organizations and networks. We closed the retreat with an in-depth discussion on the future of the accounting profession and, specifically, the AICPA’s outlook. The board reviewed the AICPA’s five guiding principles regarding CPA Evolution, broke it down into its component parts, discussed each principle in depth and provided feedback to the AICPA to help them in determining future efforts and direction. The conversation was insightful and very informative, especially to board members who haven’t had much exposure to the AICPA. I am very fortunate to be part of a highly talented and successful WICPA board with a very diverse skill set. One thing that came through loud and clear during the retreat is that our board members are passionate about the accounting profession and dedicated to the success of the WICPA. It is important to remember that our WICPA board is composed of volunteer members, and by recalibrating our compasses, the retreat was successful in providing insight as to where the board should be devoting its efforts to best utilize board members’ time. With all we were able to accomplish during our time together, I believe we were able to find True North, and I look forward to the annual retreat becoming a critical and impactful component of the WICPA board. Neil Keller, CPA/ABV, CVA, is partner-in-charge of tax services at Sikich LLP, Brookfield, and the 2019-2020 chair of the WICPA board of directors. Contact him at 262-754-9400 or neil.keller@sikich.com.
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September | October 2019
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IN TOUCH | PRESIDENT & CEO’s MESSAGE “Making these personal visits with our elected officials on Capitol Hill is one of the best ways to educate them about the issues important to the accounting profession and the taxpayers they represent.”
WICPA Advocates for the Profession in Washington, D.C.
From Left, Ruth Kallio-Mielke, Wendi Unger, Tammy Hofstede, Neil Keller, Ryan Hanson, Nicholas Lascari
In May, at the conclusion of the AICPA’s Spring Meeting of Council, several hundred CPAs from state CPA societies across the nation—including WICPA members—met with members of Congress in Washington, D.C. At the top of the profession’s list of issues was modernizing the IRS’s taxpayer services. A Practitioner Services Division within the IRS is one of the best ways to improve taxpayer services. It would help tax preparers solve their clients’ tax issues by consolidating existing IRS units. Currently, the programs are spread throughout the IRS, and the operating systems for the programs do not easily communicate or integrate—or even have access to the same taxpayer information. Our efforts on Capitol Hill to encourage the administrative creation of the Practitioner Services Division has raised awareness and has been keeping the effort moving to ensure it remains part of the IRS’s overall modernization plan. The IRS is undergoing many changes as a result of recent legislation,
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At the top of the profession’s list of issues was modernizing the IRS’s taxpayer services. including the IRS Modernization Act and the Taxpayer First Act of 2019, both recently signed by the president. We believe the development of this division is a key component of the ongoing modernization of the IRS and can provide practitioners with the ability to help taxpayers more easily navigate the complexities of the U.S. tax code. The creation of the Practitioner Services Division is something that we hope all members of Congress will support, and the
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WICPA has encouraged our Wisconsin members of Congress to support its creation through administrative means. The announcement by IRS Commissioner Charles Rettig that he is considering the creation of a Practitioner Services Division is an encouraging step, and we must continue to express strong support for this action as the IRS works to develop its restructuring and modernization plan. As the IRS begins to move into a new era of modernizing its practices, policies and systems, we believe that tax professionals should have the tools to aid taxpayers in successfully adhering to the updated tax code. While the announcement from the IRS is promising, we must continue our efforts until this important division is established. The WICPA will continue to advocate for tax preparers and IRS efficiency. WICPA members also advocated for the following:
Changing the trigger that allows the IRS to grant deadline extensions when natural disasters occur Congress can help taxpayers by enacting legislation that would give the IRS the authority to postpone deadlines when a natural disaster is declared by a state’s governor—which often occurs days before the disaster—instead of waiting for a federal disaster declaration. The WICPA and the AICPA have long worked for a set of permanent disaster relief tax provisions, but enactment of this new legislation would provide more timely assistance and certainty to tax preparers and taxpayers.
A Congressional resolution relating to the fiscal state of the nation Lawmakers were asked to support a Congressional fiscal state of the nation resolution calling for the Government Accountability Office (GAO) comptroller general to make a presentation to a joint session of the House and Senate Budget committees on the GAO’s auditor’s report of the U.S. government’s financial statements.
The growing importance of taxation of the digital economy WICPA members also advocated for sound tax policy as they discussed with lawmakers the complex and unique tax challenges presented to governments and tax authorities around the world by the advancement of technology and the digital economy. Making these personal visits with our elected officials on Capitol Hill is one of the best ways to educate lawmakers about the issues important to the accounting profession and the taxpayers they represent.
Tammy J. Hofstede is president & CEO of the WICPA. Contact her at 262-785-0445 ext. 4518 or tammy@wicpa.org.
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On Balance
September | October 2019
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When the Governor Calls
Photography by Rick Swearingen
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On Balance
September | October 2019
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The Wisconsin CPA who is now secretary of the Wisconsin Department of Financial Institutions is one of few people with dual degrees in accounting and political science. And look where it’s gotten her. By Marcia Tillett-Zinzow
L
ast December, Kathy Koltin Blumenfeld, CPA, was in a meeting at Total Administrative Services Corporation (TASC)—where she was vice president of special operations—when she heard the phone ring. She let the call go to voice mail and checked her messages after the meeting. After listening to the caller’s message several times, she was finally convinced it wasn’t a prank call. It really was a member of Gov. Tony Evers’s transition team. She punched in the caller’s number, and the person who answered asked if Kathy would be interested in joining the governor’s cabinet as secretary of the Department of Financial Institutions (DFI). You could’ve blown her over with a feather. “It was literally out of the blue! I was so taken by surprise that I just said I would think about it,” Kathy said. “And then I looked on the website, and I saw that DFI regulates credit unions and banks and securities and charitable organizations and promotes financial literacy. It literally stitched together my entire career.” Prior to her job at TASC, Kathy worked for CUNA Mutual Group for 26 years, training credit unions in asset liability management as well as leading strategic products and the company’s largest insurance portfolio. In college, she worked in both federal and state government: first as an intern in U.S. Sen. William Proxmire’s offices in Madison and in Washington, D.C.; then as an intern for Wisconsin Gov. Tony Earl; then as a senate page (messenger); and finally as a legislative aide to Wisconsin State Sen. Joseph Strohl. In her junior year of college, she almost dropped her accounting major, in fact, in favor of political science. Her parents did not take the news well.
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Kathy almost dropped her accounting major in favor of political science.
“I remember going home and saying, ‘Mom and Dad, I think I’m going to change my major from accounting to political science,’ and they looked at me and laughed,” Kathy said. “They said, ‘No, you’re not! You can add that as a second major, but you are not giving up accounting.’” So she double-majored and graduated from UW– Madison with dual degrees in Accounting and Poli Sci—a somewhat unusual combination that has served her very well.
Strong guidance made a difference Even as a young girl, Kathy’s parents provided guidance and influence that led her to accounting. Both her parents were in sales and knew the value of a college degree and a strong career. They encouraged Kathy and her two older brothers to get an education and establish careers that would give them a steady income and a good salary. All three decided to go into accounting. One of her brothers is Allan Koltin, CPA, CGMA, the CEO of Koltin Consulting Group.
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Kathy’s passion for the field started in high school, when as a sophomore her business school teachers let her take every available business class. Then she took accounting classes for college credit at UW–Milwaukee during her senior year of high school. “I would get these accounting kits to take home, and it was supposed to be a few months of doing homework every night, and I would go home and do the entire kit in a weekend and be done. I just loved this, and that’s when I decided I wanted to do it the rest of my life,” she said. In college, Kathy found that accounting classes were a little less exciting than those kits she did when she was 18. That was part of the reason she wanted to change her major to political science. The other reason was her experience working in government, where she was helping people. She liked the altruistic aspect of that work. “I had this amazing experience during college. I really wanted to stay in state government, and my parents encouraged me to go out to the private sector and build a career first,” she said. “My mom said, ‘Someday you can come back and bring your expertise to state government.’ So when I got the call from the governor’s office, that advice played in my head. I realized it was my opportunity to give back to the state of Wisconsin, to give back to the people and do public service. It was just like a gift literally falling into my lap.” Giving back has always been important to Kathy, and one of the ways she has exercised that side of her nature is by helping other professionals. She consistently mentors others, and in her position at CUNA Mutual Group (where she was one of the youngest assistant VPs they had ever had), she and three friends started a women’s leadership group that is now a formalized program with several hundred members. She did the same thing at TASC and is now getting involved in a group called Wisconsin Women in Government. “The part of being a leader and a manager that I love the most is helping other people grow and develop and being a part of their journey. It’s my free fuel,” she said.
Finding solutions, helping Wisconsinites The main job of the DFI is to protect people from financial abuse by regulating banks, credit unions and charitable organizations to ensure the public’s money and data are safe, and by making sure those selling securities are acting ethically and not committing fraud. But that’s not all the multifaceted agency does. “We also do a lot of education and outreach around the state, especially through the Office of Financial Literacy,” Kathy said.
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Kathy’s long-ago dream of working in state government finally came true.
“
The part of being a leader and a manager that I love the most is helping other people grow and develop and being a part of their journey. It’s my free fuel. She pointed out that Wisconsin is one of the most advanced states in getting financial literacy into the schools. The state has passed educational standards that now require K-12 schools to offer financial literacy curriculums to their students. Five years ago, less than 30% of Wisconsin schools had such a program. Today, that figure is up to 70%. “And we are aiming for 100%,” Kathy said, “but we don’t want them to just offer it. The quality in which they offer it is really important, too.” The secretary has been passionate about financial literacy since her high school days. “It’s all about helping people,”
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Secretary Blumenfeld (center) with her Department of Financial Institutions staff
she said. “And that is part of the mission of being a CPA. I felt that I could see numbers really easily; they came very naturally to me, so I’ve always been trying to help people from a financial standpoint.” Other programs under DFI’s umbrella include Edvest and Tomorrow’s Scholar, college savings programs that can help students pay for their educations. They are two of Kathy’s favorite programs. But with the average Wisconsin college student owing some $30,000 when they graduate, student loan debt is a crisis. The governor has asked the secretary to work with the State Treasurer and the head of the Higher Educational Aids Board to look into the problem and explore some solutions. For example, for those people who are in student loan debt crisis, is there a way the state can play a role in bringing those interest rates down—perhaps by refinancing the debt? “You can refinance your house, you can refinance a car, but very few can refinance student loan debt,” she said. “And sometimes the interest rates are between 8% and 15%, which is really high compared to a mortgage or a car loan.” A task force is now looking into the issue.
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For Kathy—who at one time wanted to abandon accounting in favor of political science—the CPA designation is solid gold in more ways than one. It allowed her to be employed right out of college and then work in a variety of exciting situations, helping people at every turn: first as an auditor working with businesses at AM&G, a large Chicago CPA firm; then at Fitzpatrick & Roberts (now RSM), a large Madison firm; then as an executive and mentor at CUNA Mutual Group; then at TASC; and now as secretary of the Wisconsin Department of Financial Institutions, a position that enables her to call up earlier work experience as a legislative aide, governor’s intern and senate page. “I’ve had an amazing career as a CPA. It has been so fun and varied and interesting,” Kathy said. “I’m really glad I listened to my parents and stayed with accounting in college. And my mother was right when she told me I should build a career first and then I could come back later and bring my expertise to state government. Because that’s exactly what happened.” Marcia Tillett-Zinzow is a Wisconsin freelance writer and editor. Contact her at mtzinzow@icloud.com.
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kudos
Eric Aronson, CPA
Amy Breeser, CPA
Jamie Davister, CPA
John F. Hager, CPA, JD
Eric Aronson, CPA, CliftonLarsonAllen, has been promoted to principal in CLA’s construction, real estate, and manufacturing practice group. He provides audit, accounting and data analysis services to clients, including involvement with internal control and process analysis projects. Amy Breeser, CPA, was promoted to senior accountant at Hawkins Ash CPAs, La Crosse. She started her career with the firm as an intern in January 2016. Breeser provides tax preparation services and performs compilations and reviews for clients. Nick Curran, CPA, accepted a 2019 Dane County Small Business Award in July on behalf of his firm, Numbers 4 Nonprofits, which partners with nonprofit clients to help them manage finances. Curran founded the firm in 2007. Jamie Davister, CPA, CliftonLarsonAllen, has been promoted to principal in CLA’s trucking and transportation practice group. She specializes in providing financial reporting, tax and general consulting services to closely held businesses in a variety of industries, with a focus in transportation and manufacturing. Michael E. Friedman, CPA, JD, tax director with Scribner, Cohen and Co. S.C., has been appointed by Gov. Tony Evers to the Wisconsin Accounting Examining Board. Friedman also was presented with the WICPA’s 2019 CPA in Public Accounting Excellence Award in May. Nicole Gabriel, CPA, was promoted to audit manager at Vrakas S.C., Brookfield. She started as an intern in 2013 and joined the firm in 2014 after graduating from UW–Whitewater. Shauna Gnorski, CPA, joined McFarland State Bank as CEO in July. She has 20 years of experience in senior leadership positions in financial reporting and accounting. In addition to McFarland, the bank has branches in Stoughton and Middleton. John F. Hager, CPA, JD, partner in the law firm of Hager, Dewick & Zuengler, S.C., Green Bay, has been selected by his peers for inclusion in the 2019 edition of “The Best Lawyers in America®,” a list comprising only 3% of the nation’s top attorneys. Hager also was recently named to the board of advisors at St. Norbert College School of Business and Economics.
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September | October 2019
Julie Kiley, CPA
Tricia Nielson, CPA
Jesse Veeser, CPA
Michael Zuleger, CPA
Maria Ideker, CPA, was promoted to manager at Hawkins Ash CPAs, La Crosse. She began her career with the firm as an intern in 2012. Ideker prepares tax returns and Form 5500s and performs compilations and reviews for clients. Julie Kiley, CPA, CliftonLarsonAllen, has been promoted to principal in CLA’s private clients practice group. She has deep experience providing wealth management and income and estate tax planning services, specializing in tax planning and compliance for high-net-worth individuals. Mark S. Koehl, CPA, JD, has been elected to the boards of directors of Capitol Bank, Madison, and Badger Bank, Fort Atkinson, since he retired May 31 from Wipfli LLP, where he served clients for 39 years. Timothy Mattke, CPA, was promoted to CEO of MGIC Investment Corp. and also elected to the MGIC board. He joined the company in 2006 and has served as executive vice president and CFO since 2014. Tricia Nielson, CPA, CliftonLarsonAllen, has been promoted to principal in CLA’s manufacturing and distribution practice group. She has nearly 20 years of public accounting experience and specializes in valuing closely held companies in conjunction with buyout agreements, transition planning and estate planning. Timothy Parks, CPA, has been promoted to VP–finance and investment officer by River Valley Bank and IncredibleBank. He started with the banks in 2009 as finance manager and was promoted to assistant controller in 2017. Miranda Schultz, CPA, has joined Wolf River Community Bank as chief financial officer. She has 13 years’ experience in the financial industry, most recently as controller at Choice Bank in Oshkosh. Lawrence C. Silton, CPA, JD, has joined the law firm of von Briesen & Roper s.c., Appleton, as counsel in the firm’s business practice group. He will provide tax and business advice to clients. Leslie Smith, CPA, a senior tax associate at Hawkins Ash CPAs, achieved her CPA designation from the State of Wisconsin Department of Regulation & Licensing last spring.
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Kyle R. Stephens, CPA, VP of finance & administration, Good City Brewing, was featured on the cover of the June 7 Milwaukee Business Journal in a feature on opportunity zones. Stephens also received the WICPA’s 2019 Young Professional Award in May. Carrie Sukup, CPA, has joined River Valley Bank and IncredibleBank as senior vice president-controller. Prior to joining the banks, she was with Wipfli LLP for more than 20 years. Nicole Sullivan, CPA, has been named a tax partner at Regier, Carr & Monroe LLP. The Hudson resident will work remotely for the firm, which has offices in Tucson, Arizona; Wichita, Kansas; and Tulsa, McAlester and Wagoner, Oklahoma. Joshua TeBeest, CPA, tax manager at Huberty CPAs, was named to the Sheboygan County Top 10 Best Under 40 Listing, which recognizes talented young professionals who have demonstrated leadership, community engagement, professional achievement and volunteerism in Sheboygan County. Michelle Van, CPA, has been promoted to manager in the tax department at Vrakas S.C., Brookfield. She began her career with the firm as an intern in 2014 and joined the firm in 2015 after graduating from UW–Whitewater. Jesse Veeser, CPA, has been promoted to senior associate at Hawkins Ash CPAs, Green Bay. He began his career with the firm in 2015. Veeser does tax preparation and asset tracking for individuals, C corporations, S corporations and partnerships. Michael Zuleger, CPA, CliftonLarsonAllen, has been promoted to principal in CLA’s manufacturing and distribution practice group. He has extensive experience providing individual and corporate income tax planning and compliance for closely held companies in a variety of industries.
Want your
FIRM NEWS Baker Tilly generously donated $5,000 to the WICPA Educational Foundation to support accounting awareness initiatives. Deloitte generously donated $12,000 to the WICPA Educational Foundation to support accounting awareness initiatives. Hawkins Ash CPAs, Manitowoc, announced that all members of its Governmental Services Group earned the AICPA’s Advanced Single Audit Certificate in May. Passing the certification exam is a demonstration of one’s ability to plan, direct and report on single audits following the Uniform Guidance requirements. The Governmental Services Group members are Kevin Behnke, CPA, senior manager and government services chairperson; Joe Haas, CPA, senior manager, audit and accounting director; Monica Hauser, CPA, partner; Chuck Krueger, CPA, senior manager; and Randall Miller, CPA, partner.
Kevin Behnke, CPA
Joe Haas, CPA
Chuck Krueger, CPA
Randall Miller, CPA
Monica Hauser, CPA
Wegner CPAs announced July 1 that the Filter CPA Office had merged with the firm, adding a Reedsburg office location to the firm’s other four locations. The merged company’s managing partner, Jeffrey Filter, CPA, joined Wegner’s leadership team as a partner. Wegner also has offices in Baraboo, Janesville, Madison and Milwaukee. Wipfli LLP announced in May that the firm’s partners had elected Kurt Gresens, CPA, CMA, CGMA, as the firm’s new leader, effective June 1. Gresens succeeds Rick Dreher, CPA, MST, who completed a successful 13-year tenure as the firm’s managing partner and chairman of the board. Dreher has been responsible for much of the firm’s growth.
new job, promotion or award mentioned in Kudos?
H Email your announcement and photo in JPG format to mtzinzow@icloud.com. H
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On Balance
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Opportunity Zones Update
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Second set of proposed regulations provides clarity for operating businesses.
I By Michael F. Fitzpatrick, CPA
n April, the Department of Treasury released a second set of proposed regulations covering opportunity zones. The regulations resolved several issues that remained open after the initial proposed regulations were released in October 2018. This article focuses on clarifications the new regulations provide to operating businesses on how to take advantage of the program’s benefits.
Key takeaways • Three safe harbors and a facts-and-circumstances test are provided to assist businesses in determining whether income is sufficiently derived from a qualified opportunity zone (QOZ) business. • The “active conduct of a trade or business” requirement a QOZ business’s activities must meet is generally defined. Specifically, the ownership and operation (including leasing) of real property will meet this standard; however, “merely entering into a triple net lease” will not. • A working capital safe harbor introduced by the October 2018 round of regulations is expanded to allow taxpayers 31 months to deploy raised capital to develop a trade or business and avoid penalties.
Background In an effort to redirect capital from the stock market into economically distressed communities, the Tax Cuts and Jobs Act created the opportunity zone provisions, which offer taxpayers three tax benefits in exchange for reinvesting their capital gains into an investment vehicle called a qualified opportunity fund (QOF). They are as follows: • Deferral of tax on the invested gains, generally until the earlier of the disposition of their QOF investment or 2026 • Forgiveness of tax on 10% of the invested gains if the QOF interest is held for at least five years; an additional 5% (for a total of 15%) if held at least seven years • Potential permanent gain exclusion on any appreciation in the QOF investment if it’s held at least 10 years
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Income sufficiently derived from a QOZ business A business must receive at least 50% of its gross income from the active conduct of a trade or business within a QOZ in order to qualify as a QOZ business. The original legislation provides no means to determine the source of the incomeproducing activity for this purpose, and the previous set of regulations do not offer any guidance. As such, prospective ventures with designs to sell to customers or locate any of its operations outside the QOZ were left with a significant logistical uncertainty. The new proposed regulations feature three safe harbors for making this determination. A business will meet this requirement if • at least 50% of the business’s services based on employee and independent contractor hours are performed within the QOZ; • at least 50% of the business’s services, based on amounts paid for those services, are performed within the QOZ; or • the tangible property located in the QOZ and the management functions performed within the QOZ are each necessary to generate at least 50% of the business’s gross income. If these safe harbors cannot be met, a business can demonstrate that it passes the gross income test based on facts and circumstances. In all, a business now has significantly more information and the flexibility needed to determine whether it can participate in the program and still target customers and deploy its resources in manners and geographies that best suit its general operations’ needs.
Active conduct of a trade or business defined The regulations rely on a large body of existing case law and administrative guidance in determining whether a trade or business exists for QOZ business purposes. In general, the business must engage in its activities with continuity and regularity and for the primary purpose of making a profit. The real estate industry is given helpful clarity, as the regulations specify that the ownership and operation (including leasing) of real property will be considered a trade or business under the opportunity zone program. However, the regulations further state that “merely entering into” a triple net lease does not rise to the trade or business standard. It is important to note that triple net lease is undefined for these purposes. As such, while the presence of this language is unfavorable, it will be critical to examine all facts and circumstances, particularly the property owner’s level of activities under any arrangement resembling a triple net lease, to determine whether a trade or business exists.
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Expansion of working capital safe harbor Among the many significant issues potential investors and practitioners faced in light of the original legislation was how a QOF could timely redirect its funding into qualifying assets to avoid onerous penalties. Broadly, 90% of a QOF’s assets, based on an annual test, must be in either • tangible property the QOF acquires by purchase, and which satisfies certain original use or substantial improvement requirements, with respect to the property and uses in a QOZ, for the substantial duration of its holding period; or • an equity investment in a QOZ business subsidiary. For a QOZ business subsidiary to qualify as such, 70% of its assets must be in tangible property, as described above. As the first testing date is no later than six months after the QOF receives its first investment, whether these asset tests could be satisfied as a practical matter was of great concern. The construction and real estate industries were provided
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some relief when the first round of regulations provided a safe harbor to allow QOZ business subsidiaries only the use of working capital to acquire, construct or substantially improve tangible property within 31 months pursuant to a written plan, without failing an asset test. However, this was of little help to commercial enterprises. The new regulations extend the safe harbor to cover working capital used to develop a trade or business over the same 31-month period. Examples in the regulations provide qualifying expenditures to include scouting favorable locations for the new business within the QOZ, leasing real property for the business, acquiring or leasing equipment or other furnishings for the space, making security deposits, obtaining franchises and permits, hiring and training staff, and research and development costs. The determination of whether other expenditures will qualify under the expanded safe harbor will likely be dependent on the taxpayer’s facts and circumstances as well as the aforementioned written plan that it must adhere to. Separately, the safe harbor was also updated to provide that businesses • will not be penalized for failing to meet the 31-month timing requirement on account of government delays in processing applications; and
• may apply the safe harbor to multiple instances of capital investments, so long as the above-mentioned requirements are met (for example: if, during the 31-month window to reinvest capital received on date 1, a business received additional funds on date 2, it would have 31 months from date 2 to acquire, construct or substantially improve property or to develop a trade or business pursuant to a written plan using the date 2 funds).
Conclusion The clarifying provisions in these regulations took down several barriers of entry to operating businesses participating in the opportunity zone program. It remains critical to note that businesses should still heavily scrutinize the analysis of whether investing in an opportunity zone makes sense from an economic perspective, despite the clarity provided with respect to compliance.
Michael F. Fitzpatrick, CPA, is executive vice president and CFO of Baker Tilly Capital LLC in Madison. Contact him at 608-240-2609 or michael.fitzpatrick@bakertilly.com.
Audited financial statements approved for fiscal year ended April 30, 2019 The Finance Committee of the WICPA Board has reviewed and approved the WICPA audited financial statements for the fiscal year ended April 30, 2019. The WICPA Educational Foundation Board has reviewed and approved the audited WICPA Educational Foundation financial statements for the fiscal year ended April 30, 2019.
Members may request a copy of the audited financial statements by contacting WICPA President & CEO Tammy Hofstede at 262-785-0445 ext. 4518 or tammy@wicpa.org.
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THE ACCIDENTAL
ELDER CARE
CPA Even if you’re not in the advisory business, you may need this knowledge yourself.
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“Y
ou need an accountant to start a business, run a business and even end a business. You’ll never be without work if you become an accountant.”
Fast-forward 50 years, and those words of parental wisdom have proven very true. In fact, the CPA is naturally poised to offer assistance to any entity or individual for a lifetime and beyond. The CPA personality—questioning and skeptical, with a broad base of business and tax knowledge and a natural curiosity to understand complicated concepts—is well suited to help clients navigate the challenges of getting older in an ever-changing world.
By Barbara DeBaere Poppy
The aging of your client population, and reminding clients to contact you first with any major life decisions, will find you providing much more than 1040 income tax preparation. The following examples provide a glimpse into situations we can encounter with aging clients: • Clients become unable to drive to your offices or even to gather their own income tax data. So you begin visiting retirement housing developments, where two or more clients now reside, to pick up the tax documents needed and later deliver the completed returns. • A client passes away and leaves a family trust, and now you have the family trust along with the surviving spouse’s tax returns to prepare, and you’re advising the beneficiaries about adhering to the terms of the trust as to how much can be distributed and at what times. • A client is diagnosed with lung cancer, and his wife is diagnosed with Alzheimer’s. Neither is able to manage his or her financial affairs, so the adult child with the financial power of attorney comes to you for help in recordkeeping, bill paying and making some major life decisions about long-term care and which investments to liquidate first in providing that care. • A client couple is worried about what they’ll do because the husband can no longer get into the bathtub, so you refer them to a contractor who inexpensively pulls out the tub and constructs a floor-to-ceiling shower stall that a person can roll into on a shower chair. That will help the couple stay at home longer; but you remind
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You need an accountant to start a business, run a business and even end a business. You’ll never be without work if you become an accountant. them to plan for the next step, when one or both of them will need assistance with daily living activities like eating and dressing. You explain their choices in senior living arrangements by type of housing and care license and pricing. • A client, newly on Medicare coverage, suffers a serious spider bite that knocks him down for a month. It suddenly occurs to him that his assets might be at risk if he needs long-term care, and he asks you what might happen. You explain his choices and encourage him to buy long-term care insurance. These client situations don’t arise all at once, but when they do, choices must be made to help or refer those clients. The rest of this article explains the learning required to provide that help.
A step-by-step approach 1. Start with the end and work backward. Everyone should read Atul Gawande’s book “Being Mortal: Medicine and What Matters in the End.” Dr. Gawande provides in-depth explanations about our choices as we near the end of our lives. Each of these choices has a price, and the CPA is well equipped to explain these prices to our clients. 2. Get educated on probate, trust and estate administration to understand how each process works to redistribute assets. Some clients want the public disclosure of probate so there is no question that assets have been distributed according to law. Other clients want the privacy of a living trust and the resulting irrevocable trusts created upon their passing.
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3. For those individuals without considerable assets or those who have spent down their assets to become Medicaid eligible for skilled nursing facility admission, become familiar with how to establish a funeral trust— an irrevocable trust to pay for funeral expenses—so the adult children are not burdened with this bill. 4. Learn about hospice organizations in your area and the services they provide. Hospice provides comfort care to those who are expected to die in the short term. The costs are typically paid for by Medicare and private health insurance. Palliative care is sometimes offered by hospice organizations for seriously but not terminally ill individuals. 5. Learn about the different levels of licensing for longterm care options, what services are provided and how much they cost. Many of these facilities host community gatherings in which you can visit and find out what is offered to their residents or arrange for a private tour. (See sidebar.) 6. Become very familiar with long-term care insurance and the partnership our state has with insurance companies that allows you to exclude from access by
A Long-Term Care Primer Skilled Nursing Facility (SNF): A facility with 24-hour skilled nursing coverage. Wisconsin prices currently range from a low of $210 per day in a small, rural facility to $650 per day in a metropolitan intensive skilled nursing facility. Community-Based Residential Facility (CBRF): A facility with limited part-time skilled nursing coverage. Prices range from $2,750 per month with no assistance to an average of $4,500 a month with assistance in bathing, dressing and ambulation. Add “memory care” for those who need constant supervision, and
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those costs can range from $8,000 to $11,000 per month. Residential Care Apartment Complex (RCAC): Residential facility that offers no skilled nursing coverage and no assistance. Prices start at $2,400 per month and go up from there when you add meals, housekeeping, laundry and various amenities. If you need assistance with any daily living activities, like bathing or dressing, you have to hire your own assistance; the Wisconsin RCAC license does not allow facility staff to provide that care.
Home Health Care Services: Private care provided through a home health care agency (HHA) or by recruiting and hiring independent contractor caregivers. Agencies charge an hourly fee, and this can equal or exceed skilled nursing facility care costs because of the one-on-one care provided. One’s own funds usually pay for this type of care to stay in one’s own home; occasionally private insurance might cover limited at-home care. Independent caregivers are not required to have a license, so the individual doing the hiring has to really understand the type of person required to do the job.
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the Medicaid program assets equal to your total long-term care benefits, should those benefits become exhausted and you require Medicaid to pay for your care. You can find information on the Wisconsin Department of Health Services website: https://www.dhs.wisconsin.gov/em/ltcip.htm 7. Get to know some building contractors who can provide reasonable remodeling services to make homes more accessible for seniors—and know which contractors take advantage and should be avoided! 8. Key to understanding the money part of every elder care planning choice is being very familiar with retirement planning: when to take lump sums versus annuitizing pensions and when to take Social Security. Learn the strategies to maximize retirement cash flows when most needed and to minimize taxes when received. 9. Know the difference between Medicare, Medicaid and private health insurance.
Medicare coverage is provided to all seniors 65 and older who are also eligible for Social Security. There is Medicare Part A for hospitalization and up to 100 days of skilled nursing facility care per year. Medicare Part B is for doctor visits; Medicare Part D is for drug coverage. Medicare Part C and any other letter of the alphabet other than A,B or D is for a private health insurance company that has replaced traditional Medicare with their own version of what health care services are covered, and they might not cover everything provided by traditional Medicare.
Medicaid is provided to those unable to pay for their own health care. There are strict requirements to be eligible for Medicaid, and one must go through an approval process with either a county or tribal social services agency. Freedom of choice is not available when Medicaid is paying for health care.
Private health insurance coverage options are varied; just know what has been purchased and what it covers.
Even if you aren’t in the business of advising your clients on these matters, you will want to learn these things for yourself. We are least able to do this research when we need this knowledge most, so get started today in accidentally becoming your own elder care CPA. Putting that plan in place long before you need it can greatly reduce the costs of long-term care for both you and your clients.
Barbara DeBaere Poppy, CPA, is the owner of Poppy CPA, with offices in Middleton and Wisconsin Dells. Contact her at 608-833-1200 or barb@poppycpa.com.
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2020 WICPA
A
W
A
R
D
S
NOMINATE SOMEONE YOU KNOW FOR AN EXCELLENCE AWARD! H Accounting Educator H Community Service H Accounting Student H Distinguished Career H Business & Management H Diversity & Inclusion H CPA in Public Practice H Woman to Watch H Young Professional Submit your nomination at wicpa.org/awards by Nov. 10, 2019. Recipients will be announced in January and honored at the Member Recognition Banquet & Annual Business Meeting on May 8, 2020.
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Terri S. Boxer, J.D.
Robert E. Dallman, J.D., LL.M.
Thomas P. Guszkowski, J.D., LL.M.
Katie Hanley, J.D.
Megan K. Heinzelman, J.D., LL.M.
Jeffrey L. Hesson, J.D., CPA
Courtney A. Hollander, J.D.
Megan L.W. Jerabek, J.D.
Thomas J. Kammerait, J.D., CPA
Benjamin D. LaFrombois, J.D.
Marcus S. Loden, J.D., LL.M.
Thomas A. Myers, J.D.
Randy S. Nelson, J.D., CPA
Timothy A. Nettesheim, J.D., LL.M.
Katelyn A. Pellitteri, J.D.
Thomas J. Phillips, J.D., LL.M.
Gerald H. Rammer, J.D.
David J. Roettgers, J.D., CPA
John A. Sikora, J.D.
Lawrence C. Silton, J.D., CPA
Adam N. Skarie, J.D.
Jared R. Stroik, J.D.
Steven M. Szymanski, J.D., MBA
Robert B. Teuber, J.D.
Peter J. Walsh, J.D., LL.M.
Daniel S. Welytok, J.D., LL.M.
Peter J. White, J.D., CPA
Tax Lawyers for Taxing Times. von Briesen’s team of experienced tax lawyers, many of whom have advanced designations, help businesses and individuals navigate the increasingly complex tax laws. The bottom line? We get results. To learn more about our Tax Law Section and the services we offer, please contact Robert Mathers, Tax Section Chair, at rmathers@vonbriesen.com.
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vonbriesen.com/tax
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Robert A. Mathers, J.D., CPA, Section Chair
September | October 2019
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Innovating Accounting Education Linking CPA professionals and educators can help ensure the future.
T
By Melodi L. Bunting, CPA, CMA, CGMA and
echnology is playing an increasing role in the accounting profession—today more than ever. A growing amount of the routine work CPAs do is or will soon be performed by bots or artificial intelligence. These advancements translate to higher expectations for students entering the workforce. Professionals will no longer be performing routine tasks requiring primitive knowledge and comprehension. Instead, they will be asked to interpret system-generated data or reports, analyze and identify anomalies, and diagnose issues. This work will require analytical thinking and professional judgment to evaluate operational results, assess areas of risk and evaluate business decisions based on profitability measures and/or desired outcomes. In addition to this evolution of the profession, student learning styles and preferences have shifted. Students preparing for an accounting career prefer diverse learning strategies. In general, student attention spans are shorter, and learning has evolved to include more collaborative and experiential approaches.
Amie L. Dragoo, CPA, Ed.D.
With a tight job market, finding well-qualified candidates prepared for the changing workplace is a challenge. Employers realize they need to play an active role in preparing students for a successful career. They are investing in future employees by collaborating with educators to enhance learning opportunities and offer hands-on experiences. The following educators and employers are making a difference, as shown through these innovation success stories.
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Education partnerships with the profession University of Wisconsin–Milwaukee: Course on U.S. Institutions Shaping Standards
CliftonLarsonAllen LLP (CLA) and educators partner to make accounting come to life through a trip to Washington, D.C. The trip is an essential element of the course. Students have an opportunity to interact with the creators and regulators of accounting and auditing rules rather than simply read the accounting standards. CLA provides financial support for the trip, hosts an office visit and arranges student visits to regulatory agencies such as the AICPA, PCAOB and the GAO. As part of the project, students present a comment letter on a FASB update to the CLA staff for feedback. University of Wisconsin–Milwaukee: Study Abroad Business Management
In teams of four to eight members, UWM students collaborate virtually with students located in Giessen, Germany, on current international accounting, tax or auditing topics such as sustainability standards or auditor rotation. The objective is to compare U.S. practices to German international practices. The final assessment culminates in a presentation in Giessen, Germany, where the student teams meet in person. Ernst & Young professionals provide examples of emerging topics for the student projects and host an office visit for the students in the firm’s Stuttgart, Germany, location. University of Wisconsin–Madison: Administrative and Research Issues in Taxation
The instructor coordinates with IRS appeals officers who participate in one class session to demonstrate a tax appeals conference. The officers role-model a conference in which one officer plays the appeals officer and the other plays the lawyer representing the taxpayer. Next, students are assigned to teams, and each team receives a different fact pattern crafted by the appeals officers based on real-life scenarios. Each fact pattern indicates that the student team’s “client” received a notice from the IRS concerning a tax adjustment that requires payment of additional taxes, interest and penalties. Student teams carry out significant research to determine the applicable tax law, the legal precedents and a conference strategy in preparation for their own role-play. Teams also must prepare all the relevant legal documents, such as a power of attorney allowing them to represent the client. The IRS appeals officers return to the classroom and role-play as themselves while the student teams represent their “client.”
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Practical tools and resources In addition to the collaborative experiences, implementing and utilizing the tools and resources students will use in practice facilitates their entry into the profession. Expectations for staff members have increased, and employers anticipate staff will be able to conduct basic research and documentation. This is not an automatic skill, but rather one that is developed with practice. Having students work directly with the codification helps them learn how to navigate and apply the accounting standards. Classroom materials and activities directly utilizing the codification helps students to become familiar with the language of the profession. This also allows students to see how interpretation and judgment are involved in applying the standards.
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The profession’s call to action As shown in these examples, the accounting profession can partner with educators in meaningful, innovative ways. How can you and your firm play a role in the evolving landscape of the profession and the improved preparedness of the new professionals? • Get involved with a university or college near you. Contact the accounting chair and brainstorm ways that your firm can become involved. Try something that has not been done in the past. • Host or sponsor an office visit, perhaps with an international affiliate or client. • Team up with a professor on a research project, culminating with a final presentation in which your firm members provide feedback on students’ work. • Provide a professor with a research topic on a relevant accounting issue that requires a high level of judgment in applying the standards.
• Provide a professor information on the real challenges of implementing a new standard with your clients. • Offer to role-play a work scenario in the classroom, followed up by a classroom visit in which the students participate in the role-play. This could apply to any profession or workplace scenario. • Provide a demonstration to students on how technology is changing the profession through a real-life work example. When professionals get involved in education, students benefit not only from their knowledge and experience but also from their example. They see a role model. At a time when we are all concerned with how to keep the pipeline full, these collaborations can help make a difference. Melodi L. Bunting, CPA, CMA, CGMA, is training and career development manager with Wegner CPAs. Contact her at 608-274-4020 or melodi.bunting@wegnercpas.com. Amie L. Dragoo, CPA, Ed.D., is an accounting educator. Contact her at amie.dragoo@gmail.com.
Join the WICPA Board of Directors! The WICPA is seeking members to serve on its board of directors. Opportunities include: • Staying up to date on professional issues
• Providing strategic • Acquiring new governance in accordance leadership and with the WICPA strategic plan, training skills mission and vision
To apply, visit wicpa.org/BoardApplication through Nov. 15, 2019. Questions? Contact jessica@wicpa.org.
Applicants must be WICPA CPA members in good standing. A “CPA member” is defined as a WICPA member who has obtained a certificate as a CPA from the Accounting Examining Board of the State of Wisconsin, or from a similar legally constituted authority in any other state, possession or territory of the United States or the District of Columbia.
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n ther cation r o N Lo ar min
Se
Retirement Plan Investment Seminar Wednesday, October 23, 2019 8:00am - 12:00pm
SPECTRUM
SM
INVESTMENT ADVISORS
Co-Sponsored by
Spectrum Investment Advisors and the WICPA*
Bridgewood Hotel & Conference Center,
Neenah, WI Enjoy a half-day seminar on these topics and much more! - Fiduciary & Retirement
Agenda & Speakers
Welcome - Introductory Remarks
James Marshall, Founder & Chairman - Spectrum Investment Advisors & Jonathan Marshall, MBA, CIO/CCO/Partner - Spectrum Investment Advisors
Retirement Plan Trends
Manuel Rosado, MBA, President/Partner - Spectrum Investment Advisors
8,000 Days: An Entire Phase of Your Life Waiting to be Invented John Diehl, CFP®, CLU®, ChFC® Senior Vice President, Strategic Markets - Hartford Funds*
Plan Design Best Practices
Based on research conducted S at MIT’s School of Engineering AgeLab, John will explain how to rethink the way you prepare for retirement by focusing on four phases of life, broken down into 8,000 day segments.
The Anatomy of a Recession: What to Look for and Where We’re Headed
- Retirement Planning
Bayley Davis, Director, Senior Portfolio Specialist - ClearBridge Investments*
Strategies
Bayley will explain how he assesses the probability of a recession from the perspective of 12 risk indicators and explain why the signals serve as effective warning signs as to the importance of the consumer in formulating his outlook.
Building Leadership at All Levels
- Timely market and
Craig Schiefelbein, Chief Observation Officer - Observation Tower*
Economic Insights
Complimentary Box Lunch Available Upon Conclusion
&
More Information
*WICPA, Hartford Funds, ClearBridge Investments and Observation Tower are not affiliated with Spectrum Investment Advisors
Registration Found on www.WICPA.org
This program is valid for 4 PDCs for the SHRM- CPSM or SHRM-SCPSM 6329 W. Mequon Road
Mequon, Wisconsin 53092
262.238.4010
800.242.4735
262.512.2704 Fax
4 HR (General) recertification credits 4 CPD credits will be available for attendance
The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.
sia@spectruminvestor.com
www.spectruminvestor.com
Investment advice offered through Spectrum Investment Advisors, a registered investment adviser. Registration with the SEC does not imply a certain level of skill or training.
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Don’t miss this chance to connect with your colleagues and other business professionals! WICPA Networking Nights offer you the opportunity to build your network with a group of peers in a relaxed setting.
Night g n i k r two tunity r e o N p h p c o te, ea as an a t s s e v e r h e and s hout t g y t u i o v i r t h c Held t rent a e f way. f i d w e a n es e in a z i featur l a i c o u to s for yo These are also great venues for strengthening relationships
UPCOMING NETWORKING NIGHTS:
with clients, co-workers and business associates‌So invite them to join you!
Oct. 8 Stillmank Brewing Company, Green Bay
Networking Nights are held 5:30 - 8:30 p.m.
Oct. 22 Capital Brewery, Middleton Oct. 29 Leinie Lodge, Chippewa Falls Nov. 12 Great Dane Pub & Brewing Co., Wausau
For more information and to register, visit wicpa.org/NetworkingNights. wicpa.org
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{ Small Business | Cybersecurity }
CYBERSECURITY for Smaller Companies
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S By Jeffrey Lemmermann, CPA, CISA, CITP, CEH
mall and medium-sized organizations tend to operate with very lean IT departments that have limited budgets. Everyone knows dollars are limited, but what is sometimes forgotten is the investment of skills and time needed to implement cybersecurity. How can an organization get the biggest bang for its buck and its nonmonetary resources? Here are some ideas for projects that can maximize the return on both your dollars and your efforts.
Invest in well-tuned SIEM products The best investment organizations can make today to help them save money and improve their information security practices is a security information and event management (SIEM) system. These systems are designed to consolidate log information from a variety of systems, then report on and produce alerts based on the information from those logs. How can this save money for an organization? By providing oversight of very technical positions without the need to duplicate the technical skills. Take, for example, the person in charge of router and firewall configuration. A small company will likely not have the resources to employ two people with the skills to properly write, review and implement changes to these devices. A properly configured SIEM solution would send alerts when the devices are accessed and email a report with the specific configuration changes that were implemented. A SIEM system can also correlate events from different systems and report on specific conditions from the logs. Think of the security-related concerns that can be addressed from comparing physical access logs with computer login events. A noon report of people who have left the building but still have their machines logged in could help supervisors properly train those employees to log off when leaving. Care must be taken, though, when implementing a SIEM system. Organizations often buy the product, install it and
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Everyone knows dollars are limited, but what is sometimes forgotten is the investment of skills and time needed to implement cybersecurity. think they are done. The systems require tuning: an upfront investment that is necessary to get the expected results. Once tuned, however, the SIEM software will sift through a great deal of information and help focus on the events that matter.
If tier 1 support is consuming your time, think about outsourcing Are your IT resources consumed by a barrage of mundane calls to troubleshoot printers, change passwords or find old versions of files? Many companies are finding relief through third parties that offer tier 1 help desk services. These organizations will set up a help desk system that either fields the first contact from a user and addresses the issue or elevates it to tier 2, which would put it back into your hands. Services can include the user provisioning process, new equipment staging and retirement, and other repetitive tasks. Outsourcing has many benefits beyond freeing up technical resources to focus a company’s talents on the needs of the business. Technical support hours can be extended beyond the business’s office hours, assisting employees who need help 24/7. Overall response time is often improved, and the more successful providers keep their technicians trained on current technologies and issues. Again, an upfront time investment is required to make the transition to a third-party help desk go smoothly. Your employees need to be trained on how to access the new resource, and they may need to be sold on its benefits first. In addition, the third party needs to understand your technologies and culture for the integration to be successful.
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{ Small Business | Cybersecurity }
Leverage open-source and free software products This doesn’t mean limited trials or versions with the best features locked; it means fully functional, production-ready versions of software that can deliver functionality without busting the budget. Here are a few useful categories of business-proven applications: Office and collaboration tools
If the cost structure of popular office suites is not something your organization wishes to take on, there are lower-cost and free options that deliver many of the same features. A number of applications based on the old StarOffice project started in 1993 are still under full development today. These application suites include programs for word processing, the creation and editing of spreadsheets, slideshows, diagrams and drawings, working with databases, and other production and collaboration tools. Code for the various projects is open source, with contributors who are active on at least a weekly basis.
The pricing structure for these services vary, but most have a free tier that can be used indefinitely. If your organization outgrows the free offering, you can normally move to the larger or more feature-rich versions without losing the data entry and other work that has already been performed.
Project management tools
Network monitoring, management and help desk tools
If you need help managing multiple resources on multiple projects, there are plenty of enterprise-level players with feature-rich tool sets. But often the barrier for entry is cost as well as the complexity of the tool’s configuration and rollout. To help small businesses access these tools, cloud-based vendors have emerged.
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An essential tool for maintaining networks is a network monitor. These tools allow the central monitoring of devices connected to the network and can help troubleshoot devices causing problems related to network performance. Proper troubleshooting will prevent security breaches and help you avoid unnecessary downtime.
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The key components of a network-monitoring tool include the following: • Autodiscover devices connected to your network • Ability to view live and historic performance data for devices and applications • Ability to configure alerts to notify you of unusual activity Another key area that can provide an immediate return on investment is formalizing the help desk process. For small and medium-sized organizations that have been operating on an ad hoc basis for these tasks, instituting tools that allow users to submit help tickets will assist the IT group to focus their efforts and get more accomplished. While there are expensive commercial solutions to meet these needs, a few cloud-based and locally installed tools exist that leverage the power-in-numbers of a community
to deliver a collection of commercial-grade tools at no cost. Some of these options include mobile apps to allow access via phones and tablets, as well as connectivity dashboards to help anticipate and troubleshoot connectivity issues with critical networked applications and services. An important step before using free or open-source tools is to understand the license that comes with these products. Make sure you do your research by reading independent reviews and obtaining software only through trusted sources. Hopefully, these ideas can help your organization spend wisely, not only in terms of money but also in terms of those other valuable resources: time and talent. Jeffrey Lemmermann, CPA, CISA, CITP, CEH, is an information assurance consultant with SynerComm, a network engineering and cybersecurity business based in Brookfield. Contact him at 262-373-7100 or jefffrey.lemmermann@synercomm.com.
When small businesses thrive, we all win. We’re proud to be named the #1 SBA lender in the region1. But what really makes us happy is helping people start and grow their businesses in Wisconsin. Because we know when small businesses thrive, our communities thrive. So let’s get to work, together. Visit huntington.com/WisconsinSBA to find a specialist.
SBA loans subject to SBA eligibility. Huntington is the #1 SBA 7(a) lender in the number of loans in the region made up of Illinois, Indiana, Kentucky, Ohio, Michigan, West Virginia, Western Pennsylvania and Wisconsin. Source: U.S. Small Business Administration (SBA) from October 1, 2008 to September 30, 2018.
1
Member FDIC. ⬢®, Huntington® and ⬢ Huntington® are federally registered service marks of Huntington Bancshares Incorporated. WelcomeSM is a service mark of Huntington Bancshares Incorporated. ©2019 Huntington Bancshares Incorporated.Bancshares Incorporated.
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memorials Jerry Fine, CPA (1935 – 2019)
George Long, CPA (1941 – 2018)
Paul S. Fishkin, CPA (1932 – 2019)
LuAnn M. Nelson, CPA (1954 – 2019)
Jerry Fine died Aug. 10 at the age of 84. He was a retired partner of RitzHolman CPAs and had served as a board member of many nonprofit and professional organizations during his long career. Fine passed away peacefully, surrounded by his beloved wife, Paula; loving daughters and sons-in-law, Leslie (Peter) Clifford and Alyson (Randy) Kaiser; and cherished granddaughters, Sydney and Lizzie Kaiser and Nadia Clifford; and Josie, his devoted four-legged companion. Paul Fishkin died July 16 at age 86. He graduated from Antioch College in Yellow Springs, Ohio, in 1955. After U.S. Army service, he and his wife moved to Baraboo, where Fishkin served clients as a CPA for 34 years. He was a longtime member of the WICPA and served on many WICPA and AICPA committees, including a term on the WICPA board. He was a past president of ACUTE, a national organization of CPA firm computer users, from which he received a distinguished service award. In Baraboo, Fishkin served as an alderman; a board member of the United Way for many years, including a term as president; and a recipient of the Baraboo Jaycees Distinguished Service Award. He is survived by two sons, a sister and brother, and three grandchildren.
Jerome A. Leer, CPA, MBA (1919 – 2019)
Jerry Leer died June 3. He was 99. Leer was a professor at UW–Milwaukee for 37 years and was loved and admired by his students. He joined the U.S. Army after earning a bachelor’s degree from UW–Madison, where he majored in accounting and minored in German and French. His language skills earned him a position in counterintelligence during World War II, and afterward, he worked on the Nuremberg trials to ensure accurate translations. In 1949, Leer earned an MBA from Northwestern University and achieved the CPA designation. He was a founding faculty member in accounting when UW–Milwaukee opened in 1956; designed the Master of Science in Taxation program at UWM’s Lubar School of Business; and co-authored “Advanced Accounting,” which is still a leading textbook. He is survived by a nephew, two nieces and numerous great nieces and nephews.
George Long passed away Dec. 25, 2018, at age 77. He graduated from Eau Claire Memorial High School and briefly attended UW– Madison before transferring to Marquette University and graduating magna cum laude in business. Long served in the U.S. Army Reserves from 1961 to 1967. He was admitted to the international business honor society, Beta Gamma Sigma, in 1972. He worked as a special agent for the IRS while attending night school at Marquette and later as a CPA and lecturer for 35 years in Madison and Middleton. He is survived by his wife, Cathy. LuAnn Nelson passed away May 17. She was 64. Nelson grew up in Wisconsin Rapids and graduated from Assumption High School, then majored in accounting at UW–Eau Claire and ultimately became a CPA. Nelson and her husband started their own company in 1983, MECA of Green Bay Inc., and then Technology Machine in 1989. She managed the finances of both companies, and in 2016 she accepted an accounting position with the Catholic Diocese of Green Bay. Nelson is survived by five children, four grandchildren, two sisters and a brother.
Dale A. Nordeen, CPA (1927 – 2019)
Dale “Buzz” Nordeen died July 8 at the age of 91. He graduated with a War diploma from West High School in Madison and served from 1944 to 1946 in the U.S. Navy. When he returned, he attended UW–Madison and graduated with honors in 1950 with a B.A. in accounting. While in college, Nordeen worked nights in the mailroom at Oscar Mayer. He received his business training at GE in Schenectady, New York, from 1950 to 1953, then earned his CPA designation in 1955. He joined First Federal Savings & Loan Assn. as an auditor in 1955 and served over the years as assistant treasurer, vice president/treasurer, director, president and chairman of the board. Nordeen retired in 1989. He is survived by his wife, Kit; three children; eight grandchildren and five great-grandchildren.
Richard John Oldfield, CPA, JD (1931 – 2019)
Richard Oldfield passed away May 31. He was 87. Oldfield grew up in Minneapolis and attended the University of Minnesota, earning degrees in accounting and business there and, later, his Juris Doctorate. After college, he served in the U.S. Army for four years. In the mid-1960s, Oldfield attained his CPA license and purchased a small accounting practice in Menomonie, through which he strove to provide each client with personal attention and excellent service. He was active in many business, church and community organizations and devoted considerable time to his family. Oldfield is survived by his wife, Edna; one brother; four children and 12 grandchildren.
If you are aware of a member obituary and believe it should be included in Memorials, please send a copy of the obituary or contact Marcia Tillett-Zinzow at mtzinzow@icloud.com.
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{ Manufacturing/Distribution | Inventory valuation }
Don’t pass over this still-available tax-savings opportunity.
A
re you a manufacturer/distributor interested in an interest-free “loan” from the federal government? If so, then please review the following checklist to determine if you may qualify: 1. Does your business have inventory?
By James D. Brandenburg, CPA, MST
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2. If so, have you experienced rising costs for the materials that go into your inventory, perhaps from tariffs (or threat of tariffs) or other reasons? 3. Does your business pay income taxes?
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4. Could your business benefit from increased cash flow to your operations? 5. Would you be interested in an interest-free “loan” from the government that could grow over time, does not need to be shown on your balance sheet and could possibly be deferred indefinitely? If you answered yes to these questions, you may qualify for an interest-free “loan” from the government by adopting the last-in, first-out (LIFO) inventory valuation method.
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Background on LIFO LIFO is an alternative inventory valuation method to the traditional first-in, first-out (FIFO) method. The LIFO method assumes the most recently purchased items are sold first. As a result, the inflationary impact of the inventory is deducted from taxable income and removed from the balance sheet. The inflationary impact is recorded as an inventory reserve, which continues to grow with the annual inflation on product costs. Please note: An inventory valuation method such as LIFO is a costing method used to calculate a company’s cost of goods sold and inventory value on the balance sheet. It does not reflect the actual physical flow of goods.
Tax benefits of LIFO The primary benefit to a business in changing to LIFO is the current tax savings it produces. LIFO allows businesses to deduct the most recent costs of purchased inventory against their current sales. LIFO matches current sales with the current costs of those sales. If inflation triggers higher product costs, the cost of goods sold is increased under LIFO, which creates a higher cost-of-goods-sold deduction and, thus, lower taxable income. This tax benefit is, in effect, the “interest-free loan” mentioned above. Even for businesses in industries that generally see a small amount of inflation, the tax savings from LIFO grows every year. If a company is experiencing inflation, it needs to consider LIFO. As with most tax-savings opportunities, it is important to realize that the tax savings created by adopting LIFO during an inflationary period represent a deferral of income and the corresponding tax on this income. If inflation vanishes and product prices decline, or if the inventory is liquidated, the deferred income from LIFO will be recognized and the related tax paid. These tax savings generated over the years would be repaid, but at no interest charge.
Tax reform and LIFO The LIFO inventory method has been around for many years. Some companies have used the LIFO method for 40 years or more and deferred significant taxes, especially during periods of higher inflation. As the recent tax reform bill moved forward, there was speculation that with lower corporate rates, expanded CapEx deductions and other changes, the LIFO method might be repealed. This would have triggered repayment of prior LIFO tax savings and loss of future LIFO benefits. The loss of LIFO would have
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The primary benefit to a business in changing to LIFO is the current tax savings it produces. significantly impacted businesses using LIFO. The Tax Cuts and Jobs Act (TCJA), however, did not make any changes with LIFO. Thus, prior LIFO savings were preserved, and any future LIFO opportunities remained for impacted manufacturers and distributors. But it is still important for businesses using LIFO to monitor any proposed legislation.
LIFO considerations Any company considering LIFO should review the following: 1. Explore the LIFO benefits. An analysis of potential first-year LIFO savings can be done for little cost, simply based on the business’s current FIFO inventory amount and its general product description. The estimated LIFO tax savings may show whether the tax savings will exceed the costs of adopting LIFO and if the business is a good LIFO candidate. 2. Tariffs: making lemonade out of lemons. Over the past year, the government has imposed tariffs on certain product imports. Other countries have countered and imposed tariffs on U.S. exports. These trading policies have led to some uncertainty in the marketplace. Without addressing tariff policies, one opportunity emerging from higher prices caused by tariffs is the possible use of LIFO.
Higher product prices in certain industries, whether caused by tariffs, the threat of tariffs or other reasons, may generate a sizable LIFO benefit. Companies already using LIFO should look at their impact of higher inflation in 2019. For companies not using LIFO, this may be the year to investigate LIFO. Again, the higher the inflation, the larger the tax savings from LIFO.
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{ Manufacturing/Distribution | Inventory valuation }
3. Alternative LIFO methods. There are several methods within LIFO to choose from. One commonly used method is the inventory price index computation (IPIC) method, which is the IRS’s preferred LIFO method. The IPIC method reduces complexities, as it measures inflation based on published indices maintained by the Department of Labor’s Bureau of Labor Statistics (BLS). The inflation determined by the BLS indices is used instead of measuring inflation based on actual product costs of a business. The IPIC method sometimes results in higher inflation than a company is experiencing internally. 4. Adopting the LIFO method. LIFO is different from other types of accounting method changes. In fact, it has its own unique form (Form 970) and set of rules. There are two key items to note when adopting LIFO:
First, the adoption of LIFO can be made through the tax return’s extended due date. Thus, adopting LIFO is a tax benefit that can be realized even after the tax year is closed. But once that extended due date has passed, the company cannot go back and adopt LIFO for that prior year.
Second, a business using LIFO for tax purposes must also use LIFO for book purposes. This is referred to as the “conformity requirement.” Often this conformity causes businesses to hesitate to adopt LIFO, as they are accustomed to a different method—often FIFO. Again, with rising prices, LIFO will show lower taxable income (and save taxes) but will also show less income on the business’s financial statements. Bank covenants may, therefore, need to be revised so the lower income from LIFO and corresponding lower inventory amounts on the balance sheet will be understood by all parties. The company can still provide FIFO-based information in its financial statement footnotes.
5. LIFO may not make sense in every situation: Conduct a detailed cost-benefit analysis. There are certain costs to adopting LIFO. These often include added costs with the taxpayer’s tax return in the year of change and for future years’ LIFO calculations. Also, as noted, the business must be willing to use LIFO for financial statement purposes. Thus, while LIFO can be adopted up to the tax return filing date, plan ahead so there is time for the information to be gathered and analysis completed.
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Key takeaways It is important for tax-paying businesses to act now and measure potential LIFO tax savings. Every year they ignore quantifying potential LIFO benefits, a year of inflation and tax savings is lost. Some businesses hesitate because of legislative proposals to repeal LIFO. Many thought LIFO would be repealed by TCJA, but this did not happen. LIFO remains and has renewed life now that inflation has resurfaced in many markets. Yes, there are complexities to address in switching to LIFO, but the tax savings make this exercise well worth it.
Jim Brandenburg, CPA, MST, is a tax partner with Sikich LLP. He has 35 years’ experience assisting manufacturers with corporate and partnership tax law, tax legislation, and mergers and acquisitions. Contact him at 262-754-9400 or jim.brandenburg@sikich.com.
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{ Real Estate | Municipal financing }
TAX INCREMENTAL DISTRICTS What they are, how they work and why they’re popular
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W
By Jordan Boehm, CPA and
Jake Lenell, CPA
isconsin Tax Incremental District (TID) laws have become a hot topic of conversation, as a number of high-profile economic development projects have been financed using this economic tool. Recent projects include Foxconn, the Fiserv Forum, the Northwestern Mutual Tower and Commons and “The Hop,” Milwaukee’s streetcar. So what is a TID, how does it work and why is it popular with municipalities? The mechanics of a TID are tied to the property tax levy process within a municipality. Each year, a municipality will set the property tax levy during the budget process. This levy is used to finance the costs of services you receive as a resident of the community, such as the local police and fire departments and local road costs. When the levy is set, it needs to be allocated to the taxpayers of that community. The tax levy is allocated based on the assessed value of the total taxable property in the taxing jurisdiction, as shown by the following equation: Total Levy / Equalized Value = Property Tax Rate. Property tax rates are reported per $1,000 of assessed value, so for an individual taxpayer to understand how much their tax bill is, they simply need to multiply the tax rate by their assessed value of property, expressed in thousands. If we expand this basic level of understanding of the property tax levy process, we can understand how a TID works within this framework. Most TIDs are created under Wisconsin State Statute 66.1105, which is used by cities, villages and towns to spur economic growth. The statute allows for a municipality to create a geographic boundary within the boundary lines of the municipality they want to target for economic development. There are statutory limits as to how much geographic area can be set aside as a TID at a given time. A municipality can create a TID when they determine that, but for assistance provided by the TID, the economic development would not occur. This is commonly referred to as the “but for” test.
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{ Real Estate | Municipal financing }
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TIDs allow municipalities to capitalize on the changes in Wisconsin’s economy and repurpose properties that may be underutilized or blighted from contamination, thereby unlocking potential to promote economic growth. Upon a TID’s creation, the assessed value of its geographic area is held static for purposes of applying the general tax levy. The property tax rate is calculated based on this static value for the TID area, combined with the assessed value of the remaining area of the community. As economic development occurs within the TID, the incremental increase in assessed value is separately tracked. The property tax levy rate is applied to this incremental increase in assessed value. The revenue related to this rate, however, is separated from the general operations of the community and held only for the specific project costs of the TID. This revenue is referred to as tax increment revenue. The project costs of the TID may come in several forms. At times, a municipality may need to invest in water, sewer or road infrastructure in an undeveloped area before a developer will develop the property. In these cases, the municipality will typically issue debt to be repaid with the future tax increment revenues generated by the TID. In other cases, the TID is created to assist a developer in making a project economically feasible. When this happens, the developer bears the cost of the improvements and enters into an agreement in which the municipality will, for a determined period of time, assist the developer in repaying the project financing costs, using tax increment revenues generated by the increase in assessed value. It’s important to note that the incremental levy is segregated by the municipality for all of the taxing jurisdictions included in that area. This includes not only the city, village or town that is establishing the TID, but also the school district, county and technical college. All these jurisdictions are essentially forgoing use of the increase in assessed value for general operations while the TID is in use to allow the TID to accumulate the funds necessary to fund the development. A joint review board ( JRB) is appointed and responsible for governance of the TID. The JRB consists of one member of each overlying tax jurisdiction, as noted
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above, plus one member of the public. This allows each of the participating jurisdictions to have oversight of the projects approved throughout the life of the TID. The TID is a popular tool used by municipalities because it is one of the ways they can unlock the potential economic value of the property within the community. Wisconsin’s economy has been evolving from a heavy reliance on agriculture and manufacturing to a more diversified mix of agriculture, manufacturing, financial services, hospitality and tourism, among many other areas. TIDs allow municipalities to capitalize on the changes in Wisconsin’s economy and repurpose properties that may be underutilized or blighted from contamination, thereby unlocking potential to promote economic growth. Jordan Boehm, CPA, is a manager at CliftonLarsonAllen (CLA). Contact him at 414-721-7510 or jordan.boehm@CLAconnect.com. Jake Lenell, CPA, is a principal at CLA. Contact him at 414-721-7572 or jake.lenell@CLAconnect.com.
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CAN WE
PARTNER WITH THE STATE TO BETTER PARTNER WITH CLIENTS?
In WisconsinÂŽ, we can. When Brakebush wanted to expand their Marquette County-based poultry products company, they turned to Baker Tilly, who then turned to us. We worked together to identify refundable tax credits that enabled Brakebush to pursue an initial $51 million expansion and bring 100 new jobs to the state. Just think what we could make happen with you and your clients. See the whole story at WEDC.org/success-stories-brakebush.
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