AZ CPA July/August 2022

AZ CPA July/August 2022

Building Your Business: Stories From CPA Entrepreneurs

The Arizona Society of Certified Public Accountants y www.ascpa.com

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AZ CPA The Arizona Society of Certified Public Accountants Oliver Yandle Haley MacDonell

President & CEO Editor

Heidi Frei

Advertising Board of Directors Chair Chair-Elect Secretary/Treasurer Directors

Rachael Crump Andrea Levy Lauren Murro Benjamin Cilek David Collins Samantha Crum Tithi Debnath Glen Evans Barbara Gonzalez Joseph Heidleburg Gabrielle Luoma Eugene Park Jesse Porras Megan Romo Christopher Tyhurst Tom Duensing Mike Allen Jared Van Arsdale

Immediate Past Chair AICPA Council Members

AZ CPA is published by the Arizona Society of Certified Public Accountants (ASCPA) to provide information, news and trends to the accounting profession. It is distributed six times a year as a benefit to ASCPA members. The ASCPA, its members, board of directors and administrative staff assume no responsibility for advertisements herein. The ASCPA and the above people also assume no liability for business decisions made by readers in reference to statements and/or claims in articles or advertisements within this publication.

Opinions expressed by contributors are not necessarily those of the ASCPA.

Stay Connected Meet your CPA community by following our LinkedIn page for member highlights, announcements and more.

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AZ CPA JULY/AUGUST 2022

Arizona Society of CPAs 4801 E. Washington St., Suite 180 Phoenix, AZ 85034-2040 Telephone (602) 252-4144 AZ Toll-Free (888) 237-0700 www.ascpa.com

Volume 38 Number 4

AZ CPA July/August 2022

Features

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Building Your Business

By Haley MacDonell

he Importance of 13 TServing Tribal Entities

Building Your Business: Stories from CPA Entrepreneurs

By Wesley Ryan Benally, CPA (Diné)

Evolution Will Impact Today’s 17 CPA Interns; How Can Firms Prepare?

Columns & Departments

By Carl Mayes

Chair’s Message by Rachael Crump, CPA, CGMA

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Member News

7

Classifieds

22

Quick Quiz

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haping the Next 20 SGeneration of CPAs

4801 E. Washington St., Suite 180 Phoenix, Arizona 85034-2040 www.ascpa.com

JULY/AUGUST 2022 AZ CPA

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ASCPA Chair’s Message The Power of Grit I believe that a learning mindset and perseverance are part of what make great entrepreneurs, leaders and certainly great CPAs.

Rachael Crump, CPA, CGMA Chair, Arizona Society of CPAs Senior Vice President, Global Corporate Controller and Principal Accounting Officer at Insight

From early on in my childhood, I observed my parents embark on many self-employment journeys; not as CPAs, but in business for themselves. They have always seemed to have the entrepreneurial spirit, though I didn’t know what to call it at the time. In many ways, it is what I refer to as grit, from my Midwest rearing.

I believe grit is what lies in each person who embarks on the CPA journey.

Taking the CPA exam and earning the certification, for instance, takes days, even weeks, of studying and preparation over time.

It’s our will, desire and fortitude that continues into our careers as we earn client business. It can become that entrepreneurial spirit that some CPAs display by forming small or mid-tier firms and serving clients where they are. Even in large firms, industry, government, not for profit or other consulting practices, our profession displays this spirit in the roles we have and the insights we provide that stretch far beyond just the financials. As CPAs, we provide value throughout the transaction chain in many organizations.

In a TED Talk called “Grit: the power of passion and perseverance,” educator and psychologist Angela Lee Duckworth shares her definition of grit from her research into what makes the successful, successful.

“Grit is passion and perseverance for very long-term goals. Grit is having stamina. Grit is sticking with your future, day in and day out, not just for the week, not just for the month, but for years, working really hard to make that future a reality.”

Duckworth’s research examined a wide range of people, from students to business leaders, and found that it wasn’t always IQ, looks, physical health or social intelligence that determined success. Grit, that power of perseverance, made the subjects of her studies more likely to grow and succeed. In one instance, her team followed students beginning in their junior year of high school to predict who would graduate. The students with the most grit were more likely to earn their diploma, even when matching for characteristics such as family income and standardized test scores.

I’m sure you can find instances in your own life when you were challenged and channeled grit. When I was a finance leader at a semiconductor company, I supported a software implementation across both corporate locations and factory locations overseas. It resulted in a successful model that is still in place today and ultimately streamlined transactions. However, this transition was a fundamental shift. This change management initiative replaced traditions that were carried out at the company for decades in how the different operating entities interacted with one another and where responsibilities were placed. There were hundreds, if not thousands, of details and changes as a result of the four-year global implementation that I was able to successfully lead from a finance lens. Moments like that in your career can be overwhelming, especially given the scale, and in times like those, grit becomes an essential soft skill. It’s a skill that is learned slowly, through experience.

While grit may underly the starting point of the CPA journey, CPAs must always be on a learning journey to be one step ahead in our organizations, to be that trusted advisor our clients and leaders seek at every turn. l

Respectfully, Rachael Crump 6

AZ CPA JULY/AUGUST 2022

Member News Erna Dubravic, CPA and Kristin M. McCoy, CPA, CCIFP were promoted to accounting & assurance senior managers at BeachFleischman PLLC.

Lisa B. Lumbard, CPA, Robert Edward Dubberly, CPA and Stephen J. Rodis, CPA were elected to become

Tiffany McBride, CPA and Stephen C. Pope, CPA have been accepted into partnership at Henry+Horne.

Candace Berg Tooke, CPA has retired from Henry+Horne after 23 years of service.

Carli A. Castro, CPA (McClure) at Grant Thornton, LLP established Pathway to Partner, an event focused on empowering female leaders in accounting, in partnership with large Phoenix-based firms. The event, hosted in May, included a panel, a keynote and networking.

the board president, board secretary and board treasurer, respectively, on the Arizona State Board of Accountancy for the 2022-2023 year. Their terms begin in July.

Dr. Adela E. Jiménez, CPA, CGMA earned her Ph.D. in business administration (bilingual) from the Universidad de Montemorelos.

Phillip A. Conger, CPA and Mark Mahoney were promoted to tax supervisor at Price Kong & Co., CPAs.

Ming Zhang was promoted to tax senior at Price Kong & Co., CPAs.

JULY/AUGUST 2022 AZ CPA

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Building Your Business

By Haley MacDonell

Small business ownership requires risk tolerance, a strong commitment and specific skills not only to serve customers but to operate the business itself. Becoming an entrepreneur is not for everyone. Still, remote work has taken an axe to startup costs and digital tools pool resources to incubate new businesses.

According to a study from Intuit’s Quickbooks, 28.2% of Americans had some form of self-employment in 2019. These three CPAs are proud to be part of that number.

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Embracing Your Network Jill T. Foley, CPA’s first hands-on accounting experience was working with nonprofits in audit and tax at a local CPA firm. It had long hours that have come to be expected in public accounting. She knew she wanted to continue working with nonprofits but not quite like this.

After a lot of thought, she gave her employer three months’ notice to leave her role, with those three months to get her business off the ground.

Her network was an asset to connect with clients, business partners and other entrepreneurs who had been through these challenges before.

Foley’s aunt and uncle, who are also entrepreneurs, became her mentors and cheerleaders as she built her own venture and tested strategies.

“It can feel overwhelming or lonely when you’re on this endeavor,” Foley recalls. “To have someone to ask questions to, vent to or get a different perspective from was paramount. I don’t know what I would have done without them.”

Leaf Financial & Accounting, PLLC, emerged as an organization that prioritizes client relationships and timely, quality work.

“As a new entrepreneur, it is difficult to spend your hard-earned money on things that might not seem necessary,” Foley explains.

“However, the branding has paid in spades for us. That was instrumental in identifying who we were, where I wanted to go with the firm and the people I wanted to work with internally, as well as clients.”

The firm’s values became a guide to answer any questions that came next.

When Foley brought on her first parttime employee, a former colleague who was growing her family, these values guided what mattered internally: offering flexible, remote work and striving for no more than a 40-hour work week.

“I wanted to allow individuals to have more balance: to be able to further their career and also take care of life,” she says. “It’s really valuable to know that you can take an afternoon off for appointments or spend time with a sick family member or friend.”

Now five years into business ownership, Four Leaf Financial & Accounting is still going strong. Foley never imagined that her team would grow to be what it is today, or that her business would consist almost entirely of referrals.

“The most challenging thing is deciding to do it,” she says. “It is a frightening thing to know that it all comes down to you, and at the same time, it is the most exhilarating thing to know that this business is yours.”

Finding Opportunities Jill T. Foley, CPA Four Leaf Financial & Accounting, PLLC

Early on, she hired a Phoenix branding and marketing company, called Javelina, to build her business’s brand, values and mission. Foley remembered her time working on audits, where she witnessed the infrastructure many nonprofits lack for quality reporting. Using research and her own experience as a guide, Four

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AZ CPA JULY/AUGUST 2022

After welcoming her second child, Gabrielle M. Luoma, CPA, was at a crossroads. After working at a midsized firm and in industry, she wanted to work remotely. Positions like that were rare, so she decided to create that role for herself.

Aiming to support small businesses and their finances, Luoma researched how to fill the gap in the market with a small business of her own.

Gabrielle M. Luoma, CPA MOD Ventures, LLC

“I had a craft: doing audit and tax work,” she remembers. “I knew how to support small business owners, but I did not truly know how to run a business. A lot of my clients didn’t even know it, but they mentored me quite a bit.”

Her clients asked all the right questions, and it encouraged her to dig deeper. In one instance, she was asked “How many clients do you want to work with?” It was a metric she hadn’t considered before, but it was valuable to meeting her organization’s revenue goals.

In the late 2000s, digital marketing was a pillar of Luoma’s growth strategy.

It was the time when Apple launched its first iPhone, Facebook expanded to the public and Netflix had recently begun streaming digital content.

Today, the world of internet analytics and algorithms is much different, but getting your business in front of your ideal customers is still essential.

Though most of her clients come from referrals now, Luoma’s early investment in digital marketing was a low-cost and low-barrier action that had an impact.

“I was probably one of the first people in the Tucson area, as far as CPAs go, to embrace digital marketing,” she recalls. “I had my clients back then saying, ‘I see you everywhere.’ And, I was everywhere because of digital marketing.”

Over the past decade and a half, Luoma has developed as a small

business owner. As she began taking on more clients, saying “no” became just as important as saying “yes” to opportunities.

When she hired her first employee, the necessary soft skills, such as leadership and social intelligence, became even more significant.

Today, Luoma serves clients as CEO and founder at MOD Ventures, LLC, an outsourced accounting and advisory firm for small business owners.

To new entrepreneurs, she encourages them to invest in experts — monetarily in a business coach or interpersonally with a mentor — to help flatten the learning curves. Her background lent itself to managing finances and maintaining industry relationships, but entrepreneurship was a new skillset.

“As CPAs, we think that we should have all the answers, because we’ve gone through rigorous training,” she explains. “We have all of this education. Numbers are great, but that didn’t really translate to how to be a business owner for me originally.

There are a lot of skillsets that entrepreneurs have to have.”

Making A Plan During the summer in high school, Yesenia Barraza Simmons, CPA, worked for a deli that happened to be owned by a small business owner and CPA.

Yesenia Barraza Simmons, CPA YB Company, LLC

“I knew that I had that entrepreneurial spirit, but I couldn’t define it,” she recalls. “I don’t want to be an employee. I want to be a business owner to help other business owners in a more direct way.”

Simmons became the first in her family to graduate high school and attend college. Through accounting courses and one chance entrepreneurship elective, she developed fundamental business skills and began her first job. She soon realized that she preferred smaller firms and became an independent contractor. During that time, she got to know the challenges and processes of small business ownership.

Was she ready to build her own firm? She assigned a number to the decision based on the risks, mitigation strategies and her strong services. She saw the possibilities: the freedom of self-employment, the ability to craft quality service and the new ways to be challenged. The answer was yes.

She set tangible goals and next steps on a monthly, weekly and even daily basis. At first, the big goals were understanding the salary she wanted to make and attaining the number of clients to earn it. Later, she set goals on finding her own office space and hiring her first employee.

“If I could go back, I would have hired more staff earlier,” she says. “It would have freed me up to have more to do with business development.”

Attracting clients has been organic, though over 50% of their new callers come from online search engines.

With the influx of interested parties, Simmons carefully parses through requests to ensure both the potential client and her business can best serve each other.

“Now, I understand that client contact and communication is one of the biggest aspects of servicing clients,” she explains. “I’ve determined the parameters I need to meet to successfully serve the client and for it to be a successful relationship. I’m clear on setting those expectations in the beginning.”

During client onboarding, they review the business’s values and communication style. That transparency continues as they get to work, and the firm sets considerations on how long certain processes take.

Simmons enjoys meeting with clients to walk through complicated financial matters in a way they understand. These one-on-ones allow her to see the impact of her work, and for her clients to give feedback and ask questions.

“I love helping business owners change their mindset and their life through strategies that bring them peace of mind,” she says. “I wish I could have unlimited time and resources to help people.”

As principal at YB Company LLC, Simmons is still committed to supporting small and mediumsized businesses achieve their entrepreneurial and business goals.

“My parents taught me the values of integrity, honesty, respect, kindness and a strong work ethic,” she says.

“Those are CPA skills, and those skills were in me. They served me well to have a successful, sustainable business that I can grow.” l

Stay Connected Do you need to pick someone’s brain on starting your own business or finding a solution for your client?

Post on Connect, our member-exclusive forum, to expand your network of expertise.

Get started: connect.ascpa.com

JULY/AUGUST 2022 AZ CPA

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The Importance of Serving Tribal Entities

By Wesley Ryan Benally, CPA (Diné) The 22 federally recognized tribal nations within the state of Arizona make a vital contribution to the economics and wellbeing of the state.

While most people reflexively think of gaming as the primary economic engine for tribes, there is more. But let’s start there.

In the fiscal year ending June 30, 2021, gaming generated $1.9 billion in revenue for the 16 Arizona tribes that operate Las Vegas-style casinos, six tribes with slot machine transfer rights agreements and two other tribally owned gaming facilities. Since 2002, tribally owned entities have contributed over $1.82 billion in total revenues to the state through their gaming revenue compacts.

About 12 percent ($228 million) of that total was directed to cities, towns and counties for governmental services benefitting the general public, such as public safety and economic development. Another 9 percent ($171 million) funded the state’s regulatory expenses. More than $97 million was contributed to the Arizona Benefits Fund, funding education programs, emergency services, wildlife and habitat conservation, tourism and the prevention and treatment of problem gambling.

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As significant as this gaming revenue is, non-gaming jobs and related support services offered by tribes add to the state’s overall economy as well. Through industries such as construction, hospitality and land development, non-gaming operations on or off tribal lands can include solely tribal-owned or joint ventures with private parties or, more uncommonly, with other governmental entities. In fact, the High Country News At the Crossroads special report makes it clear that there is a push across Indian Country to launch new businesses that do not rely on gaming to generate economic activity that benefits both tribal and non-tribal citizens.

Tribes are growing and seeking opportunities in many different industries to better serve their tribal citizens, such as, accounting, tax and other financial services that address their needs can be lucrative and a technically challenging opportunity for many firms. Tribal governments need people with the technical knowledge to ensure that internal processes and financial reporting requirements are met. In addition, a specific niche knowledge inherent to the status of tribes as sovereign entities is limited. The nuances attributable to the sovereign status of tribes and the consistent changes in accounting requirements for governments is what keeps accountants and CPAs like me engaged with and excited by this type of work.

An Elevated Level of Service Operating much like a state or local government, tribal governments follow the same reporting framework established by the Governmental Accounting Standards Board and are subject to the Single Audit Act, under the OMB Uniform Grant Guidance.

Historically, accounting firms and their interactions with tribes are primarily due to these audit requirements.

While there are many similarities, tribal governments differ from other entities from an accounting and auditing perspective. Many federal grant programs are specific to tribes

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and come with their own set of compliance requirements. In addition, unlike state and local governments, tribal governments often own multiple businesses in many industries, including hospitality, construction, healthcare, gaming and more.

Understanding the financial nuances of a tribal entity that has federal government reporting requirements, wholly owned versus jointly owned enterprises, and on-reservation and/ or off-reservation businesses, is vital for accountants and CPAs. In healthcare, for example, this includes distinguishing between self-governing tribal entities (those that manage their own accounting or healthcare systems) and those that rely on the federal government to manage these and other services. There can be a steep learning curve when practicing in this field.

Just like other governmental entities, tribes often need help beyond client accounting and advisory services.

Many firms, including ours, make themselves even more valuable to tribal governments by providing oncall CFO services, human resources consulting, software system sales and support, IT consulting and more – especially as tribes expand their influence outside their sovereign boundaries and increase partnerships with non-tribal entities. Depending on their constitutions, tribes can have taxing authority, as well. A firm with expertise and dedicated staff in any or all of these areas has a big advantage over those that don’t.

All these services require careful due diligence on the part of their advisors and as with any business relationship, trust is the key factor. Trust is strengthened through a specific understanding for a tribe’s culture and sovereignty. That’s why we need more Native CPAs, and non-Natives with the education, experience and temperament to serve tribal entities.

According to the Association of International Certified Professional Accountants, just 0.3% of bachelor’s and master’s accounting graduates were American Indian or Alaskan

Native. When you consider that Native Americans make up about 2 percent of the United States population, we’re definitely underrepresented in this industry.

Increasing Representation Firms have an opportunity to increase Native representation in the industry, and not just by actively recruiting from the communities we serve. Given the recognized benefits of increased diversity in any profession, it’s simply good business to increase and elevate the services that accountants and CPAs provide to tribal entities. For example, we at REDW teach budgeting and financial literacy to underserved populations through organizations like the Phoenix Indian Center, and offer an informational and educational podcast, webinars and articles to Indian Country.

We’ve developed a relationship with Arizona State University by promoting accounting to Native high school and college students as a field of opportunity. Each program is part of our holistic approach and commitment to increasing the number of Native American accountants and CPAs and the value we bring to current and prospective tribal clients. But only by going beyond the billable work can accounting firms demonstrate their ability to appropriately and professionally serve the needs of Indian Country. l Wesley Ryan Benally, CPA (Diné) is principal and National Tribal Practice leader at REDW. For over 30 years, REDW has specialized in providing accounting services to more than 200 tribal governments, healthcare facilities, gaming operations and enterprises.

References Arizona Department of Gaming: https://gaming.az.gov/tribal-gaming/tribalcontributions High Country News “At the Crossroads” Report: https://www.hcn.org/articles/economy-howthe-economy-of-indian-country-impacts-localcommunities

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Celebrating at the Annual Meeting & Awards Luncheon Members, honorees and CPAs from throughout Arizona reunited at the first Annual Meeting & Awards Luncheon in three years at the Arizona Biltmore in Phoenix. We recognized our outgoing chair, our three life members and the Excellence in Teaching Awardee. Thank you for joining us!

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CPA Evolution Will Impact Today’s Interns; How Can Firms Prepare?

By Carl Mayes For 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 transform the CPA licensure model. 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 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? Here are some top considerations to aid your hiring and recruitment strategies.

Students Are More Interested in Pursuing CPA Under New Licensure Model 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 CPA.

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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. Subject matter experts at your firm might consider serving as guest lecturers or adjunct professors to ensure the next generation of CPAs has the skills and competencies they need to be successful.

Many Accounting Program Graduates Will Have Different Skillsets 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.

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 AICPA-NASBA 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 Steps 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 CPA 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. l 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 is the senior director of audit and accounting quality at the AICPA.

ARIZONA CORPORATE TUITION TAX CREDITS

Tax credits for your clients.

Life changing educations for deserving students.

Give back by volunteering with the ASCPA. If you are interested in getting involved, learn more at www.ascpa.com/ascpavolunteer.

In low-income families, many bright, deserving students are shut out of college simply because their families can’t afford it...and high school dropout rates are often over 50%.

But with the help of companies across Arizona, many of these children are getting an exceptional education that is changing their lives! Over the past 20+ years, CTSO has given over 70,000 children in low-income families over $124 million in scholarships. 99% of those students are graduating high school! 98% are college bound!

If your client’s company might want to help, we’d love to talk!

If you have a client whose company might like to join us in changing children’s lives, please give Bill Osteen a call at 520.838.2573 or Gracie Marum at 520.838.2571.We’d love to meet with you!

Share your promotions, pivots and wins with your CPA colleagues in AZ CPA. Submit your member news for inclusion in the magazine at hmacdonell@ascpa.com.

JULY/AUGUST 2022 AZ CPA

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Shaping the Next Generation of CPAs According to the AICPA’s 2021 Trends report, “accounting graduates trended downward in the 2019-2020 academic year, with decreases of 2.8% and 8.4% at a bachelor’s and master’s level, respectively.”

The Arizona CPA Foundation for Education & Innovation supports the ASCPA’s efforts to attract and prepare individuals with the highest potential for contribution to the accounting profession in Arizona through initiatives in formal education.

One avenue of supporting up-and-coming CPAs is through scholarships, available thanks to generous contributions from the CPA community. These awards are given to selected students of accounting at public and private universities, as well as high school students.

To learn more about our scholarship program or to give to support students such as these, visit ascpa.com/scholarships.

Amber Jee

Arizona College Preparatory High School In high school, Jee created a goal: reach 100 hours of community service.

She volunteered at Banner Health Ocotillo Medical Center’s front desk. She sorted classroom recycling through her school’s Key Club and gave her time as a Sunday school teacher at her church.

Her long-term goal is to become a CPA and help people save time in managing their expenses.

“I care about making smart financial decisions for whatever organization I work for,” Jee wrote. “Whether it is keeping track of the budget or managing taxes, I want the company to prosper.”

Sophia Gutman University of Arizona

Gutman is pursuing her Master of Accounting before taking the CPA exam.

She is interested in public accounting.

“I knew that I wanted to pursue a career in the accounting industry when I completed my first accounting project for my very first accounting class,” Gutman recalls. “We had to complete an income statement, statement of retained earnings and a balance sheet. When I finished my balance sheet and the assets equaled the liabilities plus stockholders’ equity, I knew accounting was for me. I am an organization lover; I always tell people my key to success is a color-coded planner. I also have always had a passion for math and numbers.”

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AZ CPA JULY/AUGUST 2022

Melanie Carpenter Grand Canyon University

Alexandra Thieme Chino Valley High School

Anna Antin Grand Canyon University

Conner Nicola Northern Arizona University

Gabriella Mora Cardenas University of Arizona

Julia Spencer University of Arizona

Ashley Child Northern Arizona University

LOOKING TO

GET OUT OF THE FAST LANE?

JAMES CHAKIRES CPA, CVA Managing Partner

CONTACT US TODAY!

623.250.6544

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Do you own a successful accounting firm up to $1 million in revenue and are looking to merge? We are interested in exploring that opportunity with you. With our relentless commitment to success, you can trust Apex with your clients and business. Reach out today to start the conversation.

www.apexcpas.com JULY/AUGUST 2022 AZ CPA

21

Classifieds Business Opportunities/ Practices for Sale

PRESCOTT VALLEY INDIVIDUAL TAX PRACTICE If you are a CPA experienced in preparation of individual income tax returns, and you are interested in owning a practice in beautiful Prescott Valley, Arizona serving Prescott, Prescott Valley and Chino Valley residents, please contact me. I am ready to begin transitioning my practice to a qualified successor. My practice serves 325 individual accounts.

For more information, please call 928772-0350 or visit dianeericksoncpa.com.

PROFITABLE FRANCHISE PROVIDING IN-HOME SENIOR CARE FOR 17 YEARS The Company is a trusted home care agency with a stellar 17-year track record of success and profitability. Leading franchise of a national homecare franchisor with over 200 locations. Business includes six exceptional Phoenix-area territories - affluent, densely populated, market of more than 268,000 seniors aged 65+. Longstanding

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AZ CPA JULY/AUGUST 2022

relationships with referral sources. Active census ~65 clients generates ~ $5M in Revenue and ~$0.7M in EBITDA during COVID impacted year. Trained professional staff and >100 caregivers. Nearly 100% Private Pay and Long-Term Care insurance (LTCi) patients. Contact broker: robmonahan@trianglehca.com - 312-391-9337.

Website: http://www.trianglehca.com

Jobs

CPA / ACCOUNTANT Prescott CPA, PLLC: Prescott-AZ, Looking for a part-time CPA/Accountant.

(Position could possibly become a fulltime position) We are small CPA practice that offers bookkeeping and income tax preparation for businesses, individuals, and trusts/estates. Candidate needs to have experience with general ledger accounting and income tax preparation.

Candidate needs knowledge of Quick Books, MS Excel and MS Word. Primary duties will be to review client books and make adjustments, prepare income tax returns, and perform special projects as necessary. Pay will depend on experience.

Schedule is flexible and remote work for part of schedule allowed. Send resume to nick@prescottcpa.com. Website: http:// www.prescottcpa.com

LEAD TAX PREPARER & LEAD ACCOUNTANT (CHANDLER) Lead Tax Preparer: Responsible for preparation of Individual, S-Corp, and Partnership tax returns. Lacerte experience a plus. Meet w/ clients. Train other tax preparers. Compensation: $70-$80/hour.

Several weeks vacation per year. May-Dec 30-40/hour weeks w/ Fridays off. Must be able to prepare tax returns from start-tofinish error-free. Lead Accountant: Responsible for preparation of monthly financial statements, payroll processing, meeting w/ clients. Train other staff. Compensation: $50-$60/hour. Several weeks vacation per year. May-Dec 30-40/hour weeks w/ Fridays off. Must be able to prepare financial statements using QuickBooks; payroll processing; thorough understanding of Balance Sheets, Profit & Loss Statements, GAAP. Send resume to Steve@SteveVogtCPA.com.

6. Of gaming revenue generated by Arizona tribes in the fiscal year ending June 2021, more than $97 million was contributed to…

AZ CPA Quick Quiz You’ve Read It, Now Get Credit Take this quiz on AZ CPA content online or submit this hard copy.

Receive a score of 70 percent or more and earn one hour of CPE credit in specialized knowledge. It’s that easy!

m The Arizona Benefits Fund m Cities, towns and counties for governmental services m State regulatory expenses 7.

Fees: Members: $25 Nonmembers: $40 Online Access Go to www.ascpa.com/quickquiz to access links to all active quizzes. Once a quiz is purchased, a link and password will be emailed to you. Your results will be sent immediately after completion, and certificates are emailed within two business days.

Hard Copy Please select one answer for each question. Fill out registration/payment information below and mail or fax to the Society office. Quiz results and certificates will be emailed to the address provided on the registration form. *This quiz will be available until August 2023. Please note that users have three attempts to pass the quiz with at least a 70 percent score.

July/August 2022 Issue of AZ CPA* 1.

How does Angela Lee Duckworth define grit? m Dust, dirt or sand m Passion and perseverance for long-term goals m Caution for what lies ahead

2. What primary purpose did branding serve for Jill Foley as she started her business? m Creating stunning, recognizable visuals m Deciding which niche of the industry the business would serve m Determining the values to guide client selection, internal culture and other factors 3. Early on, how did Gabby Luoma spread the word about her business to gain new clients? m Creating a large sign for the office m Putting up flyers at business parks m Investing in digital marketing 4. What decision-making strategy did Yesenia Simmons use to determine the viability of starting her own business? m Assigning a number to the decision based on risk, opportunity and other variables

m Increased 3.2% m Decreased 2.8% m Decreased 8.4% 8. True or False: A new approach to licensure did not affect interest in pursing the CPA designation. m True m False 9. In a 2020 AICPA-NASBA survey of students, the greatest percentage of respondents indicated they plan to pursue the________________. m Business Analysis and Reporting discipline m Information Systems and Controls discipline m Tax Compliance and Planning discipline

m Listing out pros and cons m Talking through the process with a mentor 5. True or False: Tribal governments follow the same reporting framework established by the Governmental Accounting Standards Board and are subject to the Single Audit Act, under the OMB Uniform Grant Guidance. m True m False

According to the AICPA’s 2021 Trends report, how did accounting graduates at the master’s level change in the 2019-2020 academic year?

10. When will an associated CPA Exam Blueprint, which details content eligible for testing in each section, be published in its final form? m Mid-2022 m Early 2023 m Early 2024

Quick Quiz Registration Name: __________________________________________________________________________________ Email: ___________________________________________________________________________________ Telephone: _____________________________________________________________________________

Payment

m Member: $25

m Nonmember: $40

Checks: Please make payable to: The Arizona Society of CPAs Credit Card:

m Visa

m MasterCard

m American Express

Credit Card #: __________________________________________________________________________ Expiration Date: _______________________________________________________________________ Name on Card: ________________________________________________________________________ Mail to: ASCPA, 4801 E. Washington St. Suite 180, Phoenix, AZ 85034-2040; fax to (602) 252-1511 scan and send to ASCPACPE@ascpa.com.

JULY/AUGUST 2022 AZ CPA

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PRSRT STD U.S. Postage PAID Phoenix, Arizona Permit No. 952 4801 E. Washington St., Suite 180 Phoenix, AZ 85034-2040

ADDRESS SERVICE REQUESTED

Eat, Drink and Connect August 16 Join our Leadership and Growth Alliance at Fate Brewing Company (South Scottsdale) to chat with other changemakers and up-andcoming experts over brews and appetizers. Be a part of the discussion on leadership at every level.

You might meet someone with the answer to your next question or on the pathway to your next opportunity.

Register now at www.ascpa.com/lga1