May | June 2022 | Vol. 18 No. 3 A publication of the Wisconsin Institute of CPAs | wicpa.org
Best of Both Worlds Steve Pullara, CPA, CGMA | 6
Plus: All about cryptocurrency | 12 Why diversity matters | 16 ESG reporting | 20 NFT marketplace | 34
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A publication of the Wisconsin Institute of CPAs | wicpa.org
May | June 2022 Vol. 18 No. 3
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Features
Columns
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26 ACCOUNTING & AUDITING New LLC law signed by Gov. Evers Wisconsin’s new LLC law also impacts the limited partnership law and “harmonizes” entities such as general, limited and limited liability partnerships, and corporations. By Joseph W. Boucher, CPA, MBA, JD and Craig Billings Miller, MBA, JD
Best of both worlds: Steve Pullara, CPA, CGMA Steve Pullara’s broad perspective comes from having been a partner at both a smaller local CPA firm and a large national firm that is a member of an international network. By Marcia Tillett-Zinzow
10 The 2022-2023 WICPA Board of Directors Meet the 11 individuals who will provide strategic governance in accordance with the WICPA strategic plan, mission and vision. 12 The global transformation of money Technology is transforming every aspect of our lives, and money is no exception. Bitcoin and altcoin are changing our perceptions of currency. By John H. Higgins, CPA, CITP 16 Why diversity matters for the accounting profession Strengthening DEIA efforts in the workplace is a critical component in not only attracting and retaining talent but also complying with EEO laws. By Natalie D. Fluker, JD 20 The business case for ESG reporting Social and regulatory momentum is building behind social, environmental and governance reporting, making meaningful ESG practices a priority. By Carolyn Tang Kmet, MBA wicpa.org
30 PRACTICE MANAGEMENT CPA Evolution will impact today’s interns The AICPA and NASBA have reached the critical implementation phase of CPA Evolution. How can CPA firms prepare for its impact on interns? By Carl Mayes, CPA 34 INVESTING Getting to know the NFT marketplace Investing in “non-fungible tokens” is an emerging trend that will continue to be popular as the transition from physical to digital goods continues. By Mark Eckerle, CPA 36 PROFESSIONAL DEVELOPMENT Communication: A critical accounting tool The soft skills of listening to understand and communicating to be understood are critical to building client and staff relationships. By Neil Fauerbach, MBA
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40 MEMBER BENEFITIS Guide to WICPA committees and boards Opportunities to network with like-minded individuals, sharpen communication abilities, gain leadership skills, build relationships and strengthen your brand.
Departments 3
Outlook | chair’s letter
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In Touch | president & CEO’s message
29 Kudos | members in the news 32 Welcome | new members 39 Memorials | departed members
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2022-2023 WICPA OFFICERS/BOARD MEMBERS Chair Steven A. Pullara, CPA, CGMA
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: comments@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 2022 On Balance.
Chair-elect Matthew J. Schaefer, CPA, CGMA Past Chair Angela C. Thomas, CPA Secretary/Treasurer Lucien A. Beaudry, CPA, JD Directors Christopher M. Cholka, CPA, CGMA John R. Heindel, CPA Donna R. Scaffidi, CPA Kyle R. Stephens, CPA Stacy A. Stinson, CPA
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OUTLOOK | CHAIR’S LETTER “We have several goals for the coming year that will help us build on the many accomplishments throughout our organization’s history and help us control our professional destiny.”
Controlling Our Professional Destiny by Focusing on What Matters By Steven A. Pullara, CPA, CGMA
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hank you for the honor and privilege of chairing the WICPA board of directors. I’m excited to continue the excellent tradition and legacy of my successors.
Throughout my career, I have been fortunate to have many wonderful mentors and to have collaborated and learned from the partners in my firm, my co-workers, client CFOs and controllers, and many fellow WICPA members. Some of the many lessons I’ve learned include the following: • We need to control our professional and financial destinies and those of our clients, business stakeholders, organizations and constituents to make the world a better place.
• It is important to focus on the critical few things that matter, using an 80/20 Pareto principle mindset, and not let the many unimportant things get in the way of our professional journey. One important responsibility we have is to build a pipeline of future CPAs. • We must reinvest in our profession, as we have a fiduciary responsibility to leave our profession, organizations and society in a better place at the end of our career.
• Finally, I’ve learned that I enjoy strategic planning and risk management to help guide organizations to a preferred future and want to be a leader, rather than just being along for the ride.
We have several goals for the coming year that will help us build on the many accomplishments throughout our organization’s history and help us control our professional destiny. For example: • We want to continue to promote our profession and communicate the expertise and core competencies of CPAs. • We also want to continue to provide networking and professional resources via the members-only WICPA Connect online community.
• We will continue to provide quality continuing education at a reasonable cost, whether virtually or (hopefully) in person.
One of my passions — and the most rewarding aspect of my longtime involvement with the WICPA — has been wicpa.org
working with the Public Policy Committee. The committee monitors public policy issues that impact the profession and recommends appropriate actions and responses to our state’s elected representatives and other policy-making bodies. Contributing to the WICPA Educational Foundation, which provides scholarships to deserving accounting students, helps us keep the legacy of the profession alive for those who may not have the means to pay all the costs themselves. The Foundation also sponsors other important programs, such as Reading Makes Cents, which helps create financial literacy at an early age by reading to elementary students, and the Young Entrepreneurial Scholars (YES) program, which helps to create opportunities for minority students and increase the diversity and inclusion in our profession. I would ask you as members to consider how you can help by taking a small step, such as one or more of the following: • Join and utilize the WICPA Connect online community to network and access other professional resources.
• Take advantage of our low-cost continuing education programs and conferences. • Join a committee to collaborate and network with other professionals.
• Volunteer with the WICPA membership outreach coordinator to make presentations to your local high school or college about the career opportunities in accounting and being a CPA. • Volunteer for the YES program.
• Contribute to CPAC/LIF and the Educational Foundation.
I look forward to another outstanding year working with the WICPA board members and professional staff to continue accomplishing goals that help us control and improve our professional destiny. Steve Pullara, CPA, CGMA, is a tax partner with BDO USA LLP in their Madison office. He leads the Wisconsin real estate and construction practice groups. Pullara also teaches financial management through UW–Madison’s School of Business, Small Business Development Center. Contact him at 608-828-3156 or spullara@bdo.com.
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IN TOUCH | PRESIDENT & CEO’s MESSAGE “We thank you for your continued loyalty and membership as we continue to shape programs, services and activities designed to enhance your opportunities and member experience and protect this great profession.”
Full Speed Ahead By Tammy J. Hofstede
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elcome to the new fiscal year! As we recognize the changes brought about by the COVID-19 pandemic over the last two years, we have evaluated and adjusted how we can better continue to serve you, our members. As we move forward to the next “new normal,” we will have expanded in-person and virtual learning, relevant and timely updates utilizing videos, advocating for the profession and addressing the pipeline challenges. As we start a new fiscal year on May 1, here are a few things we have planned for the year ahead:
Membership renewal We made the decision to have no dues increase for the second year in a row to help members keep costs down and catch up from the impact of COVID-19.
Go-to resource The WICPA is committed to being your go-to resource. During challenging times like those we’ve had the last two years, we rely on best practices and idea sharing of members more than ever. We are your connection to up-to-date, accurate and trustworthy information through our Featured News, social media, Connect, high-quality publications and e-news. Committee meetings and membership events are also valuable opportunities to build relationships with other professionals from different areas of the state to share ideas and common challenges. Although finalizing our media room was delayed longer than we expected due to equipment purchases and the continued impact of COVID, we plan to deliver new videos that include featured members and committees, state and national updates and interviews with members and invited guests. We will start our virtual monthly member orientation meetings again in the fall for those who wish to learn more about the WICPA.
CPE 2022 is the first year of the new two-year CPE reporting period for WICPA membership and CPA license renewal. 4
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To assist members with their CPE, your WICPA membership includes discounts on continuing education to keep you up to date on tax laws, technology, human resource issues and new standards. We will again offer free CPE programs, including three programs by Wisconsin Economic Development Corp. and one selected program from each of our conferences that will include ethics. That’s 12+ new complimentary, formal CPE credits plus the free programs already in our course catalog. Our conferences are back in person, and we continue to offer livestream as an option. Our primary venue for most of our conferences will be held at the new Brookfield Conference Center, which is easily accessible from the interstate and has free parking and an attached hotel with negotiated reduced room rates for out-of-town attendees. We researched and hired a new livestreaming vendor for our conferences. Starting in fall 2022, livestream conference attendees will have the option to select and attend concurrent sessions. The new vendor will also bring new options for our sponsors to market their products and services to our livestream attendees. For quick and convenient CPE, we have planned more oneto four-hour livestream programs including the Wednesday and Friday breakfast program season passes. The popular Individual Income Tax Update program with June Norman, a favorite that includes the Master Tax Guide, will continue to be held in person in several locations across the state (a livestream option is also available).
Increasing the pipeline It is more important than ever to be investing in the student pipeline to our profession, and the WICPA is taking a leading role in this effort. In collaboration with our new High School Educator Committee, we are able to partner and communicate with students about the numerous opportunities in the accounting profession. In addition, a high school student membership category will be added this fall for students interested in pursuing accounting. We will be developing new recruitment and marketing materials along with swag items to promote the profession. We plan to record presentations by young professionals and provide the videos to wicpa.org
high schools and colleges to promote the profession as well as have a myth/fact series of videos to dispel negative perceptions of accounting. Continued collaboration with Milwaukee Public Schools, the National Association of Black Accountants (NABA) and the YES program, will enable us to provide resources and mentors to encourage diversity in the profession. Our board of directors will be meeting in June to continue the discussion on the pipeline and develop strategies for the WICPA and our members. We will look at how we can work together not only to influence students but also to look within your own organizations and networks to influence and assist those who have not yet completed their CPA certification or are on the fence about continuing in accounting.
Events All our signature events are back in person! On May 5, we held our Member Recognition Banquet & Annual Business Meeting; the New CPA Banquet will be held on June 3; our annual golf outing at Ironwood Golf Course will be held in Sussex on Sept. 16. Also watch for networking nights to be back this fall and our Bowling Night again next April.
Advocacy Advocacy for the profession will remain strong through these challenging times. As we saw (and stopped) legislation during the last legislative session, we will continue to see concerns and risks to the profession with introduced legislation to “remove barriers” and adopt “universal licensing.” We need to stay vigilant; continue to build and maintain relationships with legislators, leaders and agencies; and have our voices heard to protect the CPA Exam, the CPA license and business in Wisconsin. The more voices we have to educate legislators on legislation that will have unintended consequences on professional licenses that already protect the public and have mobility and models in place, the more power our advocacy efforts will have. We thank you for your continued loyalty and membership as we continue to shape programs, services and activities designed to enhance your opportunities and member experience and protect this great profession. Tammy J. Hofstede is president & CEO of the WICPA. Contact her at 262-785-0445, ext. 4518, or tammy@wicpa.org.
Make the Most of These WICPA Website Tools! Use the MY WICPA personal dashboard to put membership at your fingertips. • Manage your profile and contact information. • Update your areas of interest and volunteer opportunities. • Find member benefits. • Renew your membership.
Easily track registrations, upcoming courses, events and meetings in MY CPE. • See your upcoming WICPA programs, events and meetings. • Access and download your CPE materials and certificates. • Use the CPE Tracker to monitor your formal and informal CPE credits for the reporting period. • Add other formal and informal CPE to the tracker to keep all your records in one place.
Designate an organization administrator to manage membership and registrations for everyone at your organization. • Pay membership dues and make Educational Foundation contributions for your organization in one transaction. • Register multiple individuals for programs. • Update your organization’s roster, and manage employees at multiple office locations. • Add your organization’s information to Find a CPA. (Reach out to membership@wicpa.org or call 800-772-6939 to become an administrator.)
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Ask questions, give advice and share information in the WICPA Connect online community. • Read and participate in current discussions — or start a new one. • Personalize your profile by controlling notifications and adding interests, education, experience, signatures and your photo. • Use the Member Directory to find and connect to members across the state. • Connect with specialized groups by joining a committee such as Wisconsin or Federal Taxation, Business and Industry, Not-for-Profit and many others.
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Best of Both Worlds:
Photography by Front Room Photography
Steve Pullara, CPA, CGMA
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By Marcia Tillett-Zinzow
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hen CPAs go into high school accounting and business classrooms to speak to students, they can and do influence young minds. If you don’t believe me, just ask Steve Pullara, CPA, CGMA, tax partner with BDO USA LLP (BDO) and the incoming chair of the WICPA board of directors. During his junior year of high school, Pullara had to choose an elective course. He didn’t want to take shop class, so he took his first accounting course. And when a CPA came in to speak to the class, that is when he first became excited about the profession. “I wasn’t thinking about it as a career. Then that CPA came in and was telling us about what he did during a week,” Pullara said. “He said that he played golf with his clients, and that struck a chord with me — not so much that you could get paid to play golf, but that accounting was not all work and no play, as some would have you believe.” After graduating from Madison’s La Follette High School in 1979, Pullara headed to the University of Wisconsin – Madison, the alma mater of his mother, a teacher who strongly influenced him to be a lifelong learner. He majored in accounting because — like many other CPAs — he was good at math but also because his father, a construction superintendent with a large commercial builder, had given him some advice. “My dad told me, ‘Don’t go into the trades. It takes a physical toll on your body, and you have to work outside when it’s cold in the winter.’ He said I should go into another profession, and I took that to heart,” Pullara said. Ironically, on his first day on the job as an accountant, he ended up working outside in the freezing cold during a snowstorm, taking inventory for a brick manufacturing company that was a client of his new employer, Smith & Gesteland LLP (S & G — now part of BDO USA LLP). “I had graduated in December (1983) and was supposed to start work on Jan. 3 or something like that, but they had a holiday party that they invited all employees to, and I went to that,” Pullara said. “The managing partner asked me if I’d like to start work early. So I started on Dec. 30 — we had 10 inches of snow that day — and there was another inventory on Dec. 31. It was neither pleasant nor what I expected from the profession, but I was just happy to get two extra days of pay.”
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Relaxing in the break room at BDO’s Madison office, where Pullara is a tax partner.
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[A CPA who came into our classroom] said that he played golf with his clients, and that struck a chord with me — not so much that you could get paid to play golf, but that accounting was not all work and no play, as some would have you believe. Gauging the job market While Pullara was still in college, the U.S. was in a serious economic recession. Inflation and unemployment skyrocketed, and the job market was extremely tight. Pullara became concerned about finding a job and wondered how he could set himself apart from the many others who would also be looking for work after graduation. His answer was to double-major, and he picked up a second degree in finance for just 12 more credits.
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Pullara with some of his tax team at BDO in Madison.
“I don’t know whether that helped me get the job at S & G, but I do know that it probably did differentiate me because it showed that I was serious about what I was going into,” he said. “Interestingly, today I probably use that finance degree and those skill sets even more than the accounting degree and skill sets.” Pullara tells a story about his connection with another WICPA member, Joe Boucher, CPA, JD, a founding shareholder of Neider & Boucher S.C. in Madison, who at the time was teaching a business tax course at the UW School of Business. Pullara was in that class during his junior year and had just started interviewing for jobs. He was seriously thinking about Houston: Texas gas and oil, to be exact, which was a hot job market at the time. When he told Boucher that, he said, “Here’s my business card. Come up to my office.” “It was a beautiful office overlooking Lake Mendota, and I’m thinking, How do I get this gig and also get to golf with clients in the afternoon?” Pullara joked. When they started talking about his desire to move to Texas, Boucher put on the brakes, telling Pullara that moving away from Wisconsin — away from long-term relationships, family and friends — was a bad idea. “He told me I’d eventually have to bring in clients and develop business and said I’d be good at it because of all the people I knew and the relationships I had. He pointed out that if I went somewhere else, I’d have to create a whole new network. But if I stayed here, I’d have a head start on all the other students who stayed here but didn’t know anybody except the other students. It made sense,” Pullara said.
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Chatting with Erika Pospichal, CPA, a tax senior at BDO.
Boucher also told Pullara that his first job should be with a smaller firm. “He said, ‘If you go to a large CPA firm, you’ll be counting rolls of toilet paper for the first two years of your career; but if you go to a smaller, local firm, you’ll actually be doing tax returns and preparing financial statements within a year or two. You’ll progress in your career and reap the rewards that much quicker. And you can always work for a larger firm once you get some real-world experience.’ For me personally, he was spot-on,” Pullara said. Pullara believes he has benefited in his career and grown professionally from working for and being a partner at both a smaller local CPA firm and a large national firm that is the member firm of BDO International.
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Lessons learned and passed along Pullara learned early on that CPAs are really in the financial education business, not necessarily the tax or financial reporting business. “We educate clients so they can control their own financial destinies,” he said. He explained a kind of epiphany he had three or four years into his career with what he calls his “client from hell.” “This client was just miserable. It was a second- or thirdgeneration family business, and they weren’t making any profit. Their financial position was getting worse instead of better; they were late on their payroll taxes; they complained about their bills,” Pullara said. “It was just no fun to work on. I wasn’t smart enough to know how to get out of working with this client after a year or two — like some of the other accountants had — so I had been working on the account for about three years.” Then, Pullara said, a new staff accountant started working on the account and working with the client’s owners directly. Suddenly, the company was more profitable, their cash flow was better, and they weren’t behind on their payroll taxes. What’s going on here? he thought. When he observed what the new staffer was doing with the owners, he saw that she was telling them why it’s important to have a budget; that if they didn’t pay their payroll taxes on time, they’d have to pay significantly more than they otherwise would; and how they’d be better off borrowing the money to pay the taxes.
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They’re not going to become accountants, but they’re going to understand as entrepreneurs how to manage the finances of their business and use the financial statements as a tool to help them improve their profitability, their financial position and their cash flow. with ‘kids’ who are younger than some of my softball jackets,” he laughed. “It makes me feel old sometimes, especially when a young player says ‘I’ll never be able to do that at age 40, much less your age!’ But it is a fun, competitive sport that I’ve enjoyed for over 40 years, and it keeps me young at heart.” Marcia Tillett-Zinzow is a Wisconsin freelance writer and editor. Contact her at mtzinzow@icloud.com.
“She was just explaining basic financial management principles and concepts, cash-flow planning and management, how to understand and read financial statements and those sorts of things,” Pullara said. “That’s when the light went on: Oh, gosh, she’s educating them! They’re not going to become accountants, but they’re going to understand as entrepreneurs how to manage the finances of their business and use the financial statements as a tool to help them improve their profitability, their financial position and their cash flow.” It was a huge realization — one that ultimately led him to teaching business financial management for UW–Madison’s Small Business Development Center (SBDC), which he’s been doing now for 35 years. “I really enjoy it,” he said. “I don’t get paid for it, but it’s a way to give back to the community. It’s helping to grow businesses, create jobs and raise capital.” Pullara married his wife, Patti, in 1984. The two met when Pullara was a teen and they were both working part time at his aunt’s clothing store. They didn’t hit it off until much later, when he was a senior in college — and then they married in 1984. “Patti has been the most enthusiastic supporter of my career that I could ever imagine,” Pullara said. For fun, he plays golf and is a member of competitive senior and open softball leagues. “The open league is where I play
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Introducing your WICPA Board of Directors The WICPA Board of Directors provides strategic governance in accordance with the WICPA strategic plan, mission and vision. The board ensures the WICPA serves the diverse needs of members, enhances professional competency, promotes the value of members and the profession, advocates on behalf of the profession and builds community among members. New members began serving after they were elected May 5, 2022, at the Member Recognition Banquet and Annual Business Meeting.
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CHAIR Steven A. Pullara, CPA, CGMA, tax partner, BDO USA LLP, Madison
CHAIR-ELECT Matthew J. Schaefer, CPA, CGMA, vice president, Bank of Wisconsin Dells
PAST CHAIR Angela C. Thomas, CPA, state controller, State of Wisconsin
SECRETARY/TREASURER Lucien A. Beaudry, CPA, JD, equity shareholder, Reinhart Boerner Van Deuren s.c., Milwaukee
DIRECTOR Christopher M. Cholka, CPA, CGMA, accounting manager, Cousins Subs
DIRECTOR John R. Heindel, CPA, business partner, Lauber Business Partners, Milwaukee
DIRECTOR Donna R. Scaffidi, CPA, partner, Baker Tilly
DIRECTOR Kyle R. Stephens, CPA, president, Craft Beverage Warehouse LLC, Milwaukee
DIRECTOR Stacy A. Stinson, CPA, assistant professor – accounting, Concordia University, Mequon
AICPA COUNCIL Ruth A. Kallio-Mielke, CPA, managing director, Deloitte & Touche LLP, Milwaukee
AICPA COUNCIL Neil R. Keller, CPA/ABV, CVA, partner-in-charge, tax services, Sikich LLP, Brookfield
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Spectrum Investment Advisors (800) 242-4735 | www.spectruminvestor.com On Balance
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The Global Transformation of Money Bitcoin and altcoin are changing our perception of money.
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echnology is rapidly transforming every aspect of our lives, and money is no exception. You know the new cryptocurrencies have become mainstream when someone like Elon Musk can send out a 140-character tweet that can By John H. raise or lower the fortunes of Higgins, CPA, cryptocurrency holders by billions CITP of dollars in a matter of minutes. This article will provide you with a basic introduction to bitcoin and other cryptocurrencies and the impact they are having on the global monetary system.
The evolution of money A good place to start is to review the evolution of money and define what money actually is. There are three key attributes that define money: a measure of value, a medium of exchange and a store of value. When we think of money, we typically think of currency like the U.S. dollar. Virtually any physical object has the potential to be used as money: gold, paper notes, match sticks, etc. And now we enter the era of digital data being used as money. When you think about these attributes, the real key is having consensus among the users of the money as to what establishes its value. With trust and consensus, anything can be used as money. Prior to the advent of cryptocurrency, there were essentially only two types of money: Fiat money, whose value and supply are under the control of a government or central bank and is established as legal tender; and commodity-based money, which is tied to a specific tangible commodity — the most notable being gold, silver and copper. We now have a new form of money — digital money — which has been around for quite some time. Digital money is simply a collection of data transactions that are recorded and stored digitally in computer systems. Credit cards, which have also been around for quite some time, are the original form of digital money. We use the credit card to initiate the recording of a digital transaction to transfer money from one entity or individual to another. We are now entering a whole new era of digital currency that may be in the form of either fiat currency controlled by government or cryptocurrency controlled by an agreedupon protocol. The first example of the former is the digital Chinese yuan called the digital currency electronic payment (DC/EP). This digital yuan is being rolled out in China
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There are three key attributes that define money: a measure of value, a medium of exchange and a store of value. right now. Chinese banks are required to convert a portion of their physical yuan holdings into digital form and distribute it to their customers on their smartphones. The key is that this is legal tender under control of the Chinese government. On the other hand, the first cryptocurrency was bitcoin, and that is where this discussion will begin.
Bitcoin: Where it all began Bitcoin originated out of a subculture referred to as cypherpunks. These are individuals advocating widespread use of strong cryptography and privacy-enhancing technologies as a route to social and political change. (I think of them more as libertarians.) After the financial crisis of 2008, in which the cypherpunk community observed the government manipulating the financial system and money supply to stop the bleeding in the financial markets, the bitcoin cryptocurrency emerged. Bitcoin was created by Satoshi Nakamoto. This is a pseudonym, and we do not know if Satoshi is an individual or a group of individuals, and we likely never will. In 2008,
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Satoshi posted a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” Believe it or not, this nine-page white paper is the foundation for the cryptocurrency protocol we call bitcoin, which at the time of this writing has a market capitalization of approximately $750 billion. An in-depth explanation of the bitcoin technology is simply not practical in an article of this length, but here is a high-level explanation of how it works: 1. Bitcoin is simply a series of transactions recording the exchange of value measured in terms of digital bitcoins. 2. The transactions are recorded in a ledger, which is then replicated and distributed across the network and stored by all the participants, who are referred to as miners. 3. Bitcoin transactions are recorded and validated in blocks in a digital ledger, using sophisticated algorithms and cryptography, as defined in Satoshi’s white paper. Once a single miner successfully validates the block of transactions by being the first to solve the complex algorithm, it is immediately confirmed by the other miners and recorded in their ledgers. The result is tens of thousands of ledgers that are identical and distributed across the network. 4. Miners are compensated for validating and confirming transactions with bitcoins.
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When it comes to developing an understanding of how bitcoin works, you must ask yourself how much knowledge is enough. 5. The bitcoin ledger is completely open source, which means anyone can access and view every single bitcoin transaction since the beginning. 6. Since every transaction is associated with a public key (which is a string of characters) that is associated anonymously with a particular individual, you have a situation in which there is both privacy and transparency. This is obviously a simplistic explanation, but it is a start. When it comes to developing an understanding of how bitcoin works, you must ask yourself how much knowledge is enough. I like to compare it to the U.S. dollar-based financial system or the New York Stock Exchange. I do not understand the details and complexities of how either of them works. What I do know is there is a level of trust through consensus that gives me the confidence to
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I can make the case that, as CPAs, we need to at least understand cryptocurrency conceptually because our clients are going to be seeking to understand this market.
participate in both. The exact same thing is happening with bitcoin and other cryptocurrencies. Most of the people who participate have little or no technical knowledge of how cryptocurrencies work, but they have developed a level of trust through consensus. For those of you who really want to dig into the technology, there are numerous YouTube videos that explain every aspect of the bitcoin ecosystem as well as other cryptocurrencies. The following are some of the unique attributes of bitcoin that help to establish its value: 1. There is no such thing as a physical bitcoin. A bitcoin is simply a transaction recording the transfer of digital units (aka bitcoins) from one account to another. 2. Bitcoin is the first commercial application of blockchain technology, which is now being researched and developed for a multitude of applications throughout commerce. 3. Bitcoin’s value is completely market driven based on supply and demand at a single point in time. In the U.S., its value is measured in dollars, but it is not directly tied to the value of the dollar. 4. There is no individual or group that controls bitcoin. Anyone can recommend changes to the bitcoin protocol, but they will be put into effect only if there is consensus among the entire bitcoin miner community. 5. Satoshi’s design puts a technical cap on the maximum supply of bitcoin at 21 million coins. There is no opportunity to go beyond that supply. A monetary system having a fixed supply has a substantial influence on its value — unlike all the fiat currencies of the world, including the U.S. dollar, that can expand or contract by government fiat. 6. The most common way to participate in the bitcoin system is to open an account on an exchange such as Coinbase or Binex. The exchanges allow you to exchange dollars for bitcoins and vice versa.
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Any discussion of bitcoin would not be complete without mentioning altcoin. “Alt” is a term used to describe all the other cryptocurrencies that provide an alternative to bitcoin. There are thousands of cryptocurrencies in the marketplace today. The most substantial competitor to bitcoin in both value and application is ethereum. One of the key attributes of ethereum that makes it unique is its ability to support “smart contracts.” This is a concept that allows for the automatic execution of transactions without human intervention. As an example, a smart contract could unlock the door of an Airbnb rental at the precise time agreed to in the contract, upon confirmation that the monies have been deposited in the agreed-upon account. In this example, the monies paid would be in the ethereum cryptocurrency, which is called ether. Cryptocurrency is a completely new concept of money based on mathematics and cryptography. Therefore, it is hard for many people to get their heads around it. There are those who truly understand the technology — primarily engineers and mathematicians. Then there are those of us who understand how it works conceptually — which is the majority of participants in cryptocurrency. Finally, you have the masses of people who do not understand it and do not know how (or want to know how) to participate in it. I can make the case that, as CPAs, we need to at least understand cryptocurrency conceptually because our clients are going to be seeking to understand this market. CPAs do not have to become financial advisors but should be prepared to answer the basic questions about cryptocurrency. I believe the most important message to communicate to your clients is that this is an evolving technology still in its infancy and that, as a financial asset, it has a high degree of both risk and volatility.
John Higgins, CPA, CITP, is chief partnership officer and co-founder of CPA Crossings LLC. He shares his expertise as a nationally recognized speaker on business technology at education conferences and strategic planning retreats and through online webcasts. Contact him at jhiggins@cpacrossings.com.
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Why Diversity Matters for the Accounting Profession 16
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s the United States becomes more diverse, companies face increasing pressure to reflect that diversity in the workplace. Diversity, equity, inclusion and accessibility (DEIA) encompasses all of the efforts By Natalie D. that companies can make to Fluker, JD ensure that all employees are represented, welcomed and included in the workplace regardless of their differences. Ninety percent of millennial and Generation X job seekers say that a company’s commitment to workplace diversity affects their decision to work there.1 Generation Z is the most diverse generation in U.S. history and values equity and inclusion more than simple integration and representation, as past generations did.2 Clients, shareholders and other stakeholders are increasingly taking diversity into consideration when deciding where to spend their dollars. Diversity is no longer a box to be checked off — it truly impacts the company bottom line. Further, government agencies have renewed focus on DEIA in the workplace. In early 2022, the U.S. Equal Employment Opportunity Commission (EEOC) and the U.S. Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP) announced the launch of a new initiative, Hiring Initiative to Reimagine Equity (HIRE), to reimagine hiring practices that advance equal employment opportunity. The goal of this initiative is to identify innovative and evidence-based practices that will help workers from underrepresented communities gain access to good jobs and help employers utilize their talents across America’s workforce. While the initiative has not announced any changes in regulatory expectations, employers should anticipate closer scrutiny of equal employment opportunity (EEO) obligations. In January 2021, the Biden administration released Executive Order 13985: Advancing Racial Equity and Support for Underserved Communities Through the Federal Government, which directs federal agencies to evaluate whether their policies produce racially inequitable results when implemented and to make the necessary changes to ensure underserved communities are properly supported.3 This could set the tone for how private businesses are expected to operate in the future. https://onlinedegrees.und.edu/blog/diversity-in-accounting/ https://www2.deloitte.com/content/dam/Deloitte/us/Documents/consumer-business/ welcome-to-gen-z.pdf 3 https://www.whitehouse.gov/briefing-room/presidential-actions/2021/01/20/ executive-order-advancing-racial-equity-and-support-for-underserved-communitiesthrough-the-federal-government/ 1 2
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Creating a diverse workplace can result in better decisions, spur innovation and increase profits. While the accounting field has made great strides in recent years to increase diversity in the workforce, it lags behind in many metrics. While women make up about 50% of managers, supervisors and senior staff, they make up only 33% of management committees and 27% of partners and principals.4 In 2019, an AICPA survey found that only 2% of CPAs were African American and 4% percent were Latino/Hispanic — and those numbers are halved at the partnership level.5
Why DEIA? Creating a diverse workplace can result in better decisions, spur innovation and increase profits. Research shows that diverse groups pay closer attention to facts and make fewer errors, resulting in better decision-making processes and innovative solutions.6 The benefits of diversity 2019 Accounting MOVE Project https://www.afwa.org/wp-content/uploads/2019/06/2019accounting-MOVE-report.pdf 5 https://us.aicpa.org/content/dam/aicpa/interestareas/accountingeducation/newsandpublications/ downloadabledocuments/2019-trends-report.pdf 6 https://www.whitehouse.gov/briefing-room/presidential-actions/2021/01/20/executive-orderadvancing-racial-equity-and-support-for-underserved-communities-through-the-federal-government/ 4
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also produce positive financial results. A 2019 McKinsey report found that companies in the top 25% for racial and ethnic diversity are 36% more likely to have aboveaverage profitability, and companies in the top 15% of gender diversity are 25% more likely to have above-average profitability.7 A diverse workplace often leads to a diverse and expanded client base. Diverse employees hold a cultural competency that leads to higher-quality service and increased insight into client needs. This is particularly important for businesses that rely on personal connections to build clientele. Employees with disabilities, for example, may be able to identify accessibility issues with websites and how other services are delivered. Employees with different backgrounds can help avoid miscommunications based on cultural differences and can identify business opportunities within new communities. Ultimately, any effort to increase diversity can be successful only if qualified diverse candidates are available. In 2018, the demand for diverse candidates far outpaced the number of diverse students enrolled in bachelor’s and master’s programs for accounting.8 Accounting professionals must engage with their communities early and often to achieve long-term success. Research has shown that many people who study accounting either knew someone who was an accountant or learned about the field in a high school https://us.aicpa.org/content/dam/aicpa/interestareas/accountingeducation/ newsandpublications/downloadabledocuments/2019-trends-report.pdf 8
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Diverse employees hold a cultural competency that leads to higherquality service and increased insight into client needs. accounting class.9 Accounting firms and professionals should take advantage of volunteer opportunities and career days at high schools and colleges with diverse student populations to expand the talent pipeline. Finally, investing in DEIA efforts could help avoid negative legal exposure. Well-implemented DEIA programs show a clear commitment to providing an equitable and inclusive workplace and can communicate to employees and others that a company has made substantial steps toward its outlined goals. When management is properly trained to not only identify discrimination but also prevent it through embracing equity and inclusivity, this creates a strong culture of diversity, in which employees know their issues can be addressed internally. A well-thought-out DEIA plan should https://www.journalofaccountancy.com/news/2021/may/dei-diversity-equityinclusion-issues-in-accounting-profession.html 9
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encourage breaking down historical patterns of discrimination in the workplace while not impeding the rights of nonminority groups. Creating and implementing a DEIA plan can be challenging, and employers should consult a legal professional.
3. Examine hiring and recruitment practices — such as degree and experience requirements, job descriptions and advertisements, and interview questions — for potential bias.
Proactive steps for employers
4. Reach out to recruitment vendors who use artificial intelligence (AI) and other technologies to ensure they understand the employer’s EEO obligations.
Strengthening DEIA efforts in the workplace is a critical component in not only attracting and retaining talent but also complying with EEO laws. Further, customers, investors and shareholders increasingly want proof of workplace DEIA efforts. Employers should consider taking the following steps to ensure they are compliant with state and federal laws and to ensure they are providing an attractive work environment for the brightest and best talent: 1. Create a DEIA plan with quantifiable short- and longterm goals, and build in systems of accountability. 2. Create and strengthen connections with colleges and universities that have a diverse student body to increase the pipeline of diverse job candidates.
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5. Utilize a third party to monitor equitable wages and benefits and employee opportunities for advancement. 6. Review employee handbooks and workplace policies for gaps of coverage. 7. Train all levels of employees regularly on EEO policies and the importance of DEIA in the workplace. Natalie Fluker, JD, is an attorney with von Briesen & Roper s.c. in Milwaukee. She focuses her practice on government and labor and employment. Contact her at 414-287-1428 or natalie.fluker@vonbriesen.com.
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The Business Case for
ESG Reporting With social and regulatory momentum building behind environmental, social and governance reporting, business leaders and their advisors should make meaningful ESG practices an immediate priority. By Carolyn Tang Kmet, MBA
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nvironmental, social and governance — more commonly known as ESG — reporting is having a moment. As investors, employees, supply chain partners and stakeholders of all stripes turn to ESG reporting to inform key business decisions, business leaders and their advisors are struggling to establish and prioritize ESG efforts. The challenge is that while ESG reporting becomes increasingly popular and valuable, the lack of formal regulations and standards stymies leaders looking to make meaningful changes to how they do business. Part of the problem is that ESG reporting examines a wide variety of factors, both tangible and intangible. Put simply, ESG reporting is an examination of an entity’s involvement in environmental, social and governance issues. Environmental factors could include an organization’s impact on climate change, natural resource scarcity, pollution and waste. Social factors commonly explore an organization’s values and practices around issues such as labor and supply chain standards; diversity, equity and inclusion efforts; and customer privacy. Governance factors often delve into issues like oversight and management structures, diversity within the board of directors, executive compensation and crisis response. While some issues, like diversity within the board, may be easier to quantify, other factors, like sustainable supply chain measures or the effectiveness of oversight, aren’t immediately apparent in financial statements — yet the appeal and influence of these standards are undeniable. “Investors, executives and consumers increasingly understand that a company’s value is largely intangible and consists of more than just assets and products,” explains
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How a company interacts with its stakeholders, community and the planet is a value driver that directly impacts its bottom line. – Marcy Twete Marcy Twete, CEO and founder of ESG consultancy firm Marcy Twete Consulting. “How a company interacts with its stakeholders, community and the planet is a value driver that directly impacts its bottom line.”
The bottom line for ESG The COVID-19 pandemic is an active example of how ESG factors impact the bottom line. Organizations with solid lines of support for employees, nimble business operations that were able to pivot to serve rapidly changing needs, and adaptable strategies for successfully navigating uncertain times were more likely to survive — or even thrive — during the pandemic. Mary Adams, founder of Boston-based Smarter Companies, believes that the pandemic’s impact on ESG investment activities proves that ESG is more than just a passing fad. “If it was a fad, then everyone would drop it in a crisis,” Adams explains. “What happened during the
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pandemic is that companies that had the trust and confidence of their employees and customers performed better through the disruption. We know there’s a link between ESG and a company’s performance. It may not be easy to pin down, but there’s definitely a connection.” Even if we can’t see the impact of ESG on the bottom line, we can definitely see it in the flow of investment dollars. According to Moody’s Investors Service, investments in ESG products increased 140% in 2020. Similarly, Morningstar reported that ESG-rated funds took in $51.1 billion in new investments in the same year.
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We know there’s a link between ESG and a company’s performance. It may not be easy to pin down, but there’s definitely a connection. – Mary Adams
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Implementing an ESG strategy and reporting on progress will help companies unlock new value, build resilience and drive profitable and measurable growth today and in the future. – Corinne Dougherty
Chirag Shah is chairman of Simfoni, a company focused on leveraging spend analytics to help companies achieve supply chain sustainability. In July 2021, he successfully raised $15 million in Series B funding. “ESG goals are a moral and ethical necessity. As responsible corporate citizens, it’s our duty to take care of the future of our society,” he emphasizes. Shah believes that product and technology innovations have progressed to the point where companies are able to achieve both ESG goals and business benefits. He says that raising the bar on ESG efforts not only mitigates risks but improves corporate performance. “Focusing on ESG can reduce unnecessary costs,” Shah says. “Additionally, with social media enabling customers to have more of a collective voice, it’s evident that making responsible choices can result in higher brand value. Corporations that make a positive impact can increase their appeal to existing and potential customers and attract new market opportunities.” Corinne Dougherty, audit partner with IMPACT, KPMG’s sustainability program, and a member of the AICPA Sustainability Assurance and Advisory Task Force, agrees that there are measurable business benefits: “Implementing an ESG strategy and reporting on progress will help companies unlock new value, build resilience and drive profitable and measurable growth today and in the future,” she says.
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Dougherty adds that ESG reporting further benefits the bottom line by helping business leaders understand and address emerging risks that threaten profitability, attracting a new investor base while meeting the ever-changing and increasingly stringent requirements of institutional investors, gaining access to capital, competing for top talent and building a loyal customer base.
The momentum behind ESG The motivation to implement ESG practices is driven by both external and internal factors. Externally, investors, customers and regulators are calling for increasingly rigorous and sophisticated ESG reporting to help inform investment decisions and to hedge systemic risks in their portfolios. “There’s no way you can hedge against climate change, right? You have to start advocating for a systemic solution,” Adams explains. “Additionally, during a time of great disruption, we often see exciting and innovative solutions, so that could be driving external interest in ESG efforts as well.” According to a November 2020 report issued by the Forum for Sustainable and Responsible Investment, 33% of total U.S. assets under professional management are using sustainable investment strategies. By their count, those assets grew from $12 trillion at the start of 2018 to $17.1 trillion at the start of 2020 — an increase of 42%.
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But there are also internal pressures driving companies to implement ESG best practices. “In both public and private companies, employees are demanding better supply chains, carbon footprints and labor practices, leading companies to prioritize their ESG efforts,” Adams explains. Bryan English is the CFO of Elkay, a global manufacturer headquartered in Downers Grove, Illinois. He says the momentum toward ESG practices goes further than the financial or branding concerns, with much of it driven by societal expectations and the innate need to “do the right thing.” “Today’s consumers and workforce, who are really one and the same, expect companies to do right by their employees and their customers, to do good within their communities, to be good stewards of the planet, to be good corporate citizens and to be a company with a purpose,” English says. “Because these expectations drive buying behaviors and affect whether you’re an employer who can attract top talent, they’re at the heart of why ESG is becoming such a critical focus area for companies today.”
The regulatory vacuum Currently, ESG disclosure is a voluntary best practice, though the U.S. Securities and Exchange Commission (SEC) is signaling that more formal guidance may be coming soon. In March 2021, the SEC announced the creation of a climate and ESG task force in the Division of Enforcement that will develop initiatives to proactively identify ESG-related misconduct. Their initial focus will be identifying any material gaps or misstatements in climaterisk disclosures. And in April 2021, the SEC’s Division of Examinations issued a risk alert, noting deficiencies and internal control weaknesses within investment funds that purported to be engaged in ESG investing. The seven-page alert included examples such as portfolio management practices that were “inconsistent with disclosures about ESG approaches”; controls that were “inadequate to maintain, monitor and update clients’ ESG-related investing guidelines, mandates and restrictions”; and proxy voting that “may have been inconsistent with advisors’ stated approaches.” “Regulators have certainly increased their ESG scrutiny,” acknowledges Kristie Paskvan, CPA, MBA, board director of Smith Bucklin, NCCI, First Women’s Bank and the United Way Metropolitan Chicago and an Illinois CPA Society member and Insight [magazine] columnist. “In the United States, we expect rules will be implemented that require banks to account for the sustainability impact of their lending and investment policies. Therefore, all banks have this on their radar and are moving at various speeds to implement policies and procedures.”
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Today’s consumers and workforce, who are really one and the same, expect companies to do right by their employees and their customers, to do good within their communities, to be good stewards of the planet, to be good corporate citizens and to be a company with a purpose. – Bryan English
Twete says there’s a natural tension between wanting to emphasize materiality and wanting to achieve standardization. “As readers of sustainability reports or ratings, we want to be able to easily compare Apple to Exxon, Macy’s to McDonalds, even though their business models and material issues are different,” she explains. “That
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kind of standardization is not only difficult, but it can also be a slippery slope. But while no system will be perfectly ‘one-size-fits-all,’ there’s hope for a more streamlined measurement framework for companies.” English believes that we’re starting to see some standardization among ESG models that work best for businesses, though he’s still hesitant about the possibility of the level of standardization associated with traditional financial reports. “There are too many variances between businesses and their impact on consumers, society at large, the planet, their own people and the communities where they do business. When you standardize a reporting model, you leave out room for all the nuance — the good, the bad and the ugly — that’s at the heart of why consumers care about ESG reporting in the first place,” English says.
Starting your ESG journey Even without across-the-board standardization, English believes ESG reporting should be undertaken because it’s a powerful way to express corporate social responsibility. “ESG reporting backs up storytelling with data and facts, which adds credibility and helps distinguish those who are doing the work and making a real difference,” he says. While each company’s ESG journey is unique, the process of implementation is similar across all industries. Here are Dougherty’s four steps to start your own journey: 1. Develop an ESG strategy. Understand and anticipate stakeholder expectations by identifying issues and assessing gaps, risks and opportunities to integrate ESG into your business strategy. 2. Operationalize the strategy. Embed strategy into operations by understanding the implications for the workforce, supply chain, operations, controls, technology, infrastructure and governance and managing the controls around collecting and processing data to track progress. 3. Measure, report and assure. Understand the different standards, frameworks and metrics for reporting ESG data; develop capabilities to measure the ROI of ESG initiatives; and provide accurate and fit-for-purpose disclosures and reporting. 4. Transform with ESG. Growing with ESG in mind requires a new approach to transactions, strategies and partnerships. All these events create risks and opportunities for ESG strategy. Understanding those implications and developing processes to evaluate
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them during the transaction life cycle can future-proof your ESG approach. Twete suggests that an initial step toward ESG reporting might be to conduct a materiality study to understand the risks and impact of ESG issues within your own company. “Consider which issues have the potential to negatively or positively impact your business. What do your stakeholders expect of you? From there, you can assess these key material ESG issues with your existing risk-management process,” she says. She emphasizes that companies need to address ESG issues with the same rigor they apply to operational or financial risk — and remember that ESG cannot succeed in a silo. These efforts will reach across and transform every aspect of an organization. With increased regulatory and social attention on ESG issues, now is the time to identify, prioritize and act on ESG measures that can improve your organization’s reputation and resilience — while also making the world a noticeably better place. Carolyn Tang Kmet, MBA, is a senior lecturer at the Quinlan School of Business at Loyola University Chicago. Reprinted courtesy of Insight, the magazine of the Illinois CPA Society (www.icpas.org).
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INNER CIRCLE Frederick Sitzberger LEADERSHIP Jeff Dewane Michael Friedman PACESETTERS Heather Acker Thomas Alberte Christine Anderson Nicholas Ansley Inga Arendt Steven Barnes Paul Barstad Kelly Baumbach Dan Beine Michael Benes Donald Bernards Todd Bernhardt Paul Bishop Ann Blakely Jeffrey Blattner Mark Boettcher Brian Bohman Marcie Bomberg-Montoya Marci Boyarski Joshua Boyle Jeffrey Bramschreiber Cindy Bratel Damon Busse Gregory Butler Daniel Buttke Todd Carpenter Stephanie Cavadeas Lonny Charles Kevin Cherney Brad Collard Craig Cookle Robert Cottingham Lisa Cribben Christine Dahlhauser Brad DeNoyer Chad Derenne Jeff DeYoung Andrew Dilling Jodi Dobson Rick Dreher David DuVarney wicpa.org
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OTHER CONTRIBUTORS Curtis Bach Christa Baldridge Anthony Balistreri Michael Donahue Douglas Haag Janet Hartung Renfert Kimberly Iley Brian Kelley Matthew Macdonald Karen Prochaska Vincent Schamber Angela Thomas Dennis Tomorsky Denise Vandenbush Roberta Ward David Weber PACESETTER-LEVEL ORGANIZATIONS Baker Tilly CPA Tax & Incentives Services LLC Theodore E. Hart LLC Wipfli LLP OTHER ORGANIZATIONS WITH EMPLOYEE CONTRIBUTIONS BDO USA LLP BKD LLP CLA Donahue & Associates LLC Hawkins Ash CPAs LLP Porter & Sack, CPAs S.C. Scribner, Cohen and Company S.C. Sikich LLP SVA Certified Public Accountants S.C. Truity Partners LLC Vinton Construction Co.
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New LLC Law Signed by Gov. Evers
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his article supplements an earlier article published in the January/February 20221 edition of On Balance, in which the upcoming version of the LLC law we hoped would pass and be signed by the governor was discussed in some detail. Since then, the Wisconsin Legislature unanimously passed Senate Bill 566 (SB 566) in February. Gov. Tony Evers signed this bill into law on Friday, April 15. It will become effective Jan. 1, 2023.
By Joseph W. Boucher, CPA, MBA, JD and
Craig Billings Miller, MBA, JD
The 500-page bill covers three specific important areas: First, it updates the Wisconsin limited liability company (LLC) law; second, it updates the Wisconsin limited partnership law; and finally, it “harmonizes” business entities such as general, limited and limited liability partnerships, corporations (both forprofit and nonprofit) and LLCs.
(The Revised Uniform Limited Liability Company Act (RULLCA) was discussed in the January/February 2022 article.) LLCs now comprise over 90% of the newly formed entities in Wisconsin. The original LLC law became effective Jan. 1, 1994. Attorney Adam Tutaj of Meissner, Tierney, Fisher & Nichols in Milwaukee referred to it as a “homebrewed law” in his written testimony to the October 2021 Joint Hearings in the Wisconsin Legislature. This reference relates to the fact that the original LLC law was not based upon a uniform national law that existed at that time — since there was no uniform national LLC model law at that time. 1
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LLCs now comprise over 90% of the newly formed entities in Wisconsin. This “home-brewed law” approach makes it challenging for statutory interpretation since the original LLC law was not based on references to other state statutes (or a model law), which can cause confusion and unpredictable results. Furthermore, very few LLC cases reach appellate courts to provide lower courts with written precedent for interpretation. SB 566 attempts to provide additional resources for statutory interpretation and updates the Wisconsin LLC law to more closely follow the current RULLCA. The earlier article summarized the key aspects of the updates to the LLC law, so please refer to it for additional details. What follows is a condensed and slightly edited summary of the updates to the Wisconsin limited partnership law presented at the hearings referenced above by Attorney Tom Nichols of Meissner, Tierney, Fisher & Nichols. This is the second major component of SB 566, the limited partnership law. The current Limited Partnership Act, Chapter 179, was based on the uniform law promulgated in 1976 (before the 1985 amendments to that uniform law) by the Uniform Law Commission2 (formerly known as the National Conference of Commissioners on Uniform State Laws). SB 566 adopts the most recent version of the Uniform Limited Partnership Law (including the 2013 amendments). The thrust of all of these changes is to reflect case law and developments during the approximately 40 intervening years. 2
https://www.uniformlaws.org/home
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Senate Bill 566 was passed by Wisconsin legislators and signed by Gov. Tony Evers on April 15, 2022.
For example, the Revised Uniform Limited Partnership Act (RULPA) includes the following improvements: • Eliminates troublesome language that implies management participation potentially triggers personal liability for limited partners, which courts have struggled with ever since the initial Uniform Limited Partnership Act was promulgated. As we all know, when courts struggle, business owners pay higher legal fees.
• Conforms the partner distribution liability and dissolution claims bar procedures to those in the revised Model Business Corporation Act. This prevents defaulting entities from taking advantage of the crossspecies merger and conversion provisions in order to disadvantage creditors.
• Adopts case law that imposes an obligation of good faith and fair dealing on limited partners, something that makes common sense.
The third major component of SB 566 “harmonizes” the various provisions of Chapters 178 (general and limited liability partnerships), 179 (limited partnerships), 180 (corporations), 181 (nonstock corporations) and 183 (limited liability companies) of the Wisconsin statutes.
• Specifically allows limited partnerships to elect to be “limited liability limited partnerships” so that the general partners do not have unlimited liability. This allows general partners to avoid having to incorporate a separate corporation (usually an S corporation) to act as the general partner of the limited partnership, saving both legal and accounting fees on an ongoing basis.
This means that all entities, such as general partnerships, can merge with corporations, corporations can merge with LLCs, LLCs with for-profit or nonprofit corporations, and so
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What does “harmonization” mean? It means that these statutes are now aligned with respect to the formation of entities and online entity activities and — importantly — also with respect to cross-species mergers and domestications.
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on. There may be very good business reasons for these mergers. In other words, entities can switch their entity form as needed. While this may appear to be a great option from a flexibility standpoint, advisors must be concerned about and pay attention to the federal and state tax issues when taking advantage of these opportunities. While this legislation makes it easy to switch between entity forms, one must be careful to ensure that a conversion or merger does not lead to adverse tax consequences. Another piece of harmonization is the so-called domestication of entities. For example, some Wisconsin business owners previously formed either a Delaware corporation or LLC to take advantage of Delaware’s updated entity statutes and robust case law interpretation of those statutes. However, Delaware entities require annual filing fees not only in Delaware but also in Wisconsin because the corporations are presumably doing business in Wisconsin. This results in double filing fees (and/or reporting requirements). With this new law, the business owner can move the entity from Delaware to Wisconsin and domesticate it quite easily, eliminating the double filings.
While this legislation makes it easy to switch between entity forms, one must be careful to ensure that a conversion or merger does not lead to adverse tax consequences. members of the Wisconsin State Bar Business Law committees, including Attorneys Tom Nichols, Adam Tutaj and Randall Brotherhood of the Meissner, Tierney, Fisher & Nichols law firm in Milwaukee. There are many terrific references, background materials and summaries3 of this law that were produced for the October 2021 joint hearing on the bill.
Finally, this harmonization law also makes it easier for all entities to terminate.
Joseph W. Boucher, CPA, MBA, JD, is a shareholder of Neider & Boucher S.C., a Madison law firm. Contact him at 608-661-4535 or jboucher@neiderboucher.com. Craig Billings Miller, MBA, JD, is an attorney with Neider & Boucher and can be reached at 608-661-4523 or cmiller@neiderboucher.com.
Obviously, this is a high-level summary of SB 566. There are many more details that you will be learning over time from various sources. We want to thank the various parties who worked on the passage of this bill, including the WICPA and the various
3
https://docs.legis.wisconsin.gov/2021/proposals/sb566.
Angela Thomas, CPA, Holds New Post With State of Wisconsin Angela Thomas, CPA, past chair of the WICPA board of directors, has advanced to the State Controller’s Office as Wisconsin’s new state controller. She most recently had been expenditure and revenue accounting section chief in the Bureau of Finance at the Department of Natural Resources (DNR), where she oversaw a team of 21. Prior to that, Thomas served as general accounting section chief at the DNR, as an accountant in the Bureau of Budget and Finance at the Department of Justice and as a budget analyst at the University of Wisconsin Hospitals and Clinics. Thomas is currently chair of the WICPA Public Policy Committee and was recognized with the WICPA Outstanding CPA in Government Award in 2017. She also currently serves on the Dane County Airport Commission and the Sun Prairie Community Development Authority. Thomas holds the rank of Lieutenant Colonel in the United States Air Force Auxiliary–Civil Air Patrol and has received three Meritorious Service Awards and nine Commander’s Commendations. 28
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kudos
Peter Brunner
Deann Faubel
Bradley Kruger
Kyle Mair
Thomas Adrians, CPA, MBA, has been named to the UW– Green Bay Foundation board of directors. He graduated from the university with a degree in managerial accounting in 1982. James Bird, CPA, MBA, CGMA, has joined Beloit Health System as vice president and CFO.
Holly Breien, CPA, MPA, has been promoted to CFO at the Wisconsin professional engineering firm of Ruekert & Mielke Inc. She succeeds Ken Williams, CPA, who retired after 33 years of service with the firm. Peter Brunner, CPA, has been promoted to shareholder with KerberRose CPAs. He was previously a senior manager in the firm’s Green Bay office. Elizabeth Colson, CPA, has been named a partner in Truity Partners LLC, the new firm formerly known as Baker Tilly Search & Staffing.
Ali Court, CPA, has joined Immel Construction as controller. Kyle Dieringer has been promoted to CFO at Wangard Partners Inc.
Deann Faubel, CPA, has been promoted to shareholder with KerberRose CPAs. She was previously a senior manager in the firm’s Appleton office.
Jane Jerzak, CPA, RN, has joined PYA, a national accounting and management consulting firm, as a principal.
Todd Kostman, CPA, has joined the CPA firm of Bauman Associates, Eau Claire, as a principal. He comes to the firm with more than 25 years of public accounting experience. Bradley Kruger, CPA, has been promoted to shareholder with KerberRose CPAs. He was previously a senior manager in the firm’s Stevens Point office. Kyle Mair, CPA, a partner with Baker Tilly in Madison, has been named to the 2022 class of 40 Under 40 professionals in the Madison area by In Business magazine. He has been with Baker Tilly since 2007 and was promoted to partner in 2020.
Sen. Howard Marklein, CPA, CFE, has been named UW–Whitewater’s 2022 Outstanding Alumnus for Community/ Regional Service. Marklein, who represents Senate District 17 in the Wisconsin State Senate and is co-chair of the Joint Committee on Finance, graduated from the university with a bachelor’s degree in accounting in 1976.
Andy Mathes
Christopher Olson
Melissa Schwartz
Melanie Stellmacher
Andy Mathes, CPA, has been promoted to shareholder with KerberRose CPAs. He was previously a senior manager in the firm’s Oshkosh office.
Douglas Neis, CPA, will retire May 15 from his position as vice president and CFO of Marcus Corp. after 36 years of service to the organization. Mark Oldenberg, CPA, was promoted to CEO for Durandbased Security Financial Services Corp. and its subsidiary, Security Financial Bank, for which he will continue to serve as president.
Christopher Olson, CPA, MST, has been promoted to shareholder with KerberRose CPAs. He was previously a senior manager in the firm’s Wausau office. David Roche, CPA, was promoted to CFO of Kendall Packaging Corp., headquartered in Mequon. He was previously the company’s controller. Melissa Schwartz, CPA, has been promoted to shareholder with KerberRose CPAs. She was previously a manager in the firm’s Appleton office.
Brigette Singletary, CPA, MBA, director of finance and revenue for Exact Sciences Corp., has been named to the 2022 class of 40 Under 40 professionals in the Madison area by In Business magazine. She joined Exact Sciences Corp. in 2015. Melanie Stellmacher, CPA, has been promoted to shareholder with KerberRose CPAs. She was previously a senior manager in the firm’s Oshkosh office. Glen Stiteley, CPA, has joined Shipbuilders Credit Union as president and CEO. He most recently served as the chief financial officer and treasurer at Investors Community Bank in Manitowoc.
ORGANIZATION NEWS Wipfli LLP has brought the teams from Chicago-based Solve100 and Westchester, Pennsylvania-based Waypoint into the firm. The two companies bring a combined 25 years of broad capabilities in data analytics and application development.
Want your 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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{ Practice Management | CPA Evolution }
CPA Evolution Will Impact Today’s Interns How can firms prepare?
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or the past few years, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have collaborated with stakeholders to reimagine CPA licensure through the joint CPA Evolution initiative, an effort to By Carl Mayes, transform the CPA licensure model. CPA The organizations have now reached the critical implementation phase of this initiative, which addresses the rapidly changing skills and competencies required of a 21st-century CPA.
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Many of the students slated for spring and summer 2022 internships will sit for the new, CPA Evolution-aligned CPA Exam, which is expected to launch in early 2024. This has implications for firms in a variety of areas, from recruiting considerations to engagement with academia. The time to start plotting out your firm’s strategy is now. CPA Evolution will bring about some of the most substantive changes to licensure in decades, including a new Core + Disciplines licensure model, increased coverage in areas like information systems and data analytics and the addition of personal financial planning. But what does it all mean for your firm? Following are some top considerations to aid your hiring and recruitment strategies:
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Students are more interested in pursuing CPA under the new licensure mode In a fall 2021 AICPA-NASBA survey of accounting students, 85% of respondents indicated the new approach to licensure either increases their interest in pursuing CPA or keeps their interest at a very high level. In discussion groups with students, common themes surrounded their heightened interest in areas like data analytics, cybersecurity and information privacy, all of which are expected to be addressed in the new CPA Exam based upon preliminary practice analysis research. This may represent an opportunity for firms when recruiting new staff. In addition to highlighting the earnings power of CPAs and the impact they can have on society, consider discussing the impending changes to the licensure model and how they reflect the exciting work firms are doing in emerging areas. For students interested in technology, there has never been a better time to pursue the CPA designation.
Universities are changing their curricula to incorporate emerging topics In another fall 2021 pulse survey, the AICPA and NASBA asked accounting faculty about their plans relative to CPA Evolution. Here’s what they heard: • 88% of respondents indicated their accounting program will be making curriculum changes based on CPA Evolution. • 81% said they expect to make curricular changes by fall 2022. To inform hiring decisions, firms may want to reach out to the universities they recruit from to determine what, if any, curriculum changes are being made. Practitioners may also consider aiding the academic community in the transition, as nearly half of the faculty that won’t be making curriculum changes cited challenges in finding qualified personnel to teach emerging topics. Subjectmatter experts at your firm might consider serving as guest lecturers or adjunct professors to ensure the next generation of CPAs have the skills and competencies they need to be successful.
Many accounting program graduates will have different skill sets As academic programs evolve, students are expected to pursue learning tracks aligned with their interests. In a 2020 AICPA-NASBA survey of students, • 54% of respondents indicated they plan to pursue the Business Analysis and Reporting discipline, • 24% plan to pursue Information Systems and Controls, and • 22% plan to take Tax Compliance and Planning.
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Subject-matter experts at your firm might consider serving as guest lecturers or adjunct professors to ensure the next generation of CPAs have the skills and competencies they need to be successful. To pass these disciplines, students will need more knowledge and skills in the related subject matter, and firms will be the beneficiaries. In fact, in an April 2021 AICPANASBA survey of firm hiring directors, 83% of respondents from firms with 11 or more personnel indicated that if accounting programs were aligned with CPA Evolution, their hiring of new graduates from accounting programs would likely increase, accounting program graduates would be considered more valuable than they are today, or both. Firm leaders may want to engage with the firm’s HR team to consider how CPA Evolution will impact their approach to talent acquisition moving forward.
Next step The AICPA is currently conducting a practice analysis to determine the knowledge and skills required of newly licensed CPAs that should be assessed in the CPA Evolutionaligned exam. An associated CPA Exam Blueprint, which will detail content eligible for testing in each of the Core and Discipline sections, is expected to be issued for public comment in mid-2022 and published in final form in early 2023, with the launch of the new CPA Exam planned for January 2024. As CPA Evolution continues to progress, please check back for updates at EvolutionofCPA.org. If you have any questions, please reach out to the AICPA and NASBA at Feedback@EvolutionofCPA.org.
Carl Mayes, CPA, is senior director of AICPA – Audit & Accounting Quality.
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Welcome new members! Get to know the newest members of the WICPA. February 1, 2022 – March 31, 2022
Henry Acker KPMG LLP
Jeffrey D. Grant Jr. KPMG LLP
Valerie Armstrong KPMG LLP
James Gwarnicki
James R. Arnold Jr. Cohen & Co. Jenifer L. Babbitt Schauer Bruce B. Bautch Lake Country Business Services LLC Lisa Belli-Fuchs Northwestern Mutual Molly A. Berenson Kollath & Associates CPA LLC Brad L. Bertler BDO USA LLP Carissa R. Birschbach Grande Cheese Co. Allison Brey
Pui Sze Hau Strohm Ballweg LLP Megan E. Hlava KPMG LLP Dalton Hribar Concordia University Joseph L. Janette Coleman & Williams Ltd. Marie A. Jeruc Cohen & Co. Kristin L. Jordan Parent, Dott & Co. Ltd. Kyle S. Kagerbauer Strohm Ballweg LLP Adria Klaty
Ahna Capp
Daniel A. Kleinhans Vogel Consulting Group S.C.
Claire Carviou CLA
Rebecca Klessig CLA
Shannon R. Czaplinski KerberRose S.C.
Mitchell D. Klieforth CLA
Matthew De Starkey CLA
Sarah A. Knoerr Grant Thornton LLP
Devin J. Dean KerberRose S.C.
Megan Krupa CLA
Tanner R. Dechant CLA
Trevor Kunz CLA
Rachel A. Desautels KerberRose S.C.
Alexus J. Lamonte Grant Thornton LLP
James P. DiCristo Thompson Investment Management Inc.
Rachel Lawent Marcum LLP
Erin Dietzler KPMG LLP
Nicholas A. Ludwig Bauman Associates Ltd.
Erin Duescher CLA Zachary E. Eggers KPMG LLP Sarah Ek Zero Zone, Inc. John D. Elgersma Parent, Dott & Co. Ltd. Dave I. Evans Tweet Garot Mechanical Inc. Maureen Gaare Emma C. Gagliardi CLA Jon C. Gitter KLH Industries Inc. Mickey Gosh CLA
Cynthia L. Lynn Adam J. Malicki Cohen & Co. Erin E. Marheine CLA Jack McNally KPMG LLP Michael McNally Riley D. Menting Menasha Corp.
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Anteneh Omate The Suby Group Heidi Pautz Port Washington State Bank Tiantian Quan Vogel Consulting Group S.C. Jessica L. Raymond Hawkins Ash CPAs LLP Diane Rieder Premier Financial Credit Union Jacob T. Salzmann Strohm Ballweg LLP Erica Schaefer CLA Nikola B. Schaumberg Fox Communities Credit Union
Ashley A. Schuettpelz Schreiber Foods Inc.
Jacob R. Uttech Underwriters Laboratories Inc.
Nicole Schuurmans CLA
Hailey Van Ells KPMG LLP
Jacob M. Seeber CLA
Melissa A. Variny
Laurie A. Short
Haley Wald CLA
Graydon T. Skeoch Cohen & Co.
Amanda Wegner CLA
Robert C. Strackbein Quad/Graphics Inc.
Tyler J. Wegter Grant Thornton LLP
Sara J. Stremer
MacKenzie H. Wetzel Concordia University
Zachary Szprejda Sentry Insurance Melanie N. Tarman Dwayne Johnson & Associates Brian Truesdale Grant Thornton LLP
Candace L. Willoughby Joe Yaeger IV Wis-Pak Inc. Edward W. Zeitler Madison Gas & Electric Co.
It’s time to
renew your membership
keep your member benefits coming If you have not yet renewed your 2022–2023 membership, visit wicpa.org/renew for quick and easy online payment to keep your valuable member benefits coming, including On Balance magazine.
Renee C. Mitchell Chad Mueller The Gillette Group Inc. Sarumathy Natarajan KPMG LLP Stephanie Noll Honkamp Krueger & Co. P.C.
Erica L. Graan CLA
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Amanda K. Linehan Guinn Vinopal & Zahradka LLP
Jordan T. Olson Dwayne Johnson & Associates
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Pay your dues in the “My WICPA” section on the WICPA website. For information regarding your membership, contact Devin Yates at 800-772-6939 ext. 4511 or devin@wicpa.org.
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It shouldn’t take four days with no power, water, or communication to find out who your friends are.
BUT SOMETIMES IT DOES.
And that’s the Silver Lining®.
To find out more about the Silver Lining and a special discount on home and auto insurance just for members of the WICPA, contact this official supplier of the Silver Lining. Professional Insurance Programs at (414) 277-0154 or info@profinsprog.com Or to find an agency near you, visit thesilverlining.com.
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{ Investing | New markets }
Getting to Know the NFT Marketplace By Mark Eckerle, CPA
N
on-fungible tokens (NFTs) really came to the forefront in 2021 as another way to utilize blockchain technology as well as digital currencies. The marketplace for NFTs continues to grow as more and more individuals create digital content to be sold. Additionally, the emergence of celebrities and influencers in the NFT community has helped garner more attention from the everyday individual who otherwise may not be interested in these items.
What are NFTs? To get an understanding of what non-fungible means, it helps to know what fungible means. An example of a fungible
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token is bitcoin. Trading one bitcoin for another means you have exactly the same thing. There is no difference between one bitcoin and another. Non-fungible means that each item is unique and can’t be replaced — in other words, it’s one of a kind.
What can be an NFT? In short, NFTs can be anything digital. These digital collectibles can be anything from physical artwork to trading cards to music to digital pictures. Anything that can be digitized and collected can be turned into an NFT. In early 2021, one of the events that really helped kick-start the NFT movement was NBA Top Shots, which were NFTs of NBA trading cards or moments that had happened.
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Why purchase an NFT? Buying an NFT is the same as buying a physical good, except it is in digital format. This is similar to how many people today do not use physical cash and have transitioned to buying items with credit cards or using their phones and using online banking. This is digital ownership instead of having a closet full of goods that have been purchased. Once you purchase an NFT, these items can be tracked on the blockchain, creating an immutable and permanent transaction with full transparency. The concept of having digital ownership rather than owning the physical item may seem foreign to many, but as a society, we are transitioning to more of a digital economy, and this is the next step in that process. Many skeptics think that rather than buying an NFT, they can just go online and see the image or watch a video of the moment. However, the main distinction is that an NFT shows the ownership of that one-of-a-kind item. While copies can be made, that’s exactly what they are: copies, and not the original.
What has been sold so far? There have been a few items that have sold for large dollar amounts as well as significant use by celebrities. Some items that have sold include the following: • Jack Dorsey, CEO of Twitter, auctioned off an NFT of his first tweet for $2.9 million. • Auction house Christie’s sold an NFT created by digital artist Beeple for more than $69 million. • Sports figures — including Tom Brady, Rob Gronkowski, Derek Jeter, Wayne Gretzky and Tiger Woods — have created digital trading cards and sold them to the public. • Musical group Kings of Leon tokenized their latest album, which garnered more than $2 million in sales and also included special ticket access to one show of every Kings of Leon tour for life. • Grimes, who is a musician and partner to Elon Musk, has sold more than $6 million of NFTs representing her digital artworks of more than 10 pieces. These are just a few examples of things that can be made into a digital collectible. As the NFT marketplace continues to grow, there will be more and more platforms available to consumers to buy and sell these goods. Initially, the method to purchase NFTs was limited to a handful of marketplaces like OpenSea, Nifty and Rarible, but now there are many more options. The popular sports betting application
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NFTs are an emerging trend and will continue to be popular as the transition from physical to digital goods continues. DraftKings has rolled out an NFT marketplace directly in their app. Tom Brady has created an NFT platform called Autograph, which will bring together athletes and brands in the sports and entertainment industries. NFTs are an emerging trend and will continue to be popular as the transition from physical to digital goods continues. While the prices of some of these items may seem overvalued, prices will likely become much more reasonable as more options become available and the ecosystem becomes more mature. Mark Eckerle, CPA, is a senior manager at Withum. He is the leader of the NJCPA Emerging Technologies Interest Group and can be reached at meckerle@withum.com. Reprinted with permission from the New Jersey Society of CPAs (http://www.njcpa.org/).
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{ Professional Development | Soft skills }
Communication: A Critical Accounting Tool
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By Neil Fauerbach, MBA
he practice of accounting is a numbers game. Understanding the theory of accounting, the application of the rules and the methods of reporting, is critical to success in the industry. What is just as critical is the ability to effectively communicate this information to others in a way that is efficient and clearly understood.
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Your ability to communicate effectively will contribute to your ability to be a leader and to train future leaders.
Soft skills and leadership Communication is one of a group of skills known as “soft skills.” These are skills beyond the hard technical proficiencies needed to practice our craft. It is a two-way exchange requiring you to listen so you understand and communicate so you are understood. Your ability to communicate effectively will contribute to your ability to be a leader and to train future leaders.
Active listening The Center for Creative Leadership defines a thoughtful process for active listening — or listening to understand and not just to answer. Tactics include the following: • Grant attention — Show you are genuinely interested in the discussion; focus on the moment. (Put down your phone, and silence your alerts.) • Withhold judgment — Be open-minded to new or different ideas. • Reflect with the person — Paraphrase what you heard to confirm your understanding. • Dig into the topic — Seek clarification, use openended questions to gather more information, and summarize key ideas and themes. • Share — Once you understand the issues, introduce your ideas and suggestions, and then discuss potential solutions. This is a good process to consider when working with colleagues as well as clients. When people listen passively, we often feel they are simply waiting for their turn to speak. Listen to understand, not simply to respond. Putting that skill to work is Steven Pullara, CPA, a tax partner with the Madison office of BDO USA LLP. Pullara has been a practicing accountant for 37 years and is the
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2022–2023 chair of the WICPA board of directors. When working with clients, Pullara stated, “it is critical to first listen and understand the client’s needs and goals before we develop our advice. Then the most important communication skill we use when delivering that advice is to simplify, in nontechnical terms, the options they have available.” So, clear communication is critical to the client relationship and to advising the business or individual to make data-driven decisions.
Face-to-face communication Zoom and Microsoft Teams have worked well to help staff and clients stay connected during COVID lockdowns. But there is nothing that equals face-to-face interaction. The pandemic has changed the way we do business (and stay safe), but staying in a Zoom world will put you at a disadvantage. When practical, we need to get back to communicating face to face as soon as possible. Art Kuesel, a veteran accounting marketing consultant based in Milwaukee, states, “Zoom has been a lifeline for firms over the last two years and has enabled seemingly seamless transition to virtual dealings. But if your firm needs to build for the future or tackle tough challenges, reengaging in select face-to-face meetings — with high-level discussions — may be in your best interest.”
Know your audience Who will be on the receiving end of your communication, and what is their level of understanding of the points you wish to present? Avoid using industry lingo or acronyms that the listener may not be familiar with. Your job is to understand their level of understanding and communicate appropriately.
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{ Professional Development | Soft skills }
Communicating with those outside the accounting profession is not limited to CPA–client conversations. Bret Kastein, CPA, is president of Point Precision Inc., a familyowned contract manufacturer in Plover. The company is transitioning ownership and control to the second generation. Kastein noted, “With the ownership transition, we have had many meetings with our accountants, attorneys and respective spouses. Within these discussions, we’ve had various levels of understanding, from little or none to fairly comprehensive.” Kastein said that even when you think you have explained something very simply, quite often it is still not understood. “It is difficult to not include professional jargon in the conversations,” he said. “But the key is to make sure you can bring the jargon to a personal level. I always try to bring in an example they are familiar with … and to clarify points that may be confusing.”
Write for clarity Good, clear, accurate writing is critical in communicating facts and ideas. Accounting professionals compose many types of communications, including proposals, financial reports, memos and strategic plans. Below are several keys to great writing that accomplish the goal of the written piece.
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Listen so you understand; communicate so you are understood.
• Know and understand your audience and their level of understanding of your jargon. • Clarify your goal or intent: Is it to inform, persuade, argue or recommend? • Be accurate. Fact-check the details. Make sure the math is correct. Punctuation and spelling are also important — and easy opportunities to lose credibility if improper. The CPA Exam has one section devoted to testing a candidate’s ability to clearly convey a story in a memo or letter. When asked if the test fairly evaluates writing skills, Jake Pickel, CPA, MBA, a staff accountant with Wipfli LLP, stated, “I believe the test stresses the importance of effectively (and efficiently) communicating your thoughts and ideas. While not every email or call I have has to be as proper as a memo, I need to be able to respond in a manner that is clear and concise.” Hunter Weckerly, also a staff accountant with Wipfli and who recently passed the CPA Exam, stated, “Being able to compose a well-written email, memo or letter is very important when communicating with clients and colleagues. If I do not phrase a question appropriately, I may not get the answer I need to complete my job. This ends up causing more communication and delaying work.”
Skills training Understanding the necessity of training staff, many firms provide access to soft skills training. Some are referred
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to outside resources. Others prefer to train in-house. Glen Weyenberg, CPA, president of SVA CPAs, describes his firm’s approach: “Though communication has become less personal in many ways, listening and understanding are more essential than ever. We have implemented several training programs to ensure all team members, no matter their role, can communicate with our clients. This includes utilizing job shadowing and inclusion in client meetings at an even earlier career stage than ever before.” The bottom line in communication is simply this: Listen so you understand; communicate so you are understood. Perfect these skills, and you will have a competitive advantage over those who don’t. Neil Fauerbach, MBA, has 37 years’ experience in CPA firm marketing and business development, including a longtime post with Smith & Gesteland/BDO. He has been honored with CPA Marketing Report’s Accounting Marketer of the Year Award, inducted into the Association of Accounting Marketing (AAM) Hall of Fame and included in Accounting Today’s 100 Most Influential People in Accounting.
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memorials Kenneth S. (Ken) Aronson, CPA (1951 – 2022)
Ken Aronson, CPA, passed away on Thursday, March 17. He was licensed as a CPA in 1978, and in 1984 he started the firm of Aronson & Associates LLP in Brookfield. His daughter Kristin joined the firm as a partner in 2007 and became a CPA in 2010. Aronson is survived by his wife of 50 years, Sherry; two daughters; four grandchildren; a brother and two sisters; many nieces and nephews; and other family members and friends.
Richard L. (Dick) Pajula, CPA (1943 – 2022)
Richard J. (Dick) Pajula, CPA, 78, passed away on Thursday, March 31. Pajula graduated from Holy High School in Hurley in 1961 and subsequently joined the Wisconsin Army National Guard, for which he utilized his expert snow-skiing
skills as part of a ski disaster extraction team. During his service for the Guard, he attended Superior State University and earned his bachelor’s degree in accounting, and in 1967 he enrolled in Officer Candidate School and became a company commander. After moving to North Dakota that year with his new wife, Joan, he attended the University of North Dakota, earned a master’s degree in accounting and became a CPA. In 1969, the couple moved to Bloomington, Minnesota, and Pajula joined Arthur Andersen. He worked for the firm for 10 years before moving back to Wisconsin in 1979 and gaining employment with Jerome Foods/The Turkey Store, eventually becoming CFO and vice president of operations before retiring from the company when it was acquired by Hormel Foods and starting a sole proprietorship in 2001. Pajula is survived by his wife, Joan; two sons; four grandchildren; two brothers; and many other relatives and friends.
Tricia Knight, CPA (1955 – 2022)
Tricia Knight, CPA, 66, a partner with Ritz Holman CPAs in Milwaukee, passed away on Sunday, Feb. 20. She was an active member of the WICPA as well as a member of the Indiana Institute of CPAs and the AICPA. She was a strong advocate for the CPA profession — especially for women in the profession — and an overall positive force for the Milwaukee community. Knight graduated summa cum laude from St. Joseph’s College in Indiana and entered the nearly all-male field of accounting in the 1970s. The guidance of her mentor, Nate Holman, CPA, combined with her candor, dedication and integrity, allowed her to rise above the very low “glass ceiling” of those days, and she was made a firm partner in her 20s. She became the trusted confidant of thousands of Milwaukeeans and a leader in the profession, mentoring countless men and women on the ethical and professional responsibilities of her chosen field. Her activities with the WICPA included service on the WICPA board of directors and on the Finance, Federal Taxation, Tax Conference Planning, Board of Directors Nomination, and Excellence Awards Selection committees. She was an Excellence Award winner in her own right, having been named the Community Service Award recipient in 2008 and the Achievement Award recipient in 2011. She was also a recipient of the Holton Youth and Family Center Outstanding Support Award in 2000 and of the St. Joan Antida Deus Solus Award in 2018. Dedicated to her adopted community of Milwaukee, Knight donated her time, talents and treasures to nonprofits serving the disenfranchised, including the Holton Youth and Family Center, St. Joan Antida High School and Wild Space Dance Company. She supported and mentored young professional women as a member of Professional Dimensions. She also served on the boards of the Charles Allis/Villa Terrace Art Museum and the Wisconsin Trust Account Foundation Inc. and as treasurer of Three Holy Women Catholic Parish. Knight is survived by her husband, Pat; two children; four grandchildren; and countless other family members and friends.
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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{ Member Benefits | Committees }
THE GUIDE TO WICPA COMMITTEES AND BOARDS Joining a WICPA committee or serving on a board is a great way to network with like-minded individuals, sharpen communication abilities, gain leadership skills, form business relationships and friendships and strengthen your brand. They are also ways to “give back” to the profession that has given you so much. Sharing your talents as a volunteer enhances the CPA profession while helping others achieve ambitious goals. You can receive CPE credit when you attend a meeting — and you can attend in person or by video conferencing, so you can be involved wherever you are and whatever your schedule. For more information about committees and to join one, contact Tammy Hofstede, WICPA president & CEO, at tammy@wicpa.org.
WICPA BOARD OF DIRECTORS Chair: Steve Pullara, Tax Partner, BDO USA LLP
Chair: Joann Noe Cross, Emerita Professor of Accounting
The WICPA board of directors provides strategic governance in accordance with the WICPA strategic plan, mission and vision. The board ensures the WICPA serves the diverse needs of members, enhances professional competency, promotes the value of members and the profession, advocates on behalf of the profession and builds community among members.
The Accounting Higher Education Committee consists of educator representatives of Wisconsin colleges and universities that have accounting programs intended to qualify graduates to take the CPA Exam and obtain a CPA license. The committee has provided a forum for educators to network; share information; learn about each other’s institutions and programs; and serve as a resource to Wisconsin legislators, regulators and other policy makers.
WICPA EDUCATIONAL FOUNDATION BOARD OF DIRECTORS Chair: Paul Frantz, Baker Tilly LLP The WICPA Educational Foundation plays a pivotal role in supporting programs to improve awareness and perceptions by educating students and educators about the exciting opportunities available to accounting professionals.
ACCOUNTING & AUDITING CONFERENCE PLANNING COMMITTEE Chair: Gary Schmid, VP– Finance, Wisconsin Lutheran College The Accounting & Auditing Conference Planning Committee provides CPAs and financial professionals in public accounting, industry and government — and their staff — with information on current changes and timely issues in auditing standards, FASB, GASB, governmental managing, improving data and document workflow, and accounting and financial reporting. Training in technology and soft skills is also offered at the conference. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.
ACCOUNTING CAREERS COMMITTEE Chair: Ryan Hanson The Accounting Careers Committee promotes, educates and excites students about the changing roles of a CPA and the unlimited career opportunities. 40
ACCOUNTING HIGHER EDUCATION COMMITTEE
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BUSINESS & INDUSTRY CONFERENCE PLANNING COMMITTEE — FALL Chair: Carver Smith, Partner, Truity Partners The Business & Industry Fall Conference provides CPAs, CEOs, CFOs, controllers and accounting staff in industry, public accounting, government, education and nonprofits updates on current issues and tax implications affecting various areas of business and operations, human resources and IT, as well as new and improved ways to manage a changing workplace. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.
BUSINESS & INDUSTRY CONFERENCE PLANNING COMMITTEE — SPRING Chair: Christopher Cholka, Accounting Manager, Cousins Subs The Business & Industry Spring Conference provides CPAs, CFOs, CEOs, controllers and accounting staff in industry, public accounting, government, education and nonprofits updates on current accounting and tax implications affecting various areas of business and operations, human resources, IT, as well as new and improved ways to manage a changing workplace. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.
wicpa.org
EDITORIAL PLANNING COMMITTEE
FINANCIAL INSTITUTIONS CONFERENCE PLANNING COMMITTEE
Chair: Marcia Tillett-Zinzow (mtzinzow@icloud.com)
Chair: Daniel Carroll, Senior Manager, Wipfli LLP;
The annual On Balance Editorial Advisory Committee meeting is an opportunity for members to critique content published in the magazine and contribute ideas for article topics. Members are encouraged to share issues and trends affecting their businesses, clients and the accounting profession. Feedback is used to help plan the editorial calendar. The meeting sometimes results in committee members being asked to write articles on specific topics in which they have expertise. During the year, members may be called upon to contribute topic ideas for specific issues of the magazine. While the committee has been inactive for a year or so, it will soon be reactivated.
The Financial Institutions Conference covers a variety of specialized topics that include regulatory and legislative updates, compliance issues and the latest economic conditions that challenge both larger and communitybased financial institutions. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.
ETHICS COMMITTEE Chair: Barry Sattell The Ethics Committee oversees the effective regulation and enforcement of the AICPA Code of Professional Conduct.
FEDERAL TAXATION COMMITTEE Chair: Lucas Petzold, Tax Leader, Kollath & Associates, CPA LLC The Federal Taxation Committee regularly engages in dialogue with the IRS, discusses new developments in federal taxation matters and keeps WICPA members informed of new developments in tax authority, practice and procedures.
FINANCE COMMITTEE Chair: Lucien Beaudry, Equity Shareholder, ReinhartBoerner Van Deuren s.c. The Finance Committee oversees the financial activity of the WICPA, including the annual budget, audit, investments and net assets.
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HIGH SCHOOL EDUCATOR COMMITTEE Chair: Mark Bichler, Business Education Teacher, Port Washington High School The High School Educator Committee is relatively new. It was formed in 2020 to provide a forum for high school educators to discuss accounting in the classroom and engage WICPA members to promote the profession at their schools through career fairs, speaking in the classrooms and providing input on topics for the Educator Accounting Symposium. The committee consists of educator representatives from Wisconsin high schools that have accounting and/or business programs.
NOT-FOR-PROFIT CONFERENCE PLANNING COMMITTEE Chair: Jessica Horning, Financial Reporting Manager, Medical College of Wisconsin The Not-for-Profit Accounting Conference provides all levels of financial professionals in nonprofit and health care organizations with the knowledge, insight and strategies to use when facing accounting and financial challenges specific to their organizations with topics including tax-exempt issues, fundraising and risk management. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.
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{ Member Benefits | Committees }
THE GUIDE TO WICPA COMMITTEES AND BOARDS PUBLIC POLICY COMMITTEE Chair: Angela Thomas, State Controller, State of Wisconsin The Public Policy Committee is vigilant in monitoring public policy issues that impact the profession and in recommending and implementing appropriate actions and responses to our state’s elected representatives and other policy-making bodies.
SCHOOL DISTRICT AUDIT CONFERENCE PLANNING COMMITTEE Chair: Wendi Unger, Partner, Baker Tilly The School District Audit Conference, in collaboration with the Wisconsin Department of Public Instruction, provides the only training for auditors of Wisconsin public school districts and private school choice program schools. This includes the latest auditing updates, developments and tools they can use to better serve school districts and their communities. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.
WISCONSIN TAXATION COMMITTEE Chair: Holly Hoffman, Owner, Sales & Income Tax Advisory Network The Wisconsin Taxation Committee regularly engages in dialogue with the Wisconsin Department of Revenue, discusses new developments in Wisconsin taxation matters and keeps WICPA members informed of new developments in Wisconsin tax authority, practice and procedures.
YOUNG PROFESSIONALS COMMITTEE Chair: Jesse Roberts The Young Professionals Committee is focused on inspiring students to enter the accounting profession by promoting engagement, networking, attending events and speaking to students in high schools and colleges. Through their involvement in these activities, committee members contribute to maintaining the talent pipeline for the future.
TAX CONFERENCE PLANNING COMMITTEE Chair: Douglas Patch, Shareholder & Tax Team Leader, Godfrey & Kahn S.C. The Tax Conference is the must-attend event of the year for accountants, lawyers and business professionals who want to broaden their knowledge with the latest Wisconsin and federal tax laws and issues. This two-day conference appeals to professionals with all levels of experience, including CPAs in industry and public practice, as well as practicing attorneys, corporate counsel and business and financial managers. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.
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Accounting Career Awareness in the Classroom
W
isconsin high school accounting and business teachers were once again eligible this year to apply for an Accounting Career Awareness Grant from the WICPA Educational Foundation. The foundation awarded grants to 11 high school accounting and business teachers for classroom projects in 2022. The WICPA Educational Foundation congratulates these educators and thanks them for cultivating the accounting profession in their classrooms. The following are the grant recipients and their projects: Sara Burling, Menomonee Falls High School, for purchasing updated Excel curriculum textbooks. Stacey Gardiner, Iowa-Grant High School, for tours at Vortex Optics, Duluth Trading Co., K&A Greenhouse, Wegner CPAs, and Telephone and Data Systems Inc. Samantha Goss, Fennimore High School, for tours at SVA Certified Public Accountants, Milwaukee Tool and UW-Milwaukee and for a Milwaukee Bucks accounting-themed night. “All our meetings with accounting professionals were extremely eyeopening for the students,” Goss wrote. “A deep thank you to the WICPA for supporting these trips.”
Dave Haas, DeForest High School, for tours at the Fiserv Forum and American Family Field to learn how the businesses use accounting to enhance their respective organizations.
“Seeing accounting in action opened the eyes of many students,” Haas wrote. “One of the highlights of my year was having a former student come up to me and tell me the reason he majored in accounting at UW-Madison is because of the WICPA-sponsored f ield trip we took in accounting class f ive years ago. Thank you for your support to make this happen again this year.” Dawn Jameson, Wausau West High School, for a tour of the Kalahari Resort to learn about its accounting department, a visit to Wipfli LLP and to purchase accounting textbooks for the school year. “Thanks to the generosity of the WICPA Educational Foundation, our students can travel to the Kalahari Resort and learn about what it takes to operate and stay in business during a pandemic,” Jameson said. “Students are hoping to make connections with real-life experiences so they can get an idea of all the different areas one could use with accounting degrees. Thank you again for everything!” Amber Laska, Hortonville High School, to tour the Federal Reserve Bank of Chicago, meet the accountant for the Shedd Aquarium and speak to managers at Ikea on the way back.
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Lisa Leutenegger, Destinations Career Academy of Wisconsin, to meet Angela Thomas, CPA, — the WICPA’s board chair and state controller — and purchase various accounting simulation software.
“With this grant, we were able to have Angela Thomas come to our virtual classroom and share her experiences from the accounting world. What a wealth of information and great advice she had for my students,” Leutenegger wrote. “I also purchased accounting simulation software to help students reinforce their basic skills. They are currently completing the accounting cycle for a sole proprietorship.” Alissa Mullikin, Wauzeka-Steuben High School, to meet accounting professionals at Festival Foods, UW-Madison and Exact Accounting & Financial Services.
“Thank you so much for this grant,” Mullikin wrote. “It was wonderful! The kids walked away feeling conf ident in knowing more about accounting. Our accounting speakers were very educational, and the students were welcome to ask any questions they had. They were thankful for the chance to meet real-life accountants in their f ield.” Chad Roehl, Big Foot High School, for two teams to compete at Lakeland University’s Forensic Accounting Competition, opportunities to meet CPAs from Deloitte in Chicago, and tours to Epic Systems, SVA Certified Public Accountants and the UW-Madison School of Business.
“Thank you to the WICPA for the opportunity to expand our curriculum outside of the walls of my classroom,” Roehl said. “Field trips are costly and extremely valuable to the students to learn and network with business professionals. Getting students out into the real world to experience an off ice setting energizes and excites our current students to recommend the courses to future students. Thanks again to the WICPA Educational Foundation for providing the f inancial ability to take these f ield trips.” Jennifer Schmitz, Beloit Memorial High School, for a tour of Fiserv Forum on a Milwaukee Bucks accounting-themed night. Scott Tappa, Iola-Scandinavia High School, to compete in the Finance & Investment Challenge Bowl in Wisconsin Rapids, tours at KerberRose and UW-Oshkosh, and to attend the Milwaukee Bucks accounting-themed night. For more information on how your organization can participate in the selection of high school accounting awareness activities, please contact Tammy Hofstede, WICPA president & CEO, at tammy@wicpa.org. If you would like to learn more or contribute to support this program and other similar activities, visit wicpa.org/EdFund.
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{ Member Benefits | Milestones }
MEMBERSHIP MILESTONES 5-YEAR MEMBERS Kyle R. Andersen Nicole E. Anderson Matt Arend Vidushi Arora Lauren Arzbecker Benjamin L. Baker Kyle Baldwin Jed T. Banas Drew M. Barman Douglass Y. Bartley Tarrin Beck Donald J. Becker Rachel J. Becker Lauren Benben Patrick J. Bender Anna Benzine Matthew W. Berry Scott Blazek Kevin Block Chelsey Blodgett Jeremy R. Blodgett Jeremy W. Blount James J. Bolgert Jeremy Bonow Ronald O. Bote Johnathan P. Braker Andrew J. Branam Krista R. Brassfield Ryan Broedlow Charles R. Bruce Matthew Buda Barbara L. Butler Nicholas H. Calvelli Thomas A. Carini Michael Cassidy Victoria Celsor Nicole Cerda Chloe R. Chiuminatto Joseph R. Clary Jay Cottington Jennifer A. Craig Dru Denison Mary E. Dennis Strand Lisa A. Derouin Kyle Detert Patrick J. DiStefano Brianna M. Dorner 44
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Stephen J. Dorniak II Jamie J. Drexler Caleb Droeszler Patricia Durand Holly Elfers Nolan T. Ells Diana L. Enciso Lopez Todd A. Etheridge Christopher D. Faherty Sara R. Feider David M. Feldman Cassie Feller Mitchell Feller Derric A. Francis Jennifer N. Gander Greg Gavran Amanda P. Giombi-Lorenz Ryan O. Goerres Jesse S. Graewin Eric Grosskreutz Wesley A. Grunke Lauren A. Hageman Emily J. Hankes Julia L. Harris Robinson Bob B. Heider Kylie M. Helein Rebecca Hellenbrand Luanne M. Hill Marc E. Hofacker Kimberly Hollermann Sarah E. Hughes James R. Ibach II Theodore R. Ibinger IV Klare M. Kalepp-Morines Nathaniel J. Karls Jared Kempel Bryan P. Kieffer Jill A. Kimmerly Ryan J. Kleefisch Michelle S. Kluck Alissa K. Komula Jenna M. Krahmer Joseph P. Krebsbach Casey J. Kretz Jenny M. La Crosse Daniel J. La Haye Conner Laabs May | June 2022
Joseph Labellarte Allen W. LaCrosse John Laird Alison Lambrecht Tara L. Langley Ruth E. Lanham Benjamin Laska Ryan Laughlin Brett D. Leibfried Adam M. Lembcke Jason Lent Shelby P. Leonard Kristy M. Leutermann Katie Loomis Sara Loose Kelly Loy Tashanna M. Luoma Jonathan T. Martin Andrew McCabe Owen J. McCormick Elizabeth McMasters Connor R. McNamara Tyler Menzer Rebecca A. Meyer Ryan D. Meyers Rodney L. Michna Jr. Edwin A. Miller Jenna L. Minton William Moilien Amber Morgan Trevor Morris William J. Morris Britany Morrison Cory E. Moudry Courtney H. Mrotek Michael P. Mullen Laurie L. Mundinac Cheryl Muscha Shelby T. Netz Megan Neuman Kendra A. Neuville Nicholas J. Newhouse Angela M. Nordskog William R. Oaks Kristine M. Obrecht Jeffrey Osvog Angela J. Otto
Kirsten Pamperin Brady P. Paschke Linda Passaglia Robert A. Perry Ryan Popp Jill Punzenberger Mara Ragland Kate Rasmussen Robert L. Remiker Brianna Renner Tasha L. Rieder Charles Risse Ryan Ritchay Jesse W. Roberts Shannon G. Roldan Joshua D. Ronsman Justin T. Rooker Marissa A. Rukamp Andrew Ryder Steve A. Santek Gerry D. Schaefer Paul L. Schaefer Kevin Scheibel Michelle Schensema Hannah L. Schirger Michael Schirmer David K. Schlichting Marcus R. Schmidt Michael H. Schroeder Tyler J. Schuelke Stefanie Schuh Emily V. Seehafer Tim Seidel Elaine J. Seiple Aplinderjit S. Sekhon Donna J. Severson Jeffrey T. Sheahan Dirk T. Shimpach Becky A. Shull Scott Sibik Lauren L. Sieber Nicholas W. Simon Brigette J. Singletary Shannon D. Small Marcus D. Smrecek Jason J. Steinhoff Evan C. Stich wicpa.org
5-YEAR MEMBERS, CONT. Susan M. Strautmann Morgan L. Strick Brady Stumpf Emily Swiecichowski Molly Taylor Victoria V. Thayer Rachael Thompson Amalia F. Uselman Ashley Vandermause Dana Ver Kuilen Ryan Vincent Lucy Vondra Ryan T. Walsh Valerie Warzon James R. Westfall Rachelle A. Westmont Jacob Whitlock Catherine Willkomm Diane K. Wollack Kevin A. Wood Jing Wu
10-YEAR MEMBERS Courtney L. Ader Catherine M. Adrian Amanda Anderson Stanley M. Babicz Joseph F. Balus III Crystal J. Baures Robert M. Biller Lucas A. Bittner Wendy J. Brown Todd Butz David Canedo Dalynn D. Cato Steven F. Coppersmith Lisa M. Cribben Rainie Daher Jessica J. Dahl David Deater April L. DoBas David J. Donze Anthony D. Dorner Wayne Ehlert Robert D. Fabich Gregory G. Feucht
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Stephen L. Franke Cassandra K. Friese B. Randy R. Gabriel Jon C. Gaines Julie A. Gallina Christopher W. Gannon Jason L. Garland Ashton L. Gebert Troy J. Goodweiler Jason R. Gorgen Kyle J. Gruber Daniel J. Gryskiewicz Luke M. Hartzheim Timothy R. Hasko Benjamin J. Hauser Dave Heiliger Nathan J. Henrigillis Carol L. Herwig Wendy J. Hirman Sarah A. Hofkens Brett J. Hofmeister Sandra J. Holzhauer Dustin J. Hutter Betsy L. Jessie Sarah Johannsen Sara M. Johnson Louann A. Kalinowski Vanessa M. Keister Marcy A. Kempf Gregory A. Kenworthy Trenton J. Kleist Marcus P. Koehl Danelle K. Kosa Scott D. Kosmo Felicia M. Krueger Seth Kuehnel Jenny L. Lagerwall Andrew Lato Randall R. Lauer Brian J. Leben Matthew S. Lohr Nicholas E. Long Thomas J. Long Katlin M. Longfield Ariel M. Lorge Wai Ping Ma Anita S. Mahamed
Holly A. Makowka Wade P. Maleck Alexander J. Marek Andrew J. Mathes Dawn M. Mau Lori A. Miller Brian J. Murray Andrea Newman Alexandra H. Nolan Kelly K. Nolan Douglas J. Obermann Christopher P. Olson Larry E. Ouellette Paul D. Ouweneel Kyle D. Overby Rachael L. Oxton Rebecca N. Pearson Jacob M. Power Brian M. Rak Kevin M. Reardon Stacey A. Rogers Melinda S. Ruby Nicholas B. Sabatke Lindsey L. Sabelko Derek A. Salzwedel Craig S. Schessler Justin T. Schmitt Valerie Schneider Wayne A. Schneider Kayla M. Schuppel Catherine M. Schweigel Andrew J. Setz Kelly A. Shaffer Thias K. Shefchik Lori A. Siverling Jeffrey P. Spiegelhoff Marlene Udovich Bridget C. Van Laanen Jeffrey D. Van Pelt Jim Van Pelt Matthew P. Vaughan Nathan G. Volkomener Lindsey M. Wallace Kelly E. Walters Ryan S. Weber Ricky J. Weina Sr Matthew J. Whalen
Cara R. Wolenec Angela T. Yochum Thomas M. Young Daniel Ziegler II Natalie M. Zuege
25-YEAR MEMBERS Michael M. Barber Thuy T. Barron David M. Bauer Jay H. Bennett Kenneth F. Best James T. Biley James F. Bird Kelly Blau Scott D. Bonikowske Duane A. Braskamp Edward T. Breunig Matt J. Burgoyne Wendy W. Cartwright Anthony L. Claas Joseph D. Clark Barbara Clarke Dorothy A. Conduah Carol E. Conwell Steven T. Cooney Rocky B. Cummings Eric M. Davidson Curtis M. Day Gina M. De Sota David Deiringer Michelle L. Dellemann Renee T. Devine Daniel R. Diedrich Sean P. Donahue Thomas J. Dottl Shannon D. Durand Barbara G. Ecklond James E. Elliott Todd J. Endres Eric W. Falkeis Mark R. Felsing Delores M. Fischer Scott B. Franklin Ann B. Freund Todd R. Giese
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{ Member Benefits | Milestones }
MEMBERSHIP MILESTONES 25-YEAR MEMBERS, CONT. Carla A. Gogin Karen S. Hall Michael E. Hanlon Bryan S. Hansen Jean M. Hansen Maureen T. Hanson Stephen J. Hanson Susan L. Hartman Gregory L. Heino Scott A. Henkel David J. Henrich Jason S. Hilger Brian R. Hill Paul F. Hoesly David J. Hoffman Michele T. Horst Joni R. Howell Christine Janssen Chad M. Jarvi Amy W. Jeninga Troy J. Jeske Michele A. Jones Angela M. Justman Lynda S. Kalinowski Katherine A. Karcz Marci S. Katz Neil R. Keller Luke G. Kelly Daniel L. Kempken Brian Knoll Katherine E. Kraeblen Terrance J. Kurtenbach Andrew A. Kutnink Joan A. LaCroix Brenda S. Langlois Shawn M. Lanser Christopher J. Lapinski Kurt D. Larson Nicole R. Lavold Michael P. Layden Jeffrey T. Lemmermann Dorene Link Thomas A. Lynch Patrick R. Lyons Matthew P. Macdonald Jeannie G. Mathews Jay F. McKenna 46
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Derek J. Metcalf Christine M. Miller Gina M. Mittnacht Andrew L. Nelson Donna M. Nelson Eric A. Nelson Chad M. O’Brien Steven R. O’Connell Dennis J. O’Connor Amy L. Olvey Dean M. Oseth Steven F. Pabian James D. Papala Therese M. Pearce Lori P. Peck Aimee J. Pernsteiner Wendy A. Peters Gregory A. Peterson Daniel M. Pfeiffer Robert S. Plumeau Michael J. Rasmussen Christine A. Rivard Neal D. Roberts Mark A. Rudnicki Rose M. Sadlon Todd D. Schaefer Audra M. Schmeiser Kathryn C. Sergenian Richard A. Setzke Beth M. Sheridan Howard B. Singer Markalan T. Smith Paul B. Sotiropoulos Michael J. Sowinski James H. Spiegelberg John M. Staehler Douglas A. Stecker Tim M. Steffen Patrick J. Sturz Bryan K. Stutzki Laura A. Svatek Susan L. Swirth Steven J. Tallmadge Timothy T. Toepel Bonnie Lynn Tomczak Paul G. Van Ess Yelena Veisman
May | June 2022
Carol Wanserski Steven D. Waters Susan Weinert Lori A. Wermuth Sue E. Wille Julie J. Woelfel Ronald E. Zalben
40-YEAR MEMBERS Daryl E. Applebury Gary J. Aschenbrenner Paul M. Bachman Barry L. Benson Rita A. Berndt Karla E. Blair Robert A. Bolles Allan J. Carneol Erling K. Christensen Thomas A. Crist Joann Noe Cross James C. Daugherty Jeffrey A. Davis Barbara A. DeBaere-Poppy Richard A. Dieffenbach Richard J. Dietzler Paul C. Dingee Leo H. Dorn William O. Evenson Arvid S. Faldet Robert C. Fenske Carl D. Fortner Danny J. Galginaitis Richard K. Gaumer James S. Glover Richard J. Gnadt Dion E. Gracyalny Mark R. Graupman Allen B. Greeler Kevin C. Haut Lynn V. Hawkins William J. Heilbronner Del W. Henquinet Thomas W. Hicken William L. Hintz George H. Hoff Kathleen J. Hoffman
Daniel T. Jacobson Maria Jarvi David R. Johnsen Dale A. Johnson Millard W. Johnson III Thomas J. Kammerait Thomas G. Kastenholz Steve K. King Esther Kleinberg Marilyn T. Klement Clifford J. Konkol Michael M. Koscinski Jeffrey J. Kropp Keith M. Kwaterski Mike S. Lensmire Stephen R. Lentz David M. Lichterman James T. Lindell Richard A. Linton Karen P. Loth Scott B. Manske Joseph A. Martell James R. Mathes LeRoy W. Matuszak Peter D. Mauel Kenneth L. McKibben Gordon L. Meicher Richard K. Meissner Scott A. Menke David T. Mesick Steven Meyerson Sigurd H. Midelfort Michael A. Mohoney Kathleen M. Monroe Patrick R. Morse Douglas A. Neis Dennis L. Nelson Joel G. Nettesheim Donald J. Noskowiak Corinne A. Olen Michael J. O’Malley William H. Peters Blaine C. Priebusch Paul W. Rediske Michael J. Reschke William J. Ritchay James L. Schall wicpa.org
40-YEAR MEMBERS, CONT. John S. Scheid William C. Schendt Gerald E. Schmidt Vernon R. Schroth Daniel J. Schulner Amy J. Schultz Richard B. Schultz Randall J. Severson John M. Silseth Richard J. Skalitzky Arthur A. Stauffacher Jean M. Stawicki James F. Steely Andrew P. Stotka Carol A. Stotlar Todd R. Strehlow Gary M. Stroyny Keith A. Stubbendick David R. Sudmeier
Bradley A. Trimner Craig G. Uselman Mark A. Van Vlack Sr. Gregory H. Viergutz James W. Wallner David R. Werner Katherine M. Westover Jane T. Wilson William J. Winter James W. Woloszyk Scott A. Wrobbel Joyce M. Zeasman Craig H. Zetley
50-YEAR MEMBERS Charles E. Baker Douglas J. Baker Thomas G. Bendt
David A. Benner Thomas R. Binder Merlin E. Breunig Eugene H. Cole Jr. Gary L. Dahlen Kermit L. Ellefson Richard F. Ennis Paul J. Ernster William H. Foshag Gary H. Friedman Philip A. Galassie Jr. Kevin F. Gould David F. Grams Robert J. Hankes Conrad F. Holling John K. Howard Tom F. Howdle Larry J. Jarvela Edwin A. Keller
J. Scott Kestly Robert A. Lay Garry L. Matz Daniel J. McCarty Timothy G. Pipkorn Richard A. Raymaker Dean C. Rugotska Thomas J. Saeger James R. Schindhelm Morris L. Silverman Thomas R. Stolper Edward M. Terry William C. Van Clief III Arthur W. Wigchers Jr. Dale W. Worden Elwood J. Wynveen
Save the Date
2022 WICPA GOLF OUTING FRIDAY, SEPT. 16 – Ironwood Golf Course, Sussex SCHEDULE
144 PERSON LIMIT
REGISTRATION INCLUDES
8:30 a.m. Registration & Breakfast
4-Person Scramble $90 per Golfer $360 for Foursome
18 Holes of Golf With Cart Practice Greens & Driving Range Continental Breakfast & Lunch Beverage Vouchers Hole & Event Prizes Entry in the Raffle Drawings Awards Reception & Appetizers
9:00 a.m. Practice Greens & Driving Range 10:00 a.m. Shotgun Start
HOLE & EVENT PRIZES $500 Inside the Circle Contest $500+ in Individual Awards $500+ in Team Awards
For more information, visit wicpa.org/GolfOuting. Registration coming soon!
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RESOLVING TAX CHALLENGES The Tax Section of von Briesen & Roper, s.c. has the knowledge and experience to resolve federal, state and local tax controversies. Whether providing tax assistance to businesses, business owners or individuals, we are your resource. Our experience allows us to handle all aspects of tax challenges including complex audits and audit support, administrative appeals, the courts and tax collection. The bottom line? We get results. To learn more about our Tax Section, please contact Robert Mathers, Tax Section Chair, at robert.mathers@vonbriesen.com.
vonbriesen.com/tax 48
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Milwaukee • Madison • Neenah • Waukesha Green Bay • Chicago • Eau Claire wicpa.org
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