Insight Magazine - Spring 2015

PLUS career insights, tips & advice sure to launch you to

TMs include Alliant-owned A ATMs Surcharge-free A ATMs 4. e may not open checking for you if you do not meet Alliant criteria. .alliantcreditunion.org for

TMs that are part TMs and A ATMs

. The rebate withdrawal, transfer or balance inquiry

TMs up to $20 per month per membership account when you use your Alliant checking account Visa debit card to make a deposit, will rebate fees incurred at other nonsurcharge-free A ATMs Visa HSA debit card or Alliant checking account Visa debit card. Alliant est, CO-OP Network, Credit Union 24 CU Here and Publix Presto networks when you use your Alliant Convenience card, Alliant of the Alliance One, Allpoint, Bank of the W

Alliant Online Banking. s primary Alliant savings account. Please allow up to 60 days for deposit to be made. Check the . Once we verify qualifications, we will deposit the $50 bonus deposit directly into the member’s . One $50 bonus deposit per member checking offerr. offer is not transferable, is only valid for new Alliant members and cannot be used in conjunction with any other not meet the high rate checking requirements during the timeframe do not qualify to receive the deposit. The $50 bonus deposit his/her membership enrollment date and remain in good standing. Members who do not open checking or do new member must open an Alliant checking account and meet the requirements of Alliant High Rate Checking within 90 days of , o qualify for the $50 bonus deposit offer T To 5.

TMs nor to the Alliant Convenience card, Alliant Visa HSA debit card and Visa International Service Assessment (ISA) fees. does not apply to cash advances from Alliant Visa credit cards through A ATMs

today ’sCPA

{Follow Todd on Twitter @Todd ICPAS} {Watch Todd’s CEO Video Series on YouTube}

CPA Brand Damage Control

issues of audit quality have a negative impact on the cpa profession. it’s up to all of us to do something about it.

Quality It’s a word that can mean many things to many people The dictionary defines it as “The degree of excellence of something.” In our world, it may mean a work product, service, information, or advice that is accurate, insightful and useful No matter how you define the word, it’s one of the cornerstones of the CPA profession Whether you’re in public practice, industry, nonprofit, education or government, CPAs are counted on to perform the highest quality work An old Ford ad said it best, “Quality is Job 1 ” Any dent in that quality puts the entire profession at risk. We saw it in the early part of the century with failures like Enron and Worldcom. The reaction was swift, dramatic and game changing the creation of the PCAOB The name I give it is “regulatory creep” government taking on an increased regulatory role in reaction to a failure of quality in the profession

What I’d like to talk about today is the risk of further regulatory creep, specifically in the auditing world I’m not talking about big firm and public company audits, but small and midsized company audits; these are the companies thousands of our members service every day You may say, “I don’t do audits so why should I care?” But quality issues in any of our service sectors affects each and every member because it influences the public’s perception of the CPA brand your brand.

So, what’s the problem? Basically, we’ve seen continuing audit quality issues subsequent to the creation of the PCAOB, most recently with broker/dealer audits coming under the PCAOB umbrella Now we’re seeing issues in the area of employee benefit plan (EBP) audits completed by thousands of CPA firms, whether big, midsized or small The issues range from deficiencies in audit procedures to exclusion of EBP audits in a firm’s population for Peer Review, even though they’re considered “must select” engagements. Peer Review is one of the things that separates the CPA profession from most others, as we “police” ourselves. In most states, including Illinois, Peer Review is a requirement.

Issues like these lead one to wonder when regulatory creep will happen next The issue is, increased outside regulation may negatively impact the public’s perception of the profession

Enough of the problem; what do we do about it? The profession needs to focus on and support quality initiatives And the best way to mitigate regulatory creep is to aggressively address the problem ourselves The ICPAS has issued an INSIGHT Special Feature (right) that takes a more in-depth look at the issues and solutions. The report discusses the AICPA’s Enhance Audit Quality (EAQ) exposure draft in addition to the provocative Practice Monitoring of the Future (PMOF) concept paper which has comments due by June 2015. This paper introduces the concept of real-time detection of deficiencies that are visible immediately to a firm and possibly others if the deficiencies are not resolved

These tough issues have no easy answers, but I’m confident that we’ll rise to the challenge No matter where you work or what you do, I encourage you to read and comment on the PMOF paper All CPAs have a vested interest in how the CPA brand is viewed and, therefore, a responsibility to ensure the highest quality. Remember, the CPA brand is your brand.

INSIGHTS & NEWS FROM THE ILLINOIS CPA SOCIETY’S PRESIDENT & CEO

Todd Shapiro ICPAS President & CEO shapirot@icpas org

INSIGHT MAGAZINE

Publisher/President & CEO Todd Shapiro

Editor-in-Chief Judy Giannetto

Art & Layout Design Judy Giannetto

Production Design Rosa Garcia

Assistant Editor Derrick Lilly

Photography Jay Rubinic, Derrick Lilly, Thinkstock National Sales & Advertising Natalie DeSoto

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

P: 800 501 9571 x127 F: 717 825 2171

E: natalie desoto@theygsgroup com

Circulation Carl Siska

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

ICPAS OFFICERS

Chairperson, Edward J. Hannon, CPA, JD, LLM Quarles & Brady LLP

Vice Chairperson, Scott D Steffens, CPA Grant Thornton LLP

Secretary, Lisa A Hartkopf, CPA Ernst & Young LLP

Treasurer, Margaret M Hunn, CPA, CFE, CFF Rozovics Group LLP

Immediate Past Chairperson, Daniel F Rahill, CPA, JD, LLM FGMK, LLC

ICPAS BOARD OF DIRECTORS

Brent A Baccus, CPA, Washington, Pittman & McKeever, LLC

Jared J Bourgeois, CPA/ABV, CFE PricewaterhouseCoopers LLP

Terry A Bishop, CPA, Sikich LLP

Rosaria Cammarata, CPA, CME Group Inc

Jon S Davis, CPA, University of Illinois at Urbana

Rose G Doherty, CPA, Legacy Professionals LLP

Eileen M Felson, CPA, CFF, PricewaterhouseCoopers LLP

Gary S Hart, CPA, MBA, Gary Hart & Associates, Ltd

Jonathan W Hauser, CPA, KPMG LLP

David V Kalet, CPA, MBA, BP Products North America, Inc

Thomas B. Murtagh, CPA, JD, BKD, LLP

Elizabeth S Pittelkow, CPA, CITP, CGMA ArrowStream, Inc

Kelly Richmond Pope, Ph.D., CPA, DePaul University

Kevin V Wydra, CPA, Crowe Horwath LLP

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 24,000 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

SEEN HEARD

jump in venture capital doll ars invested between 2013 and 2014 [MoneyTree Report]

Over 80% of Employees Are Eying the Door

A recent poll by Right Management shows that only 5% of employees intend to stay in their current positions

Considering that another 8% said they ’d opportunistically make a change in 2015 and are already networking, the end result is that over 80% of employees plan to pursue new career opportunities in 2015, indicating that today ’ s U S workforce is greatly dissatisfied

6 Priorities for Corporate Boards in 2015

1. Shareholder pressure. Environmental and social topics and corporate governance are hot button issues

2 Disclosure quality Investors want greater transparency in terms of strategy, risk, succession, compensation, etc

3. Regulatory cooperation. The aim is to create an environment of consistent dialogue and shared information

4 Human capital Pressure on global resources and the reshaping of social aims will continue

5. Cybersecurity. Boards are increasingly held accountable for improperly managing cybersecurity risks

6 Composition Not being able to explain board director selections increases vulnerability to activist investors

Source: EY Center for Board Matters

HOW TO 30%

RISE TO THE C -SUITE: 7 MUST-HAVE TRAITS

According to PwC ’ s 18th annual CEO survey, these are some of the capabilities tomorrow ’ s leaders absolutely must have to succeed:

1. An ability to see around corners: Identifying trends early is the key to staying ahead of the competition

2 Tolerance for ambiguity: Be ready for changing business dynamics and be able to work towards unclear goals and outcomes

3 Agility in decision-making: Be a flexible, curious, life-long learner who’s open to testing and measuring new ways of doing things

4. Adaptability in execution: Harness the power to drive near-constant renewal inside your organization.

5 Ease with technology: Embrace technology as an accelerator of change, and as the means to remain agile, adapt to changing circumstances, and stay close to consumers and influencers

6. Ability to cultivate a great team: Learn to attract great people, cultivate a positive culture and build trust with staff

7 Humility: Know your limits, maintain a modest opinion of your own importance, and be open to listening and learning from all that’s happening in the global environment

percentage of companies with open accounting and finance positions [brillianttm]

Email & the Billable Hour

Email may be one of the greatest productivity enhancers, but if you ’ re sending and receiving hundreds of them a month, they may be stealing away billable hours In his blog, Marc Rosenberg, CPA of The Rosenberg Associates shares the details of how a fellow Chicago CPA has monetized client emails Every month, Marty Albert, CPA, managing partner of Albert & Goodman CPAs PC, reviews his client correspondence to estimate how much time was spent emailing, and then builds that time into his billing structure On average, Albert estimates this nets him an extra 5-10 billable hours each month, which equates to a nice monthly revenue boost During a roundtable discussion, Albert stressed that he doesn’t bill every little email, but only the substantive ones that provide added value to his clients

What do you think? Is this a no -brainer or a no go?

Tweet us your opinion @IllinoisCPA #BillableHour

ne Con

e all a e’r At ADP, w

DP A to ct

onne onnections — c bout c

o achie sets t our as age y er

eve e r at • Gener our ease y • Incr our s t in y es • Inv

esou o the right r ou t ecting y

g g y s goals. our busines e y ev

o ADP oll base t r client payr

ea e arrea actic w pr or a ne nue f

ofitable ting prrofit xis ocus on e f sion plans succes

an: ou c , y P P, y a erings e off

pp ,

® es and opportunities, urc , ev ou l and helping y our ou sell y When y

e tha e morre than jus e’r But w ed HR pr egrat o int t

ou s oll. When y t payrroll. an ement solutio etir oducts, r r

ss.

oll base our client payr sell y erings the ons, and other off

o ADP, the clients gain ac e t otec o help pr y may need t e ccess ct and w their busines gro

omes n er c Whatev oad t Downl

o e y an help mak xt, ADP c ne

eality s goals a r reality our busines

trat rat ee s the frree

Succession to ADP.com P.c

n Planning for Acco m/successionplann

y. going

, 3 Myths of ounting Firms, by g ing e. earn morre. o l t g e e r r P a D d A n o a g o P l D e A h T t © h g i r y p o . C LC , L P D f A s o k r a m e d a r d t e r e t s i LC , L P D 5 A 1 0 2 oll. Benefits. ayr HR. P

egy b p

41% percentage of economic crime accounted for by the U.S. the 2nd highest in the world.

SHOW PEOPLE

CATCH HIM IF YOU CAN:100 minutes with Frank Abagnale

Catch Frank Abagnale’s keynote presentation at the Midwest Accounting & Finance Showcase “The Show” on August 27 [Register at www icpas org/show htm]

INSIGHT WINS ITS 20TH AWARD

Association Trends has awarded the Fall 2014 issue of INSIGHT Magazine Gold place in the category of Annual or Quarterly Magazines or Journals This highly regarded national competition receives hundreds of entries each year from associations serving a wide spectrum of industries

Frank Abagnale came to international attention following the release of Steven Spielberg’s highly acclaimed motion picture Catch Me If You Can, starring Leonardo DiCaprio as the confidence man turned FBI golden boy This year, Abagnale will be giving a keynote presentation at the Midwest Accounting & Finance Showcase, held at the Donald E . Stephens Convention Center in Rosemont from August 26-27 Abagnale’s story is undoubtedly an interesting one Between the ages of 16 and 21, he successfully posed as an airline pilot, an attorney, a college professor and a pediatrician, in addition to cashing $2 5 million in fraudulent checks in every state and 26 foreign countries Apprehended by the French police, he served time in the French, Swedish and U S prison systems before being released (after only five years) on the condition that he would help the federal government, without remuneration, by teaching federal law enforcement agencies about fraud To date, more than 14,000 financial institutions, corporations and law enforcement agencies use Abagnale’s fraud prevention programs, and he has authored notable titles on the subject, including The Art of the Steal and Stealing Your Life

[PWC]

Frank Abagnale

Leonardo DiCaprio impersonating Frank Abagnale, impersonating a pediatrician, in Steven Spielberg’s celebrated Catch Me If You Can (2002)

Wednesday-Thursday

August 26-27, 2015

Donald E. Stephens Convention Center Rosemont, Illinois

TECH PULSE

Revenues generated by the mobile tech industry worldwide in 2014.

[Boston Consulting Group]

10 APPS TO DOWNLOAD NOW

These are the apps that “ every business-minded CPA should have on their smart devices,” courtesy of AccountingToday:

1. Evernote [iOS, Android, Windows; free and premium] – Having debuted in 2008, Evernote is a great tool for business pros who do a lot of note-taking and need to archive it all

2 Dropbox [iOS, Android, Windows; free and premium] – This cloud storage company offers CPAs “Dropbox for Business,” which establishes a private cloud where a team can easily sync and share documents

3. MailChimp [iOS, Android; free with account] – If you ’ re doing email marketing with MailChimp, the company ’ s app offers an easy way to manage campaigns on the go

4 TripIt [iOS, Android; free and premium] – This leading travel app provides users with itineraries, flight and hotel data, weather, directions, and more

5. Instapaper [iOS, Android; free and premium] – If you like e-reading, Instapaper will sync articles of interest across all your devices for easy digestion and sharing

6 Keynote [iOS; $9 99] – This presentation app is compatible with so many formats including PowerPoint that it’s a go-to tool for speakers who want presentations that pop

7. Tweetbot [iOS; $4 99] – This Twitter client offers users many custom functions to enhance the tweeting experience

8. Roambi Analytics [iOS, Android; free with subscription] – This app brings the power of Roambi to mobile devices for easier sharing of interactive charts and graphics

9 Workflowy [iOS, Android; free and premium] – Like to-do lists? Workflowy users get them, and so much more, including personal organization, note-taking, paper-writing, journaling and collaboration features.

10 Keeper [iOS, Android, Windows; $9 99; free w/ subscription] –There are so many passwords to contend with; Keeper manages them all with some of the best security and functionality available

Here’s Why Your Business Needs Facebook

81% U S adults using the Internet

71% U S Internet users on Facebook

52% Individuals using two or more social media sites

56% Adults aged 65 years and older using Facebook

takeaway: Facebook remains the most popular social media site, and has rapidly become a prospecting and marketing tool to be reckoned with [Pew Research Center]

In the Market for ERP?

When it ’ s time to buy, follow these five tips:

1. Partner with a provider that has proven expertise with the software itself, and will maintain a relationship with you before, during and after implementation

2 Scalability and flexibility are key, so opt for a system that uses modules that can be added or removed as needed

3 Predict your needs for the future, and find the solution that fits. Think data warehousing, mobile intelligence and risk management, among other things

4. Know your data needs and how your data should be visible to system users and company stakeholders

5 Focus on user-friendliness to boost your ROI Invest in an intuitive system that allows for quicker adoption [BrilliantTM]

Be Seen Here:

CLOUT-ability CONFERENCE - June 5

Mid-America Club, Chicago

This issue’s spotlight event is the ICPAS Young Professional Leadership Conference on June 5 CLOUT-ability is our theme, so get ready for the inside scoop on how to earn and use credibility for your rise to the top.

P.32 Get insights into building up your clout from celebrity keynote Bill Rancic, and others

P.36

Erin Diehl of improve it! gives a preview of CLOUT-ability’s role-playing workshops, focusing on communication and presentation skills

& right here Meet Chicago Bulls’ Director of Finance Kieran Kelliher (right), who will be taking part in CLOUT-ability’s Integrity Panel

focus on CLOUT-ability Integrity Panel Kieran Kelliher

Alma Mater: University of Illinois at Urbana-Champaign.

Majors: BS Accounting and BS Finance; Masters of Accounting

Square one: ”I started out at Deloitte ‘Square one’ was to put my head down and work hard I think it helped that I realized how little I knew about the accounting industry and my clients’ businesses, so that forced me to keep my eyes and ears open and absorb every nugget of information possible ”

Route to the top: ”Every step of my career and especially my job with the Bulls has been a testament to the power of relationships and being prepared for whatever opportunities may come out of those relationships The Bulls were a client for a few years, and they approached me to discuss the position when they had some turnover That said, I still had to demonstrate what I had learned about their business, the league and the unique aspects of the professional sports industry ” Words to live by: “Unfortunately, I’m not much of a quote guy, but I do know the lyrics to virtually every Garth Brooks song.”

Must reads: “If you’re looking for good insight into the business and labor relations aspects of professional sports, I’d suggest The Lords of the Realm by John Helyar This is a great (but not always flattering) history of professional baseball focusing on the league and front-office aspects of the business ”

Register for CLOUT-ability today at icpas.org/ypclout htm

Celebrity entrepreneur Bill Rancic

CHICAGO BULLS Director of Finance & Chicago Bulls Charities Treasurer

Kieran Kelliher at work with the Chicago Bulls at the United Center

FORENSICS INSIDER This is Where You Fail

A word to the wise for job seekers, straight from the horse’s mouth.

I recently wrapped up a hiring frenzy from candidates with decades of experience to accounting undergrads looking for internships, we’ve interviewed a range of prospective hires.

As a small-business owner, I invest heavily in the people I make a part of my team, because one bad hire can create years of havoc at a firm the size of mine That said, the hiring process is full of twists and turns, and candidates had better bring their A-games

Like many hiring managers, I look for some general things when I first start my hunt for the ideal forensic accounting recruit For starters, I l o o k f o r c a n d i d a t e s w i t h a s o l i d a c c o u n t i n g education (if hiring at the entry level), relevant experience, stability and upward career movement The good news is, any standard resume should cover this at least an “honest” resume should. I also use assessment tools to rate aptitudes, learning styles and personality fit to provide valuable quantifiable data something a forensic accountant can never have enough of I ’ v e s e e n s o m e o u t s t a n d i n g r e s u m e s t h a t h a v e l e d t o p r e l i m i n a r y i n t e r v i e w s ( t y p i c a l l y over the phone), where many shine by virtue of their concise, insightful and highly articulate responses From there we select the cream of the crop to come in for face-to-face interviews at our offices And this is where the story often takes a dramatic turn for the worse So many c a n d i d a t e s s i m p l y l a y e g g s w h e n i t ’s g a m e time Many come off as tentative, dispassionate and inarticulate, leaving us asking ourselves, “What happened?”

As an employer with open positions to fill, it’s tremendously frustrating to have a highly qualified candidate bomb in an interview I can see it in the candidate’s eyes; it’s almost an outof-body experience for them The point here is that job seekers invest so much in the resume, w h i c h g e t s t h e i n t e r v i e w, b u t s o l i t t l e i n t h e interview itself This is particularly true of the many students I’ve interviewed.

Employers are looking for much more than the technical skills that all accounting jobs require “The days of relying purely on one’s technical skills are long gone Companies still expect students to know their debits and credits, but also expect a soft skills toolbox,” explains Michael Mikhail, dean of the College of Business at the University of Illinois at Chicago (UIC) Mikhail adds that, “At UIC, we have developed a set of mandatory courses utilizing improvisation techniques, honed by Professor Michael Popowits at Chicago’s own Second City, to make sure our students are well prepared for a lifetime of professional achievement ”

The idea of melding improv skills with accounting is radical, but the ability to think on one’s feet can help any accountant in any career track The upcoming Young Professional Leadership Conference on June 5 delves into this even deeper (you can read more about it on page 36) In forensics in particular, the final deliverable product is often testifying as an expert witness. Facing hostile cross-examination from a skilled litigator requires world-class improvisational skills Not only must you be prepared for a wide

BRAD SARGENT, CPA/CFF, CFE, CFS, Cr FA, FABFA, THE SARGENT CONSULTING GROUP

o R e n S i c A c c o u n t i n g i S A h o t A n d g R o W i n g f i e l d , W h i c h M e A n S i t ’ S h i g h ly

variety of questions (often a set-up for a subsequent attack), but you also have to appear calm, cool, collected and likeable

Any forensic expert who has testified in c o u r t l i k e l y h a s f e l t t h e s a m e o u t - o f - b o d y experience my interviewees feel; the questioning doesn’t go as anticipated, resulting i n l a b o r e d a n d o f f - p o i n t a n s w e r s I n b o t h scenarios, preparation is key Being armed with a large volume of facts is half the battle, but practicing the delivery is just as important. My tip to you is, treat the job interview exactly like a forensics project Here’s how:

1. Research your target: Do you know the organization? Do you know the individual(s) you’re meeting? It’s always amazing to me to hear a candidate admit he or she didn’t visit the company website before coming in for the interview Go to the website! Learn about the company and, at a minimum, check out the LinkedIn profiles of all those people you’ll be meeting Finding an interesting personal fact about an interviewer can go a long way in making a good first impression and building rapport

2. R e s e a rc h t h e p o s i t i o n : D o y o u have an idea of the scope of the job? Are you a good fit? It’s a complete waste of time applying or going in for an interview if you’re not, and it could lead to burned bridges down the road

3. A n a l y z e y o u r s e l f : D o y o u k n o w your real strengths and weaknesses? Can you talk about yourself with real insight, o r a r e y o u o f f e r i n g c l i c h é s ( i . e . h a r d worker, dedicated, loyal, detail-oriented, b l a h , b l a h , b l a h ) ? W h i c h p o s i t i v e s c a n you distill and communicate from your background? Even a past job performing m e n i a l l a b o r a t 4 a . m . e v e r y d a y c a n demonstrate your willingness to get the job done Speaking English as a second language indicates an international background and possibly a more diverse life experience. The point is to make the most of what you’ve got to offer

4. Practice your presentation: Go over the points you expect to cover in the interview; have a friend ask you questions with some curve balls thrown in Ask for honest feedback on your performance and

responses, and work on any weaknesses you’ve perceived. These are tips that will last you a lifetime When I get ready to testify, for example, I walk around the office expounding on a case for days and days leading up to the actual testimony I beg my staff to throw me some random questions, so I can practice thinking fast

A strong resume, showing up on time and wearing a nice suit aren’t enough to ace the interview and land the job But if you’re knowledgeable, have a thorough understanding of the company, have practiced your presentation skills and fielded sample questions, you should be ready for a win Now aim high and go get that job!

MARK J GILBERT, CPA/PFS, REASON FINANCIAL ADVISORS, INC

CPA to PFP

Personal Financial Planning has a very bright future. Here’s how to make it big in this growing field.

CPAs in particular are perfectly positioned to take advantage of this growth trend So if bolstering your business and reaping greater professional rewards sounds good to you, you’ll need to get a handle on three key areas

First, the Credentials

CPAs can build on their solid accounting graduate and undergraduate degrees by pursuing personal financial planning credentials such as the Certified Financial Planner (CFP) and the P e r s o n a l F i n a n c i a l S p e c i a l i s t ( P F S ) N o t a b l y, t h e A I C PA a w a r d s t h e P F S c r e d e n t i a l e x c l usively to CPAs who meet these requirements:

n Earn 75 hours of CPE in financial planning areas in the 5-year period prior to obtaining the credential

n P a s s t h e P F S , C F P o r C h a r t e r e d F i n a n c i a l Consultant exams.

n A c c u m u l a t e a t l e a s t 3 , 0 0 0 h o u r s i n P F Prelated work experience.

n H o l d a n a c t i v e C PA l i c e n s e a n d A I C PA membership

Ongoing education is a huge component of maintaining technical knowledge and credibility in the personal financial planning profession Tax laws change, new planning strategies e m e rg e , e c o n o m i c c o n d i t i o n s f l u c t u a t e , a n d m e t h o d s o f c o m m u n i c a t i n g w i t h c l i e n t s a n d delivering results constantly change Ongoing education keeps you up to speed

However, great CPA personal financial planners seek out CPE not just to meet the applicable regulations and tack on a few extra letters after their names; rather, they want to excel at what they do.

4 Keys to Becoming a Successful PFP

These guidelines can help CPA professionals onto the personal financial planning track.

1. Be emotionally intelligent. You need empathy as well as technical acumen to succeed as a personal financial planner. PFP brings you a high level of client contact, and means planning for some of life’s major events, including retirement

2 Add CFP and PFS to your CPA Studying for the Certified Financial Planner and Personal Financial Specialist designations will deepen your knowledge of subjects ranging from estate planning to insurance The tests are grueling, but nothing CPAs haven’t already experienced thanks to the Uniform CPA Exam

3 Find a coach Job shadowing and mentoring are great ways to see PFP in action, and offer the opportunity to ask questions and model successful strategies and behaviors

4 Get technical Technical knowledge is a big part of being an excellent personal financial planner Research changing tax laws, new planning strategies and economic factors impacting the PFP landscape

“finAnciAl AdviSoR” eARnS high MARkS in All thoSe “beSt JobS” liStS

Second, the Know-how

Expansive technical proficiency is top of the list for today’s personal financial planners According to the AICPA’s “PFS Body of Knowledge,” there are nine practice areas: Process and Fundamentals, Income Tax, Insurance, Investment, Retirement, Employee Benefits, Performance Management, Charitable Planning and Special Needs Planning

If that sounds a little complicated to you, keep in mind that the CFP Board of Standards lists almost 100 financial planning topics, and its credential holders have to have proficiency in all of them Personal financial planners can be experts in certain aspects of the f i e l d , b u t t e c h n i c a l p r o f i c i e n c y o f t e n m e a n s k n o w i n g e n o u g h a b o u t a s i t u a t i o n t o e i t h e r f i n d a n a p p r o p r i a t e r e f e r e n c e i n a n authoritative pronouncement or other credible source, or refer the question to a qualified professional in personal financial planning or another field

Personal financial planners also need pragmatism when delivering solutions to clients The context is what matters A great planner understands the practical considerations, like investment risk tolerance, cost/benefit analysis and real-world limitations, which may keep the “best-in-an-ideal-world” recommendation from being the one that’s implemented

H e r e ’s a n e x a m p l e : I f a c l i e n t w h o i s a b u s i n e s s o w n e r a s k s a b o u t s e t t i n g u p a r e t i r e m e n t p l a n f o r h i m s e l f a n d h i s t h r e e employees, the pragmatic financial planner would point to a SIMPLE or SEP plan rather than a costly and complex 401(k) or profitsharing plan

Here’s another example: If your thirtysomething client is riskaverse, it’s most pragmatic to direct him into a balanced asset portf o l i o r a t h e r t h a n a n a g g r e s s i v e o n e t h a t w o u l d l e a v e h i m c o nstantly worrying about stock market volatility despite his far-off retirement horizon.

Third, the Intangibles

Being client-centric is arguably one of the best and most important traits a great personal financial planner can hold claim to These are the planners who recognize that the client’s best interests come first, and who are willing to deliver advice and act as fiduciaries whether there’s a legal obligation to do so or not These are the planners who are consultative not sales-oriented, and approach client problems with understanding, analyzing the situation, identifying solutions and providing actionable recommendations.

Of course, successful financial planners also need to be able to analyze, troubleshoot and resolve their own business challenges and manage them with care. The great ones understand the factors that drive revenue, know how to manage costs and profit margins, reinvest in their businesses and plan for future growth They do all these things not just because it’s good for them, but because it’s good for their clients. Clients want stability someone who they can trust, and someone who will be there for as long as they are

Recognizing the characteristics of a great personal financial planner is the first step in becoming one The opportunities for success in this profession are endless, especially as the need for financial planning grows along with the number of Baby Boomers retiring

KEITH STAATS, JD, ILLINOIS CHAMBER TAX INSTITUTE

Cashing in on Cannabis

Medical marijuana lights up the tax system.

Now making way through its second of four years, the Compassionate Use of Medical Cannabis Pilot Program Act is moving toward implementation, with licenses finally being issued to medical cannabis growers, sellers and patients

So what does this have to do with state taxes you might ask? The short answer is plenty.

The Act outlines a detailed framework for establishing, operating and regulating licensed medical cannabis cultivation centers and dispensaries, in addition to regulating the “who” and “how” of qualified patients using the medicine But there’s no compassion without taxation

IDOR Just as is the case with the Retailers’ Occupation Tax (sales tax), the returns are due on the 20th day of the month, following the month in which the sales were made. The new tax incorporates by reference many of the provisions of the existing Retailers’ Occupation Tax

One issue associated with the new cultivation tax is the form of payment Because the c u l t i v a t i o n a n d s a l e o f m a r i j u a n a i s i l l e g a l under federal law, my understanding is that it may be difficult, if not impossible, for companies in the marijuana trade to utilize the banking system Therefore, cultivation centers won’t

Medical cannabis cultivation centers, dispensaries and patients are all subject to new state taxes under the legislation Here’s an overview

Medical Cannabis Cultivation Privilege Tax

This is the first new tax established by the legislation, and is strictly imposed at the rate of 7 percent of the sales price per ounce of medical cannabis. This tax is expressly the responsibility of the cultivation centers, which means they cannot attempt to collect it from dispensaries or patients.

Cultivation centers are required to register with the Illinois Department of Revenue (IDOR), file monthly returns and pay their taxes to the

be able to write checks or use electronic funds transfer to make their cultivation tax payments to the IDOR As a result, these taxpayers and t h e I D O R f a c e s o m e u n i q u e c h a l l e n g e s . T h e I D O R h a s n ’t y e t p r o p o s e d r u l e s o n t h i s n e w tax, so we’ll have to wait and see how payment issues will be addressed

Regardless, receipts from the new 7-percent tax will be deposited into the Compassionate Use of Medical Cannabis Fund, a special fund established for the administration of the medical cannabis program

Illinois Income Tax Surcharge

Medical cannabis cultivation centers and dispensaries are subject to normal state and fed-

“The Act outlines a detailed framework for establishing, operating and regulating licensed medical cannabis cultivation centers and dispensaries But there’s no compassion without taxation. ”

Relief foR debilitAting diSeASe SuffeReRS And An econoMic StiMuluS

eral income tax, as well as a special Illinois income tax surcharge imposed on income arising from the sale or exchange of capital assets, depreciable business property and real property used in the trade or business, and Section 197 intangibles under the Internal Revenue Code The amount of the surcharge is equal to the federal income tax liability attributable to the sales or exchanges

There are certain statutory exceptions to the Illinois income tax surcharge, however For example, if the property is transferred pursuant to a bankruptcy, the Illinois Department of Public Health’s cancellation of the registration or its determination that the transfer of ownership is in the best interests of patients means that the surcharge does not apply. However, I presume that to the extent the transactions remain taxable federally, they will be subject to Illinois income tax at normal rates

Service Occupation Tax & Service Use Tax

Finally, patients are subject to sales tax on purchases of medical cannabis The legislation provides that medical cannabis sales are taxed as the sale of medicines would be, at the rate of 1 percent The sale will be treated just like any other sale of prescription medication under the Service Occupation and Service Use taxes. The dispensing organization will be responsible for reporting and paying the tax to the IDOR.

Medical marijuana offers many interesting opportunities and challenges for the accounting profession and its taxation is only one facet of that

Going Private

Craft the perfect resume to take you from public accounting to private business

By Renee Beckman, CPA

So , y o u ’ v e g o t y o u r e y e o n t h e c o r p o r a t e arena Fortunately for you, you’re a member of one of the most versatile professions in the world It g o e s w i t h o u t s a y i n g t h a t , f o r s o m e , a p e d i g r e e b a c k g r o u n d i n p u b l i c a c c o u n t i n g i s t h e p e r f e c t launching pad into the private company, consulting, and industry and business sectors

The obvious question now is, how do you reflect your aspirations and the fact that you’re the perf e c t c a n d i d a t e o n a o n e - d i m e n s i o n a l s h e e t o f p a p e r t h a t c u r r e n t l y p r e t t y m u c h c a t a l o g s y o u r career in accounting and auditing? Beyond that, h o w d o y o u s e p a r a t e y o u r s e l f f r o m e v e r y o t h e r applicant in the endless sea of online job boards and resume filtering systems?

It’s not easy, but there are things you can do with your resume to give it the edge The key is to communicate your experiences in just the right way. Here’s how.

1. Separate functions & achievements

The responsibilities of auditors and accountants all a p p e a r v e r y g e n e r i c R e g a r d l e s s o f t h e f i r m , t h e jobs are similar; they abide by set standards and processes governed by specific guidelines

And so, rather than getting into the broad scope of your position when you’re applying for jobs in the private company world, you need to drill down into the finer details of how you benefited your clients or firm.

S u r e , u n d e r e a c h p o s i t i o n y o u s h o u l d b r i e f l y detail the functional areas of responsibility, including industries served, size or number of clients and scope of work. But did you uncover fraud? Grow revenues? Give presentations? Share experiences that reflect the value you added The more specific and detailed the examples, the greater the impact of your story. This is about painting a picture of yourself as an individual with valuable skills that are easily transferable

2. Highlight tiny learning curves

A hiring manager ’s first questions are, “What can you do for me? And how quickly can you do it?" The less a company has to invest in a new hire, the more it saves in time and money It's your job to s h o w t h a t y o u c a n h i t t h e g r o u n d r u n n i n g , a n d then articulate that fact once you've got your foot in the door and are sitting in an interview. Focus on practical skills and give them context by sharing real-life examples of your skills in action

3. Prep different versions of your resume

Different types of positions within the private sector call for different types of resume For example, a resume geared to consulting should highlight your experience with client communications, the projects you were part of and your expertise in a certain industry A technical position should speak to your knowledge of GAAP and the detailed work you performed in publicly traded companies, down to the research, writing and compliance work you handled on behalf of clients. Lead with the most relevant skills and use common keywords to up your chances of being pegged by automated filtering systems.

4. Make it look just right

There's a bunch of advice out there about the best resume formats to use The single most important thing to keep in m i n d , t h o u g h , i s y o u r a u d i e n c e . A c c o u n t i n g a n d f i n a n c e people whether in the public sector or the private one are largely left-brained, pragmatic and analytical individuals. Being overly creative won’t be rewarded and might even w o r k a g a i n s t y o u I ’ d s a y d o n ' t u s e f l o w e r y l a n g u a g e , o r crazy colors or fonts; leave that to the creatives.

So, what’s the “right” format? Simple, simple, simple Use a bulleted format that explains the technical scope of your positions followed by your achievements relative to each position Stats show that recruiters spend mere seconds looking over a resume before moving on. It must be informative, straightforward and impactful to make the cut

5. Keep what’s important and toss out the rest

The challenge in today’s recruitment process is that your resume will be viewed and reviewed by multiple audiences each with its own experiences, judgments, preferences and biases. So the strategy is to make your resume stand out professionally without risking being a turn off to any single constituency With this in mind, here are a few tips:

Always include:

n Software proficiencies and your level of expertise

n Language proficiencies.

n Your LinkedIn profile link (make sure your profile looks good and your profile picture isn’t too candid).

n Quantifiable results to bolster listed skills

Never include:

n An objective We all know it’s fluff It adds zero value and can limit the marketability of your resume, as well as the amount of room you have for the important stuff.

n Mention of religious or political appointments Although being a treasurer of your church is a wonderful, positive thing, I don’t know of anyone who got a job offer specifically because of it

n GPAs. Once you are past 5 years of experience, your work in the professional world trumps college triumphs

n An email that is silly, goofy or otherwise unprofessional; create a new email account using a version of your name

n T h e f a c t t h a t y o u p a s s e d t h e C PA e x a m o n t h e f i r s t attempt; it’s pretty irrelevant

Professionals coming from public accounting are in high demand and their skill sets are highly sought after in the corporate world With a little time, effort and know how, your resume is sure to bring you the fantastic results you’re after.

Renee Beckman is senior partner and co-founder of Chicago project resource and recruiting firm Marco & Associates, LLC

THINK YOU KNOW EVERYTHING?

TAKE THE QUIZ

1 The average time recruiters spend looking at a resume is,

A 5 to 7 seconds

B 15 to 20 seconds

C. 30 seconds to 1 minute

2 How long does it take for an interviewer to know if a candidate will be hired?

A The first 10 seconds

B The first 90 seconds

C The first 3 minutes

3 How many resumes are typically discarded because of an unprofessional email address?

A 23%

B. 48%

C 76%

4 What's the rejection rate of resumes that include a photo?

A 52%

B 88%

C 100%

5 In 2014, how many resumes were submitted via email or posted on the web?

A Over 50%

B. Over 70%

C Over 90%

6 What percentage of applicants is actually qualified for the jobs they apply for?

A. 35%

B 55%

C 75%

7 Applicant tracking software is able to quickly eliminate what percentage of applicants?

A 55%

B 75%

C 95%

8. On average last year, how many resumes were posted on Monster.com each week?

A 427,000

B 568,000

C 674,000

9. What percentage of recruiters is likely to look at a candidate’s social media profile?

A 58%

B 76%

C 93%

10. How many applicants in 2014 found jobs on Twitter?

A 8 million

B 10 million

C 12 million

Statistics: TheUndercoverRecruiter com, Work4labs com & JobVite com

Answers:

The Far & Wide Approach

It’s smart to network outside your industry Here’s how to do it

By Carolyn Kmet

7 Ways to Be a Better Networker

Matt Kaine, CEO and founder of the proximity-based networking app Reach, offers these seven tips for forging strong, long-lasting business relationships that extend beyond your industry

1 Do your research on the event or keynote It's important to be able to hold a topical conversation while working the room to build rapport. People who seem oblivious to this come off as ingenuine, and the conversation usually ends rather quickly

2 Three’s a party Attending events with friends or colleagues is fun and will make you more approachable Wingmen also help you avoid those potentially awkward ice -breakers

3 Be authentic This is especially important when networking in a smaller city or niche industry where everyone knows each other. Preserve your image; you only have one shot at a first impression

4. Actually listen. Don't be the head-nodder with a blank expression; and don’t cut off people when they ’ re answering a question you ' ve asked them Some people are direct and others like to speak cryptically, but either way there’s something to be learned to further the relationship

5 Be ready to pitch Though the hard sell is never encouraged, there’s a strong likelihood that someone will ask you what you ’ re working on and to elaborate Also keep in mind that not everyone will instantly understand your role, project or ideas; be patient

6 Be visible before an event Use platforms like Twitter, MeetUp and Facebook to listen in or contribute to a conversation before the event to build a presence and make a few virtual friends

7 Lend your ear and then a hand Provide content, connections, advice, mentorship or recommendations to someone you meet. Adding value and solving someone ’ s problems in an initial conversation not only makes you memorable, but also radiates the qualities of leadership and genuineness

Ev e r n e t w o r k e d o u t s i d e y o u r i n d u s t r y ? E v e r wondered why you should?

The answer is pretty simple: To achieve broader, cross-industry reach, exposure to new ideas and technologies, and access to opportunities beyond your traditional scope

Regardless of whether you’re in public accounting or industry and business, the same networking p r i n c i p l e s h o l d t r u e “ C l i e n t s e x p e c t t h e p r o f e ss i o n a l s t h e y h i r e t o n o t o n l y u n d e r s t a n d t h e i r industry, but also assist them in cultivating associations and relationships with key people,” explains Michael Coyne, Ph D , CPA, an associate professor of accounting with the Dolan School of Business at F a i r f i e l d U n i v e r s i t y, C o n n “ I n m y o p i n i o n , t h e accountants who are the most successful are the ones that understand the industry in which their company operates and cultivate associations with p e o p l e w o r k i n g i n t h e c o r e f u n c t i o n s o f t h e i r organizations such as sales and operations ”

Glen Gould is an entrepreneur and author whose books include Meet Me at Starbucks (co-authored with Ben Turpin), a how-to for scheduling, holding and benefiting from successful meetings. He says that a major benefit of networking outside your industry is finding a different perspective one that sheds light on new approaches to a problem

“Many times a great solution to a problem in one industry has already been solved in a different industry,” he explains. “It’s natural for accountants to solve problems with more accounting, and for marketing managers to address issues with more marketing The problem is when more of what you are already doing won’t solve the problem Then what do you do? You have to find someone outside your sphere of influence who can see the problem from a perspective that you cannot ”

It’s important to be intentional about your networking activities, adds David J P Fisher, president of RockStar Consulting and author of Networking in the 21st Century: Why Your Network Sucks and What to Do About It “Look for events that will attract possible contacts,” he advises, explaining that you should, “Identify target industries to network with, and ask for introductions into those industries. For example, ‘I’m looking to connect with attorneys who work with businesses that are restructuring their business debt Do you know anybody who I should talk to in the legal world that might fit that bill?’”

W h i l e i n t o d a y ’s i n t e rc o n n e c t e d w o r l d i t ’s e a s y t o n e t w o r k w i t h p e o p l e v i r t u a l l y through sites such as LinkedIn, Facebook and Twitter, the power of connections still lies in good old-fashioned face-to-face meetups.

And before you say, “We’re numbers guys not meet-and-greet guys,” Fisher will tell you that the need to be gregarious and outgoing in order to be an effective networker is a common misconception. “There’s also the mistaken belief that accountants tend to be shy number crunchers Most accountants that I’ve worked with are smart, engaging conversationalists and a lot of fun to talk to It’s important to realize that good networking is about building relationships, and that’s as simple as starting a conversation with another person and taking an interest in their professional world ”

Gould suggests attending meetings hosted by a local Chamber of Commerce or one of the city’s civic clubs such as the Kiwanis or Rotary Club International. And remember, networking happens everywhere kids’ soccer games, the grocery store, standing in line at the movies, even at your favorite restaurants “The key is to engage people and the easiest way to do that is to simply ask them about their favorite subject themselves,” says Gould “What’s your name? What do you do? How long have you been doing it? What brings you here today?”

Getting the conversation started isn’t enough, though; you have to follow through as well “Go to a meeting with the intention of meeting three to five people with whom you might have a connection. Ask questions, then ask for their card,” Gould advises.

Next, ask what types of clients or business they’re seeking, so that you can facilitate an introduction if possible Once you have an idea of their wants and needs, offer to call them in a few days to discuss how you can help each other

“Above all, deliver on calling them. Too many people never follow up,” says Gould, who readily admits that the process isn’t as easy as it sounds. “We often rationalize that it’s wiser to do the work we have now than to let it be and go find new opportunities

Between time restraints, family and all the extra obligations we have, it’s difficult to fit new experiences and people into our lives,” he explains And then, of course, there’s the natural inclination to maintain the status quo, which means surrounding ourselves with people who think the same and do the same as we do.

“It takes commitment to stretch outside your comfort zone,” says Gould, “and the willingness to plan your work to include networking as a valuable part of your overall plan ”

“ C l i e n t s e x p e c t t h e p r o f e s s i o n a l s t h e y h i r e t o n o t o n l y understand their industry, but also assist them in cultivating associations and relationships with key people. ”

How to Be a Thought Leader

Seven tips for your rise to knowledge greatness.

By Judy Giannetto

“Th o u g h t L e a d e r ” i s o n e o f t h o s e m o n i k e r s you really can’t give yourself (well, maybe only when you’re staring into the bathroom mirror givi n g y o u r s e l f d a i l y a f f i r m a t i o n s , l i k e , “ Yo u ’ r e t a le n t e d . Yo u ’ r e g o o d - l o o k i n g . A n d g o s h d a r n i t , you’re a Thought Leader) No, Thought Leader is something you earn after a lot of focused effort and determined brand building Which is not to say you can’t or won’t achieve that lofty title In fact, you can pretty much start on the road to thought leadership in the next 5 minutes after you’ve read and followed through on these seven tips.

1. Who are you? A rock star, that’s who Square one for any aspiring Thought Leader is success in your field. As a Thought Leader, your clients, prospects and even competitors recognize you as the foremost authority in a particular niche forensic accounting, local tax, multinationals, for example In other words, you are the go-to person for all things related to that niche.

That said, “Just because you are doing groundbreaking work does not mean you automatically will get recognized as a Thought Leader,” explains Media, Marketing and PR Specialist Loolwa Khazzoom in her Huffington Post blog

So where do you begin? By writing a concise, c o n v e r s a t i o n a l , m e m o r a b l e , s t a n d - o u t - f r o m - t h ecrowd personal bio that will become the basis of your consistent brand online and off. Know the essence of who you are, and what gives you an edge in sharing knowledge related to your area of expertise Perhaps it’s a unique life experience, or an interesting aspect of your cultural background, o r a n o u t - o f - t h e - b o x t r a i n i n g e x p e r i e n c e . W h a tever it is, hype it up

2. Get your www basics down

You absolutely, positively need to have a website If you’re not ready to invest in a professional web development team, think about signing up with a site like Strikingly.com, which allows you to easily

CONGRATS NEW CPAs!

A

Raed Khalil Abu Jalban

Joseph Abu-Aita

Ala Tareq Abusleem

Christopher Warren Adams

Hailey Adams

James Adams

Matthew dams

Angela Sue Agnew

Janitzia Aguilar

Kaitlyn Hern

Faizan Syed Ahmed

Cassie Drake Aiello

Lori May Aiello

Rafiat O. Akeju

Robert Alcala

Frank Joseph Alessi

Aamir Liaquat Ali

Ahmed Abdullah

Al-Khabash

Walid Hamoud

Al-Najar

Omar Alnuaimi

Laura Alongi

Michael Alpern

Andrea Altstadt

Judi Alvarez

Sandra Alvarez

Shail Amin

Paul Amiri

Kelly Amundrud

Greta Anderson

Michael John Anderson

Noelle Anderson

Ryan Anderson

Matthew J. Andes

Karen J. Andrews

George Andrianakos

Jacob Henry Andringa

Sarah E. Anstaett

Daniel J. Applebaum

David Aquino

Bryce Armbruster

Shannon Aline Armstrong

Ashley Arnold

Kyle Arvin

Smriti Aryal Pathak

Maria Arzamastseva

Amina Asif

Mary Astuno

Amy Whitney Augustine

Vadzim Ausianovich

Stephen A. Ayers

Elaine Ayot

Adnan Ahmed

Azamuddin

Ajit Emmanuel Azariah

B

Aleksandra Barbara Bak

Brianna Baker

Maimona Bakharba

Mara I. Balaci

Daniel Boand

Ballantine

Matthew Banks

Katherine T. Bannon

Juan P. Barajas

Alexander Joseph

Baraniewski

Noah Barnes

Andrew Barnett

Dennis R. Barr

Peter Basso

Seddie Bastanipour

May Bastawros

Tara Batty

Traci Bauer

Phillip Baumann

George Beck

John Beck

Wesley Becu

Matthew Behan

Eric David Behun

Craig Belisle

Nicole Bell

Lisa Ann Bende

Molly Bender

Stephen Raymond Benko

Sara Benton

Fernando Berges Rojo

Taylor Berland

Natalie Beutler

Allison Beveridge

Arjun Bhatia

Parshva B. Bhavsar

James Tyler Bicek

Brett Bielanski

Craig Binns

Eric John Biro

Paul Frederick Bishop

Johnathan Blair

Andrew James

Blancaflor

Daniel Robert Bland

Andrew James Blank

Tracy Blasiak

Patrice Delilah

Bledsoe

Alexander Bleiweiss

Austin Blessman

Catherine Block

Joseph Marc Blom

Crystal L. Bock

Nicholas Levon

Bodurian

Arthur Paul Bohleber

Natalie Bohn

Lauren Boman

Heather Bonifas

Ryan Bachman

Ibrahim T. Bagasarawala

Muhammad Baig

Gabriella Bailin

Nicole Baillie

James Curtis Bost

Elizabeth Marie Botwin

Maegan Kathleen Boucher

Ryan Bouray

Dale Boyd

Britney Nicole Boyde

Timothy Bozek

Benjamin Bozsik

Christopher G. Bozzetti

Devin Braatz

Aaron Brandt

Jeffrey A. Brandt

Michelle Ann Brazee

Joshua Bream

Alixandrea Brehm

Jason Brehm

Joseph Brennan

Grant Richard Brenneman

Jared Breslaw

Joshua E. Bretl

Lindsey Brevitt

Matthew Brezina

Mollie Brien

Michael Jeffrey Briggs

Ryan Abdelhak

Briouig

Christopher Brodecki

Ryan M. Brody

Timothy Brooks

Kelly Brophy

Sadie Elizabeth Broschart

Matthew John Broucek

Jud Logan Brown

William Matthew Brown

Kara Jean Brownlee

Katherine Bruins

Laura Addison Brush

Jamie D. Buenzow

Elzbieta Bujnicka

Shannon Elizabeth Bultemeier

John D. Burch

Brian Martin

Burghgraef

Stephen Burian

Margaret Burke

Shannon Burke

James Burnell

Patrick Burnton

Patrick C. Bush

Ryan Oliver Busha

Paul A. Bushno

C

Nathan Campbell

Rachel Leanne Campbell

John Campolo

Kelsey Cantrell

Teng Cao

David Carbajal

Jennifer D. Caren

Bryan Carlson

Grant Steven Carpenter

Alisa Caruso

Christina Elizabeth

Caruso

Adam Casady

Michael Casey

Michael Harris

Casson

Angelo J. Catalano

Michael J. Caulfield

Amy L. Ceisel

Yasemin M. Celebi

Exner

Janet Cha

Anne Chan

ShuTing Chan

Eun Ju Chang

Nai-chuan Chang

Stephen Chang

George Chanturia

Travis Duane Chaon

Jackson Chapple

Stacy Lee Chavez

Lyssa B. Chavka

Bilu Chen

Celina Xi Chen

Huan Chen

Hui Chen

Tim Chen

Xi Chen

Yimeng Chen

Yining Elaine Chen

Cheng Cheng

Meng Cheng

Ho Yan Cheuk

Michael Cheval

Andrew Chisholm

Kendra L. Chislom

Bernadette Chlipala

Michael Stanley Chmielewski

Woo Hyuk Cho

Jungdo Choi

Laura Chou

Jason Chow

Brian Chung

Jason Chung

Sung Won Chung

Sunny An Sung Hee

Chung

Kathryn Close

Jennifer Cloughley

Kyle Cobb

Katherine Coffey

Laura Elizabeth Colavita

Olga Colborn

Christopher Cole

Kasey Erin Coleman

Kendrick Coleman

Jeremy Colombik

Chazery Colon

Meaghan Coltharp

Nathaniel P. Comiskey

Bradley Comm

Rebecca Connelly

John J. Connery

Kimberly Bayer

Connor

Kyle Conrad

Michelangelo

Consiglio

Nick Conti

Shane Michael Conzelman

Matthew Cook

Kevin Christopher

Cooke

Angela L. Cooklin

Jason Scott Cooper

Kenzie Cooper

Jonathan Coraglio

Orlando Corral

Colleen Neukomm

Cory

Brandon Cosner

Grace Costello

Maureen Ann

Costello

Carol A. Courtney

Kevin Creevy

Thomas John Cronin

Isabelle Crouse

Thomas Dean Cruger

Ashley M. Cuddy

Brian Charles Cullinan

Anne Elizabeth Cumming

Daniel Curran

John Curran

Mark Daniel Curran

Zachary Thomas Cute

Pawel Czajkowski

George Joseph Czerwionka

D

Nicholas Lawrence

Davis

Olivia M. Davis

Travis James Davis

John Davitt

Michael de

Waal Malefyt

Tom W. De Weerdt

Trevor Debelak

Allison Leigh DeCant

Robert Dee

Emily Degan

Bryan M. Deisinger

Andrew G. Delheimer

Joseph N. Deliberto

Eric Neil DeMay

Charlotte L. Demler

Andrew Denault

Deyan B. Denev

Xin Deng

Robert Der

Sagar Desai

Vidhi Desai

Corie K. Dettman

Clare Devitt

Amy N. Deweese

Jonathan Henry

DeYoung

Lindsey Gayle

Diamond

Cynthia L. DiCosola

Kathleen L. Dienhart

Alison Dierkes

Justin Dietrich

Ryan Dillon

Daniela Dinu

David Discipio

Mark Donachie

Molly Melynn

Donovan

Amanda C. Dore

Justin Dorner

Nichole M. Dotson

Benjamin Francis Dougal

Sean Douglas

Samuel Peter Douthit

Paul Michael Dowdakin

Sean Dozier

Elizabeth M. Draper

Michael Drobny

Jifeng Du

Le Du

Erin Gail Duber

Kathryn Dudek

Daniel Enge

Tuyajargal Enkhbayar

Julie Epstein

Robert J. Esenberg

Shafeeq Essa

Daniel L. Evans

Joseph Edwin Evans

Scott B. Ewing

F

Robert George Fahey

Shauna Fahl

Brian Falkenberg

Steven Fang

Megan Farley

Edward Farmer

Nicholas Farmer

Mohammed Irfan

Farooq

James Farrelly

Joanna E. Fay

Kaylee Elizabeth

Federico

Katie Fehrenbacher

Ronda Feit

David A. Field

Daniel John Finan

Colleen E. Fiocchi

Elana Miriam Fiscus

Alessandra Fisher

Holly Fisher

Brian Fitzgerald

Shane P. Fitzgerald

Brad Fletcher

Andrew Flick

Brian Patrick Flynn

Jonathan Foley

Matthew Fong Choy

Diana Fortunato

Jesse Franchini

Charles Francis

Sheena Francis

Erik Frandin

Samuel Franklin

Stephen Frazin

David R. Fredrickson

Joseph French

Mason Friebel

Luke Friedman

Eric Frisch

Esmeralda Fuentes

Jordan Fulkerson

Noel Fuller

Stephanie FulsonRoberts

Janel Viana Furr

Shizuka Furuya

Thurston Alexander Booth

Antoinette Bordelon

Julia Borel-Donohue

Lawrence Borgman

Angelina Deborah Bornok

Anthony Caccomo

Andrew Cadamagnani

Michael Cahill

Ni Cai

Maria Campanile

Amy Michelle Campbell

Casey Campbell

Cory Allen Campbell

Elizabeth Ann Campbell

Joseph Churchill

Adam Ross Ciccone

Marcin Slawomir

Cichocki

Ryan Ciesla

Adam Cina

Joseph Mark Clark

Scott Clay

John Shelby Clements

Kelsey Megan Clifford

Mohsin Dadabhai

Michael Daday

Joseph O'Brien

Dages

Elizabeth D'Amato

Toma Damis

Nicholas John Danavi

Jacqueline Covillo

Dandurand

Arielle Danieli

Daniel A. Daoud

Sanjana Das

Suzanne M. Davey

Victoria Davies

Ryan Todd Dudkewic

Rena A. Dukes

Daniel Lloyd Dunten

Lora Beth Dust

E

G

Robby D. Easton

David Scott Eaton

Kaitlyn R. Eddington

Marina V. Edwards

Sean Egan

Elena Egorov

Andrew Michael Ehle

Lucas Eichhorn

Michael Eichner

Jenna El-Khalili

Benjamin Gabrek

Pranav Gade

Melanie Louise Gage

Scott Gagner

Gabriel Gal

Kevin Galdek

Amanda Marie

Gallagher

Colleen M. Gallagher

Benjamin Gallentine

Qian Gao

Yini Gao

Shannon Garavaglia

Susan Amy Garboyan

The Illinois CPA Society congratulates the following individuals who earned their CPA certificate in 2014.

and flawlessly create a website promoting none other than you, while, for a modest annual fee, creating a unique, easily identifiable URL (such as yourname com) Make sure that your blog and social media links (which we’ll get to in just a second) are part and parcel of the site And remember, the World Wide Web is a visual medium Make it aesthetically pleasing and visually engaging.

3. Get your name out on social media

Social media is imperative in building your brand of which “Thought Leader” eventually will be a part so become active on at least the biggies: Twitter, Facebook, LinkedIn

It’s not enough to simply sign up and upload a profile picture, though The important word here is “active ” You need to be on top of every new development in your field, and ready to share posts and provide your insights, as well as volunteering to answer questions posed and posted by fellow followers, connections and friends. Taking your social media activity a step further, think about setting up your own LinkedIn Group and inviting connections to participate in discussions that you’ll moderate. Make sure the topics are compelling and timely, and that they offer participants the opportunity to ask questions and find solutions to the challenges they may be facing.

4.

Become a blogging superstar

Writing a business blog that followers, connections and friends can subscribe to is a great way to establish your status as an expert. Entries don’t have to be super-long (300 words is a good target), but they do need to be niche-specific and insightful. The insight part of the equation is all-important. It’s not enough to simply report the latest development; you need to give it context, show how it impacts your subscribers, and share advice on how to prepare for its potential ramifications. Your mission is to help people find solutions to their problems, and deepen their knowledge of your area of expertise while you’re at it. The first place they’re likely to go for that help is online. If what you publish and share is useful, they’re more likely to reach out to you, refer you, quote you and push your name out to others.

5. Share your industry greatness in a podcast

This is a great complement to your regular blog posts. Your podcast can be audio or video, and should, of course, be directly related to a current issue impacting your area o

l o w e r s , c o n n e c t i o n s , friends and subscribers to join as guests. Make sure you keep them hooked by regularly offering further podcasts.

6. Keep on promoting your content

You’re going to be doing a bunch of writing in your quest for Thought Leader status. Expand your blog posts into articles and white papers, start writing an eBook, and offer your content to various outlets. For instance, are you a member of a respected professional association with a wide membership reach? Then see if they’d like to publish your content in their magazine or journal, or in a newsletter or digital publication. Take it a step further and see if you can get a regular gig as one of their columnists or guest bloggers.

7. Get up on the podium

Public speaking is an important tool in building your recognition as a Thought Leader. Standing at the podium allows people to put a face to the expert advice, and gives you the opportunity to build rapport with your audience. Get in touch with organizations that regularly develop conferences, seminars, webinars and trade shows related to your specific niche, and send them your rock star bio as well as links to your website, articles, podcasts and social media presence.

Obviously, becoming a recognized Thought Leader takes a whole bunch of work. So, is it worth all the time and effort? Absolutely.

“By building your thought leadership skills, you not only help yourself become known as an expert, but you also help your company become more recognized,” explains Lindsay Olson, founding partner and public relations recruiter with Paradigm Staffing and Hoojobs com, in her article for US News & World Report It’s all about helping your career and creating new, dynamic opportunities for yourself and for others

The Partner Track

The why and how to get on and stay on the route to the top.

By Bridget McCrea

Making partner is the ultimate end-goal for many CPAs. And it’s a long, competitive journey, no one can deny.

From start to finish, the ascension to partner typically takes around 15 years, explains Dan Rahill, CPA, chair of the Illinois CPA Society Board of Directors “Everyone should be concerned with their own career architecture,” he says “Remember, no one cares about your career more than you do, and no one can shepherd your career as much as you can ”

The adage “up or out” still very much applies in today’s professional services space, says Gregg Ward, CEO of training and executive coaching firm the Gregg Ward Group “There comes a point where, if you’re not on the partner track, you can quickly become a commodity,” he warns “And while being on the track isn’t a guarantee that you'll become a partner, at least you’ll be in a good position when that next merger or recession comes along.”

Here’s the reality check: “At most large public accounting firms, only about one-out-of-every-six professionals in that tenure bucket are ever extended the partner opportunity,” says Renee Beckman, CPA, senior partner and co-founder of project resource and recruiting firm Marco & Associates, LLC Which makes adopting partner-focused strategies a must

Top 10 Skills You’ll Need to Make Partner

CPAs John Mark McDougal and Tim Sturm offer up these “10 Skills for Mapping Your Journey to Partnership”:

1 See the big picture Firms need leaders who can tackle meaty projects and offer insights that strengthen the firm long term

2 Develop your soft skills Listening is the most important skill you can possess in dealing with clients, understanding their concerns, and providing them with the best possible service

3. Master conflict resolution. Resolving issues is critical when taking a top leadership role.

4 Learn to delegate Understand how to use staff members appropriately both to help you succeed and help them build their skills

5 Watch your role models The culture and expectations at firms differ; pay attention to and model successful behaviors

6. Balance work and life. Workaholics get the job done, but ultimately burn out

7. Find a niche. It offers value in nearly every field

8 Know your firm’s brand Prove you are a trusted ambassador who can do exemplary work and effectively promote your firm’s unique brand and value

9 Get technical Although you don’t need to be an A+ in every technical area, you need to noticeably rise above your peers 10. Network. Maintain a broad network among potential clients and within your firm

from square one Here are four to start on right now.

1.Be

Open to Opportunities

J u s t a s i m p o r t a n t l y, d o n ’t w a i t f o r t h o s e opportunities to come to you.

“Get out there and seek them out; whether it’s a transfer to another city, a move to another practice, or a promotion within your own firm,” Rahill advises. “The key is to keep your eyes open at all times for opportunities that come your way, and for those that you can ferret out and go after yourself ”

2.

Draw Attention to Yourself

“Be visible,” says Rahill He suggests getting involved in charitable causes, firm-sponsored events, and recruiting and mentoring initiatives “Get out there and meet people and network with them,” he advises “Make it known that you really have a true stake in what’s going on at your firm.”

3. Seek Out a

Mentor

But not just any mentor Search for someone who has “been there and done that” to help usher you through the various steps, c h a l l e n g e s a n d a c c o m p l i s h m e n t s a s s o c iated with the partner track

“Even if you’re working for a small firm that lacks a formal program, attach yourself to a senior leader who is willing to help you out,” says Ward. “Women need to be particularly cognizant of the need for mentors, because, let’s face it, most accounting firms are still male-dominated, so gaining good s e n i o r- l e v e l s u p p o r t d e f i n i t e l y h e l p s t o achieve those partnership goals.”

4. Be Truly Indispensable

“Try to add value at every opportunity and d e v e l o p a r e c o g n i z a b l e ‘ g o - t o ’ s k i l l s e t , " s a y s E d w a r d H a n n o n , C PA , p a r t n e r a n d attorney in the Chicago law firm of Quarles & B r a d y L L P. " B y p u t t i n g y o u r s e l f o n t h e radar as a go-to person for a specific task or issue, you’ll effectively become the person that others confer with and rely on when solving problems and completing projects. A n d i n r e t u r n , y o u ’ l l b e c o m e a n i n t e g r a l team member and gain control over your own destiny ”

Hannon adds that, “Achieving the partn e r r a n k t r u l y i s t h e p i n n a c l e o f m o v i n g from having a job to having a career It’s more than just a lucrative career; it gives you flexibility. Being a partner allows you to choose the types of clients you’re going t o s e r v e , h o w y o u ’ l l s e r v e t h e m , a n d t h e type of team that you’re going to surround yourself with.”

Boost Your Social IQ

The dos and don’ts of business mingling for the socially impaired

By Selena Chavis

Truthfully, more than a few professionals lack the mingle gene Many of us have witnessed an obvious casualty the overly friendly co-worker w h o h a d o n e g l a s s t o o m a n y o r t h e c o l l e a g u e w h o s e t a b l e m a n n e r s m a d e e v e r y o n e e l s e l o s e their appetite.

But what about the more subtle mishaps that can leave professionals in a position of disadvantage?

According to Gloria Starr, a leading business management consultant in the areas of etiquette, manners, communication and leadership, few people

For any business event, she cautions against being too casual or friendly, since either may come a c r o s s a s d i s r e s p e c t f u l . S h e s p e c i f i c a l l y e m p h as i z e s t h a t b u s i n e s s e v e n t s m e a n b u s i n e s s a t t i r e “Dress up and showcase yourself at your professional best,” she says.

The bottom line is that business etiquette is critical to success, and the average professional may be surprised at the number of dos and don’ts missed on a regular basis

Here are a few of the biggies.

Board Meetings

Board meetings can be a great opportunity to network with company leaders and gain insight into new opportunities. Professionals who want to know how to successfully navigate these high-level events have to be cognizant of the landmines that exist along the path

Above all, be prepared, Starr stresses. “ A r r i v e a f e w m i n u t e s e a r l i e r t h a n t h e scheduled time,” she says. “Come to the meeting having read your board packa g e , a n d c o n t r i b u t e y o u r i d e a s w h e n appropriate.” Waiting until the chairperson sits down before taking a seat is also proper protocol.

Body language can make or break you at board meetings, says Starr Those in attendance should appear clearly engaged in the matters at hand, with a clear focus on the meeting, people and content. This means, “turn off the phone,” she advises A l s o i m p o r t a n t i s t h e c h o i c e o f s e a t .

really know the best ways to showcase themselves at business events.

“Many people truly don’t know what to do, say or wear at events Some people don’t care enough to find out the appropriate guidelines,” she explains. “Many people attending business events gravitate to socializing with their peers rather than using this opportunity to network with people in the company they don’t know.”

“Select your position at the boardroom table carefully The middle seats on both sides of the table are the weakest positioning places to sit,” s h e e x p l a i n s A n d “ d o n ’t s i t t o t h e i m m e d i a t e right or left of the leader unless you are second in command ”

Also, professionals should introduce themselves to people they don’t know and have business cards at the ready, especially if it’s the first board meeting

Guide to Intangible Asset Valuation

by Robert F. Reilly

a nd

Available for $142.50 plus shipping! Visit www.willamette.com/books

A few important don’ts include:

n Don’t sit in the lowest chair Raise it to add to your visual presence.

n Don’t do all the talking. And don’t speak out of turn; show respect.

n Don’t fiddle with things on the table

joke

Networking Events

Networking is critical to the momentum of any career. Michelle Powell, CEO of Professional Manner, notes that the first step in navigating a professional networking event is to understand the purpose of the gathering She suggests asking yourself a few questions: “Why am I attending this event, and what do I hope to gain?” “How can this meeting help me in my business or career?”

Had

Share

“It’s important to remember that the primary purpose of networking is to build relationships first and business sales second,” she says “Having this mindset will help you come across as helpful, friendly and resourceful rather than the pushy sales guy.”

The next step is to know the audience so that you know how to speak the event’s language. “When possible, learn ahead of time who else will be in attendance by industry, company or individual name to determine if there’s anyone you would particularly like to meet; then plan your introduction points accordingly,” says Powell

“Shake hands and use good, direct eye contact,” says Starr “And ask open-ended questions when you meet someone to encourage more than a yes or no response ”

Powell recommends that you keep conversations concise, intentional and sincere “Don’t wear out your welcome by monopolizing the conversation or the other person’s time,” she explains “Avoid complaining or being negative in any form And only if you find a potential business match should you exchange contact information.”

A few don’ts for networking events include:

n Don’t raise your glass in a cheer gesture when someone is taking your photo.

n Don’t stand with your hands in your pockets.

n Don’t begin the conversation with a negative comment

n Don’t go with the intent of selling something

Client Mixers

Client mixers offer a lighter side to business events While you want to be always on your toes, keeping things from turning too heavy should be a priority, says Anna Soo Wildermuth, an executive and personal image coach. “Keep the conversation light,” she suggests. “Be ready to answer difficult questions by asking to discuss the matter at the client’s office.”

While approaching an individual may be relatively easy, groups are trickier “It’s best to quietly approach, smile and wait a few seconds to be acknowledged by someone in the group,” says Starr “Abruptly jumping in no matter how big a smile you give is seen as intrusive and rude and doesn’t make for a good first impression ”

Equally important is making the right exit Powell emphasizes that you should never just slip away but always leave courteously, even if that simply means eye contact and a nod Don’ts for client mixers include:

n Don’t take all the air in the room mixers thrive on give and take.

n Don’t bring up difficult business issues; save them for a more appropriate venue.

n Don’t sell the function; rather, focus on building rapport with your clients.

Robert P. Schweihs

CLOUT-ability

How to boost and use your credibility to rise to the top.

By Clare Fitzgerald

For up-and-comers wondering just how much clout and credibility they can command in the world of business, entrepreneur and reality TV star Bill Rancic has some simple advice: “The first thing I’d tell a young professional looking to build clout is to realize that you have none.”

Although that might give you a bit of a jolt, the simple, unadulterated truth is, “You have to earn trust rather than try to command it.” Rancic, who will be taking the stage as the keynote at the Illinois CPA Society’s upcoming CLOUTability Young Professional Leadership Conference on June 5, definitely knows what he’s talking about he was hired by Donald Trump in the first season of The Apprentice, and you can’t get a more grueling testing ground than that. But he made it through, not only unscathed, but as a champion of tactical business. Which drives home an important point: While you may feel like you’re on the verge of greatness, getting the rest of the world to recognize it takes strategy.

Here are a few pointers.

Celebrity Entrepreneur Bill Rancic

“Every action or perceived inaction shapes credibility.”

Mindy Hall, Ph.D., Leading With Intention: Every Moment is a Choice

> Shine a spotlight on your work ethic

Working hard might seem like a “Duh, tell me something I don’t know” moment, but it’s worth a mention all the same Here’s why

“Even when the projects you have to do are less than ideal, it’s so important to put in quality work,” says Aaron McDaniel, a San Francisco consultant, entrepreneur and author of a series of young professional how-tos that include The Young Professional's Guide to the Working World and The Young Professional's Guide to Managing “Find lessons in the early career grunt work and take pride in what you’re doing rather than thinking you’re just passing the time until you get a big opportunity.”

“Whatever ambitions you have, it’s important to focus on the work you have now,” echoes Dan Conrod of Dale Carnegie Training in Chicago “Don’t just do the minimum; whatever role you’re in, get results. Deliver what you say you’re going to deliver. Your brand and reputation will build and you’ll become known as the person who gets things done ”

Rancic, whose titles include real estate developer, restaurateur, author and television personality (he regularly shares the reality show limelight with wife Guiliana in the E! Network’s Guiliana & Bill), says delivering results is absolutely crucial “The harder I work, the luckier I become,” he jokes. “There’s no easy route, and d o n ’t t r y t o t a k e s h o r t c u t s S e t r e a l i s t i c e x p e c t a t i o n s a n d o v e rdeliver. That’s how you build a relationship or keep a client or customer for life ”

“Working hard at the less glamorous work is what gives you the next opportunity,” McDaniel adds “Don’t just expect that you’ll be handed more responsibility ” The simple things, like meeting deadlines, being willing to stay late or arrive early, being informed, and being productive and technically proficient, are ways young professionals can demonstrate a strong work ethic and commitment.

> Do for others as you would do for yourself

Focusing on your job alone won’t automatically bring you clout and credibility. You need to shift your attention outwards to helping others to significantly boost your ROI

“Millennials are known as the ‘Me Generation,’ the trophy-justf o r- p a r t i c i p a t i n g g e n e r a t i o n , ” s a y s M c D a n i e l , w h o a d a m a n t l y warns against the “what’s-in-it-for-me” mindset. Actually, he says, “It’s by focusing on how you can help others meet their goals that you build clout and credibility and become the type of person organizations want Show that you’re not just out for your own glory and you’ll be rewarded ”

Listening attentively, finding ways to be a resource, displaying empathy and taking an interest in other people these skills and traits will earmark you as a person who gives as much as they take.

“Know your strengths, and find ways to use them to help your organization and others succeed,” McDaniel advises “Doing that doesn’t require a high title or authority.” But it could lead to them.

> Realize modesty is a virtue

While it’s important to know your strengths, remember you're not yet an expert. Humility isn't a bad thing, says Rancic. “People don’t expect you to know much at this stage of your career But you have to show a willingness to learn.”

“Have the courage and confidence to raise your hand for opportunities that come up,” Conrod adds. “You’ll meet more people and learn new things, and doors will open ”

At Plante Moran, for example, young professionals can volunteer to organize social and charitable activities, or to serve as college recruiters As associates move up the ranks, they also get the opportunity to train, evaluate and provide feedback to newer staff, e x

r o j e c t s a n d a c t i v i t i e s i s a great way to set yourself apart," he says

> Don’t go it alone

Mentors are vital in the climb to clout and credibility “Find someone who can coach you and make you better,” Conrod advises But at the same time, branch out; be genuine and build bonds with colleagues across generations “You shouldn’t be looking for the people you’d want to hang out with You should be seeking wise counsel Look for people who have gone down the path you’re looking to go down and can give you good advice ”

Most notably, “Those of you who figure out how to connect with Baby Boomers will get good advice and become more businesssavvy more quickly," says Conrod. "And Boomers can open a lot of doors and be great connections down the road ”

M a k i n g c o n t a c t s w i t h i n “ s p h e r e s o f i n f l u e n c e ” i s e s p e c i a l l y important for up-and-comers, particularly within CPA firms “You won’t be expected to bring in business right away, but it’s important to demonstrate that you have a network in place and will be able to help grow the firm down the road,” Kinder explains.

Forging that type of strong relationship is one of the best ways t o b u i l d c r e d i b i l i t y. “ C l o u t i s n ’t a b o u t w h o y o u k n o w, ” s a y s McDaniel, “It’s about who knows you ”

> Make life easier for just about everyone

Being known is only one piece of the puzzle You also have to be recognized as someone who creates value “You won’t have clout until people have a good impression of you,” McDaniel explains.

“You can provide value and gain a lot of credibility by removing obstacles and making other people’s jobs easier, or by gaining an area of expertise,” he adds “Millennials like to be well-rounded and good at everything, but think about what you’re really good at and then become phenomenal at it It’s in those pockets where you’ll excel and build your clout and credibility ”

> Rein in expectations of a rapid rise to power

All this clout and credibility building doesn’t happen overnight; it takes time, which takes patience Millennials, however, have a bit of a reputation for wanting things right now, this minute; better still, yesterday.

“Millennials are often thought of as being impatient and entitled, wanting instant gratification across platforms But that doesn’t happen in our careers,” McDaniel explains “You’re not going to be rewarded just for showing up Careers are marathons, not sprints ”

Job-hopping is a case in point “There’s certainly something to be said for moving out of dead-end jobs, but be choosy,” McDaniel a d v i s e s . “ S w i t c h i n g j o b s t o o m a n y t i m e s c a n b e d a n g e r o u s . I t means you’re always the new person in the organization and you’re always learning the ropes You miss out on moving up within an organization and the experience and credibility that come just with being there longer ”

So how do you know when you’re making progress?

“You’ll find that people start coming to you with questions, inviting you to meetings or asking for your feedback and opinions even when you don’t have decision-making authority,” says McDaniel “As more people come to you, you gain clout, and then even more people come to you because of that clout.”

Increased responsibilities and leadership opportunities usually follow, which will leave you feeling busier and more capable and confident “You’ll feel more pressure, but it will be positive pressure You’ll develop a bigger bandwidth in terms of productivity, and you’ll perform even better You’ll also start to feel more in cont r o l o f w h e r e y o u ’ r e g o i n g i n y o u r c a r e e r l i k e y o u ’ r e i n t h e driver ’s seat rather than being at the whim of others.”

“Life gets easier as you progress in your career,” says Rancic. “But that doesn’t mean you can take your foot off the gas ”

Once you’ve got clout, it’s important to use it with integrity “Focus on making people around you better, and you’ll start to find that you have champions who are excited that you’re next up to lead the team, and who will make you that much more successful,” says Conrod.

Ultimately, clout and credibility provide the influence you need t o l e a d a n d a d v a n c e “ F o r y o u n g p r o f e s s i o n a l s , t h e i m m e d i a t e focus out of school is on getting experience, but at a certain point, you need to transition from gaining experience to accomplishing s o m e t h i n g , " s a y s M c D a n i e l . “ C l o u t a n d c r e d i b i l i t y a r e t h e c u rrency you need to drive results.”

“In many ways, this is the most educated and talented workforce we’ve ever had,” says Conrod Nevertheless, to win jobs and promotions, you have to prove your value and develop a solid reputation “It’s really important to be strategic about being seen as credible Building credibility is simple, but it’s not easy ”

ROLE WITH IT

Actress, sketch comedienne and improve it! founder Erin Diehl explains how and why improv is giving corporate America a dose of star power. By Judy Giannetto

I was watching Tootsie the other night Well, to be honest, it was on as background noise while I ran around the house doing a billion things at once I did eventually stop to watch, but only when Bill Murray’s famous party scene came up Know the one? He’s sitting at a table, entertaining the crowd with his drunken stream of consciousness (“I wish I had a theater that was only open when it rained,” etc , etc ) Why so famous? Because not one word of it was scripted It was all off the top of his head, on the fly, adlibbed, improvised Can you imagine? Obviously some people have it and some people well, they may not have it, but they can get it

Improv workshops for corporate types aren’t a new concept But more and more, word is spreading about just how effective they can be at developing successful teams and dynamic leaders Some really big names swear by them, United Airlines included The world-renowned company has put its workforce through its role-playing paces for some time now, courtesy of Chicago’s own improve it! [improveitchicago com], a developer of corporate workshops focused on team collaboration, communication, networking, presentation skills, initiative-taking and the ability to think on your feet Jessica Montanez, recruiter for MBA and Campus at United

Airlines, puts it pretty well when she explains that “[The] approach is unique and a welcomed change to the standard training presentations we are used to in a corporate environment ”

Since improve it! has a starring role in the upcoming Young Professional Leadership Conference line up, I decided to sit down with company founder Erin Diehl to learn a bit more about how improv relates to business life, and what professionals might get out of the role-playing experience

First question, what makes improv so effective as a form of corporate training?

“The underlying foundation of improv is teamwork and support,” Diehl explains “It’s about working together to build rapport, have engaging conversations and tell a story that is compelling for an audience Organizations thrive on tapping into the creative talents of their employees. Innovation and creativity enhance productivity, accelerate capability and help sustain the competitive advantage. Companies must innovate to survive, and improv is by nature innovative ”

As an improviser, sketch comedienne and actress, Diehl has enjoyed stints Off-Broadway and gigs emceeing for major brands. In terms of training, she learned from the best The Second City, i O Theater and The Annoyance, included

“The skills I learned through improv challenged and enlightened my personal and professional life,” she says of the experience “I was more open, honest, lived more in the moment, and was also more verbose…if that’s even possible.”

Diehl chose to build on that theatrical foundation with exposure to the corporate side of large-scale event production, working with an experiential marketing agency as well as a recruiting firm And then, in 2012, she founded improve it!, with United Airlines as her first and continuing client

“I started improve it! because I wanted to help people enhance their ability to connect and build meaningful relationships Of course, this makes business sense because those who can effectively communicate their thoughts and build relationships have an advantage,” she explains. “Business, like improv, thrives on the exchange of information via dynamic conversations and teamwork Both require the generation of original ideas One of the tenets of improv is ‘Yes, and,’ which means, ‘Take what has been given to you by a scene partner and grow that idea even further.’ In a business setting, this means, ‘Don’t make your teammates do all of the communicating’; everyone needs to contribute and help to move projects forward with new and fresh ideas It means, ‘Yes, I understand your idea, and here’s what I think can take it to the next level ’”

Let’s be honest, though; public speaking ranks right up there on the fear-o-meter with heights, spiders, snakes, small spaces, big spaces, and all the rest. It’s not a stretch to think that getting up and improvising your way through a scene in front of a bunch of people, no less might be absolutely terrifying for some (me included) And so I asked Diehl, “How do you deal with the inevitable improv phobic?”

“People hear ‘improv’ and are automatically afraid of coming up with something on the spot or speaking in front of a group,” she admits, adding that, “The great thing about our workshops is that

Step up to improv:

The improve it! team will be performing at the upcoming CLOUT-ability Young Professional Leadership Conference, as well as hosting communication and presentation skills workshops on June 30 and August 5. Check out event line ups and registration info at www.icpas.org/ypclout.htm.

while I am facilitating, the improvisers are 100-percent fully engaged with each of the attendees, so it’s very easy for us to identify people who are more introverted ”

It’s all about comfort zones, she explains “Attendees can participate at different levels and we make sure to facilitate towards each individual’s comfort zone, while pushing their boundaries in a healthy way. By the end of the workshop, introverted attendees are typically laughing, engaging and interacting with the group on a higher level They’ve taken risks, they’ve succeeded, and they’ve tried some new things that didn’t work out as they might have expected Ultimately,” she says, “they feel positively supported in their experience.”

To take the edge off your performance anxiety, I asked Diehl to describe one of the exercises she typically uses in her corporate training

“One of our most impactful exercises is ‘A Place of Yes,’” she explains “One person stands in front of his or her peers and asks for a suggestion of a never-before-invented product The product suggested by the audience is then pitched back to them, with the person highlighting five facts about the new and exciting product on the spot After every ‘fact’ the audience yells ‘Yes!’ Multiple people take turns ‘pitching’ new products to the audience After several people have had a turn, we go around the room sharing how it felt to be in the moment and supported. The ‘pitchers’ routinely say they feel energized, smart and relieved to be sharing their idea with a supportive group The audience frequently says the facts became smarter and more on-point as the pitcher continued talking The biggest ‘aha’ moment is when all participants are asked, ‘How many times in your professional career have you been as supported as you just were in this exercise?’ Typically not a single person will raise their hand. This exercise is challenging for all participants it requires giving support even when ideas aren’t the best, but it allows participants to practice supporting others and to see how that support impacts others The end result is a positive, natural exchange of ideas and best practices ”

Whether a current leader or an up-and-coming one, a team manager or a team player, “Improv prepares you for new and difficult situations. It helps to build confidence, learn from mistakes in a risk-free environment, and better understand best practices,” says Diehl “Improv, role-playing, confidence and character they’re all deeply related ”

How Not to Judge a Book By its Cover

Biases may be human, but they can hurt you in the competitive world of recruiting.

By Sheryl Nance-Nash

Dov Baron, author of Fiercely Loyal: How High-Performing Companies Develop and Retain Top Talent, shares the story of Allan, an accountant interviewing for a position within a boutique accounting firm “When Allan walked into the office, Mike, the senior account manager, thought he looked like the last person on Earth who would be applying for an accounting position Allan had tattoos that were showing below his sleeve, ear piercings and hair that was gelled high He was also warm, friendly and extremely professional,” Baron explains

While Mike was tempted to simply dismiss Allan as a contender based on his funky appearance, he didn’t He kept on interviewing and narrowed his search down to three candidates of which Allan was one At that point, Mike asked Baron for advice “I started out by asking him whether, if Allan looked more of what Mike considered to be ‘conventional,’ would he bring him back He answered, ‘In a hot minute!’ I then asked him to give me a breakdown of his corporate clients according to age group and other demographics We discovered a small group of entrepreneurial young professionals who the firm was looking to prospect and grow with I asked Mike what he considered to be the greatest challenge in bringing them in He answered that the two members on his team who had been speaking with this group just didn’t quite gel with them I smiled and said, ‘Do you think they would connect better if it were Allan speaking with them?’”

Long story short, Allan was hired and quickly grew the company’s client base “What Mike had to learn was that bias could have cost him a lot of new business,” Baron explains, “and by breaching his bias, he built a bridge to a whole new demographic ”

Af t e r a l o n g , p a i n f u l d r o u g h t , a n i m p r o v i n g e c o n o m y h a s employers hiring again, searching out high achievers and top performers to join their teams. As Allan’s story proves, the process is part art and part science, and getting the mix just right is a challenging imperative

“The costs of poor talent processes are staggering a bad hire c a n c o s t u p t o 1 0 t i m e s t h e i r s a l a r y, ” s a y s S t a c y F e i n e r, P s y D , author of Talent Mindset: The Business Owner’s Guide to Building Bench Strength If that’s not concern enough, a recent Robert Half survey of CFOs found that the impact of a poor hiring decision can s i g n i f i c a n t l y l o w e r s t a f f m o r a l e a n d p r o d u c t i v i t y, a n d p a c k a painful financial punch.

Whether you’re filling a seat in the C-suite, an entry-level staff j o b , o r a n y p o s i t i o n i n b e t w e e n , i t ’s y o u r r e s p o n s i b i l i t y t o d i g below the surface of things and unearth what’s most important the candidate who’s right for your team.

Here’s how

Step One: Admit to your biases

Let’s face it, bias is extremely human For one thing, we tend to be drawn to individuals we perceive as being similar to ourselves in tastes, appearance, hobbies, experience, etc. “No matter how socially aware and objective one tries to be, as the interviewer, we can’t help but give preferences to those who are like us,” says O r u n B h u i y a n , c o - f o u n d e r o f m a r k e t i n g t e c h n o l o g y c o m p a n y SEOcial in Toronto

“Studies show that, in an interview, the decision-maker makes up his or her mind on whether to hire a candidate within the first few minutes,” says Laurie Canning, digital marketing director of Chicago recruitment agency BrilliantTM “The challenge this quick judgment poses is that it’s not enough time to fully assess a person’s qualifications for a role. Just as every process needs its due diligence, so does interviewing Judging a book by its cover in a good or bad way creates a sense of carelessness, which will hurt a business in the long run ”

Step Two: Think of it as teamwork

As with all things in business, successful hiring is about strategy.

“Without a discipline for hiring candidates, interviewers are at r i s k o f m a k i n g h a s t y j u d g m e n t s , i m p o s i n g b i a s , m i s i n t e r p r e t i n g information, asking irrelevant questions, and ultimately losing top performers and choosing mediocre ones instead,” says Feiner.

For starters, think of recruiting as a “team sport,” she continues. “Throughout the talent acquisition process, work as a team to circulate ideas and information, and ultimately reduce random opinions The team should consist of the hiring manager who owns the process and the final decision, an HR partner who supports the process, and a small group of stakeholders consisting of people who will rely in some way on the quality of talent hired into this p o s i t i o n , ” s a y s F e i n e r “ H a v e t h e t e a m c l e a r l y d e f i n e t h e r o l e Beyond the daily functions, might other departments have second-

ary needs for this position? It is powerful when multiple leaders are engaged in the new hire’s success rather than various leaders unintentionally pulling the new hire in different directions.”

Most importantly, prep interviewers before they step into the room Meet as a team to assign a specific set of questions to each interviewer And then meet again after each interview to compare notes. Make sure each interviewer understands the range of information he or she is expected to collect so that the team can build as complete a picture as possible of the candidate

“ R e c r u i t i n g i s j u s t a s m u c h a b o u t t h e c o m p a n y s h o w i n g u p s t r o n g a s i t i s a b o u t c a n d i d a t e s d o i n g t h e s a m e , ” s a y s F e i n e r. “Recruiting is a big job. The decisions are lasting, and the impact far reaching Own it ”

Step Three: Craft questions strategically

It’s all too easy to ask a leading question But leading questions won’t get you objective answers

“If you choose to ask the interviewee scenario-based questions and how they’ve handled various situations in the past, be sure to leave the questions open-ended If you only ask how they successfully came out of an experience, you may never learn how and when they failed. It’s important to get a well-rounded feel for the candidate’s qualifications,” says Canning.

Also, use aptitude testing to give you an objective view of subj e c t i v e q u a l i t i e s F o r i n s t a n c e , C a n n i n g ’s f i r m a d m i n i s t e r s o p t imism evaluations “to measure factors such as hope, optimism and motivation all redeeming characteristics that might not come to life with a simple question,” she explains

One of the most important questions to ask is, “Why are you looking for a new position?” “The best hire is not only the person who is qualified, but also the person who wants the position for the right reasons People who move for the right reasons are more inclined to be a longer-term and more engaged employee,” says Cathleen Faerber, a managing director with executive search firm The Wellesley Group.

“Determine whether the candidate is truly interested in a new job opportunity,” advises Marilyn Bird, district president for recruitment firm Robert Half® “We often see candidates go through the hiring process, secure a new job, yet are convinced to stay at their current job with an attractive counteroffer when they go to resign. This can be very costly to employers at the back end if they haven’t explored this question from the start,” she explains

Step Four: Get creative to get things right

Rich Kahn, founder and CEO of eZanga com, a digital marketing company, says he generally conducts two interviews with a prospect and then takes them out to dinner with the team.

“First we have a 45-60 minute interview where we talk to the prospect about the business and their background This is where we determine if the person has the necessary skill set to perform the job. If they impress us, we bring them in for a second interview.

This time we introduce them to different departments and the team members they will work with. We do this so we can get input from our staff as to whether this is someone they will be able to work well with or mesh with,” he explains

“The final step is dinner, but we don’t talk about business We’re a pretty open group at eZanga, so we want to see this person with their guard down This is where we get to see their true colors and what they are really about Sometimes this is where the crazy comes out; other times, this is where we get a match made in heaven ”

Step Five: See gaps as opportunities

Just as important as knowing what to look for is knowing what to ignore “Sometimes, if minor technical components in a person’s background are missing, but the person is proven to be coachable, those things lacking in experience may be overlooked,” says Canning

Also realize that pedigree schools aren’t the Holy Grail “If a well-qualified candidate has shown upward mobility and his or her skill set aligns well with the role and culture of the company, where he or she chose to attend school is less relevant in the hiring decision,” explains Monica Foster, regional talent management partner with Tatum, a professional and interim services firm, specializing in finance and accounting executives

What’s more, bear in mind that many talented people have suffered job losses through no fault of their own “Unless it can’t be clearly explained, overlooking successive job changes is okay,” says Faerber

There are two types of candidates, those in transition and those gainfully employed, she adds. “The best person could be in either category. It’s important to tap into both pools. Job postings will gain access to the people who are in transition. Direct recruiting taps into those who are employed.”

Which highlights the fact that, “Good people can be anywhere. Don’t be afraid to look in nontraditional locations,” says Kahn.

Bhuiyan, for example, inadvertently discovered a great way to l o c a t e h i g h l y p r o d u c t i v e a n d a d e p t t a l e n t w h e n h e s t a r t e d a “Meetup group called I Love Marketing Toronto, hoping mostly to network, discuss marketing, perhaps even attract clients Instead, we found great talent The people that attend business-oriented Meetup com events are typically very driven and passionate about the subject matter area being discussed ”

Once a decision is made on whether to hire a candidate, you should be able to answer why you believe the person can or cann o t p e r f o r m t h e r e s p o n s i b i l i t i e s o f t h e j o b “ I f y o u c a n ’t e a s i l y r e s p o n d t o t h a t s i m p l e q u e s t i o n , ” s a y s C a n n i n g , “ y o u m a y n o t have done your proper homework to effectively make a decision ”

In the end, creativity is what counts The more you put into the hiring process, the better the results will be It’s no mistake that the most competitive companies in the world are those that know how to hire right After all, a company is only as strong as its people

you make all the difference

The wor k of account ants & f inance gur us is changing lives, wor lds & stereotypes.

By Clare Fitzgerald

Like any profession, accounting has accrued its fair share of stereotypes and pop culture iconography Bean counters, green eyeshades and less-than-glowing post-Enron depictions are usually the first that come to mind.

But the profession and its image continue to evolve. Today’s CPAs and finance gurus, in fact, are far more likely to be known as crime-fighting execs, financial sleuths and altruistic globetrotters.

Here are a few specialty areas reinforcing that modern image.

Financial Crime Fighters

The role of crime fighter isn't much of a stretch when you really think about it Accountants have long played a part in strengthening the efforts of law enforcement Just think of 42-year-old IRS intelligence agent Frank J Wilson, who, along with Chicago prohibition agent Elliot Ness and others, performed the crucial investigation into Al Capone’s tax affairs that ultimately led to his hist o r i c c o n v i c t i o n Wi l s o n w e n t o n t o b e c o m e c h i e f o f t h e U S Secret Service The character of Oscar Wallace in the 1987 motion picture The Untouchables, in fact, is loosely based on Wilson.

Coming back around to modern times, according to the FBI, approximately 15 percent of its agents qualify as special agent accountants Finance experts are so indispensable to the FBI’s work, in fact, that in 2009 the agency created a new position that of forensic accountant. This investigative support role integrates accounting, auditing and investigative skills, and is heavily relied upon to provide quantitative financial information suitable for court

The work of forensic accountants extends far beyond complex fraud cases in the corporate, healthcare, mortgage and investment realms These agents also contribute to efforts related to counterintelligence, counterterrorism, cybercrime, organized crime, public corruption and violent crime, to name just a few Responsibilities range from gathering evidence, testifying in court and preparing search warrants to conducting forensic financial analysis and d e v e l o p i n g f i n a n c i a l p r o f i l e s f o r t h o s e i n d i v i d u a l s a n d e n t i t i e s identified as participating in suspicious or illegal activity

There’s even a SWAT-like group within the FBI the Forensic Accountant Support Team. Based out of Washington, D.C., the t e a m r e s p o n d s q u i c k l y t o s i g n i f i c a n t h i g h - p r o f i l e i n v e s t i g a t i o n s anywhere in the country Visit FBI gov to find out more about how accountant special agents are helping to fight crime

Corporate Watchdogs

Accounting professionals ferret out fraud and keep America honest b o t h i n s i d e a n d o u t s i d e t h e F B I A s A n d i M c N e a l , d i r e c t o r o f r e s e a rc h a t t h e A s s o c i a t i o n o f C e r t i f i e d E x a m i n e r s ( A C F E ) , explains, “The crux of fraud is almost always financial, and CPAs have the skills and background needed to spot red flags. Accountants have an inherent understanding of internal controls, and so much of fraud prevention involves internal control processes and mechanisms ” In fact, it was an accountant-turned-FBI agent, Dr Joseph T. Wells, who founded the ACFE in 1988.

The ACFE administers the Certified Fraud Examiner (CFE) credential, which, McNeal explains, helps to protect the global econ-

How do CPAs impact the greater good?

Share your thoughts @IllinoisCPA #GreaterGood

omy by uncovering fraud and implementing processes to prevent it from occurring in the first place CFEs combine knowledge of complex financial transactions with an understanding of how to resolve fraud allegations

“Fraud is a universal risk that every company, every entity, faces,” she says, adding that everyone, including investors and individuals, can be affected by fraud Think about tax return identity theft and corporate and municipal fraud cases and their disastrous consequences for individuals, companies and communities

Aside from the public good, fraud examiners positively impact the CPA image “You’re really solving problems, uncovering clues and putting pieces together,” says McNeal, noting that accountants have the ability and background to sift through data, install fraud prevention mechanisms and exercise professional skepticism to see financial warning signs

In addition to the investigative nature of the role, she also notes that there’s a strong human and behavioral element to fraud investigations As Dr Wells described it in a 2011 interview with the ACFE’s Fraud Magazine, “By its nature, fraud examination is an adversarial process; you are trying to prove someone did something wrong That eventually means confrontation, either in or out o f t h

l

, choose another line of work. But for those experienced and wellsuited, it is a job that brings enormous satisfaction You are helping make the world a better place.”

If the thought of helping to prevent fraud grabs you, then know that the American Institute of CPAs (AICPA), which offers the Certified in Financial Forensics (CFF) credential, considers this to be one of the fastest-growing specialty areas for CPAs moving forwards Find out more at ACFE com and AICPA org

Global Champions

Accounting and finance professionals are well known for the critical role they play in the world financial system And, according to the AICPA, CPAs have the luxury of being able to find opportunities to work in support of just about any cause they believe in and feel a commitment to

A look at any humanitarian or international development job board makes it clear that accounting and finance skills are highly sought after for a variety of functions, including helping nongovernmental organizations secure funds and deliver results, providing t e c h n i

l

x p e r t i s e , g i v i n g a d v i c e t o microfinance institutions on the best use of loans, and teaching math, accounting and budgeting skills overseas

T h e r e ’s a p a r t i c u l a r l y s t r o n g d e m a n d f o r s o u n d f i n a n c i a l management in the international development sector, accordi n g t o A c c o u n t i n g f o r I n t e r n a t i o n a l D e v e l o p m e n t ( A f I D ) [afid org uk], a London-based agency that offers accountants from around the world the opportunity to use their skills to support a broad range of nonprofit entities Founded in 2009, AfID p a r t n e r s w i t h i n t e r n a t i o n a l c h a r i t i e s a n d c o m m u n i t y - b a s e d organizations such as child centers, hospitals, microfinance entities, conservation projects, women’s empowerment programs and schools AfID volunteers are tasked with helping to develop and enhance the skills, confidence and potential of local communities, and providing organizations with the financial management capacity to deliver effective and sustainable programs. As the agency explains, “Volunteers could be budgeting with a street child center in Kampala, coaching a hospital b o o k k e e p e r i n K i g a l i , o r f i n a n c i a l r e p o r t i n g f o r a p r i m a r y school in Kathmandu.”

VSO [vsointernational.org], another UK-based international development charity, places volunteering professionals within the local organizations of the world’s least developed countries According to VSO, “financial manager” is a particularly in-demand role, needed specifically to develop and establish financial systems, provide technical advice and training on financial best practices, assist organizations in applying for government and institutional funding, and guide organizations in managing their resources more effectively

This global altruism is nothing new it’s just better publicized these days In 1996, for example, teams from major international accounting firms were engaged by an international commission headed by Paul Volcker, former chairman of the U.S. Federal Reserve, to conduct an audit of funds held by Swiss Banks that were believed to belong to victims of WWII Nazi persecution. According to SwissBankClaims.com, the official website of the Swiss Banks Settlement: In re Holocaust Victim Assets Litigation, the Volcker Committee identified at least 36,000 accounts opened between 1933 and 1945 that “probably” or “possibly” belonged to Nazi victims or their heirs and were estimated to be worth between $643 million and $1 36 billion (Read more about the Committee’s work in INSIGHT’s 2008 article, What Once Was Lost [www icpas org/OnceLost htm])

Whether your interests and heart lie in law enforcement, government, consulting, private industry, or public accounting, the opportunities to contribute to the public interest and w o r l d g o o d a r e m a n y. I t ’s u p t o y o u t o d i s c o v e r h o w a n d where to earn your living and make your mark.

Be part of the 6th annual Illinois CPA Society’s CPA Day of Service.

It’s as easy as 1-2-3: Choose a community organization or charity to help.

Register your volunteer activity plans at www.icpas.org/ CPADayofService.htm.

Receive a free CPA Day of Service t-shirt (while supplies last, free to ICPAS members).

Volunteer as an individual, or get a group together and volunteer as a team.

You can choose ANY volunteer activity you like. See our website www.icpas.org/CPADayofService.htm for ideas.

Questions? Please contact Ashley St. Jules at stjulesa@icpas.org or 800.993.0407, ext. 250.

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.

C L A S S I F I E D S

Is it time to consider a merger?

We can make the decision a Win-Win!

We’ve completed several mergers over the past 20+ years. You’ll work with us, not for us… and become more profitable!

Contact me to learn more:

Earl Holtzman, Managing Partner

Phone: 847.213.2100

Email: earlh@msco.net

Michael Silver & Company CPAs Skokie, IL

60077 www.msco.net

VALUATION OF YOUR CLIENT’S BUSINESS OR PRACTICE

By: Crandall

& Brackett, Ltd 630. 653.7922

email: robert@crandall-brackett.com

Web: www.crandall-brackett.com

Our only service is performed on your behalf in a mutual engagement setting From basic research to a full valuation, we tailor our services to your needs We author, teach and participate on policy setting committees and boards within the valuation profession

BUY OR SELL AN ILLINOIS ACCOUNTING OR TAX PRACTICE

ILLINOIS PRACTICES FOR SALE: NW Chicago CPA Practice, gross $300K; SW Suburbs (Orland-Palos Area) Tax & Bookkeeping Practice, gross $58K, SW Chicago Tax Practice, gross $83K, Elmhurst CPA Practice, gross $138K 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

Your Illinois CPA Society membership provides you with convenient and customized education, timely and relevant information, respected advocacy, and countless opportunities to make powerful professional connections.

Whether you work in public accounting, corporate finance, not-for-profit, consulting, government or education, the Society connects you with an extraordinary community of 23,000 accounting and finance professionals.

The September 30, 2015 Reporting Year Deadline is Approaching...

Get on top of your CPE requirements with the CPE OnDemand Access Pass

•One low, flat rate of only $199 for ICPAS members. ($249 for non-members)

•Take 40 hours of OnDemand education anytime and anywhere until September 30, 2015.

• Choose from over 130 interactive courses in our extensive OnDemand catalog.

VP of Government Relations, greenm@icpas org

capitolReport

OUR MAN IN SPRINGFIELD REPORTS ON THE LATEST LEGISLATION IMPACTING YOU

The Governor ’s Challenge

change has swept the capitol dome with the inauguration of governor bruce rauner as the state’s 42nd governor, and the convening of the new 99th general assembly.

This is the first time in 12 years that Illinois has had a divided government While Republican Rauner controls the executive agencies, the Democrats maintain their veto proof majorities in the House and Senate.

Continuing with his campaign themes, the Governor set the stage for implementing fiscal reforms with his State of the State Address in January, followed by the Budget Address to Joint Sessions of the General Assembly Typically, the Governor ’s Budget Address focuses on the coming fiscal year ’s state operating budget But Governor Rauner has two fiscal challenges to confront: The FY2015 operating budget gap of $1 5B and the 2016 operating budget gap of $6B

The Governor ’s proposal to fund state government operations through the end of FY2015 involves tapping into some of the 550 special funds through dedicated spending coupled with systematic spending reductions. One proposal advanced by Senate Democrats is to sweep over 100 special funds to the tune of $580M. This, however, doesn’t include the budget-cutting authority and reductions the Governor has requested. It should be noted that of the 100 special funds identified, the CPA Administration and Disciplinary Fund, used to fund the administration and regulatory oversight of the CPA profession, was included to the tune of $1 3M

Aside from the immediate fiscal year funding gap, Governor Rauner ’s 2016 State Operating Budget Proposal is built on substantial cuts to social service areas and higher education, as well as the realization of $2 2B in pension reform savings

The open question remains, will additional revenues to ease the tremendous budget gap be sought? During the Governor ’s campaign, he advocated for updating and reforming the state’s tax system by broadening the base and lowering rates He identified 32 services, including warehousing storage, commercial linen supply and court reporting services, that should be taxed Illinois currently taxes 17 services, of which 12 are related to utilities Moving forward, expanding a tax on services and more specifically a tax on professional services could present challenges

The Governor has stated that he wants to make Illinois competitive once again Taxing professional services is viewed by many as not only bad tax policy, but also a move that will put many Illinois firms at a disadvantage compared to professionals in bordering states. States such as Florida and Michigan that have passed a tax on professional services repealed those taxes shortly thereafter because of the great difficulty involved in sourcing the service

Aside from budgets, I would like to congratulate Connie Beard on being nominated and confirmed as director of the Illinois Department of Revenue and Bryan Schneider as secretary of the Illinois Department of Financial and Professional Regulation We work closely with each of these cabinet agencies, and have an established relationship with both these newly instated officials

The last thing I’d like to add is that there are over 6,000 pieces of legislation pending before the General Assembly. Things get a bit hectic during the spring months as the legislature moves through this enormous bill roster. We’ll certainly work to keep you informed through Capitol Dispatch, Legislative and Regulatory Alerts and our posted bill-tracking roster Keep the lines of communication open and let us know if there’s a bill that concerns you

Marty Green, Esq.

ICPAS