Insight Magazine - Spring 2012

CAREER special issue the route to the top

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34

38

i n d e x

42

When

10

Tax Decoded The Price You Pay

What

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16

18

Those

For

20

22

Six

Young

Six

Why

32

FIRST WORD

I N S I G H T M A G A Z I N E

Publisher/ICPAS President & CEO Elaine Weiss

Editor-in-Chief/Director of Publications Judy Giannetto

Creative Services Director Gene Levitan

Creative Services Manager Rosa Garcia

Publications Specialist Derrick Lilly

National Sales & Advertising Angie VanGorder

YGS Group, 3650 West Market Street, York, PA 17404

P: 800 501 9571 x176 F: 717 825 2171

E: angie vangorder@theygsgroup com

Circulation/Member Services Director Carl Siska

Editorial Offices: 550 W Jackson Blvd , Suite 900 Chicago, IL 60661

I C P A S O F F I C E R S

Chairperson, Robert E Cameron, CPA Cameron, Smith & Company PC

Vice Chairperson, James P Jones, CPA Edward Don & Company

Secretary, William P Graf, CPA Deloitte & Touche LLP

Treasurer, Daniel F Rahill, CPA, JD KPMG LLP

Immediate Past Chairperson, Sara J Mikuta, CPA Wifpli LLP

I C PA S B O A R D O F D I R E C T O R S

Edward J Hannon, CPA, JD, Freeborn & Peters LLP

John A Hepp, PhD, CPA, Grant Thornton LLP

Geralyn R Hurd, CPA, Crowe Horwath LLP

Paul V. Inserra, CPA, McClure, Inserra & Co , Chtd

Leif J Jensen, CPA, Leif Jensen & Associates Ltd

Kathleen M Kedrowski, CPA, Navigant Consulting

Michael J Maffei, CPA, GATX Corp

Elizabeth A Murphy, PhD, CPA, DePaul University

Michael J Pierce, CPA, RSM McGladrey Inc

J Bradley Sargent, CPA, Sargent Consulting Group LLC

Edward H Stassen, CPA, Golden County Food Holdings Inc

Reva B Steinberg, CPA, BDO USA LLP – Retired Consultant

Thomas L Zeller, PhD, CPA, Loyola University of Chicago

Pull Out Your GPS & Navigate Your Career

Congratulations on making it through another tax season! The end of the Busy Season means it’s time to brush off the grill and give the garden some TLC. It’s also time to brush off your career path and plan how you’re going to navigate through upcoming challenges.

2012 is shaping up to be an important year for CPAs and the profession. It’s a great time to be a CPA. Employment statistics for the accounting sector are reaching new all-time highs. Headcounts at CPA firms are rebounding and turnover is once again a major challenge The prospects of an improving economy should bolster demand for our valued expertise and services

With all this in mind, now is the time to position your firm or business to attract and retain the best and brightest talent in an increasingly competitive marketplace. I hear from more and more members that good people are hard to find, let alone keep This means that training and retention efforts are more important than ever. (See our feature on page 38 for tips on developing your young leaders ) And, if you happen to be that talented individual, now is the time to make sure you are positioned to advance your career with a thoughtful strategy (Page 20 features six growing fields in accounting )

The calls for work/life balance and flexibility are also growing louder Professionals simply work differently today That’s a challenge for many industry veterans; but, whether you’ve been in the profession for 40 years or started your internship 40 minutes ago, the sooner we embrace the changes, the sooner we can make them work to our advantage

Thankfully, this is our Career Special Issue We at the Society understand that the traditional career paths plotted on age-old roadmaps aren’t reliable anymore. Today you need a GPS to navigate your path

That’s why we’re here for you at every stage of your career with a range of services relevant to a busy, mobile, technology-craved workforce The Society’s new CPE OnDemand catalog [www.icpas.org/OnDemand], for example, offers 24/7 education at your fingertips With more than 40 courses available on topics like tax, audit and corporate finance, you can earn your CPE in areas that are important to you from the comfort of your home or office Try it for free when you renew your membership by June 1

As always, our monthly eNewsletter, CPA CareerSpace, offers you the latest tips for making the most of opportunities, and our Career Center is awaiting your visit to post and search for jobs, and to find talent Visit www icpas org to access these resources

And for those of you lucky enough to be pondering life after the workplace, the Socie t y h a s t e a m e d u p w i t h Tr a n s i t i o n A d v i s o r s t o p r o v i d e a f r e e , m e m b e r s - o n l y, o ndemand service to help you identify and execute a smooth succession plan.

So, whether you’re just entering the profession or planning your escape, put aside your old roadmap and pull out your GPS; it’s time to start recalculating the path ahead.

Elaine Weiss

INSIGHT is the official magazine of the Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA Its purpose is to serve as the primary news and information vehicle for some 23,000 CPA members and professional affiliates Statements or articles of opinion appearing in INSIGHT are not necessarily the views of the Illinois CPA Society The materials and information contained within INSIGHT are offered as information only and not as practice, financial, accounting, legal or other professional advice Readers are strongly encouraged to consult with an appropriate professional advisor before acting on the information contained in this publication It is INSIGHT’s policy not to knowingly accept advertising that discriminates on the basis of race, religion, sex, age or origin The Illinois CPA Society reserves the right to reject paid advertising that does not meet INSIGHT’s qualifications or that may detract from its professional and ethical standards The Illinois CPA Society does not necessarily endorse the non-Society resources, services or products that may appear or be referenced within INSIGHT, and makes no representation or warranties about the products or services they may provide or their accuracy or claims The Illinois CPA Society does not guarantee delivery dates for INSIGHT The Society disclaims all warranties, express or implied, and assumes no responsibility whatsoever for damages incurred as a result of delays in delivering INSIGHT INSIGHT (ISSN-1053-8542) is published four times a year, in Spring, Summer, Fall, Winter, by the Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA , 312 993 0393 or 800 993 0393, fax: 312 993 0307 Subscription rates for non-members: $20 US, $28 Canada, $30 Mexico and $40 for international addresses Copyright © 2012 No part of the contents may be reproduced by any means without the written consent of INSIGHT Permission requests may be sent to: Publications Specialist, at the address above Periodicals postage paid at Chicago, IL and at additional mailing offices POSTMASTER: Send address changes to: INSIGHT, Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA

SEEN HEARD

62%

&

Percentage of women in accounting and finance who say having a role model or mentor is necessary for a successful career.

SOURCE: The Mergis Group, Women & Men in Finance & Accounting Careers

What Matters to Job Hunting Grads?

The 30th Annual Public Accounting Report Professors Survey sheds some light on what matters most to soonto -be and recent grads According to the survey of accounting professors, the five most important factors guiding students’ decisions to accept a job offer are:

1 Compensation and benefits

2. Quality of life/employee -friendly workplace.

3 Whether the offer is from a Big Four firm

4 Long-term career opportunities

5. Staff training and development.

What’s more, polls show that if students had a choice, they would choose to start their career with a Big Four firm Of the Big Four, PricewaterhouseCoopers ranked first (23%), followed by Ernst & Young (18 5%), Deloitte (16%) and KPMG (14 2%)

HOW TO

Choose Professional Liability Insurance

As Jonathan S Ziss, JD, a partner with Goldberg Segalla LLP, insightfully pointed out in a Pennsylvania CPA Journal article, “Purchasing professional liability insurance may be one of the most important decisions you or your firm will ever make ” Which is why you need to ask all the right questions, including:

1 Does the broker cater to accountants? Choose a provider that understands the intricacies of the accounting profession to avoid gaps in important coverage areas

FEATURED APP: Robert Half Mobile

Job hunting? Well now there’s an app for that, too Specialized staffing services firm Robert Half has launched a mobile app enabling job-seekers to search for available positions in their fields using their iPhone or Android-enabled devices

The app also includes a salary calculator that gives users access to customizable job title and geographic compensation information What’s more, the app provides timely articles and research to help professionals stay on the cutting edge of trends in accounting and finance, technology, law, marketing and design, and the administrative fields

Download the free Robert Half Mobile App at www roberthalf us/mobileapp

2 Is everything covered? When reviewing policies, consider what isn’t offered Does the policy include legal defense and client compensation, for instance?

3 What’s the coverage period? How long will you be covered before and after the policy is purchased or cancelled?

4 Where is the coverage effective? Make sure the policy covers your firm in all of the locations in which it conducts business

5 How much is covered? Policy limits and deductibles are generally issued in increments of $500,000 to $1 million Check there’s adequate coverage based on the types and frequency of potential claims

The Too - Good-To -Be -True Investment

Discouraged by low interest rates, investors may be all too easily enticed into fraudulent schemes The North American Securities Administrators Association therefore encourages investors to ask these vital questions:

1. Are the investment claims realistic? Use common sense and get a professional third-party opinion

2 Is the investment fully explained? Request written information, such as a prospectus or offering circular

3 Is the seller & investment licensed/registered?

Call your state or provincial securities regulator to find out If they’re not, they may be operating illegally Contact information for all state and provincial securities regulators is available at www nasaa org

Talent Shortage Concerns Rise

A lack of high-potential leaders is the greatest organizational challenge expected throughout 2012, say 31 percent of the 631 senior executives and HR professionals recently surveyed by Right Management [right.com]. Other challenges cited include low engagement and lagging productivity (26 percent), and defection of top talent to other organizations (19 percent) Considering 49 percent of workers in another Right Management survey said their jobs are unrewarding, it’s little surprise that employers are losing sleep

60%

Percentage of US CEOs who say creating and fostering a skilled workforce should be a government priority today

Source: PwC's 15th Annual Global CEO Survey

SOFTWARE SCENE : Thomson Reuters Enhances GoFileRoom

The latest release of this online document management and workflow software includes improved functionalities and support such as:

n Enhanced Search, which allows users to search for documents containing blank index values, and for multiple documents and drawers at once.

n New TaxSort® features, which identify tax forms, including customizable bookmark categories and additional menu options for Adobe® PDF files

n New FirmFlow™ enhancements that enable users to search for notes and attachments in reports and to perform bulk updates

n Added support for digital signatures in Adobe PDF documents, including the ability to add digital signatures to documents stored in GoFileRoom.

Visit CS ThomsonReuters com/GoFileRoom for more information

Millennial Women in Accounting

According to the American Society of Women Accountants’ 2011 Accounting MOVE Project Executive Report, women millennials feel that they “have made incremental gains at the top level ” What’s more, things look promising for smaller firms looking to hire. Specifically, “Women expect to gain partner-track skills more quickly at regional and local firms,” and, the report reveals, “Local and small regional firms should use association-sponsored programs as the nucleus for women ' s initiatives and business development programs ”

Visit www.aswa.org to download a PDF of the complete report.

FRANK CELLINI / OWNER CHADDS FORD ACCOUNTINGPROFESSIONALS ACCOUNTING AND TAX SPECIALISTS CHADDS FORD, PA S INCE 1957 8 EMPLOYEES

KEEPINGFAMILY INTHEFAMILY BUSINESS

CHALLENGE : WhenFrankstartedrunningthe familybusiness,hewaseagertotakethingstothe nextlevel.Butbeforehecouldbuildonhisfather’s success,heneededtogethiscashflowinorder.

SOLUTION : Frank had the Cash Flow Conversation withhisPNCbanker,whousedhisdetailedknowledge oftheaccountingindustrytobettermeetFrank’s specificneeds.Workingtogether,theytailoredaline ofcredittohelpsolidifyFrank’scashflow—sohe couldstayfocusedonhisclients’numbersinstead ofworryingabouthisown.

ACHIEVEMENT: ChaddsFordAccountingProfessionals continuestowelcomenewclientstothefamily,and Frank now has the working capital to keep business moving forward.

WATCHFRANK’SFULLSTORYat pnc.com/cfo and seehowThePNCAdvantageforProfessionalServices canhelpsolveyourbusinesschallenges,too.Call 1-877-535-6316 or visit a PNC branch to start your own CashFlowConversationtoday.

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TAX DECODED T h e P r i c e Yo u P a y

What you don’t know about personal liability penalty assessments could seriously hurt you

By Keith Staats, JD

Whether a business operates as a sole proprietorship, corporation, partnership or LLC, Section 3-7 of the Illinois Uniform Penalty and Interest Act provides that business owners, officers and employees can be held personally liable for the business’ failure to file returns and pay certain taxes to the Illinois Department of Revenue (the “Department”).

The associated personal liability penalty applies to “trust taxes,” which are any taxes for which a taxpayer collects or withholds an amount from another person, and for which a taxpayer is required to collect or withhold an amount from another person Examples include sales and use taxes and employers’ personal income tax withholding

Keith is a senior manager of Grant Thornton’s State & Local Tax practice, based in Chicago Previously, he held the position of general counsel of the Illinois Department of Revenue, where he developed tax policy, evaluated and reviewed tax-related legislation, and oversaw tax-related litigation.

For the penalty to be assessed, an individual must willfully fail to file returns and pay taxes. The Department’s rules define “willful” as “[A] voluntary, conscious and intentional act It may consist of a voluntary conscious and intentional failure to file a return or make the payment to the Department, or a voluntary conscious and intentional attempt to take any other action to evade or defeat the tax ” [86 Ill. Adm. Code 700.340(b)].

In other words, simply being conscious or a w a r e o f t h e n e e d t o f i l e r e t u r n s a n d p a y t a x e s i s e n o u g h t o c l a i m a w i l l f u l f a i l u r e Wi l l f u l n e s s i s a l s o i n f e r r e d b y a t a x p a y e r

and paying all taxes due Those identified must sign the form and attest to the fact that they are the persons to whom the Department will look if the business defaults on its t a x - f i l i n g a n d p a y m e n t o b l i g a t i o n s T h e Department must be notified of any changes in ownership, officers and employees listed.

In typical situations involving the personal liability penalty, the business is audited, a liability is established, the liability becomes final and the business ceases to exist. Alternatively, a business fails to file returns and pay taxes to the Department and then fails to respond to Department inquiries In this situation, the Department will first issue assessments based on an estimate of potential liability, and as a matter of routine, that estimate will be on the high end.

In either situation, if the final assessments a g a i n s t t h e b u s i n e s s c a n n o t b e c o l l e c t e d (generally because the business has ceased t o e x i s t ) , t h e D e p a r t m e n t w i l l l o o k t o t h e owners, officers and employees listed on the registration materials for payment

By law, the Department has three years in which to issue a notice of personal liability penalty from the date on which the underlying liability against the business becomes final. However, the registration materials are often outdated, having been filed years before

p a y i n g o t h e r b i l l s i n s t e a d o f t a x e s , l i k e deciding to pay suppliers instead of income tax withholding when money is tight.

When forming and registering a new busin e s s w i t h t h e D e p a r t m e n t , a c o m p l e t e d Form REG-1 and any associated schedules is needed This form requires the business to l i s t a l l o w n e r s , o f f i c e r s a n d e m p l o y e e s , a l o n g w i t h t h e i r c o n t a c t i n f o r m a t i o n a n d Social Security numbers, and to identify the p e r s o n ( s ) r e s p o n s i b l e f o r f i l i n g t a x r e t u r n s

the business suffered financial difficulties As a result, they may not reflect changes in the identities of owners, officers or employees, and it isn’t uncommon for persons who have left a business a number of years before to be assessed personal liability penalties.

G e n e r a l l y, t h e D e p a r t m e n t ’ s c o l l e c t i o n s division attempts to notify potential recipients of the intent to issue a personal liability p e n a l t y a s s e s s m e n t H a v i n g r e c e i v e d t h i s n o t i f i c a t i o n , t h e r e c i p i e n t s h o u l d i m m e d i -

“For the penalty to be assessed, an individual must willfully fail to file returns and pay taxes Simply being conscious or aware of the need to file returns and pay taxes is enough ”

ately contact a tax advisor experienced in t h i s a r e a E v e r y e f f o r t s h o u l d b e m a d e , however, to provide the Department with defenses against issuing a personal liability penalty before an assessment is issued.

W h a t ’ s m o r e , i n d i v i d u a l s s h o u l d b e prepared to play the finger-pointing game amongst the other listed persons. This can quickly turn into an “every man for hims e l f ” s c e n a r i o . P e r s o n a l l i a b i l i t y p e n a l t y a s s e s s m e n t s c a n b e p r o t e s t e d a n d c h a llenged in the Department’s administrative hearings division

Be aware that it’s generally too late to contest the underlying tax liability by the time the notice is issued The only defenses are that the person in question is not personally liable for filing returns or paying the tax, or there was no willfulness in not paying the tax

W h e n r e g i s t e r i n g a b u s i n e s s w i t h t h e Illinois Department of Revenue, remember that any owner, officer or employee listed is responsible for letting the Department know if he or she leaves the business If they don’t, they could be held personally liable for any business failures.

FORENSICS INSIDER

C r e d e n t i a l P o w e r

Those little letters are rocket fuel for your career

By Brad Sargent, CPA/CFF, CFE , CFS, Cr FA , FABFA

Ki d , t h e a t t o r n e y s h i r e u s f o r o u r financial knowledge, not for our legal knowledge That’s their area of expertise ”

These words from a trusted mentor ended my short-lived dream of becoming a lawyer I was a freshly minted CPA, brimming with c o n f i d e n c e a n d r e a d y t o t a k e o n t h e n e x t challenge I had spent two years in litigation support and forensics; it seemed that getting my law degree and JD was the natural next s t e p M y m e n t o r r e c o g n i z e d m y d e s i r e t o g r o w a n d o f f e r e d a s o l u t i o n w o r t h y o f Solomon: “Kid, juries love credentials Why don’t you add a few letters to the CPA?”

Brad is the managing member of The Sargent Consulting Group, LLC , which specializes in forensic accounting and financial investigation. He is a frequent lecturer, and chair emeritus of the American Board of Forensic Accounting A member of the Illinois CPA Society since 2002, Brad also serves on the Society’s Board of Directors

Let me be very clear here. I was 40 years old when my mentor called me “kid” pretty much daily. I wore this as a badge of honor, even though “The Inspector” called nearly everyone “kid ” (We forensics-types can be a little different.) That said, I immediately launched myself into the pursuit of credentials specifically related to my field of choice

Within one year, I earned three additional designations; two required passing an exam and the third was “grandfathered” in, where you offer proof of a certain level of educat i o n a n d e x p e r i e n c e , a s w e l l a s a l r e a d y earned credentials, and then pay a small fee.

I soon discovered that I had been undersold. Not only do juries (and jurists) love credentials, but employers and headhunters do, too My name soon appeared on various association membership directories and my

d i f f i c u l t ( a n d p o t e n t i a l l y c o s t l y ) e x a m i n ation-based credential versus filling out a few forms and sending in a check?

As a forensic accountant, I urge everyone to la unc h a foc us e d informa tion-g a the ring investigation The first step is to identify the c r e d e n t i a l s r e l e v a n t t o y o u r c a r e e r N e x t , research the organization that provides the credential and get to know the groups you need to join I have had incredible experie n c e s m e e t i n g p e o p l e f r o m a r o u n d t h e w o r l d t h r o u g h t h e s e o rg a n i z a t i o n s , a n d I have witnessed radically varying degrees of r e s p o n s i v e n e s s a n d p r o f e s s i o n a l i s m f r o m organization to organization. Call the association and speak directly to staff members to quickly get a feel for how they conduct business. If an association doesn’t publish m e m b e r l i s t s , a s k f o r s e v e r a l m e m b e r s i n your area with whom you can speak

O n c e y o u h a v e a f e e l f o r t h e o rg a n i z ations, research the processes for obtaining their respective credentials In forensics (just as in all areas of accounting), designations that require examinations simply carry more weight than designations that don’t Get a full understanding of the investment you will need to make to pass the exam. We all know what the CPA Exam takes; other credentials can be almost as difficult to achieve

Many organizations provide their own training and exam “prep course,” which usu-

phone started ringing off the hook with prospective job opportunities. Credentials added not only to my sense of achievement, but also to my personal bottom line.

Since many of today’s organizations offer a veritable plethora of credentialing options, h o w d o y o u k n o w i f o n e c r e d e n t i a l i s a s “ g o o d ” a s a n o t h e r, w h i c h o rg a n i z a t i o n i s superior, and whether you should invest in a

ally involves a few days out of the office at a distant (and hopefully enticing) locale Be forewarned, though, that costs may run very high, particularly if you need to pass several sections Moreover, keep in mind that you’ll need to maintain a current membership status with the organization to carry the credential, and you’ll likely have to complete specific CPE requirements on an annual basis

“Not only do juries (and jurists) love credentials, but employers and headhunters do, too....Credentials added not only to my sense of achievement, but also to my personal bottom line ”

But don’t let costs be the be-all-end-all While many employers have cut back on paying for credentials beyond the CPA, take the initiative to prepare a great business case, outlining the benefits to your employer And be prepared to agree to a specific term of employment after achieving the credential

The last, and possibly most tangible, benefit I should mention is the impact credentials have on clients Jane M McFetridge, Esq is the managing partner of the Chicago office of Jackson Lewis LLP Her practice covers the spectrum of employment litigation, including both state and federal claims, and individual and class-action suits McFetridge uses accountants as experts on a regular basis and states that, “There’s always a chance that an expert’s credentials will be challenged Passing a difficult examination, such as the CPA Exam, is proof-positive of technical skill Additional credentials can help to further identify an individual as an expert in a unique subset ”

Patrick T Stanton, Esq serves as leader of Dykema's Business Litigation Practice Group, primarily representing businesses involved in commercial litigation before federal and state courts, as well as alternative dispute resolution organizations such as the American Arbitration Association Like McFetridge, Stanton uses financial experts on a regular basis

“In looking for an expert or consultant, I am more concerned with actual experience rather than designations, memberships or affiliations,” he says “However, the CPA credential does factor into the decision to hire a financial expert ”

Work For You.

Now that a path has been presented, don’t

to do your part: Pass the exam

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RETIREMENT ADVISOR

J o b L o s s S u r v i v a l G u i d e

Being unemployed doesn’t have to mean a total loss of financial security

By Mark J Gilbert, CPA/PFS

While recent monthly payroll statistics generally show signs of job market improvement, the battle to find positions and manage talent has taken its toll on job-seekers and employers alike In fact, if you haven’t come across a laid off or downsized client yet, then you probably will soon.

Here, then, are six tips to help you guide your clients through these challenging times

1. Professional Skill Set

A principal in the financial planning

f i r m o f Re a s o n Fi n a n c i a l A d v i s o r s , Inc , Mark’s 25-plus years of finance

a n d a c c o u n t i n g e x p e r i e n c e i n c l u d e s

1 3 yea r s in p er s ona l f ina ncia l p la nning An ICPAS member since 1982,

M a r k c u r r e n t l y s e r v e s i n t h e I A / P F P

M e m b e r Fo r u m G r o u p a n d o n t h e Structure & Volunteerism Committee

You may not be the first person your client turns to for emotional support in the aftermath of a job loss But you may be the only one to give them a level-headed assessment of the tax, accounting and personal financial ramifications of their present situation Don’t get caught up in all the emotions circulating around Stay focused on what you do best

2. S e v e ra nc e & C OBRA

Under the terms of the COBRA Act of 1985, clients may remain covered under their former employer’s healthcare plan for as long as 18 months (albeit at the employer’s full cost plus a 2-percent administrative charge). If laid off or downsized, clients may be eligible for severance pay as well as compens a t i o n f o r u n u s e d v a c a t i o n a n d s i c k t i m e , e t c M a k e s u r e c l i e n t s u n d e r s t a n d w h a t ’ s available to them, and remind them that any income is still taxable.

3 Be ne fit E lig ibility

Whether it’s helping them complete the init i a l a p p l i c a t i o n o r g u i d i n g t h e m t h r o u g h maintaining regular and extended benefits, c l e a r l y e x p l a i n w h a t t h e y h a v e t o d o t o receive the maximum benefits available

4. Budg e ting & Pla nning

Your clients are going to need to cut back their expenses and stretch their savings To help them in this process, Kelley Long, CPA, o w n e r a n d p r e s i d e n t o f K C L F i n a n c i a l Coaching in Chicago and a member of the A I C PA ' s N a t i o n a l F i n a n c i a l L i t e r a c y C o mmission, offers these tips for your clients:

n K e e p a n e y e o n t h o s e m o n t h l y f i x e d expenses that, if unpaid, will be sent to c o l l e c t i o n s , f o r e x a m p l e m o r t g a g e o r car payments

n Cancel expenses that don’t carry high cancellation fees, like cable and Netflix

n Don’t use credit cards to maintain preemployment standards of living.

n Use emergency funds for emergencies only not to keep up a certain lifestyle.

5. Re tire me nt A c c ounts

Your recently unemployed clients will need t o c o n s i d e r h o w t o h a n d l e t h e i r 4 0 1 ( k ) , 4 0 3 ( b ) , p r o f i t - s h a r i n g a n d / o r p e n s i o n p l a n benefits. Generally, I recommend that they wait a while before making a benefit elect i o n , h o w e v e r t e m p t i n g i t i s t o w i t h d r a w from these accounts

In many cases, it makes sense to take a distribution or to rollover the funds to an IRA However, an employer’s qualified plan may be the best option if the client is between 55 and 59½ years of age (because penalty-free withdrawals may be possible) or if the investment choices are superior to those the client is likely to select on his or her own In some cases, clients may benefit from taking Code Sec 72(t) distributions from their IRAs, which allow penalty-free withdrawals until the later of age 59½ or five years after payments begin.

6. Inv e s tme nt Pla nning

Yo u r c l i e n t n e e d s t o r e a l i s t i c a l l y e v a l u a t e whether they’ll need to drawdown on portfolio assets to meet or supplement current living expenses If this is the case, I advise clients to position those assets more conservatively, for example in cash or money mark e t i n s t r u m e n t s , o r s h o r t - t e r m b o n d s . I t ’ s incredibly important to minimize risk while maximizing capital preservation

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The Change Makers

By Marty Green, Esq

The second half of the Spring Session of the Illinois General Assembly is well underway, and there are a number of bills that will interest CPAs. And while many relate to the ta x tre a tme nt of e s ta te s a nd ne t ope ra ting losses, it’s elsewhere that real interest lies.

2012 is an important year in terms of CPA licensure changes, with Illinois’ transition to a one-tier, license-only state

Firstly, the Registered CPA title will no longer be available to new applicants after June 30, 2012 All active registrants as of June 30, 2012 will be grandfathered, and can be renewed indefinitely

Public Accounting Act and extends its sunset to 2023

The Regulatory Sunset Act requires that a l l o c c u p a t i o n a l a c t s , s u c h a s t h e I l l i n o i s P u b l i c A c c o u n t i n g A c t , s u n s e t e v e r y 1 0 y e a r s t o e n a b l e t h e G e n e r a l A s s e m b l y t o achieve a transparent review and determin a t i o n o n w h e t h e r t h e a c t s s h o u l d b e re ne we d, upda te d or te rmina te d The Illinois Public Accounting Act is scheduled to sunset on January 1, 2014

The ICPAS VP of Government Relations, Marty is a practicing lawyer and member of the Illinois Bar Marty previously served as executive assistant attorney general for Illinois Attorneys General Lisa Madigan and Jim Ryan, and as director of the Governor's Office of Citizens Assistance and assistant to the Governor for Public Affairs, both under Governor James Edgar

S e c o n d l y, a s p a r t o f o u r t r a n s i t i o n t o a one-tier, license-only state, Society staff has worked closely with the Illinois Department of Financial and Professional Regulation to expand the list of learning opportunities that might be claimed for credit for the 120-hour C o n t i n u i n g P r o f e s s i o n a l E d u c a t i o n l i c e nsure requirement

B e g i n n i n g w i t h 2 0 1 5 l i c e n s e r e n e w a l s , credit can be claimed for attendance at formal programs presented by an organization other than a traditional CPE provider, such as a human resources seminar presented by a benefits brokerage firm. Credit also may be c la ime d for informa l a c tiv itie s s uc h a s professional reading or participation on the technical committees of a national or state CPA association

Over the past two years, Society staff has w o r k e d c l o s e l y w i t h t h e I C PA S B o a r d o f Directors, the Sunset Task Force created to make recommendations to the Board, and the Regulation and Legislation Committee. The Society has since shared recommendations with ICPAS members, and has worked collaboratively with the Illinois Division of Professional Regulation and the Independent Accountants Association Government Re la tions s ta ff will c ontinue to work with General Assembly members to ensure the Public Accounting Act sunset is extended

Another important legislative item is the creation of an independent tax hearings agency authorized in the omnibus tax legislation signed by the Governor last December House Bill 5192 sponsored by Rep Michael Zalewski (D-21, Chicago) and Senate Bill 3525 sponsored by Sen Toi Hutchinson (D-40, Olympia Fields) provide substan-

T h i r d l y, t h e I l l i n o i s C PA S o c i e t y i n t r oduced legislation to extend the Illinois Public Accounting Act, which serves as the centerpiece of licensure and regulation of Cert i f i e d P u b l i c A c c o u n t a n t s a n d C PA f i r m s House Bill 5773, sponsored by Rep Robert Rita (D-28, Blue Island), updates the Illinois

tive and procedural details for the creation of the independent administrative hearings agency This agency has the tax expertise to resolve tax disputes between the Departments of Revenue and Insurance and taxpayers prior to requiring the payment of amounts in issue or the posting of a bond

Insiders predict that “pensions, Medicaid and the budget will be the focus of the Spring Session in an attempt to stop fiscal hemorrhaging and unsustainable trends.”

The legislation also revamps and strengthens the informal assessment review process by modeling it after the IRS Conferees System. In a nutshell, conferees have greater authority to settle cases and make decisions, and can authorize CPAs to represent taxpayers in this informal process by filing a power of attorney with the Department of Revenue

I n c r a f t i n g t h e t a x t r i b u n a l l e g i s l a t i o n t h e r e w a s e x t e n s i v e d i s c u s s i o n o n a n d analysis of the scope of representation in formal hearings by non-attorneys, including CPAs There is, however, well-established Illinois case law that prohibits nona t t o r n e y s f r o m r e p r e s e n t i n g t a x p a y e r s i n formal hearings before the Illinois Department of Revenue Courts repeatedly have held that representation of this nature constitutes the unauthorized practice of law

There is broad General Assembly support for this independent tax administrative hearings agency Society Government Relations staff worked closely with the Illinois State Chamber of Commerce, the Taxpayers Federation of Illinois and the members of the General Assembly in drafting

l e g i s l a t i o n f o r t h e n e w a g e n c y t h a t w i l l b e n e f i t t a x p a y e r s i n r e s o l v i n g d i s p u t e s both informally and formally.

Moving along, theoretically this is supposed to be a "rules" year for the Illinois G e n e r a l A s s e m b l y, m e a n i n g t h a t i t t y p ically concentrates on appropriations and fiscal matters only, and legislation should relate to fiscal matters or state government emergency operations

Ye t , a s I ’ m w r i t i n g t h i s c o l u m n , o v e r 11 , 0 0 0 b i l l s h a v e b e e n i n t r o d u c e d b y both chambers, while the state’s backlog o f u n p a i d b i l l s s w e l l s t o $ 8 b i l l i o n T h e result is an insiders’ prediction that pens i o n s , M e d i c a i d a n d t h e b u d g e t w i l l b e t h e f o c u s o f t h e S p r i n g S e s s i o n i n a n a t t e m p t t o s t o p f i s c a l h e m o r r h a g i n g a n d unsustainable trends

What’s more, the General Assembly is facing changing dynamics, since all of this is happening during an election year, with incumbent legislators running in newly drawn legislative districts, and many veteran legislators either not appearing on the ballot or resigning midway through their current terms

As a reminder, 2012 is also a license renewal year for CPAs and CPA firms

Licensed CPAs are required to complete 120 hours of Continuing Professional Education that includes four hours of ethics

Sole practitioners or firms that perform audits, reviews or examinations of prospective financial statements must also complete a peer review as a requirement for licensure renewal

We will keep you up-to-date on our progress with the Illinois Public Accounting Act extension, the establishment of an independent tax administrative hearing agency, and any other legislative and regulatory items as they develop Also, stay tuned to your monthly issue of Capitol Dispatch, which I’m happy to author; you can view the latest issue as well as issue archives at www icpas org/CapitolDispatch

First and foremost, however, remember that you are the most effective voices of the profession; keep these issues in mind as you interact with legislative incumbents and candidates, and share your questions or comments with us

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The Contract CFO

For today’s C - suite, interim, project-based execs are becoming the rule

By Kristine Blenkhorn Rodriguez

ical studies to support our anecdotal findings, it s e e m s C F O s a g e d 5 0 a n d u p a r e t h e p r i m a r y demographic for contract-based positions Many are among the most highly compensated within their firms, perhaps making them the first to get the pink slip

Nevertheless, contract executives are laughing all the way to the bank, enjoying greater control over their work/life balance along the way.

Company Profile

The beleaguered economy we’re now all too familiar with has brought about new rules of engagement for CFO hiring “We’re seeing organizations dividing up projects rather than giving them all to large accounting and consulting firms,” explains Jim Wong, founder of Numerate Partners, which provides firms with seniorlevel accounting and finance staffing. “In this way they’re able to farm out lower-risk projects at a better price Companies are looking at senior-level management as a variable cost rather than a fixed one ”

These “contract CFOs” might be brought in on an as-needed, project basis, or on an interim basis, giving organizations the time and tools to figure out who the right person for the job really is In essence, they rewrite the job description, breaking the cycle of hiring the same type of person again and again whether or not they’re right for the company.

“It’s a form of risk mitigation in senior-level roles,” says Wong. “The interim pro gives feedback on what the right structure is and the right type of person for the role.”

Why the demand for contract CFOs? In part, because of the economic downturn More senior fina nc e e x e c s a re without work a s a re s ult of downsizing And while we couldn’t find empir-

H i g h - l e v e l c o n t r a c t - b a s e d f i n a n c e e x e c u t i v e s tend to work for small and middle-market companies, generally up to $75 million in revenue Ralph Hockman, for example, retired as CFO of a m a n u f a c t u r i n g c o m p a n y a b o u t t h r e e y e a r s ago and now works with family owned manufacturing companies with revenues from $1 mill i o n t o $ 7 5 m i l l i o n . H e s a y s h i s c l i e n t s t r u l y v a l u e t h e a b i l i t y t o m a k e t h e C F O a v a r i a b l e cost since, “They usually have a good cadre of solid accountants on staff but not someone who can look at the more strategic issues with them ”

Wong explains that many companies hiring temporary senior-level help are held in a priv a t e - e q u i t y f i r m p o r t f o l i o T h e p r o j e c t s a n d terms he sees are usually no shorter than three months and up to two years in length. Many of these interim pros are offered the permanent job post, he adds

“We were recently brought into a privately h e l d c o m p a n y i n t h e m i d d l e - m a r k e t s p a c e , a family business,” Wong explains. “The investment banking firm representing them in a sale to a private-equity group asked for an interim CFO during the sale of the company This family business had a controller but no CFO, and the controller had never run the sale of an entity. Our candidate assisted with financial due diligence and helped to close the successful sale of t h e c o m p a n y. A f t e r t h e p r i v a t e - e q u i t y g r o u p acquired the company, it asked the interim CFO to remain as CFO for the new company ”

More often than not, however, most companies have a reactive versus proactive approach to contract hiring. “Either they’ve been handling the CFO function themselves and the business has gotten past what they know, or a lender is asking for a CFO because they’re not hitting cer-

t a i n m e t r i c s w i t h i n a l o a n , ” e x p l a i n s P h i l Elworth, a partner in B2B CFO®, which provides project-based contract CFOs

Most see they can’t pay a six-figure salary and don’t need that much expertise anyway, he adds So they hire the executive with sixfigure salary experience at a fraction of the cost The executive either trades a higher salary for more flexibility and work/life balance or adds several companies to his or her client list Together, those multiple clients add up to a full-time job

Pros and Cons

The advantages for companies hiring cont r a c t t a l e n t a r e m a n y F o r o n e , a s w e ’ v e m e n t i o n e d , t h e y g e t s e n i o r- l e v e l t a l e n t without the huge price tag What’s more, “They can try before they buy,” says Wong. “ T h e r e a r e m o r e s e n i o r- l e v e l c a n d i d a t e s t h a n t h e r e a r e s e n i o r- l e v e l o p p o r t u n i t i e s right now In this way, if a company decides i t d o e s n e e d f u l l - t i m e h e l p , i t k n o w s t h e candidate has the talent it requires because it has seen it firsthand ”

For executives, part of the thrill is in the sheer variety of work. “I get to work with a n u m b e r o f e x t r e m e l y t a l e n t e d C E O s a n d technology experts,” explains contract CFO

Tom Saftig “That makes it fun to go to each new company. It also spreads your risk. I’ve had companies in the past that have had to contract a lot A couple didn’t make it It’s disappointing when it occurs, but with multiple clients, you are still making a living.”

True enough, with 59 percent of finance e x e c u t i v e s w o r k i n g f o r t h e i r c u r r e n t e mp l o y e r w i t h o u t a n e m p l o y m e n t c o n t r a c t ( a c c o r d i n g t o a 2 0 11 s u r v e y b y F i n a n c i a l Executives International), working for multiple companies on a contract basis seems secure by comparison

Downsides do exist, however. For one, highly regulated industries have the challenge of extensive external reporting and oversight. Companies in these niches need someone who specializes in their requirements full time, therefore ensuring quick responses to any regulatory developments

W h a t ’ s m o r e , j u g g l i n g t h e d e m a n d s o f m u l t i p l e c l i e n t s c h e d u l e s c a n b e t r i c k y. “ S o m e t i m e s i t ’ s a b a l a n c i n g a c t t o k e e p e v e r y b o d y h a p p y a t c r u n c h t i m e , ” s a y s S a f t i g . “ I h a d f o u r b o a r d m e e t i n g s i n t w o days last week. Each client needed financials and forecasts In December, one of my clients closed a round of financing around the holidays while another was trying to get a round closed.”

Future Forecast

In bottom-line terms every organization can appreciate, contract CFOs have the ability to provide cost-effective, targeted knowledge and expertise in a consistently tough and ever-evolving marketplace

“We’ve seen this niche steadily increase over the last 12 to 15 years,” says Wong, with Hockman adding that, “I don’t see it

going away. Smaller companies won’t return to the old model. I think they’ll continue to use outside resources to augment staff even after the economy improves ”

“I really don’t know what would cause the trend to recede,” says Saftig “Unless the world all of a sudden gets less competitive ”

And we can’t imagine that ever happening, can you?

Going Up!

Six fields that could take you to the top of the accounting profession

By Selena Chavis

While many career fields have seen significant drops in hiring and wages over the past few years, accounting has remained refreshingly buoyant In particular, professionals point to increased demand for specialized accountants with experience in the following rapidly developing fields.

Forensics

The field of forensic accounting represents the integration of accounting, auditing and

we will continue to see a surge in hiring in this field, particularly in consultative and business advisory groups, as well as public accounting firms

Companies hiring forensic specialists are looking for accounting professionals with 2 to 5 years experience, traditionally with an audit or advisory background, since tax audit professionals are essentially a safeguard for businesses, and experienced in the analysis of financial records.

Accountants interested in this field should consider obtaining appropriate designations

t o c o m p l e m e n t t h e i r C PA c r e d e n t i a l T h e

AICPA offers the CFF, or Certified in Financial Forensics credential, for example, while the American College of Forensic Examiners

I n t e r n a t i o n a l ( A C F E I ) o f f e r s t h e C e r t i f i e d Forensic Accountant (Cr FA) credential

According to Robert Half International’s (RHI) salary forecasts, the standard range for forensic accountants is $60,000 up to the mid-$90,000s

Environmental Sustainability

Environmental accounting is getting more and more attention these days Specifically, environmental accountants assess the impact of a company’s environmental footprint on the bottom line and economy.

green energy industry The 1603 Program:

Payments for Specified Energy Property in L i e u o f Ta x C r e d i t s , f o r e x a m p l e , r e i mburses eligible applicants for a portion of the cost of installing specified energy property used in a trade or business or for the production of income

Tax accounting professionals are particularly well-suited to this field, since they can l e v e r a g e n e w g o v e r n m e n t i n i t i a t i v e s a n d e n s u r e c o m p a n i e s a r e u p - t o - d a t e o n c u rrent standards Employers in this sector are seeking accountants who also have policydriven backgrounds and technical accounti n g e x p e r i e n c e , p r e f e r a b l y i n a n a t i o n a l office or Big Four firm

Salary ranges vary, but according to RHI, more technical roles garner from $120,000 to $150,000

Accounting Information Systems

According to the Bureau of Labor Statistics (BLS), accounting and IT represent the two fastest growing job sectors in the United States In fact, 22 percent and 30 percent growth, respectively, is expected by 2018

With this in mind, it seems a natural course for an accounting professional looking for job security to consider branching into the IT field

Those specializing in accounting inform a t i o n s y s t e m s ( A I S ) , i n p a r t i c u l a r, h e l p companies choose or implement the best t e c h n o l o g y a n d s o f t w a r e p o s s i b l e , d r a wi n g o n e x p e r t i s e i n g e n e r a l a c c o u n t i n g , f i n a n c i a l a n d s y s t e m s a u d i t i n g , a n d c o nsulting Generally, the hunt is on for candidates with professional services experience in either IT audit or security and privacy, who also hold their CPA and CISSP or CISA certifications

According to AccountingEDU.org, “AIS specialists focused more on computer system design...are likely to see higher salaries than average, (close) to $75,500 ”

Agribusiness

The agribusiness industry currently represents nearly one-fifth of the U S gross national product, and employs close to one-fourth of the U S labor force Amid a difficult economic climate, job growth in this sector has remained strong, accelerating by 23 percent in 2010, according to the 2010 Agribusiness Job Report.

F u r t h e r m o r e , t h e 2 0 11 - 2 0 1 2 A g r i b u s iness HR Review found that more than 95 percent of companies experienced an increase in salaries during the last 12 months M o r e t h a n 4 5 p e rc e n t o f t h e c o m p a n i e s p a r t i c i p a t i n g i n t h e s t u d y i n d i c a t e d t h a t t h e y e x p e c t t o i n c r e a s e t h e i r w o r k f o rc e over the next two years

This industry growth goes hand in hand with a demand for more accountants, and professionals looking to the agribusiness industry can find opportunities with companies ranging from large multinational corporations to emerging food manufacturing and input supply firms

Accounting careers within the agribusiness industry may require that professionals supplement their credentials with coursework in agriculture In terms of salary, a position such as grain accountant (respon-

sible for processing grain and product settlements, etc ) might expect upwards of $45,000 a year A grain accounting controller with 3 to 5 years experience may garner $50,000 to $80,000.

Manufacturing/Construction

As the economy rebounds, RHI has seen hiring in manufacturing and construction begin to resurge And, in fact, manufacturing represents the bulk of sectors RHI supports in Illinois, with particular attention to traditional or cost accountants with 2 to 5 years experience

Manufacturing cost accountants are responsible for regular analysis of quarterly gross margins, inventory evaluation, compliance with Sarbanes-Oxley Section 404 implementation, cost accounting data, cost analysis and profitability, and preparation of weekly, monthly and annual reports

According to RHI, salaries for these professionals range from $60,000 to $90,000

Construction also has seen an uptick

According to the Robert Half Professional Employment Report, a net 14 percent of executives in this sector anticipated adding full-time staff in the first quarter of the year The greatest demand is for project accountants with 2 to 5 years of industry experi-

ence These professionals can expect to earn in the range of $50,000 to $75,000

Real Estate

Although the housing market has taken quite a hit nationally, RHI also is seeing job growth for finance and accounting professionals within the real estate industry, particularly among real estate investment firms and property management companies

Real estate fund accountants, for example, focus on accountability for real estate h e l d i n i n v e s t m e n t f u n d s T h e y a r e t y p ically responsible for reporting on transaction activity, calculating pricing and distribution rates, producing investor analyses and managing client bank accounts.

A p r o p e r t y a c c o u n t a n t , o n t h e o t h e r hand, is typically responsible for tracking all cash activity for a particular property, as well as working with property managers to a c c u r a t e l y a c c o u n t f o r t e n a n t p a y m e n t s and analyzing daily cash positions

Often a bachelor’s degree in accounti n g i s c o u p l e d w i t h p u b l i c a c c o u n t i n g experience in order to secure this type of p o s i t i o n E x p e r i e n c e w o r k i n g w i t h r e a l estate clients is an obvious boost.

S a l a r i e s i n t h i s s e c t o r f a l l i n t h e m i d$50,000 to mid-$80,000 range, depending on focus and years of experience

CPA 2040

Young minority accounting and finance pros hold the key to the profession’s future

By Christine Bockelman

ICPAS Diversity Initiatives

To state the facts plainly, for the past several years there have been too few college graduates e n t e r i n g t h e a c c o u n t i n g f i e l d a n d t o o m a n y Baby Boomers exiting it The news isn’t much better looking forward, as the dearth of talent is only expected to increase

But the future also holds promise, particularly in light of the U S Census Bureau’s estimate that by the year 2040, Caucasians will be a minority.

“Diversity is all about talent sustainability,” says Kathy Hannan, national managing partner f o r c o r p o r a t e r e s p o n s i b i l i t y a n d d i v e r s i t y a t KPMG “There’s going to be a huge gap in talent, and this is going to have implications for the broader market ”

Although firms have long understood it takes more than a bunch of stereotypical white males to ensure their success, with their eyes on the predicted 2040 statistic, many have implemented out-of-the-box programs that are designed to grab the attention of minority youth

“ L a w, C S I a n d m e d i c i n e , t h a n k s l a rg e l y t o b l o c k b u s t e r t e l e v i s i o n s e r i e s , a l l s e e m m o r e d y n a m i c t h a n a c c o u n t i n g , ” s a y s To n y F u l l e r, r e c r u i t i n g m a n a g e r f o r t h e C h i c a g o o f f i c e o f Grant Thornton. “Kids, and especially minority kids, are not aware of what accountants really

If you’d like to learn more about diversity and the CPA profession, or if you’d like to contribute to diversity efforts, take advantage of these programs and initiatives, developed by or in association with the Illinois CPA Society

Accounting Firm Diversity Conference: This annual event is hosted by some of the largest accounting firms in Chicago in partnership with the ICPAS to increase awareness of the profession among diverse junior- and senior-level high school students

CPA Endowment Fund of Illinois: The ICPAS and CPA Endowment Fund of Illinois support initiatives and scholarships that encourage diverse students to pursue careers in accounting In addition to collaborating with local chapters of the National Association of Black Accountants and Philippine CPAs of Chicago, the ICPAS and Endowment Fund’s Mary T Washington Wylie Opportunity Fund is developing a program designed to increase the number of African-Americans and other underrepresented minorities in the accounting profession by providing educational, professional and leadership opportunities for new and future CPAs Further, the Herman J Neal Scholarship Program supports African-American students in their pursuit of an accounting education and the CPA designation

Outstanding Leadership in Advancing Diversity Award: This annual award recognizes an exceptional leader who has made a marked contribution to advancing diversity in the accounting profession Nominees typically have 10-plus years of full-time work experience and are employed in any area of accounting or finance, including public, industry and nonprofit A recently added category, the Emerging Leader Award, recognizes contributions made by young professionals who typically have fourplus years of full-time work experience

To learn more visit www icpas org

do. They think we sit in a room and crank out numbers and push reports They don’t understand that it’s a people business ”

Grant Thornton is working to address this misconception by offering job shadowing opportunities and career days to encourage younger, pre-college students to consider accounting as a career “A lot of these kids don’t have any role models in accounting,” Fuller explains “They have no exposure to the profession We have to get at them early, convince them it’s a good career choice, and get them moving towards the needed education and skill sets ”

Grant Thornton also works closely with community colleges, identifying and encouraging students who can transfer to four-year programs and into the accounting profession. Community colleges are brimming with talent primed for grooming, says Fuller

The numbers back up this emphasis. Whereas in 1994 community college students were about 73 percent white, by 2006 that percentage had dropped to 58 Over the same period, the African-

creased from 21 to 33 percent

At KPMG, recruiting efforts are tied to even the youngest generations In 2007 the firm started its KPMG’s Family for Literacy program, which works to put books in the hands of lower-income children in kindergarten through 8th grade, many of whom are ethnically diverse or reside in ethnically diverse neighborhoods. The firm encourages its employees to donate not only books, but also their time to help at-risk children and their families learn to read

“Literacy is tied to financial literacy,” explains Hannan “We’re very involved in reading because, from a recruitment standpoint, these children are part of the supply chain of talent We need them to be ready to learn ”

MARK YOUR CALENDAR!

2012 Spring/Summer Conferences

May 1, 2012 | Springfield

May 2, 2012 | Rosemont

Gover nment

May 8, 2012 | Chicago Est ate & Gif t Tax

May 22, 2012 | Chicago Employee Benefits

May 23, 2012 | Chicago Business Valuation Symposium

June 7, 2012 | Chicago

Taxation on Real Est ate

June 12, 2012 | Chicago

Not-for-Profit Complex and Emerging Accounting and A -133 Issues

June 2012 | Chicago Financial Forensic Workshop

The firm also is working with the National Academy Foundation (NAF) to strengthen high-school accounting education at its Academies of Finance across the country The NAF works to prime students for college and careers beyond college by using industryfocused curricula, work-based learning and business partners The NAF collaboration is already in place in eight cities, and is being rolled out in 10 more. “

school,” says Hannan “They are far more globally aware via the internet, and far more networked than we are. They are already accustomed to a much higher level of diversity than we are ” KPMG is also working to start junior and high school versions of the National Association of Black Accountants, the Association

minority-focused accounting organizations. “We are doing all this under our corporate responsibility agenda,” says Hannan “It’s our responsibility to ensure that there are more accounting professionals out there for our clients and also our competition. A competitive marketplace benefits all of us ”

“It’s very important that a firm not only remain diverse, but also reflects the make-up of society,” says John O'Connor, a Chicagobased partner at Plante Moran and an advisory member of the firm’s Diversity Council “You want diversity of thought to solve problems, not group think.”

Last year, Plante Moran introduced UNITE, a one-day program attended by 24 ethnically diverse college students with the goal of encouraging firm diversity. UNITE introduced the students to Plante Moran and provided them with career guidance Another initiative, TRACK, is a six-week internship program for academically promising students who are actively involved in multicultural organizations

“We are constantly talking about the statistics and forecasts,” O'Connor explains. “It will take the efforts of the entire profession to help to attract good diverse talent to keep us moving forward ”

The biggest challenge in this recruiting effort will be supply and demand. “Right now there’s a shortage of African-Americans and Latinos in accounting,” says Fuller “We need to push the envelop and continue to talk about what we can do to get these numbers up. The work we do only benefits the profession as a whole, but right now there are only so many minority candidates to go around ”

Shifting demographics and other workforce realities have made these changes to recruiting practices a necessity At the very least, firms need to replace retiring members of the Baby Boomer generation. By 2050, it’s estimated that 1-in-5 Americans will be Boomers.

“We are on the precipice of a major change in the marketplace,” Hannan notes

What’s good for KPMG, she adds, is good for the industry as a whole “We are creating shared value What is good for the enterprise is good for the broader market ”

And even if the Census Bureau statistics don’t pan out (although there is no reason to think they won’t), the focus on diversity will only help the profession

“Casting a wider net in recruiting will only bring in more talent, and bring in more perspectives,” says O’Connor “People from different backgrounds bring different perspectives to a client’s problem. Making a more diverse firm is a better firm.”

Despite uncertainty over what the future holds, there’s no arguing that in an increasingly global economy, an increasingly diverse workforce can only be a good thing.

2012 is a CPE Reporting Year. Licensed CPAs need 120 hours of CPE, including 4 hours of Ethics CPE, by September 30, 2012. www.icpas.org

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Money Isn’t Ever ything

Six things that motivate accounting and finance pros more than a dollar sign

By Bridget McCrea

It’s no secret that companies across all industries are operating in a very different business environment today one that has most of us hankering for the halcyon days of the turn of the century Belts have been tightened, and everything from marketing initiatives to employee incentives are being hit hard

U n f o r t u n a t e l y, s k i m p i n g o n t h e l a t t e r c a n pretty much shoot you in the foot. Employees are, after all, the lifeblood of your enterprise

So, if you don’t have the benefit of a deep wallet to dig into, how do you keep motivation high and turnover low?

1. Get Rid of the Project Lead

We also could have called this one “Empower Your Employees to Do More ” Think about it Employees need to be invested in the company in order to feel, well, invested in the company. I f t h e y ’ r e e m p o w e r e d t o m a k e d e c i s i o n s a n d participate in important company strategic deve l o p m e n t , t h e n t h e y ’ r e m o r e l i k e l y t o f e e l a sense of ownership and to make company interests a priority

How do you manage this in practical terms? F o r o n e , e n c o u r a g e a n o p e n , c o m m u n i c a t i v e c o r p o r a t e c u l t u r e o n e i n w h i c h e m p l o y e e buy-in isn’t restricted or shaped by hierarchy Good ideas come from all directions

Also, switch out project leads to give everyone a chance to serve in a leadership role. Show them that you’re willing to think outside the box and to create scenarios for individual success.

“

Yo u r e m p l o y e e s w i l l b e w e l l - r o u n d e d , ” says Rob Wilson, president at HR outsourcing f i r m E m p l o y c o U S A , “ a n d m o r e i n t e r e s t e d i n their own success and that of the company as a whole.”

2. Recognize the Little Things

A public thank you, a blurb posted in the company newsletter, an opportunity to be publicly acknowledged for one’s expertise…Small gestures speak volumes in the midst of a professional landscape where it’s often hard to stand out, however hard you work In fact, according to the U S Department of Labor, the number one reason people leave their jobs is a lack of appreciation. If that’s not a wake-up call, then I don’t know what is

O p p o r t u n i t i e s t o r e c o g n i z e e m p l o y e e s a r e limited only by your imagination and sense of gregariousness On the most basic of levels, it might take the form of an All Staff email to let everyone know that, hey, we just heard from o u r b i g g e s t c l i e n t , a n d t h e y c o u l d n ’ t s a y enough good things about the work Jane Smith d i d o n t h e i r a u d i t O r m a y b e i t ’ s a c a t e r e d

lunch in honor of John Jones’ team, which s p e a r h e a d e d a n e w s y s t e m f o r i n v o i c i n g that just saved the firm X hours and X dollars Or, taking things a step further, maybe it’s a matter of boosting an employee’s selfesteem and flexing your in-house training m u s c l e b y h a v i n g a s t a f f m e m b e r w i t h expertise in a particular area lead a lunchhour training session for colleagues.

3. Promote From Within

Before you post that job, Wilson recommends taking a look around the office to see who’s prime for promotion Take a personal approach to the hunt for the perfect candidate. Chat with employees and gauge their levels of job satisfaction, what makes them tick, and where their true aspirations lie

This takes work on your part, and a commitment to staff development It means inviting members of staff out for coffee or for lunch to get to know them better, and revisiting personnel files to remind yourself of employee backgrounds (yes, they had a life before they joined you) Maybe you didn’t realize that the staff accountant you hired two years ago started off in marketing, for example Now your hunt for a new Marketing Manager just got easier. You have in your midst someone uniquely familiar with not only your industry, but also your company, and what it takes to market your expertise.

“Let people know you are promoting from within The likelihood that your employees start looking for another job will go down significantly,” says Wilson, who points out that nearly 75 percent of working Americans plan to start job hunts in 2012 “Even if you can’t give out big raises and bonuses you can show employees that there’s a future with your firm ”

4. Reward with a Privilege

Working for rewards is not a new concept

Working for rewards that don’t have a dollar sign attached to them might be

As work/life balance becomes more and more of an issue for a generation of workers that defines itself far beyond its role back at t h e o f f i c e , a w a r d i n g f l e x - t i m e p r i v i l e g e s becomes an interesting incentive option In fact, according to the AICPA, free time is o n e o f t h e m o s t v a l u e d c o m m o d i t i e s f o r most accounting professionals

How do you make this type of reward system work on a day-to-day basis? Perhaps it’s a case of an exemplary employee earning the privilege to work longer hours Monday through Thursday so they don’t have to come in on Fridays Or maybe it’s a matter of a high-performer earning the ability to

work from home one day a week, or two afternoons a week, and so on Whatever form it takes, there’s a vast list of creative solutions that preserve productivity while boosting morale and improving an employee’s quality of life and longevity within your ranks.

5. Encourage Variety

Question: How do you keep your accounting and finance staff motivated? Answer: By keeping their jobs interesting

Don’t get them stuck in a rut by giving them the very same projects, year in, year out Essentially you’re punishing them for a job well done by insisting they do the same thing over and over again

Of course, you don’t want to waste all that knowledge and expertise. And indeed, you don’t have to That’s what mentoring programs are for Experienced employees are freed from the ho-hum, while less experienced employees feel satisfied that you’re investing in their futures In the meantime, project and client variety keeps things interesting, and allows skills to be continuously honed rather than reaching a status quo

Cross-training is another take on the concept Use it to give employees a break from their usual jobs and test out the waters in another division. Show employees that you’re interested in keeping them happy and engaged in a field where client and project variety doesn’t always come naturally.

6. Make Work a Social Affair

You spend the majority of your time with y o u r c o - w o r k e r s I t ’ s p r e t t y l o g i c a l t h a t you’ll enjoy that time more with co-workers you feel you know well and can consider friends as well as colleagues

For far too many organizations, being social extends only as far as the annual holiday party, sequestered somewhere in a conference room, eating cake and waiting for the CEO to make an announcement. That really won’t cut it

Think more in terms of happy hours, rallying employees together to support a cause (maybe a team to take part in a walk supporting a cure for cancer, for example), or getting them together for an after-work softball team, or any number of events that are fun and casual, and where you see the real person behind the office persona.

E m p l o y e e i n c e n t i v e s a r e n o l o n g e r s o cut-and-dry or simple to assess While that poses a challenge for many, it also presents an opportunity especially for small busin e s s e s h u n t i n g f o r w a y s t o r e i g n i n c o s t s while keeping motivation high.

The Sixteenth Annual Multistate Tax Institute

June 14, 2012

Milwaukee, WI

Deloitte Center for Multistate Taxation Institute highlights include:

✓A nationwide and regional perspective of the year’s most important state and local tax developments by the best in the business, including Frankel, Pomp, Gall, Kulwicki, Nachbar, Wethekam, Rosen, Friedman, and Hardt.

✓Expert insight into numerous money saving opportunities.

✓Cutting edge planning techniques being used in the nexus area.

✓Wisconsin Department of Revenue update on recent changes.

For program and registration information, please email us at salt-conf@uwm.edu

STUDENTS Go Public

Why and how to land your first job in public accounting

By Sheryl Nance -Nash

Where you begin is a big factor in deciding where you’ll end up And when it comes to square ones, public accounting is an enviable place to be.

"With public accounting you have the best o p p o r t u n i t y t o a p p l y a l l y o u ' v e l e a r n e d i n school, and over time you gain solid knowledge and experience that makes for a strong foundation for your career," says Pat Porter, HR director for public accounting firm Rea & Associates

accounting, much of the work involves prepari n g f i n a n c i a l s t a t e m e n t s t h a t a r e a u d i t e d b y a c c o u n t i n g p r o f e s s i o n a l s o n t h e p u b l i c s i d e "Having experience as an auditor is a big plus when you decide to switch and go outside public accounting," says Moore

Know, too, that in some states you’re required to have auditing experience in order to earn a CPA license "That alone is a good reason to go into public accounting," Moore explains "The (CPA) designation is issued by the government and carries a lot of weight CPAs have the ability to audit and attest financial statements," he adds

O n c e y o u ’ r e a C PA a n d y o u ’ v e w o r k e d i n p u b l i c a c c o u n t i n g , t h e o p t i o n s a r e l i m i t l e s s " W h a t c o m p a n y n e e d s C PA s ? A l l o f t h e m every industry Whether you like sports, fashion, IT, social media everything has CPAs You can go into any industry you want," says Moore.

There’s no doubt you’ll be in demand. "With a few years of experience in public accounting, you will have worked in hot areas such as SEC reporting, 10k and Sarbanes-Oxley. You're prepared. You've worked with different clients and different industries,” says Goff.

Much of the work involves auditing organizations to ensure the accuracy of their financial statements However, there's more to the job than that “The scope of duties might include tax, consulting, HR management, security and privacy, and more,” explains Scott Moore, senior manager of college and university initiatives with the AICPA

If you're looking for broad exposure, public accounting is where you want to be. "You see a lot, you're thrown in the fire, you learn quickly," says Andria Kim Goff, a CPA and senior executive recruiter for Accounting Principals

Furthermore, if you have an interest in one day transitioning into the business and industry sector, a background in public accounting will put you at the top of the recruiting list In private

In fact, hiring demand is almost back to the all-time high set in 2006-2007, according to the AICPA’s 2011 Trends in the Supply of Accounti n g G ra d u a t e s a n d Th e D e m a n d f o r P u b l i c Accounting Recruits

"There was a pull back in public accounting in 2008 and 2009, and even in early 2010; but we are seeing firms looking to staff up,” says M i k e A s s a a d , C h i c a g o M e t r o M a r k e t m a n a g e r for Robert Half International, which specializes in accounting and finance professional staffing “They have reached out to us for experienced hires, but they are also looking for recent grads We expect there’ll be a healthy job market for 2012 grads. Hiring is trending upward."

That demand isn't likely to thin out any time soon. "Between 2006-2016 the accounting field is expected to grow 22 percent," says Moore. In fact, the demand for talent exceeds the supply; there simply aren’t enough people studying accounting in college. Right now, there is a

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shortage of senior manager level to partner level in public accounting," he explains.

accounting positions. "Last year most of our CPA client firms gave 10- to 15-percent raises," says Goff

That said, "Public accounting is very competitive, given the sheer number of people who are interested in the field It's the gold standard if you're studying accounting. From day one, from accounting 101, the career path is easily identified through public accounting," says Porter

One of your first big decisions is which group to target: Small to mid-sized firms or large public accounting firms Choose wisely; they offer decidedly different experiences

"The Big Four offer a variety of services, and clients are likely to be Fortune 500. With a sole proprietor you may be helping the barbershop next door or the general contractor down the street In the small firm arena you get involved in almost every function audit, tax, etc. versus at a big firm where you most likely will be specialized, say in audit or tax. A small firm will give you a broader scope of responsibility, unless of course the firm focuses only on one area, say business valuation," Moore explains

No matter what size your public accounting firm, expect to work a lot of hours, especially during the busy tax season from January through April "At the low end you can work 50 to 55 hours or a high of 70 to 75 hours per week, depending on the firm," says Assaad

The big challenge is how to stand out from the crowd that's just as eager as you are to win that plum position Here, then, are five tips to help you land that much sought-after first job in public accounting

1. Get Involved in the Profession

Join accounting organizations and clubs on campus like Beta Alpha Psi, the honor society for accounting students, as well as associations like the AICPA and state CPA associations like the Illinois CPA Society Not only will you round out your education, but you'll also have the opportunity to network with the people who can help you land the job you’re after What’s more, you’ll have the chance to participate on committees and task forces that could put you face to face with the people in charge.

h e accounting association club or honor society? They want that highperforming student," says Porter

2.

Get Involved in the Community

Community involvement is a big deal "They want to see that you understand and appreciate giving back," Porter explains

If you’re passionate about a particular cause, volunteer for an organization that supports it Also, take advantage of the public interest arms of the professional associations you join The Illinois CPA Society, for example, offers a wide range of volunteer opportunities specifically for its members. Examples include the annual CPA Day of Service, the Low-Income Tax Preparation Project and Junior Achievement (See Volunteer News on page 48 )

3. Score High on Your GPA

Academics are huge In fact, "The higher the GPA the wider the d o o r t o o

o r

n i t y, " s a y s P o r t e r “ W h i l e y o u m i g h t g e t i n t o a regional or local firm with a 3 0 GPA, 3 5 is the benchmark for the Big Four, and in reality it may be even closer to 3 7 or 3 8 ”

4. Master Your Soft Skills

In today’s accounting and finance world, academics and technical know-how simply aren’t enough You have to be an effective communicator If you're going to be auditing client's statements, you need to be able to communicate with C-level people and the board. Your written and verbal skills must be stellar.

"The old stereotype of an accountant punching a calculator doesn’t apply to the new world," says Moore You can’t hide behind closed doors You need to be comfortable in any arena

5. Dip into the Work World

Without relevant work experience you may be left behind Which is why securing and performing well on an internship is vital

“By all means, get that internship or two, even if only for a summer or during tax season Internships often turn into job offers upon g r a d u a t i o n , ” s a y s M a r k C o l l i n s , m a n a g i n g d i r e c t o r o f C h i c a g o recruiting firm The Mergis Group.

"You want to show that you have developed a work ethic and can work as part of a team," Porter adds. T

t t

e s o n

t

o n l i n e C a r

r

n t e r [www icpas org/jobs/SearchInterns aspx] Employers are then able to search this database according to the student’s location, internship term and internship type (paid or for credit)

The opportunities in public accounting are plentiful thanks to complex legislation and regulations. "With all the new regulations firms will continue to increase their hiring of those right out of college, as well as the very experienced. There are also a lot of shoes to be filled from those who left during the downturn," says Assaad

Simply put, public accounting is back and in a big way.

Paving the Way for Tomorrow’s CPAs CPA Endowment Fund of Illinois

The Illinois CPA Society and the CPA Endowment Fund of Illinois thank our generous donors for their annual contribution or pledge. Donors provide various scholarship and professional development opportunities for people working to join the accounting profession and achieve the CPA credential. For additional information or to make a donation, please visit www.icpas.org/endowment.htm.

April 1, 2011-March 31, 2012

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“Thank you for your generosity, thank you for believing in the next generation of CPAs, thank you for believing in our dreams just as much as we do.” - Charlene D. Rhinehart

Donors who have extended their impact on the profession beyond their lifetime with a planned gift to the CPA Endowment Fund of Illinois are marked with an asterisk. Donors with a multi-year pledge are recognized for the full amount of their pledge in the first year and for the amount of their pledge installment paid in the remaining years of the pledge. Every attempt was made to acknowledge all donors who have given during this time period. If you note a discrepancy please call (312) 993-0407, ext. 290.

Think Before You Ink

How enforceable are non–compete covenants?

By Brian J Hunt

Non-compete (or, more specifically, noncompetition restrictive) covenants are designed to prevent employees from working in a particular industry or geographic area for a specified period of time hence the notion of non-compete. But signing without considering the consequences has its consequences

How do non-compete covenants work? In the 2011 case of Reliable Fire Equipment Co v Arredondo, the Illinois Supreme Court articulated a three-pronged test to determine whether a non-compete covenant is enforceable; namely, it must not (1) exceed what is required for the protection of a legitimate employer interest; (2). impose undue hardship on the (former) employee with respect to activity, geographical area and time; and (3) be injurious to the public

According to the Court, the employer has to establish that it has a legitimate business interest worthy of protection Rather than being based on any rigid, inflexible formula, however, this determination is based on the “totality of the circumstances ”

The Court further explained that restraint is usually justified if striving to prevent an employee from appropriating confidential and proprietary trade s e c r e t s a n d b u s i n e s s i n f o r m a t i o n o r usurping relationships with customers

t h a t a r e n e a r p e r m a n e n t , a n d w i t h whom they wouldn’t have had contact if it weren’t for their employment

However, no factor is finite All the circumstances have to be considered.

Taking a closer look at Reliable Fire Equipment Co v Arredondo, Reliable sells, installs and services fire alarm and fire suppression systems for non-residential buildings, including industrial, commercial and retail businesses, hospitals and schools Reliable’s 100 employees include salespeople, installers and service technicians, and it does the majority of its business in the Chicago

Metropolitan area, Northern Indiana and Southern Wisconsin. Reliable has been in business for more than 60 years.

In 1992 Reliable hired Garcia as a technician Approximately one year later he became a salesman In 1997 all employees including Garcia were required to sign non-compete covenants. In 1998 Reliable hired Arredondo as a salesperson, and he too was required to sign a non-compete covenant Garcia and Arredondo agreed not to compete with Reliable during their employment and for one year after termination anywhere in Illinois, Indiana or Wisconsin. Garcia and Arredondo further promised not to solicit any sales or referrals from Reliable customers or referral sources, or to solicit Reliable employees to leave the company’s employment

By April 2004, however, Garcia and Arredondo had formed their own concern High Rise, a company supplying engineering fire alarm and related auxiliary systems throughout the Chicago Metropolitan area In August 2004 Reliable’s founder and chairman became concerned that Garcia and Arredondo were planning to compete with Reliable Both Arredondo and Garcia denied they had any such intention On September 1, 2004 Arredondo resigned from Reliable and, shortly thereafter, Garcia was fired on “suspicion” of competition

In December 2004 Reliable filed suit to enforce its non-compete covenants The trial court, however, refused to enforce the covenants, concluding that Reliable failed to prove the existence of a legitimate business interest. In 2011 the Illinois Supreme Court returned the case to the trial court to determine whether Reliable had a legitimate protectable business interest based on the totality of the circumstances.

Certainly, Reliable should present evidence that Arredondo and Garcia acquired trade secrets or proprietary business information during their employment secrets and information to which they otherwise wouldn’t have had access. Reliable also should establish that the information was not made available to all employees, and that specific efforts were made to

invest in, develop and protect the information through written agreements and restricted physical access. What’s more, Reliable should present evidence of its investment in client acquisition and maintenance, as well as showing that its customer relationships are near permanent.

By the same token, you have to wonder w h e t h e r k e e p i n g A r r e d o n d o a n d G a rc i a from working in the industry anywhere in Illinois, Indiana or Wisconsin beyond Reliable's sales territory is a case of overstepping, and whether keeping Arredondo out of work in that industry for one year is r e a s o n a b l e F u r t h e r m o r e , y o u ’ d a s s u m e that the totality of the circumstances would

sonal contact during their employment.

On the flip side, the Court isn’t likely to look favorably on an unrestrained effort to husband an employer's resources for personal gain scheduling a High Rise sales call while employed at Reliable, for example. For their part, Arredondo and Garcia would be wise to establish that the industry is marked by an already high degree of

2012 | call for nominations

competition, low investment in client acquisition and high degree of client turnover, and that Reliable had no confidential information to protect For example, a target client list of names selected from a phone book will not, in itself, be deemed confidential or proprietary

The door is open for ingenious employers and employees to frame their circumstances to best suit their interests Which i s w h y b o t h e m p l o y e r s a n d e m p l o y e e s should think before they ink a non-compete agreement

Visit www icpas org/insight htm for a PDF of the 2011 Reliable Fire Equipment Co v Arredondo case

The Illinois CPA Society, together with the AICPA, is once again looking for outstanding women who have made significant contributions to the accounting profession, their organizations, and to the development of women as leaders.

AWARDS WILL BE GIVEN IN TWO CATEGORIES:

experienced leaders

•mentoring other professionals

•community service

•major or unique contributions to the profession

•leadership in workplace improvements

•authorship of professional articles

emerging leaders

•demonstration of leadership

•contributions to the profession

•creation and implementation of unique initiatives in the workplace

•community service

•involvement with her alma mater

Candidates must be members of the Illinois CPA Society (ICPAS) and American Institute of Certified Public Accountants (AICPA).

Not a member? Visit www.icpas.org and/or www.aicpa.org.

Applications must include information supporting the individual’s qualifications (resume, biography, letters of support, etc.) and can be sent to: Illinois CPA Society, 550 W. Jackson, Suite 900, Chicago, IL 60661-5742, Attn: Kimberly Johnson-Evans, Women to Watch Awards.

For more information, call 800.993.0407, ext. 220. or visit www.icpas.org/womentowatch.htm.

Deadline for submissions is June 25, 2012

What’s in a NAME?

Pretty much everything.

By Carolyn Tang Kmet

What do Martha Stewart, Rachel Ray and Oprah Winfrey have in common? They’ve all turned their names into household brands Each one of these brands has its own set of product attributes Martha Stewart, for example, is synonymous with anything related to home and family Rachel Ray started out with “EVOO” and then branched into cutlery, cookware and even pet food Oprah Winfrey? Well that brand sells anything from books to Broadway shows Martha, Rachel, Oprah they’re not just people, they’re brands.

MY BRAND

Having a strong personal brand is particularly key when hunting for jobs “Seventy-seven percent of recruiters now check search engines and social media sites to find out more information about a potential candidate,” Wainwright explains. “Nowadays, anyone can and will search for you online, and it’s imperative you know what they’re going to find. Your Google results have become your calling card, so use them to your advantage ”

Perhaps you’re not looking for a job Perhaps, instead, you’re looking for new clients. Word-of-mouth referrals are great, but most consumers will research the referral online before committing A quick Google search for "Chicago CPA," for example, returns the site www KarlBlovet com in the first page of results Click over to the site and you’ll see Karl Blovet’s biography and credentials, along with a deep collection of his authored articles, as well as tools that help to build a picture of Blovet’s expertise and credibility

Social media has essentially given a voice to any individual willing to share their thoughts. Twitter, LinkedIn, Facebook, Yelp, Foursquare all are brimming with personal opinions and unsolicited commentary. These channels have enabled any and all professionals to create a persona that can be developed into a personal brand Yelp is particularly relevant to CPAs seeking to stand out in potential employers’ and clients’ eyes. The site is driven by consumer reviews of shops, restaurants and services Search “CPA” on Yelp in Chicago, and you’ll see the first result is for Alberto Roman, CPA. He has 17 reviews, and each scores five-out-of-five stars Here’s an excerpt from a review written by “Kate P ” from Berwyn: “Bert is very passionate about numbers, you can tell that just by talking to him. He wasn't afraid to answer any of my questions and on top of it all, he gave me great financial advice. He even told me that I qualified for a deduction, which I wasn't eligible for last year, but am this year, so whoo hoo!”

While the language may seem flippant, the sentiment is sincere. Furthermore, potential clients are likely to resonate with positive re v ie ws writte n by y our e x is ting c lie nts A nd in a da y a nd a g e where soft skills rank as high as technical skills in terms of desirability, such commentary bodes well for employers searching for their next hot hire.

“ T h e i n t e r n e t a n d s o c i a l m e d i a h a v e c h a n g e d t h e p e r s o n a l brand game,” says Toby Bloomberg, founder of Diva Marketing “Social media turned the traditional resume, where we controlled what we wanted people to know about us, into a delivery system of information about ‘regular people.’”

By default, any businessperson who participates in social media and therefore creates an online profile must accept that their private life will become part of their personal brand

What’s more, says Bloomberg, you need to consider “another side of the businessperson’s digital footprint which is just beginning to be explored how an employee’s online reputation and image impacts the goodwill of the enterprise he or she represents (This) corporate personal branding is the convergence of corporate branding and personal branding, based on the alignment of values supported by content and social media, for mutual benefit ”

That said, David Langton, co-author of Visual Marketing and partner at design communications firm Langton Cherubino Group, points out that, “When Martha Stewart is selling items and services, she actually creates a separate entity from her personal identity The brand personality must stand for the principles of the services and the products it represents ”

The other benefit of separation of self and brand is the ability to insulate the brand in the event of negative press “I don’t buy the ‘all publicity is good publicity’ argument for personal brands,” says Langton. “It’s difficult to be a brand. Real people make mistakes and try things that are not always in the best interests of the marketing of a brand. There are plenty of high-profile brand personalities, like Tiger Woods and Martha Stewart, who have gotten into trouble when their personal problems became brand hazards ”

Even so, “You need to be memorable,” says Jim F. Kukral, author of What is Personal Branding? How to Create a Memorable and Powerful Brand that Sells You! “If you’re going to brand yourself, you need to stick with it and really believe in it and live it.”

In fact, consistency, clarity and conciseness are the three keys s t r e s s e d b y S u s a n G r a i m , p r e s i d e n t a n d c r e a t i v e d i r e c t o r o f C h i c a g o - b a s e d P R O C E E D b y D e s i g n , a s t r a t e g i c b r a n d i n g a n d de s ig n firm “ F oc us on s potlig hting y our e s s e ntia l bra nd a ttributes,” she says, “not just in what you say in messaging, but also in how you convey your activities It’s too easy to get caught up in tangential interests and lose your focus ”

W h a t e v e r y o u d o , t h o u g h , d o n ’ t b u i l d y o u r b r a n d a r o u n d a topic you know only a little about “If you don’t live and breathe it, then you shouldn’t try to be an expert on it. You will only

Similarly, “Don’t try to be all things to all people,” says Roshini Rajkumar, a communication and executive career coach and author of Communicate That! Instead, she says, define your skill set and identify your audience Then set about exerting your influence If, for example, you want to assert yourself as a financial advisor, you

fail,” Kukral warns

“A personal brand not only makes you stand out from the crowd, but it also helps you to establish yourself as an exper t in your field,” says Steve Wainwright, founder and CEO of Profiled.com, a free online service that enables business professionals to manage and monitor their own professional profiles. “People are more inclined to do business with a known exper t than they are with someone they have never heard of before,” he explains.

might start a newsletter positioned to your current clients Don't necessarily focus on what services you offer Instead, keep the communication informative and industry focused. Another avenue would be to submit speaker proposals to industry conferences through your state CPA society and other professional associations Doing so serves two purposes: It positions you as an expert among your peers and it gives you an opportunity to network with other experts in the industry.

Once you’ve identified your brand and target market, the next step is to create a look and feel or identity “Visuals are important for a personal brand identity just as they are in a c o r p o r a t e i d e n t i t y, ” e x p l a i n s R a j k u m a r “ U s e c o l o r, l o g o s , graphics, symbols, etc to build a brand that best reflects who you are and the skill set you are marketing ” Don’t fall into the trap of thinking such things are superficial and therefore u n i m p o r t a n t “ C o l o r a n d f o n t s c o m m u n i c a t e a s u b t e x t u a l message For example, red suggests power, yellow suggests friendship, and a more cursive font is sometimes seen to promote a higher end product or service ”

It takes time to develop a personal brand, and even longer to grow a critical mass of fans Identify influencers who can help to promote your brand. “Build relationships with those influencers long before you ask for help, so that when you approach them about amplifying your message they know who you are, like and respect you, and are willing to help,” advises Shel Horowitz, a marketing and branding consultant and award-winning author of Guerrilla Marketing Goes Green

“Don’t try to make a big branding push if you have seven Twitter followers and a dozen friends on Facebook,” he adds. Instead, start disseminating content in advance, before reaching out to key partners and influencers, so that you have a history of contributing worthwhile information. “Definitely don’t get caught up in your ego, or shove promotional messages down people’s throats ” In fact, Horowitz recommends that personal brand-builders maintain a 20:1 ratio of informational to promotional posts on social media sites.

Once your brand is out there, it may become a target for criticism Horowitz recommends steering clear of what he calls “cat fights.” However, negative responses aren’t necessarily a bad thing

b

“ E m o t i o n s c r e a t e

causes people to pay attention,” Kukral emphasizes. “You want to be known Focus on the people who love you and what you do ”

All About Me

Carlos Flores is co -founder of Chicago -based MangoCreativeStudios com He says there are five key elements associated with effective personal branding:

1. A Professional Profile Picture: A professional photo is a musthave to boost your personal branding efforts A lot of times, the first contact your prospective customers will have with you is your profile picture A good photo will either sell the first appointment or make them run somewhere else

2 A Personal Logo: This is not your company ’ s logo A personal logo is a wordmark of your name It will convey the message that you ’ re qualified in your field Consult with a professional graphic designer to ensure that your logo stands out in all the right ways

3 A Website or Blog: You must have a personal website www yourname com where you can promote your expertise to both prospective employers and clients

4 Social Media: Sites like Facebook, Twitter, YouTube and LinkedIn are a must-have in your personal branding arsenal Ensure your profiles are complete and include any projects that you have undertaken or are currently working on Share posts or updates that illustrate your expertise in your given area

5. Great Service: Exceptional service is the best personal branding tool you have, whether you ’ re job -hunting or looking to build your book of business

By Der r ick Lilly

Whether you’re a sole practitioner or the CFO of a large corporation, you likely have a vision of where you want your business to go and how you want it to get there The same thought has to go into charting how each role in your organization affects your business from the interns all the way up to the executives

Wiley shares a recent, and common, experience: “I was doing vision planning with a firm and I asked, ‘Who’s going to succeed the partner who’s planning to be gone within five years?’ One of the other partners said, ‘Me ’ So, I sent him to his corner and asked him to think about the firm 10 years from now; it turns out he too will be gone before then ”

The lesson: “Start thinking further than two or three years ahead,” Wiley stresses. “Ten years is a good timeframe to start with, and every following year update the plan for the next 10 years ”

With insight into your business’ future, including which employees may be leaving and what roles you’ll need to fill or create, you can kick your staff retention and development efforts into the next gear.

Shape Your Culture

“An organizational approach to identifying who is out there, what their talents are, what development needs they have, and what needs to happen to have people in place to fill key roles is crucial today,” says Steve Garrett, principle of Garrett Consulting, specializing in HR and talent management consulting. “Organizations can create environments where employees are truly engaged and energized to advance their careers and grow within the organization. Leadership needs to focus on the relationships they have with their employees and let them know that they are valued, are cared about, and will be provided with the resources to develop themselves ”

A culture that fosters communication and professional development is arguably an organization’s greatest retention and succession tool Pointing to her experience conducting exit interviews, Wiley explains that, “One of the first things people always tell me is that they left because the organization didn’t make them feel i m p o r t a n t , d i d n ’ t c a r e a b o u t t h e m a n d n e v e r t a l k e d t o t h e m Today’s employees are absolutely fearless when it comes to changing jobs If you want people to stay with your organization you have to communicate with them, get them involved in projects that use their strengths and make them feel important

“And possibly more importantly,” she adds, “leaders have to be accessible Employees need to be able to ask questions without feeling stupid. The biggest thing organizations can do cultura l l y i s t o g i v e e m p l o y e e s l o t s o f o p p o r t u n i t i e s t o c o n v e y t h e i r ideas and communicate ”

Along these same lines, leaders need to be ready and willing to have open, honest conversations with their staff members to fathom their development needs and to plot potential career strategies so they too have a vision of their futures within your company or firm

Take Development Deeper

“The worst thing is to have star employees decide to leave because they’re misinformed or uninformed about where their career could be going,” says Jason Vanden Bosch, managing director of CBIZ MHM, LLC “Just like you, they need to have a clear picture in their minds L e a de rs ne e d to ma k e s ure the ir s ta ffs unde rs ta nd wha t leadership sees as their strong points, what skills they need to work

on, where they can go, and what it’s going to take to move up in the organization ”

In terms of training, says Garrett, “Gone are the days when it was effective to offer a few general programs to everyone in the organization; you need to tailor to the individual needs of the different job functions throughout an organization ”

Garrett, for example, suggests a mix of team training and individual coaching to foster the growth of critical leadership skills “A blend of training and coaching is where the world is going now,” he explains “Some eLearning for content-driven topics, in-house group training where interpersonal skills are in focus, followed up by individual coaching and small-group sustainer sessions is an effective recipe ”

Adding another layer to the process, Wiley suggests offering an apply-to-attend program where staff members are invited to spell out why they want to be in the program Management can then better identify staff members with aspirations of advancement

What’s more, Wiley has “seen a lot of organizations succeed by initiating career track programs that detail the criteria essential to succeed at each level of the organization by laying out not only the technical abilities, but also the core soft skills and leadership skills needed to move between levels

“The rising generations have had so much help and guidance throughout their lives that now these younger professionals expect someone to help guide them to make the right decisions in the workplace,” Wiley explains “The truth is they’re smarter, more diverse and well-rounded than we ever were, but they are used to working in a very collaborative workforce Leadership is going to have to help young professionals get to where they need to be ”

Baby Boomers on up might think this all sounds like a lot of handholding something their superiors never did for them But the fact is that up-and-coming talent wants its leaders and organizations to ask, “What can we do to better the workplace?” “What would it take to keep you engaged in the organization?” “What would push you to leave?” “What are your career goals?”

“Those kinds of conversations rarely happened for Boomers throughout their careers, yet as managers they have to learn how to turn around and do that with the younger generations,” Garrett stresses “The easy rebuttal is, ‘If they’re just going to turn around and leave, why put all this time and money into development?’ My comeback to that is, ‘If you want them to leave, go ahead ’ Have that outlook and attitude and you’ll have trouble retaining them ”

Merge Generations Master fully

“When you have work style and value differences between people who are trying to work together, both sides have to compromise or it’s just not going to work,” says Garrett “The younger generations have to realize that in order to get the admiration and endorsement of their leaders, they’re going to have to adjust to meet their expectations and to work in ways that are seen as valuable to the organization And the leaders will need to actively and visibly work to engage and retain their younger employees.”

For instance, leaders are overwhelmingly concerned that young professionals are losing the ability to communicate in person with c u s t o

s o n technology today. Reactively, young professionals need to push

themselves to keep their in-person communication skills strong if they want to relate well with their leaders

“On the other hand,” Garrett explains, “today’s leaders need to say to themselves, ‘If I want to retain young professionals, I have to realize that the attitudes and expectations of the younger generations are in many ways different than mine, and if I don’t adjust to that, nobody will want to work for me ’”

Although, “That doesn’t mean the most successful professionals with 20, 30 or 40 years of experience have to change everything they do to accommodate young recruits,” says Vanden Bosch. ”Yes, there are going to be differences, but true professionals adapt to the culture of their organization, and while culture changes over time, it is shaped by more than one generation ”

If your organization is particularly concerned about the differences and challenges between generations, or simply wants to cultivate a collaborative culture, Wiley offers a grassroots solution: “The more you work together as a team, the more understanding comes out of it Consider forming a committee made up of employees representing each generation in the organization to talk about the hard issues Work/life balance, work ethics, customer and client service, remote work arrangements, technology, t r a i n i n g a n d d e v e l o p m e n t , a n d s u c c e s s i o n a r e a l l t o p i c s t h a t each generation should address to capture their views on the issues and what they would do to collaborate on solutions ”

Now that you have a clear vision for your organization’s future, your staff development and training programs are tailored, your organization’s culture is attracting and retaining the best and

brightest talent and your multi-generational workforce is finally collaborating, it’s time to identify who will take the reins

Tap Tomor row’s Talent

“You have to find people who look up and say, ‘Yeah, I could be in that role someday,’” says Vanden Bosch “Those are the ones who tend to be the self-starters that are passionate about what they do; they get excited and show some emotion when they get more responsibility or when there’s a new opportunity ”

“identify the people that they connect with and then take responsibility to help them grow ”

That doesn’t mean turning them into you, however. “That’s an old-fashioned approach to vertical advancement,” says Garrett. “Leaders need to be aware that their employees don’t only desire to move into their shoes, they often desire lateral moves as part of their career plan It’s not just your shoes they want; it’s about trying on different shoes across the organization ”

Finding a clone isn’t the be-all-end-all of choosing a direct successor “It’s far better to identify someone with good work ethic, good technical skills, and the desire and fortitude to grow and learn Then allow them to use their personal strengths to become successful, great leaders, even if they are completely different than you,” Wiley advises. “Being able to tune into what makes each individual great is what makes a great organization and leads to great succession.”

DIYHR

the

ONE: ADP [adp com]

In business for more than 60 years, ADP is one of the world’s largest business outsource solutions providers, offering HR, payroll, tax and benefits administration solutions to approximately 570,000 organizations (including nearly 400,000 small businesses) in more than 125 countries

“ADP offers tremendous flexibility and the systems needed to support businesses as they grow and adapt to change,” explains Michael Pires, ADP HR411 executive with ADP’s Small Business Services division

Compliance support is one of the features most important to ADP clients today, says Pires “We find that businesses have a greater awareness and sense of urgency around compliance. Businesses require relevant and timely support to manage these demands as efficiently and cost effectively as possible,” he explains

Among the company’s offerings is RUN Powered by ADP Payroll for Accountants®, a powerful online payroll processing solution that allows accountants and related service providers to offer payroll processing directly to their clients ADP also provides a wide range of employer services, including RUN Powered by ADP®, an online payroll service designed specifically for small businesses; ADP HR 411®, which offers a suite of web-based, do-it-yourself HR compliance tools and r e s o u rc e s ; A D P M o b i l e S o l u t i o n s , w h i c h

r employer’s systems from their phones; ADP Workforce Now, which provides a team of experts across the HR spectrum, along with tools to manage payroll, tax, compliance, benefits and HR administration needs from recruitment to retirement; and ADP Comprehensive Outsourcing Services, designed for larger companies in need of HR, payroll, time and labor administration, benefits, pre-employment services and talent management

ADP also provides accountants, banks and franchises with value-added tools and resources, as w

employee handbooks, an HR helpdesk advisory and compliance support services By doing so, ADP empowers these professionals and businesses to deepen their client relationships, says Pires

When it comes to HR management solutions, self-service sells Here, we review 10 innovators in

integrated HR space

By Clare Fitzgerald

TWO: Ultimate Software [ultimatesoftware com]

Unification is the driving force behind Ultimate Software’s solutions, says Darlene Marcroft, director of public relations. “Companies need to focus on fundamental efficiencies, and with our unified solutions, things become so much more efficient and accurate, so companies can focus on managing and cultivating talent instead of administration You’re in control of your information, and you can analyze your data to make much more educated decisions about your people ”

The strength of the company’s payroll engine combined with its HR and benefits technologies makes Ultimate Software stand out, says Marcroft “All we do is human capital management, so we can really focus on delivering the most powerful solution for managing people.”

That solution is called UltiPro, a unified HR, payroll and talent management tool that allows employers to manage every aspect of their workforce from recruitment to retirement Through the UltiPro portal, HR and payroll staff, as well as managers and administrators, can complete daily employee administration tasks, administer benefits, manage staff and perform real-time reporting from one central location Managers and executives can access commonly requested reports and analyze workforce statistics and trends, while employees can retrieve pay and benefits information, find answers to their HR questions and instantly complete routine updates.

A big differentiator for Ultimate is UltiPro’s talent management tools, says Marcroft, aimed at helping companies recruit and retain a more engaged workforce

THREE: Paylocity [paylocity com]

Tw i c e n a m e d " S e r v i c e B u r e a u o f t h e Ye a r " b y t h e I n d e p e n d e n t Payroll Providers Association (IPPA), Paylocity combines the flexi b i l i t y a n d c o n t r o l o f a n i n - h o u s e p a c k a g e w i t h t h e t i m e a n d money savings associated with an outsourcing solution. Web Pay, its flagship payroll product, provides payroll and HR management functionality with tools such as a paycheck calculator, pre-process register and a QuickPay feature that speeds up processing

Paylocity also offers a suite of Advanced HR features that autom a t e H R f u n c t i o n s , i n c l u d i n g a p p l i c a n t t r a c k i n g , e m p l o y m e n t history, benefits, COBRA and leave tracking, OSHA/safety tracking, time-off requests; date-triggered notifications; performance reviews, company property, and events and skills Its Web Time p r o d u c t , w h i c h i n t e g r a t e s s e a m l e s s l y w i t h We b P a y, i s a n advanced online time-and-attendance application that promises to p r o v i d e “ i m p r o v e d e m p l o y e e p r o d u c t i v i t y, d e c r e a s e d c o s t s , improved data accuracy, lowered leave liability (and) improved tracking capabilities ”

Paylocity also offers a complete tax-filing service, keeping up-todate on the latest payroll tax laws and procedures in order to prepare and file state and Federal unemployment tax returns, state and local withholding tax returns, annual tax reconciliations, and more.

FOUR: Paychex [paychex com]

Paychex currently provides payroll processing, retirement services, insurance and an outsourced HR solution to more than 500,000 small to mid-sized businesses nationwide Paul Davidson, director of product management, explains that the appeal of integrated HR management solutions lies in their cost and convenience benefits

“These systems connect everybody and bring common processes and proper documentation so that companies can spend less time

and money on non-strategic functions,” he says “You get interconnectivity across the entire organization ”

The company’s services include payroll processing and tax administration, employee pay services such as direct deposit and check signing, 401(k) plan record-keeping, Section 125 plans, timeand-attendance solutions, and other administrative services It also offers business insurance products, including group health and workers' compensation, through Paychex Insurance Agency, Inc

What’s more, Sure Payroll [surepayroll com] is a wholly owned subsidiary of Paychex, targeting small businesses In addition to its online payroll service, the company’s small-business product suite includes its SureAdvisor HR™ and compliance resource service, Sure401K™ plan, SurePayroll Insurance and pay-as-you-go worke r s ' c o m p e n s a t i o n s o

label and co-branded services to accountants and banking partners.

FIVE: Ceridian [ceridian com]

Ceridian’s solutions take a holistic approach to fulfilling end-toe nd a dminis tra tiv e func tions , inc luding HR, re c ruiting , pa y roll, b

a n a g e m e n t S e r v i c e s i n c l u d e p a y r o l l c h e c k p r i n t i n g , p a y r o l l d e b i t c a r d s , t a x f i l i n g , c o m p l i a n c e a n d credit services, employee time-tracking, benefits administration, commuter administration and tuition reimbursement services. W h a t ’ s m o r e , t h e c l o u d - b a s e d C e r i d i a n D a y f o rc e Wo r k f o rc e M a n a g e m e n t ™ s o l u t i o n ( f o r m e r l y C e r i d i a n I n Vi e w Wo r k f o rc e Management) provides labor scheduling, tracking and analytics, and is designed to help companies reduce labor costs, avoid compliance risks and leverage key workforce data to positively drive business performance

Expanding the service menu even further, the company provides corporate wellness, employee retention and productivity programs, and recruitment and screening services.

“Managers can go into the systems and do what they want to do,” explains Larry Dunivan, senior VP of products and technology “And employees can do so much for themselves Work gets done on the user’s preferred timetable....Once you have the ability to do it yourself, no one wants to go back ”

SIX: Howard Simon [hsapayroll com]

Howard Simon & Associates differs from others in the HR management space in that it started out in retirement-planning consulting and added payroll services later on CEO Howard Simon says the company offers integrated features from 401(k) plans to payroll, all with the goal of making jobs easier for those in charge of HR.

“Most HR people are doing so many things, and we offer a lot o f f u n c t i o n a l i t y t h a t t a k e s a w a y t h e d a y - t o - d a y a d m i n i s t r a t i v e tasks,” he says, noting that the company’s products integrate easily with other HR systems.

Howard Simon’s HSAVision Program, specifically, eliminates the challenges of moving information from payroll into retirement plans, and covers virtually all aspects of payroll and retirement plan administration, including census preparation, 401(k) file

SEVEN: NuView Systems, Inc [nuviewinc com]

CEO Shafiq Lokhandwala explains that NuView’s solution “enables corporate HR to focus on outcomes and strategy versus spending significant time on the task of managing employee data.”

Employers have the total solution: recruiting, onboarding, open enrollment, payroll, compensation planning, performance management and more

“The NuViewHR solution is very comprehensive and compares to the functionality typically associated with an ERP,” he adds “So not only are you managing who you have and what they’re paid, but you also have the capacity to ask how they are performing against their respective goals or objectives.”

NuView’s Human Capital Management (HR) solution includes HR, benefits administration, self-service, recruiting, compensation, training, performance management, succession, time entry, reporting, metrics and payroll It is available in 19 languages, with multiple currencies, and has been deployed globally in 47 countries

Lokhandwala also stresses the cost-effective nature of such systems. “Having everything in one place removes the technology debt,” he says “You take away the costs of interfacing various systems. Putting all of the HR pieces together is a huge value-add for organizations ”

EIGHT: NorthgateArinso [ngahr com]

At Global HR services provider NorthgateArinso, “We push the administrative tasks aside so HR can focus on talent management, reporting, and training and learning activities all of the places where HR makes a real difference,” says Michael Custers, VP of marketing “Our solutions allow management to identify where its workforce can be improved ”

Custers explains that the company typically works with larger employers to support key HR areas such as workforce administration, payroll, benefits, recruitment, learning and talent managem e n t

s s

management system that integrates the administration of HR, payroll and benefits into one online solution for organizations with 50 to 500 employees The goal is for HR and payroll to “speak” to one another and therefore to avoid manual data entry into different systems, which then streamlines workflow processes

When small to mid-sized businesses give their employees selfservice access to a variety of routine tasks, the number of administrative requests HR professionals need to handle is drastically reduced With PrimePay HR3, employees can manage their personal information, enroll in benefits, access company documents, request time off and view their pay statements all online

Steve Jackson, VP of benefit services, cites compliance as a particularly burdensome area for HR “More and more demands are being placed on organizations in terms of what compliance information HR must report to the government. Employers need to keep track of so much legislation, and our systems make it easier for companies to keep up,” he says, citing healthcare reform as one example “The ability to capture and store data is so critical, and having HR and benefits integrated with payroll is hugely important to staying compliant with changing regulations ”

TEN: PerfectSoftware [perfectsoftware com]

PerfectSoftware was founded as an HR consulting firm back in 1984 Then, in 1989, it released its proprietary HR management solution, followed by its first payroll services solution in 2005 One of the earliest HR adapters of cloud-based solutions, PerfectSoftware offered its first hosted versions in 2002

Today, PerfectSoftware’s human capital management software suite provides business process administration functionality across HR, benefits, payroll and talent management Its features include

allow clients to stay on top of tax codes and legislation in foreign countries an otherwise cumbersome process for organizations that don’t have a large HR presence in the field

Integrated systems, he contends, are indispensable to information-sharing. “What you get is information and data being shared instead of being locked up in silos All of the data points associated with employees, from their performance, skills, training, compensation and payroll information, can be replicated correctly when you have an integrated solution. Employee records become intertwined, and HR and reporting is simplified If you have everything stored in different systems, it becomes a very complex system to maintain ”

NINE: PrimePay [primepay com]

According to PrimePay, one of the nation’s largest privately held payroll, tax, HR, insurance and benefit services providers, HR prof e s s i o n a l s s p e n d 6 0 p e rc e n t o f t h e i r t i m e o n H R t a s k s t h a t a r e uniquely administrative in nature To cut down on that time the company developed PrimePay HR3, a web-based HR and benefit

integrated and highly configurable modules, single sign-on access, an intuitive user interface and advanced reporting and analytics.

Having started as a third-party reseller of HR products, PerfectSoftware knows the value of the integrated systems it now offers “We used to sell many different HR-related products, and users had to constantly re-enter data in each of their systems,” says CEO Mike Gabriele. “Having a single integrated solution reduces the amount of information to manage and improves the accuracy of that information ”

Gabriele also draws attention to the sheer volume of data that HR professionals need to manage, noting that the ratio of HR professionals to employees is typically about 1 to 100 “When you think about all of the transactional events with one employee from adding skills to changing benefits it’s a huge amount of data to manage,” he explains.

“HR people aren’t systems people,” he adds “That’s why they really need the support of their vendor ”

BUY OR SELL AN ILLINOIS ACCOUNTING OR TAX PRACTICE

PRACTICES FOR SALE:

Springfield Area CPA Audit Only

Practice gross $200K; Lombard CPA Practice gross $206K; Macomb Tax & Bookkeeping Practice gross $76K; Rochelle CPA Practice gross $110K; SE Missouri CPA Firm gross $750K; Oregon CPA Practice gross $200K For practice details, call 1-800-397-0249

Or, visit us at www accountingpracticesales com to inquire about available opportunities and register for free email updates

THINKING OF SELLING YOUR PRACTICE?

Accounting Practice Sales is the leading marketer of accounting and tax practices in North America We have a large pool of buyers, both individuals and firms, looking for practices now We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done To learn about our risk-free and confidential services, call Trent Holmes at 1-800-397-0249 or email trent@accountingpracticesales com

Planning Services

Time is Running Out!

Unlicensed CPAS only have until June 30, 2012 to become registered.

Illinois law requires that all CPAs who are not licensed but hold themselves out to the public in Illinois in any way as a CPA, must register with the Illinois Department of Financial and Professional Regulation. This would include anyone who uses the CPA designation on resumes, business cards or letterhead, or in any other manner.

Succession is an incredibly difficult decision.

Knowing your options and being able to ask questions in a safe, no fear of commitment, environment can help.

The Illinois CPA Society has teamed up with Transition Advisors to provide you with Project MATS (Mergers, Acquisitions, Transition and Succession), a free, on-demand service for ICPAS members to help you preserve the firm that you spent a lifetime building.

Specifically, receive help in:

• Evaluating your practice value

• Understanding the latest succession and merger trends

• Developing a basic plan for growth or succession

• Enhancing your potential to realize financial reward

To learn more, visit www.icpas.org/ succession.htm or call Michele Haryasz at 800.993.0407, ext. 287.

The registration option expires on June 30, 2012. Special accommodations are in place for out-of-state CPAs meeting certain criteria.

How Registration Works:

>$90 for initial registration and $90 every three years after that to renew your registration.

>Registration does not require CPE or experience.

>If you are not registered by the June 30, 2012 deadline, you will have to be licensed in order to use the CPA designation and will be subject to all license requirements, including CPE.

>If you don’t register now and continue to use the CPA designation, you could be fined up to $5,000.

Register Today.

To download the registration form, and for help in filling it out, visit www.icpas.org.

Please share this with other CPAs in your firms and companies.

VOLUNTEERNEWS

Mark Your Calendars for the 2012 CPA Day of Ser vice

Last year, more than 1,100 volunteers from ever y cor ner of the state assisted over 160 organizations through a variety of activities ranging from packing boxes at a food pantr y and caring for rescue animals, to raising awareness for health charities and

Make Socially Conscious Initiatives a Success

Taking part in socially responsible activities is one of the best ways for organizations to improve their image among customers, employers, investors, stakeholders and local communities, according to the Society for Human Resource Management’s 2011 report, Advancing Sustainability: HR’s Role [www shrm org] The report describes some of the most popular ways to boost socially conscious business initiatives, including:

n Recognize employee par ticipation in volunteer programs (67%)

n Plan company-sponsored volunteer events after work hours (48%)

n Encourage senior management to par ticipate in volunteer programs (46%)

n Encourage employees to spearhead volunteer programs (44%)

cleaning up a local park Let’s make the 2012 CPA Day of Service an even greater success! Mark September 21 on your calendars and star t making your volunteer plans today

To learn more, visit www icpas org/CPADayofService

Thank You Tax-Time Volunteers

We’d like to offer our gratitude to all our committed volunteers for so generously giving their time and exper tise during an incredibly busy tax season Volunteers par ticipated in a variety of tax-related initiatives, including the Militar y Tax Preparation Project preparing tax retur ns for deployed or recently retur ned Illinois soldiers and the Low-Income Tax Preparation Project preparing tax retur ns for low-income families to ensure they receive the maximum deductions and credits available to them What’s more, our volunteers participated in the College Financial Aid Application Assistance Program to help high school students complete the complex FAFSA for m, bringing them one step closer to fulfilling their dreams of affording a college education

Volunteerism is Key to Attracting & Retaining Millennials

Deloitte’s eighth annual Volunteer IMPACT Survey reveals that Millennials who frequently par ticipate in workplace volunteer activities are more likely to be proud, loyal and satisfied Specifically, the results suggest that members of this generation are more likely to rate their corporate culture as ver y positive, be ver y proud to work for their company, feel ver y loyal towards their company, be ver y satisfied with their career progression, and be ver y satisfied with their employer Fur thermore, the benefits of a culture of service extend to the recruiting process Seventy percent of Millennials strongly favor companies committed to the community Even among those who rarely or never volunteer, 61 percent say that a company’s commitment to the community would be a factor when choosing between two potential jobs with the same location, responsibilities, pay and benefits Visit www deloitte com for more on this topic

use your financial expertise to help those in need

CPAs for the Public Interest (CPAsPI), the community service arm of the Illinois CPA Society, links the expertise of CPAs and finance professionals with Illinois not-for-profit organizations and community needs.

Expert Presenters including Mike Sabbatis, Rick Richardson and Albert Grasso

Donald E. Stephens Convention Center Rosemont, Illinois