Insight Magazine - Spring 2017

WHEN IT COMES TO CAREER ADVANCEMENT, WE ARE WITH YOU... EVERY STEP OF THE WAY.

today ’sCPA

INSIGHTS & SOCIETY NEWS FROM TODD SHAPIRO, ICPAS PRESIDENT & CEO

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

It’s Your Time

older generations telling you you’re too young for a leadership role? show them how ready you really are.

You’re a Millennial and constantly hear that your generation is so different from generations past You’re told that you’re impatient, you want to move up too quickly and you want to be a decision-maker too soon Here’s my thought on that it’s malarkey.

I recall another generation that was impatient, moved up q u i c k l y a n d b e c a m e d e c i s i o n - m a k e r s a t a y o u n g a g e They’re called Baby Boomers

Now, though, it’s your time

Firms and businesses are facing an unprecedented loss of people and talent to retirement. The AICPA projects that 75 p e rc e n t o f C PA s w i l l r e t i r e o v e r t h e n e x t 1 5 y e a r s . T h i s unprecedented people and talent drain will require Millenn i a l s a n d G e n X e r s t o s t e p i n t o s e n i o r m a n a g e m e n t a n d leadership positions in the very near future

So, what’s the difference between the transfer of leadership today and that of the Baby Boomers 30 years ago?

Back then, business was growing rapidly, creating unlimited opportunities for young Baby Boomers to assume senior leadership positions. This was the case in corporations and accounting firms alike In fact, many of the most successful accounting firms today started in the business expansion era

Now fast forward to 2017 The transfer of leadership is j u s t t h a t t r a n s f e r n o t e x p a n s i o n A s s u c h , t h o s e w h o a s c e n d t o l e a d e r s h i p n e e d t o d e m o n s t r a t e t h a t t h e y a r e ready for the role.

How do you do that? My advice is to grab every opport u n i t y y o u g e t t o d e m o n s t r a t e y o u r l e a d e r s h i p p o t e n t i a l

Don’t wait for someone to give it to you or tell you what to do That just won’t cut it No matter where you work or what you are working on, show that you can lead and think strategically How does that jive with the general consensus that you’re impetuous and impatient? It’s all in the presentation. Taking the opportunity to lead and think strategically doesn’t necessarily mean your ideas will be implemented; however, I a s s u r e y o u t h a t m o s t p e o p l e w i l l n o t i c e , a p p r e c i a t e a n d reward your intent

Now for you Baby Boomers. Next time you think about how young your staff is and how they want to move up so quickly, I ask you to think back What were your expectations when you were in your late 20s and early 30s? When you became a partner in a firm or director in a corporation, did you think it was too soon? I very much doubt it

In the end, we, and by that I mean we Baby Boomers, have faith in you Millennials We know that you can step up and grab the leadership reins However, our impending retirements are not waiting for a slow, methodical development plan This is your time

Your Illinois CPA Society is here to help you find career s u c c e s s G r a b y o u r s e a t a t t h e u p c o m i n g Yo u n g Professionals Leadership Conference on June 2, and take advantage of every learning opportunity out there

Publisher/President & CEO Todd Shapiro

Judy

Judy Giannetto

Rosa Garcia

Derrick Lilly

ICPAS OFFICERS

Chairperson, Lisa A Har tkopf, CPA Ernst & Young LLP

Vice Chairperson, Rosaria Cammarata, CPA , CGMA Mattersight Corporation

Secretary, Geof frey Harlow, CPA Kessler Orlean Silver & Co , PC

Treasurer, Kevin V Wydra, CPA Crowe Horwath LLP

Immediate Past Chairperson, Scott D Stef fens, CPA Grant Thornton LLP

ICPAS BOARD OF DIRECTORS

Michael Bedell, Ph D Northeastern Illinois University

Terry A Bishop, CPA Sikich LLP

Jon S Davis, CPA University of Illinois at Urbana

Jonathan W Hauser, CPA KPMG LLP

Elizabeth S Pittelkow, CPA, CITP, CGMA ArrowStream Inc

Christopher F Beaulieu, CPA, MST CliftonLarsonAllen LLP

Stephen R Ferrara, CPA BDO USA LLP

Anne M Kohler, MBA, CPA, CGMA The Mpower Group

Maria de J. Prado, CPA Prado & Renteria CPAs

Andrea K Urban, CPA ThoughtWorks Inc

Brian Blaha, CPA Wipfli LLP

Dorri C McWhorter, MBA, CPA, CGMA, CITP YWCA Metropolitan Chicago

Thomas B Murtagh, CPA, JD BKD, LLP

Stella Marie Santos, CPA Adelfia LLC

INSIGHT is the magazine of the I linois CPA Society Statements or articles of opinion appearing in INSIGHT are not necessari y the views of the Il ino s CPA Socie y The materials and informat on contained within INSIGHT are offered as information only and not as practice, financ a , accounting, ega or other professional advice Readers are s rongly encouraged to consul with an appropriate professional advisor before acting on the information contained n this publicat on It is INSIGHT’s pol cy not to knowingly accept advertis ng that discr minates on he bas s of race re ig on sex age or origin The Il ino s CPA Soc ety reserves the right to reject paid advertising that does not meet INSIGHT’s qualifica ions or that may detract from i s professional and ethical standards The Ill nois CPA Society does not necessarily endorse the non-Socie y resources, services or products that may appear or be referenced within INSIGHT, and makes no representation or warranties about the produc s or services they may provide or their accuracy or claims The Illinois CPA Society does not guarantee del very dates for INS GHT The Socie y disc a ms all warranties, express or imp ied, and assumes no responsibil ty whatsoever

A MESSAGE FROM INCOMING ICPAS CHAIR LISA A HARTKOPF, CPA

A Challenge From Your Chair

Lisa Hartkopf, CPA, Partner, Americas Internal Audit Leader, Advisor y Ser vices, Ernst & Young LLP

now’s the time to share your story. Now’s the time to inspire the next generation of CPAs.

My father worked in finance for many years. I must have picked it up from him, because I was always good with numbers, too Who knew taking an elective accounting class back in high school would have led me here, a partner at Ernst & Young LLP and the Board Chair of the Illinois CPA Society

That first week of “accounting” was spent figuring out what accounting actually was, but it didn’t take long to see that accounting was the right direction for me I hope that my story can inspire the next generation of accounting and finance students and young professionals to follow suit and pursue the credential that has opened so many doors for me the CPA.

From my start in external audit at Arthur Andersen, to my time in mergers and acquisitions with EY, to being one of the few women leading a practice in the rapidly growing advisory side of the profession, not a day goes by where my accounting degree and training as a CPA don’t play critical roles in helping me make important business decisions And the importance of the CPA has never been greater

F r o m a r t i f i c i a l i n t e l l i g e n c e a n d B i g D a t a , t o d i v e r s i t y, w o m e n ’s e q u a l i t y a n d i n c r e a s i n g s o c i a l change, the spectrum of disruptive forces challenging every way business is done is infinite the CPA profession is no exception Not only must we be prepared to help lead on these challenges, we equally face major change in how we execute audits, prepare taxes, complete corporate finance functions, connect with our clients and colleagues, and more.

This will not change for me, it’s not going to change for you and it certainly won’t change for the next generation of accounting and finance leaders

As we aim to adjust, adapt and excel in the face of this change, growing the CPA pipeline will be important to our profession’s success As the number of people taking the CPA exam remains flat, we need to look for new ways to attract the next generation of thought leaders I think we must truly challenge the way we market our profession, show the value and purpose of the CPA, and encourage people to become CPAs

I joined the Society to drive more connection to the profession I challenge you to join me in helping our profession navigate these uncertain waters. We have important roles to play in business and society, and while those roles may be changing, I want us to be the disruptors, not the disrupted I t ’s a n e x c i t i n g t i m e t o b

business advisors.

The

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SEEN HEARD

problem solving

the most common skill set missing among qualified accounting & finance candidates

[Brilliant Financial Search]

HOW TO

MAKE YOUR PEOPLE HAPPY

Accounting, finance and financial services pros ranked last for on-the -job happiness, according to Robert Half ’ s It ’ s Time We All Work Happy study In light of that sobering fact, here are four tips to help brighten your team’s day:

1. Foster pr ide: Perhaps your products or services win awards and recognition, or the organization has a storied history, or you ’ re doing meaningful work Making that known contributes to happiness at work.

2 Encourage em power ment : Empower your staff to make decisions, develop critical skills, suggest new ideas, take strategic risks and flex creative muscles

3. Ac knowledge accom plishments: Show them how they contribute to your team’s success, announce their achievements publicly and personally thank them often

4. Set an exam ple: Your people take their cues from those around them, including the boss Don’t underestimate your influence and the impact of your conduct on your team

Olympic-sized Recycling

Japan’s Olympic Games Committee is planning to collect eight tons of metal to create the 5,000 bronze, silver and gold medals that will be handed out at the 2020 Summer Olympic and Paralympic Games in Tokyo The Committee is asking members of the public to donate their obsolete and discarded electronic devices, such as phones, computers and appliances, to the cause Already being applauded by athletes, this is part of a push to incorporate more sustainable living practices into the Olympic Games. Japan hopes the green initiative will bring awareness to sustainability and create positive economic, social and environmental change

YOUR GREATEST FEAR? BRAND RISK

Historically, business leaders have focused their attention on financial, market, currency and credit risks, but, according to the Ponemon Institute’s The Imperative to Raise Enterprise Risk Intelligence survey, brand risk now tops the list Specifically, the survey found that 63 percent of businesses have suffered reputational damage due to poor risk management Security breaches and business disruption tied in second place, both cited by 51 percent of respondents Even so, only 24 percent of respondents say their organizations have a clearly defined risk management strategy, while 33 percent have no strategy at all

“Some cause happiness wherever they go; others whenever they go. ” Oscar W ilde

$300B

estimated annual cost of tax dodgers led mostly by those who don’t report income.

[department of treasury]

How Much Debt are Millennials Actually In?

Millennials (born between 1981 and 1997) might have it tougher than you think when it comes to finances Coming of age in complicated economic and political times, and with the youngest of them still college -aged, student debt has hit record highs, the job market is more competitive than ever, and many are only working part time The College Investor points out that the average debt burden has almost doubled for Millennial students over a 13-year period 2016 grads, for example, are facing an average of $37,172 in student loan debt, versus 2003 grads who were saddled with an average of $18,271 Over the same period, The College Investor estimates starting salaries in 2016 to have averaged $51,100 versus $40,818 in 2003 Obviously, student debt and starting salaries are not keeping pace with one another And that ’ s a big problem in terms of an entire generation’s fiscal future

Your 2017 Tax-Action Checklist

“In an uncertain and disruptive business environment, the watchword for success is ‘nimble,’” says Jeffrey LeSage, vice chairman of tax at KPMG LLP KPMG has compiled a tax-action list for business leaders, which, LeSage says, “is critical for organizational success ” Monitor t he new US tax landscape. LeSage explains that, “Company leaders need to model the impact of various proposals, aggressively engage with legislators, and make their voices heard as the process moves ahead ”

Unravel international regulation Companies grappling with the Organization for Economic Cooperation and Development ’ s Base Erosion and Profit Shifting initiative need to put in “systems that unlock and share tax data and sharing information across the entire organization ”

America’s Got Talent

For the third year in a row, the United States has ranked fourth in the Global Talent Competitiveness Index (GTCI), an annual benchmarking report that analyzes data from 118 countries to measure their ability to compete for talent With strong competition from Scandinavia, here are the countries that round out the top 10.

1. Switzerland

Understand compliance

“Transforming their tax departments into state-of-the-art, scalable, integrated compliance functions should be on every chief tax officer ’ s agenda,” says LeSage Enhance innovation. Think data and analytics, automation, robotics and cognitive intelligence.

“Combining tax technical knowledge, large sets of data and powerful new tools can enable chief tax officers to help their organizations make smarter, innovative, real-time decisions that positively impact the bottom line ”

Transform tax talent. “[S]avvy leaders know that investing in rotations, cognitive training and leadership experience will help their people develop the skill sets and knowledge they need for them and their companies to succeed ”

2. Singapore

3 United Kingdom

4 United States

5 Sweden

6 Australia

7 Luxembourg

8 Denmark

9 Finland

10 Norway

“I worry that the person who thought up Muzak may be thinking up something else.” Lily Tomlin

The days of sitting mindlessly in front of the instructor for eight hours are gone.

Maximize the return on your training investment as you put your brain in its happy place with new, engaged learning activities at ICPAS education programs:

Game Shows Group Discussions

Role Playing

Case Studies

Online Polling Simulations

Start enjoying your learning experience with ICPAS Engage courses, conferences, OnDemand and Newscast programs.

For more information on ICPAS Engage offerings, visit

www.icpas.org

TECH PULSE

46% of jobs in the US have the potential to be automated by technology that already exists.

$14.6T in wages of workers globally can be replaced by automation.

0.8-1.45% the potential rise in annual global productivity due to automation.

Source: McKinsey Global Institute, “A future that works: A utomation, employment, and productivity.”

What Does Automation Mean to You?

“To unlock the value of your accountants, you need to automate the tedious, manual accounting work that consumes so much of their time and effort,” opines Susan Parcells, CPA, CGMA in Strategic Finance

Automation is definitely a hot topic in accounting today and likely to be for the foreseeable future As organizations strive to increase efficiency, reduce risk and diversify their businesses, automating the mundane, manual and risky tasks is becoming increasingly attractive

While your knee-jerk reaction might be to fear for jobs, Parcells stresses that, “The resulting efficiency and effectiveness free up your accountants to focus on analysis and input, which is the reason they pursued this profession in the first place If done properly, this can lead to your accountants loving their jobs again, and the increased level of retention and strategic insight will be reflected in your bottom line ”

Which areas of accounting and finance are most primed for automation?

According to Strategic Finance, seven take the top slots

1 Account reconciliation

2 Transaction matching

3 Closed tasks and reporting

4 Daily, high-volume reconciliations

5 Account balance analysis

6 Journals

7 Intercompany transactions

“to keep up, companies must be ready to spot and embrace new technologies.”

[boston consulting group]

EMBR ACE THE OPPORTUNITIES AHEAD

Client demands and new cloud technologies are transforming the accounting profession. Is your practice keeping up?

Whether you’re looking to be er manage your practice and your clients, or grow your business, we can help you achieve your ambitions quickly and easily.

Sage solutions for accounting professionals . Take your practice further.

Unlock your potential with Sage. Download your free eBook today. Visit: Sage.com/us/icpas

Sarah Herrmann Hype It Editor ICPAS Member Outreach

We All Need a Little Personal Evolution

Professionals Leadership Conference: EVOLVE This year ’s conference will explore the concept of professional evolution and flexibility With the rapidly changing business environment, it’s essential to be adaptable and open to new opportunities. Change is something feared by so many, but it can lead to your greatest achievements Learn from a diverse speaker lineup, from startup founders to managing partners, each of whom will provide perspectives on how to tackle your own personal evolution

The conference will conclude with a keynote by Alpana Singh, who became the youngest female Master Sommelier in the United States, was former host of Check, Please! on PBS, and is now a successful restaurateur Alpana will share her story of overcoming obstacles, cultivating an entrepreneurial spirit and growing her career

i n C h i c a g o ( I f y o u h a v e n ’t visited her restaurants, Terra & Vine, Seven Lions or Boarding House, you’re missing out!)

Here are five reasons not to miss this year ’s conference

ONE: Learn how to adapt and increase your agility in order to achieve success

TWO: Be inspired by evolved leaders who have successfully embraced change.

THREE: Ask questions of those who have made it to the top.

FOUR: Connect with today’s movers and shakers.

FIVE: Have fun on a Friday at a cool West Loop venue

The ICPAS’ Young Professionals Leadership Conference never disappoints I’m looking forward to seeing you there!

Young Professionals Leadership Conference

Friday, June 2, 2017

8:00 a m to 12:15 p m

Revel Fulton Market 1215 W Fulton Market Chicago, IL 60607

Early Bird Special through May 1: $65 members; $85 non-members

$75 members/$95 nonmembers after May 1, 2017

(Includes breakfast )

CPE: 4 hours

Space is limited Register at www icpas org/yp or call 312-993-0407, option 4

Ref: Course Code C42553

6 Reasons You Need an App

If you haven’t accounted for the boom in mobile technologies, your days might be numbered

By Derrick Lilly

Back in 2014, business and accounting software company Intuit predicted that nearly 80 percent of US small businesses would be fully adapted to cloud computing by the year 2020. At the time, mobile app usage had jumped by 76 percent from the previous year

Only two years later, ProFirm Apps points out that 90 percent of smartphone usage time is being spent on mobile apps, and 85 percent of people prefer native mobile apps over websites Oh, and, 57 percent of users won’t recommend companies that have poor mobile sites hint, hint

If that wasn’t reason enough for your firm to develop an app, here are six more.

1. Consumers expect it and prefer it

Having a mobile app “is going to become more important as your client base becomes more dependent on their mobile devices and their expectations start to include the ability to easily interact with your firm through those devices,” writes Jim Boomer, CPA.CITP, CEO of Boomer Consulting, in Should Your Firm Make an App for Clients? Plus, apps mean greater interaction with the rest of your marketing tools mobile engagement on social media grew by 55 percent over the last year; US adults spend an average of nearly three hours a day on their mobile devices; and the average user downloads nearly nine apps per month Simply having an app listed in an app store that users will see as they browse through options is a strong marketing tool in and of itself.

2. It’s a differentiator, for now

Boomer also points out that “the number of firms that have explored developing mobile apps is still relatively small and the number that has successfully completed this initiative is even smaller ”

Of course, interest is ramping up App developers like ProFirm Apps are now specifically targeting accountants and CPA firms to help them bring their services to the mobile business world. Before long, having a mobile app will be less about standing out from the competition and more about just keeping up with it. Pursuing an app sooner rather than later, though, can still help to position your firm as a thought leader in the industry, now and into the future

3. Google says to do it

in Google Search rankings, and Google continues to push users to focus on improving mobile content and search experiences. Just last August, Google announced that “after January 10, 2017, pages where content is not easily accessible to a user on the transition from the mobile search results may not rank as highly.” So at the very least, your website needs to be responsive and mobilefriendly to rank well in search results. It would be even better to have a complementing mobile app that’s easily viewed on all devices

4 It boosts engagement

From accessing their accounts and paying their invoices, to signing documents and subscribing to your newsletter, mobile apps can be used for any number of things But, most importantly, they put you and your services at your clients’ fingertips Instead of having to set up appointments and head into the office to fill out forms and exchange documents, etc , all they should need to do is launch your app and go about their business. The easier and more convenient it is for clients to communicate and collaborate with you, the easier it is to engage and retain them Plus, apps make it easier for you to reach clients “push notifications” send app users instant alerts and messages that trigger reactions and interaction

5. It’s customizable

From simple financial calculators to complete overviews of client

automate as little or as much as you or clients demand Some of the features that ProFirm Apps suggests for a CPA firm app include

an information tab overviewing the firm and its people and services; a direct appointment booking tool that shows staff availability; voice and text memos so users can quickly send messages to staff; an email/newsletter subscription option; a calendar of important events, deadlines and alerts; a referral area to share contact info; and, obviously, all of the accounting and tax tools that support the firm’s services Think bill paying, finance and tax calculators, tax refund trackers, secure file-sharing portals, e-signature capabilities, and more The point is to add convenience and value

6. It creates firm value

One day, your firm may be put up for sale, passed on to the next generation or positioned as a merger target Having a solid brand and clientele is important, but having a strong Internet presence and a mobile app that accompanies the firm’s other benefits “has the potential to add major value,”says Ryan Gripple, principal of Berkshire Business Sales & Acquisitions. “Any business broker will tell you that positive distinguishers make it easier to more quickly attract a buyer who is willing to pay what your practice is worth ”

Whether you’re looking for a compelling way to connect with clients, or a means to stay relevant in an increasingly commoditized industry, mobile apps and mobile-friendly websites are no longer a differentiator, they’re an expectation Without one, or both, built with a clear strategy and purpose, your firm is bound to be left behind

“What you don’t want to do,” says Boomer, “is turn a blind eye to this trend.”

YOU’RE A CPA .

WHER E CAN AN AICPA C REDE NTIAL TAKE YOU R CAREE R NEXT?

If you’re a CPA with a specialized interest, you can build on the value of your license by adding an AICPA advisory service credential: Personal Financial Specialist (PFS™ ), Accredited in Business Valuation (ABV ® ), Certi ed in Financial Forensics (CFF® ) or Certi ed Information Technology Professional (CITP® ) developed for the profession by the profession AICPA credentials make a statement They set you apar t and get you noticed. And, they can seriously boost your career.

Willamette Management Associates

Thought Leadership

We a r e l o o k i n g f o r t h o u g h t l e a d e r s t o j o i n o u r b u s i n e s s v a l u a t i o n , f o r e n s i c a n a l y s i s , a n d fi n a n c i a l o p i n i o n s e r v i c e s p r a c t i c e F o r mo r e i n f o r ma t i o n o n a c a r e e r a t Wi l l a me t t e M a n a g e me n t A s s o c i a t e s , p l e a s e v i s i t www. wi l l a me t t e . c o m/ fi r m c a r e e r s . h t ml . Ou r p r o f e s s i o n a l s t a f f r e g u l a r l y c o n t r i b u t e s t o t h e v a l u a t i o n p r o f e s s i o n b y a u t h o r i n g b o o k s a n d a r t i c l e s o n c u r r e n t t o p i c s o f i n t e r e s t . B e l o w a r e t wo o f o u r mo s t r e c e n t t e x t b o o k s .

A Practical Guide to Bankruptcy Valuation, 2nd edition

Dr. Israel Shaked and Robert F. Reilly

T h i s b o o k

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f r o m t h e A B I store at store. abi.org. Price is $ 1 1 5 f o r

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A B I m e m b e r s .

P u b l i s h e d b y t h e A m e r i c a n B a n k r u p t c y

I n s t i t u t e , a n d b a s e d o n t h e a u t h o r s ’ c o m b i n e d 7 5 y e a r s o f e x p e r i e n c e i n t h e v a l u a t i o n fi e l d , t h e r e v i s e d a n d e x p a n d e d s e c o n d e d i t i o n o f A P r a c t i c a l G u i d e t o B a n k r u p t c y Va l u a t i o n e d i t i o n l a y s a s o l i d f o u n d a t i o n f o r t h o s e s e e k i n g a

b e t t e r u n d e r s t a n d i n g o f v a l u a t i o n w i t h i n

t h e b a n k r u p t c y c o n t e x t .

Guide to Intangible Asset Valuation

Robert F. Reilly and Robert P. Schweihs

T h i s 7 4 5 - p a g e , h a r d b a c k b o o k w a s p u b l i s h e d b y t h e A m e r i c a n I n s t i t u t e o f C e r t i f i e d P u b l i c A c c o u n t a n t s T h e b o o k e x p l o r e s t h e d i s c i p l i n e s o f i n t a n g i b l e a s s e t v a l u a t i o n , e c o n o m i c d a m a g e s , a n d t r a n s f e r p r i c e a n a l y s i s . A u t h o r d b y W i l l a m e t t e M a n a g e m e n t A s s o c i a t e s m a n a g i n g d i r e c t o r s , R e i l l y a n d S c h w e i h s , G u i d e t o

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What do Employers Really Want?

Master these three skill sets to position yourself for greatness.

By Clare Fitzgerald

It’s not always easy to decipher the vague job descriptions that employers post, especially in a rapidly evolving profession and job market. So we talked to recruiters and academicians in the accounting field to learn what it is that employers are truly searching for among their newly minted accounting and finance pros. The overwhelming concensus is that grads need to hone three key areas as complements to their technical dexterity: Data literacy, critical thinking and communication.

Academia is taking note, with institutions such as Northern Illinois University (NIU) integrating data analysis, the ability to think on one’s feet, and verbal and written acumen into its curriculum. Here’s a closer look.

Data Literacy

Companies are collecting huge amounts of data, and one of their biggest needs is to hire people who understand how to use that data to the organization’s advantage.

“We’re hearing from employers that they want new graduates to be more data literate,” explains Dr. Ann Dzuranin, associate professor of accountancy at NIU. “That means new hires need to be able to understand the types of data out there and how they can access it, sort it and use it to identify and solve problems.”

NIU requires seniors in their accounting program to take Dzuranin’s data analytics class, in which they gain experience in and exposure to transactional data related to accounting tasks as well as Big

Data They also learn how to apply data analysis to financial, managerial, internal and external audit and tax tasks

“Data analysis is becoming really significant in the workplace,” says Dr Rebecca Shortridge, chair of NIU’s Department of A c c o u n t a n c y “The amount of data that needs to be analyzed can be overwhelming to many organizations, so they need people who can take large amounts of data, figure out what question they need to answer, and then use the data to answer it ”

To practice that skill, NIU students capture publicly available municipal data and a n a l y z e t r e n d s i n p a y r o l l a n d c o n t r a c t s , i n c o m e i n e q u a l i t y, t r a f f i c t i c k e t s , v e n d o r t r a n s a c t i o n s , a n d m o r e . T h e y a l s o c o mplete exercises designed to show how Big D a t a c a n b e u s e d t o e n h a n c e d e c i s i o nmaking, including using social media data to predict changes in sales.

In the field, those data literacy skills can b e i n v a l u a b l e “ A u d i t o r s t o d a y n e e d t o know how to manipulate electronic data, h o w t o p u t i t i n t o a u s a b l e f o r m a t , a n d how to test it and draw conclusions,” says S h e r i Ta y l o r, a u d i t d i r e c t o r a t M u e l l e r & Co., LLP, an Elgin, Ill.-based CPA firm. “For those of us who have been in the field for many years, that expertise isn’t our forte, s o h a v i n g n e w g r a d s w h o a r e s k i l l e d i n that area is huge ”

Data analysis skills can provide value on several sides of a CPA firm business, says Mark Thomson, managing director at Ostrow Reisin Berk & Abrams, Ltd (ORBA), a Chicago-based accounting, tax and financial services consulting firm “As technology is advancing, our clients’ capabilities to gather data and provide it to us are becoming more sophisticated,” he explains. “On the audit side, we really value people who have an understanding of how to maneuver and manipulate data to find where problems or potential problems exist ”

And as CPA firms seek to advance thems e l v e s a s b u s i n e s s a d v i s o r s , i n t e r p r e t i n g data analytics can be a value-added service in terms of helping clients set up, manage and better utilize their data, according to Thomson

Vi s u a l i z a t i o n i s k e y t o d a t a a n a l y s i s , w h i c h i s w h y e x p e r i e n c e i n u s i n g d a t a visualization software is so important NIU students, for example, are trained in Tabl e a u a n d o t h e r d a t a - v i s u a l i z a t i o n p l a tforms, which Dzuranin says are helpful for connecting data sources, finding trends and anomalies, and communicating findings.

A Good Day for Doing Good

Be part of the Illinois CPA Society’s 8th annual 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

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!

Questions? Please contact Erin Weinert at weinerte@icpas.org or 800.993.0407, x7641.

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.

The ability to bridge the gap between technical and business functions is another valuable skill Understanding what data is available and being able to talk to a data programmer or quantitative person to explain what the company needs to find is crucial. A n d a c c o u n t a n t s a r e a n a t u r a l f i t f o r t h a t r o l e , s a y s D z u r a n i n .

“Data is an asset, and accountants oversee the assets, so they’re in a really good place to extract value from data ”

Critical Thinking

“New grads should be able to take the lessons they learned in school and apply them to the real world We want them to be able to take information given to them by the client, interpret it and ask appropriate follow-up questions. Critical thinking is so important w h e n y o u ’ r e t a k i n g m a s s v o l u m e s o f d a t a a n d a s k i n g w h a t i t means,” says Thomson “We want to see our people take initiative to attack the information and find meaning in it ”

Critical thinking is crucial in more traditional accounting and auditing functions as well. “So much of our audit work is based on testing information and identifying what’s real and what’s not,” Thomson explains “You need to have a healthy sense of skepticism when doing audits You need to hear what the client says, but a l s o a s k w h e t h e r w h a t t h e y ’ r e s a y i n g m a k e s s e n s e a n d j u d g e whether you need to dig further.”

“Critical thinking is such a major skill, and the first thing students often need to work on is slowing down and taking the time to really comprehend a problem or situation,” explains NIU’s Dr Ellen Stuart “We work through how to get the whole story, digest it and decide on a course of action,” she says.

The importance of critical thinking will continue to grow as the profession evolves into a business advisory role, Thomson adds

“We want to develop our younger professionals into business advisors and consultants much more quickly. There’s more of a need today to accelerate them into those roles rather than wait until they have 15 years of experience We want people who can think critically about the work they’re doing and apply what they know and what they’ve learned to aid the business overall That’s what helps us compete ”

Communication

Soft skills are what round out a truly qualified professional. “You can have a great analysis of data, but if you can’t communicate it to the boss or client then your efforts will be in vain,” says Dzuranin

Thomson agrees “You can be a great manipulator of data, but you have to be able to communicate your results to the client in a way that makes sense to each individual client,” he explains, noting that Millennials sometimes struggle with longer-form and faceto-face communications. These are skills that have suffered in the age of social media and digital technology, says Shortridge

“Everything we hear is that technical skills are not enough,” she says “You need to be able to talk to clients and managers Some kids already have a strong base there, but a lot of kids coming out of high school simply don’t have those skills They don’t know how to talk to each other outside of texting and tweeting.”

Undergrad accounting students at NIU take a stand-alone writing class that focuses on drafting emails, reports and memos. In

scenarios in which they learn how to explain and respond to topics in the context of various audiences, explains Dr Stuart, who teaches the writing class

“The idea is to provide a sense of awareness of audience and tone, as well as appropriate business etiquette,” she says “A lot of students don’t fully understand how much writing they’ll be doing in the workplace or the level of formality that will be expected in their communications.”

She also emphasizes the importance of outlining, which can help students better evaluate a topic, look for research to substantiate their thoughts, and create and organize logical arguments before they begin to write. The focus on communicating continues into the NIU graduate programs as students participate in workshops about both written and verbal communications.

Face-to-face communication skills are particularly important to today’s employers, even though the concept may seem archaic to younger generations entering the workforce At ORBA, Thomson says the firm works to develop presentation skills in their newer hires by bringing them to client meetings whenever possible Often, they’re given a narrow topic to present and are invited to stay for the whole meeting, which gives them an opportunity to participate in a successful presentation and ask questions afterwards about why information was presented in a certain way.

For Taylor, strong communication skills are critical to developing the professional demeanor that her firm wants to see in anyone it hires “Understanding business and professional etiquette and knowing how to present yourself are things that are still needed and still very much in demand,” she explains

Coupled with data analysis and critical thinking, strong communications give grads the triple punch they need to beat out the competition and rise to the top.

Got Cultural Intelligence?

Employees who play well together, perform well together Which means your cultural IQ has never been so important

By Kristine Blenkhorn Rodriguez

You’re in a team meeting, charged with solving a business problem that’s critical to the company US born and bred Steve immediately puts forward some ideas Young Alice to his right also voices an idea, but no one picks up on it. Five minutes later, Steve voices that same idea and is showered with praise for thinking on his feet Meanwhile, the team leader is wondering why the guy from Tokyo isn’t contributing, and why the only Millennial at the table is more focused on her phone

Similarly dysfunctional scenarios are plaguing conference rooms across the nation, says cultural sensitivity expert Tatyana Fertelmeyster of WorldWide Connect As our workforce becomes more diverse, our cultural IQ simply isn’t keeping pace

So what should the executive in charge of this meeting actually have done? First, he or she shouldn’t have let Alice’s bright idea go unnoticed, and instead should have echoed her contribution and asked for team feedback. Also, someone trained in cultural norms would know that t h e A s i a n t e a m m e m b e r w o n ’t s p e a k u p u n t i l h e f e e l s h e h a s s o m e t h i n g v a l u a b l e t o o f f e r and that he needs time to percolate on the issue at hand Maybe a n a g e n d a b e f o r e t h e m e e t i n g would have helped. And the Millennial? She’s wondering why the meeting is longer than 30 minutes and isn’t there some online information that might help to speed things along?

Admittedly, these are generalizations, but the point is sharply focused: Being aware of cultural norms will help your team function at a higher level

“Cultural sensitivity matters to business results across the firm, n o t j u s t t h o s e p r o d u c e d b y t h e multicultural team experiencing issues,” says Roy Y J Chua, associate professor of Organizational Behavior and Human Resources at Singapore Management University

“Ambient cultural disharmony,” a phrase Chua coined while a professor at Harvard, occurs when the morale or performance of employees suffers, even when they are not directly involved in tensions stemming from cultural differences In other words, unaddressed cultural issues create a hostile work environment.

To prove his point, Chua conducted an experiment in which participants watched six video clips of people engaging in harmonious, neutral or negative business situations In each video, the people involved were either from the same or from different cultures.

Viewers were then asked to complete a creative thought task; those who viewed the cultural disharmony scored roughly 24-percent lower than those viewing harmonious or neutral interactions.

Japanese, Indian and German companies have been providing cultural sensitivity training and teaching employees Western business practices for decades US companies? Not so much

Erin Meyer, author of The Culture Map, a book about effective communication in a multicultural business world, iterates that effective cultural sensitivity training goes far beyond etiquette; it also addresses the various ways trust is built in different cultures, and how criticism is delivered and handled.

”Workshops alone often don’t produce lasting results Making an entire workforce culturally sensitive requires a more holistic effort,” Chua explains

To put it another way, cultural sensitivity needs to be built into the fabric of a firm “A key strategy is to develop an organizational culture that emphasizes the importance of diversity and inclusion. This can be done by recruiting employees who value diversity; educating existing employees on the importance of cultural diversity and building cross-cultural trust; and enforcing this organizational culture through appropriate performance management systems,” says Chua “For example, cultural sensitivity and tolerance toward diversity could be made a performance indicator for all employees, and employees and management alike should be held accountable for their actions ”

Customers are calling upon organizations to speak up on broad social and cultural issues more and more. Many executives who probably would prefer to push cultural sensitivity training down the priority list are therefore being forced to take a stand on their corporate culture

“It’s not a soft issue It gets to the core of your business,” says Fertelmeyster “If your firm consistently promotes white males, while consistently losing Hispanic management candidates to other firms, that’s a trend you need to be aware of. And if you are, are you culturally aware enough to realize that some Hispanics would never think of asking for a promotion, but instead are waiting for their superior to sponsor them and suggest it? Or perhaps you cannot understand why you lost a big client in China. But you replaced that client’s account lead without notice In China, this is bad business It shows a lack of value for the personal relationship It’s trends like these that firm leaders must ultimately address ”

Take the AICPA’s 2015 Trends in the Supply of Accounting Graduates study, which showed that while women have made great strides in the accounting industry (professional staff consisted of 48-percent females), diversity of race and gender has actually declined Caucasians accounted for 10 percent more of the workforce than in previous studies, while Asian/Pacific Islanders decreased 9 percent, and African-American professionals decreased 2 percent

“Companies should think more broadly to see how cultural quotient and diver-

sity can be part of their business strategy rather than viewing differences as problems,” Chua suggests “Cultural diversity among employees can also help companies develop new business ideas ”

t i v e advantage seems wise in a world that continues to become more of a melting pot Fertelmeyster explains that, “We have to ask ourselves if we’re making investments of time, money and resources to help people understand their differences and very specifically, differences in how they communicate, approach conflict and navigate time The team that understands differences like these has a much greater chance to produce something outstanding.”

Responsibility is Calling

Despite conflicting opinions surrounding social issues, the call for Corporate Social Responsibility remains loud and clear.

By Carolyn Tang Kmet

More and more corporations are making front-page news these days for immersing themselves into the public debate over social issues Starbucks, Airbnb and Target are all recent examples of companies that leveraged their brand strength and reach to broadcast their corporate values What that means is, the role that corporations play in the public arena is shifting “A traditional economics textbook view of society is that profit-maximizing firms generally lead to efficient social outcomes, leaving governments to deal with externalities, public good provisions, redistribution or poverty alleviation programs,” explains Christina Hachikian, adjunct assistant professor and executive director of the Social Enterprise Initiative at the University of Chicago Booth School of Business “While society has never been organized in such a simple way, this tra-

ditional view seems particularly stale in today’s world of increasing overlaps between the forprofit, governmental and nonprofit spheres.”

Today, there’s a greater expectation of and demand for businesses to be active in the public arena. In July 2016, in fact, the Public Affairs Council (PAC), a nonpartisan association for public affairs professionals, conducted a survey of major corporations to better understand how and why companies speak out on social issues The survey found that 60 percent of respondents have experienced rising stakeholder pressure to get engaged in such issues What’s more, 74 percent expect increasing pressure to get involved in social issues over the next three years Not that it should be a surprise, but publicly traded corporations were more likely than private companies to experience

growing demand to engage, and they also were more likely to be involved in efforts to support various social issues

If you’re expecting this trend to fade, you might be disappointed Just think back to the Super Bowl. Several commercials focused less on products and more on making bold political statements Audi’s commercial advocated equal pay for women Coca-Cola and Airbnb sparked discussion about immigration and diversity.

“It used to be that companies focused strictly on their products However, in the age of social media and activist shareholders, that is changing,” says Melissa Arnoff, a senior vice president and chair of the corporate communications practice at Washington, D Cbased LEVICK

According to Hachikian, the next generation of corporate leade r s w i l l p u s h f o r e v e n g r e a t e r c o r p o r a t e s o c i a l r e s p o n s i b i l i t y “Many of our students want to thread social impact through their lives and careers, and many of them aim to be future decisionmakers, either from the C-suite of these large corporations or in deploying capital,” Hachikian explains

There’s also a business case here. Nancy Goldstein, chief strategist at Compass(x) Strategy, a Chicago-based brand strategy firm and certified B Corp (for-profit companies certified to meet the highest standards of verified social and environmental performance, public transparency and legal accountability), says having a social mission definitely helps to attract top-tier talent “People w a n t t o w o r k f o r a c o m p a n y t h a t c o n s i s t e n t l y d e m o n s t r a t e s through its actions that people really matter,” she explains.

What’s more, socially conscious companies attract consumers w h o h o l d t h e s a m e v a l u e s “ C o n s u m e r s ‘ v o t e ’ w i t h t h e i r p u rchases, and they’re willing to spend more to support a responsible brand or punish an irresponsible brand by switching to a competit o r, ” e x p l a i n s H o l l e y R e e v e s , P h D , d i r e c t o r o f t h e r e s e a rc h , insights and sustainability practice at Georgia-based Butin Integrated Communications

Reeves adds that engaging consumers requires companies to s a t i s f y c a l l s f o r t r a n s p a r e n c y a n d c o m m u n i c a t e t h e i r i n i t i a t i v e s without boasting “Each company has the opportunity, and the challenge, to define what sustainability means for their brand and find their unique voice in the space,” she explains.

Companies that engage in social and environmental issues, for i n s t a n c e , m u s t e n s u r e t h a t t h e i r s t a n d r e s o n a t e s b o t h w i t h t h e brand and their stakeholders. Arnoff highlights Target as an example When the company announced that transgender employees and customers could use the bathroom of their choice, the move generated calls for boycotts and drew fire from officials in several states But Arnoff points out that this decision followed the company’s history of supporting equal rights and breaking down gender barriers.

“Target’s policy was consistent with the message and core values it has been projecting for years. This is the same company that h a s s u p p o r t e d s a m e - s e x m a r r i a g e a n d p a r e n t i n g i n a d s a n d employee policies, and decided in 2015 to stop labeling toy aisles by gender,” Arnoff explains “Target’s bathroom policy was true to who Target has been as a brand ”

C S R i n i t i a t i v e s a r e n ’t a l w a y s j u s t a b o u t b u s i n e s s , h o w e v e r. “Sure, I find my staff are highly energized knowing we do good in t h e w o r l d p e r h a p s e v e n m o r e t h a n i f w e s e l l a f e w m o r e b a r fridges or wine coolers, but shaping society in a positive way is the responsibility of successful companies,” says Jim Estill, CEO of Danby Appliances, a Canadian refrigeration and specialty appliance company “This is why it’s called Corporate Social Responsibility It’s the privilege and burden of success Successful businesses have been given a great tool the choice is how to use it. It’s good to be in a position to help ”

When Danby Appliances launched a refugee initiative (16 of the 1 5 0 p e o p l e w o r k i n g a t t h e D a n b y A p p l i a n c e s w a r e h o u s e a r e refugees), letters, emails and tweets started pouring in from existing and prospective customers. Comments included, “It is wonderful that Danby is doing something to better the world I am much m o r e s a t i s f i e d w i t h m y p u rc h a s e k n o w i n g t h a t D a n b y i s d o i n g good. Thank you.” As well as, “My brother and I just bought a portable dishwasher from your company While we don’t have enough money to support refugees ourselves, we hope our purchase can lend a small amount to the cause ”

“ I b e l i e v e i n g r a t i t u d e G r a t e f u l p e o p l e s u c c e e d m o r e , ” s a y s Estill. “I believe in abundance. Sharing will create more.”

In like mind, Northbrook, Ill -based Allstate Insurance Company Chairman and CEO Thomas Wilson believes that corporations can and should do more to proactively address issues challenging society Under his direction, the company has established several programs ranging from supporting youth initiatives to finding solutions to help domestic abuse survivors

“Allstate recognizes that we like other companies are ideally positioned to address social issues and use our resources and influence to make a difference,” says Laura Freveletti, president of the C o r p o r a t e R e s p o n s i b i l i t y G r o u p o f C h i c a g o a n d h e a d o f G o o d Starts Young, Corporate Social Responsibility at Allstate.

The most important thing with CSR is to ensure that the intentions are true. “Brands will have a harder time if they are perceived as capitalizing on an issue, or ‘cause washing,’” explains Goldstein “It has to come from somewhere true People are smart and they see through it. Maybe not right away, but eventually.”

“Each company has the opportunity, and the challenge, to define what sustainability means for their brand and find their unique voice in the space. ”

CON GRAT S NEW CPAs!

A

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Lucas Chalk

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Christensen

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Christopher

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Hafez Damulira

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Matthew J Goering

Emily L Golin

Daniel J Golinski

Nelson Gomez

Laura Gonzalez

Bradley Goodrich

Anastasia Goudes

Murodjon Goziev

Jakub Grab-Lucki

Mar tin Grady

Megan L Grady

Matthew J Graf

Michael Graham

James T Grannan

Mark A Gray

Jamie P Green

Tessa Grembowski

Ashley Griesshammer

Vyacheslav Grigor yan

Matthew R Grimler

Marissa N Grossfeld

Maxwell S Grothman

Kyle N Grove

The Illinois CPA Society congratulates the following individuals who ear ned their CPA cer tificate in 20 16.

CERTIFICATE RECIPIENT S

V David J Valenti

Lise Valentine

Minka V Valeva

Erin Vallosio

Alexander N

Van Duch

Joseph W Vanden

Bos

Kelsey M

VanderGenugten

Ryan J Vandermyde

Bradley T

VanderVelde

David A

VanRoosendaal

Kayla R Vargas

Brenda Miroslava

Vazquez Calderon

Joseph W Vergeront

Nicholas J Vergoth

Joseph G Versaci

Lucas G Verstegen

Ashley T Veselik

George T Vesely

Anne V Vijayakumar

Jasmine Villagomez

Eric L Vincent

Vincent M Virgilio

Joshua D Vishoot

Alexandra N Vizard

Manasi Vydyanath

W

Diane P Wachel

Livia Wadolowski

Masumi Wakabayashi

Mariusz Waksmundzki

Michael P Waldron

John Waldschmidt

Blake N Walker

Emily A Walsh

Tanya Walter

Chun-Ho Wang

Hao Wang

Luke Zi Wang

Qiaowei Wang

Ruichen Wang

Sicong Wang

Wei Wang

Xi Wang

Xiaodan Wang

Xipeng Wang

Yi Wang

Yilin Wang

Yiwen Wang

Yongheng Wang

Yuxuan Wang

Zhen Wang

Mar y T Ward

Patrick M Waterloo

Benjamin M Weaver

Chelsea A Weber

Tiancheng Wei

Weifeiyue Wei

Paul J Weisheit

Perri M Wer theimer

Rober t J Westman

Kristin M Whar ton

Jordan S Wheatcrof t

Katelyn N Wheeldon

Matthew J Wheeler

Brent T Whitford

Christina Wickenhauser

Rober t Wicklein

Janelle Wiesemann

James R Wilke

Stephen D Wilkerson

Michael W Wilkinson

Alexander M Willden

Brett Williams

Christopher Williams

David R Williams

Michele L Williams

Ryan M Williams

Kelly Wills

Adam J Wilson

Christopher Wilson

Henr y L Wilson

Johnathan Wilson

Jef frey W Wilush

Laura Wingate

Grant Winkel

Gretchen E Winkel

Bradley S Winkler

Jason A Winter

Sara L Winter

Claire Wir tz

Trudy L Wisch

Loren M Witt

Jessica L Witvoet

Beata Wojnar

Michelle L

Wojnarowski

Adam B Wolf

Joshua Wolken

Ryan Wolterink

Wyatt S Wolven

Vincent Wong

Seung Hyun Woo

Evan Wood

Heath W Woodcock

Adele M Woodlock

Nicole Woods

Kaitlin M Woodshank

Christian A Wray

Peter D Wright

Alexander B Wrobel

Chendi Wu

Dan Wu

Di Wu

Feiyang Wu

Junlun Wu

Yangyang Wu

X

Siyu Ye

Ai-Ru Yen

Trevor P Yerrick

Saeah Yoon

Brian York

April P Young

Margaret A

Youngblood

Kayla R Younglove

Siman Yu

Ya Yu

Teresa Yung

Z

Annie Xiang

Hang Xiao

Yongyan Xiao

Yingyi Xie

Yuan Xie

Zhongtao Xie

Chao Xu

Hongyang Xu

Xiazhe Xu

Tao Xue

Y

Jiayi Yan

Biqi Yang

Huirulan Yang

Ruobing Yang

Sean H Yang

Tingyu Yang

Zhiyi Yang

Ziwei Yang

David Zabrecky

James M Zabriskie

Michelle M Zaglama

Petya N Zagorska

Michael J Zakelj

Joseph F Zander

Raul Zarco

James Zarour

Enxhi Zekthi

Linwei Zeng

Xiaochi Zhai

Aohan Zhang

Fan Zhang

Liujun Zhang

Marie M Zhang

Shunzhe Zhang

Shuo Zhang

Xiaotong Zhang

Xintong Zhang

Zhifan Zhang

Zhiwen Zhang

Chen Zhao

Xi Zhao

Illinois CPA Society 2016 Excel Award Recipients

Yi Zhou

Olga Zhovtianska

Frank Zhu

Jundi Zhu

Lude Zhu

Tianshu Zhu

Xiujuan Zhu

Runsheng Zhuang

Mur tuza M Ziauddin

Brittany L Zubricki

Adriana A Zurbano

Timothy A Zwar tz

Eric M

Zwier zchowski

Olga Zyabkina

Jared Zygmunt

The Excel Award is granted to Illinois CPAs who achieved a total average score of 90 or more, completed all four par ts of the exam within two consecutive testing windows, and were in the top five percent of the scores of those who completed all the requirements in 20 16 in Illinois

ICPAS GOLD MEDAL RECIPIENT

Kat hleen M. Koehl

The Ohio S tate Univer sity

RSM US, LLP

Claire Marie Carden College of William and Mar y RSM US, LLP

Meaghan N Decker Univer sity of Iowa PricewaterhouseCooper s, LLP

Justin B. Farr University of Wisconsin, Madison Fame and Par tner s, Inc

ICPAS SILVER MEDAL RECIPIENT

Michael Charles Schwar zhaupt

Univer sity of Illinois, Urbana-Champaign

Deloitte & Touche, LLP

EXCEL AWARD RECIPIENTS

Adam Michael Knaszak Elon Univer sity KPMG, LLP

Nicholas Reed Lucas Univer sity of Missouri KPMG, LLP

James M. McMullan Illinois S tate Univer sity PricewaterhouseCooper s, LLP

ICPAS BRONZE MEDAL RECIPIENT

Karisa D. Thelen

Indiana Univer sity

Ernst & Young, LLP

William Ashton Meter Univer sity of Michigan KPMG, LLP

James A Paulson Illinois S tate Univer sity RSM US, LLP

Jordan Pfeifer

Univer sity of Illinois, Urbana Champaign PricewaterhouseCooper s, LLP

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a toast to your EVOLUTION

So said Pliny the Elder. And for Alpana Singh, there’s a ring of familiarity to that.

Singh will be keynoting this year ’s Young Professionals Leadership Conference, dubbed EVOLVE, set to take place on June 2 at Revel Fulton Market in Chicago’s West Loop This conference is all about finding the right ingredients to create a recipe for success your success It’s about making the transition from student to young pro, from young pro to seasoned pro, and from seasoned pro to the ultimate business leader How you mix the necessary ingredients is up to you But, without a doubt, they need to and will come together. You as a person, and you as a professional, will evolve.

When we talk about evolution, we’re really talking about bending, not breaking We’re talking about not just fitting into the future, but shaping it. We’re talking about empowering yourself to create the career and the life you want.

Here we share the wise words of three of our EVOLVE speakers and panelists Alpana Singh, Jackie Rosenfeldt, CPA and Curt Mastio, CPA to prep you for this inspiring event, and help to launch your own personal growth.

“In wine, there’s truth.”

When it comes to evolving professionally and personally, you need to drink up every opportunity you get.

By Derrick Lilly

A Taste For the Future

B o r n a n d r a i s e d i n M o n t e r e y, C a l i f , A l p a n a S i n g h s t a r t e d o u t working in her family’s ethnic grocery store Later, while waiting tables in college, Singh fell in love with wine and how it blended her interests in traveling, history and food. At 19, she pursued a path in the business with a job as a wine sales clerk, and by 23, she had landed a sommelier position at Chicago’s renowned Evere s t R e s t a u r a n t T h r e e y e a r s l a t e r, S i n g h b e c a m e t h e y o u n g e s t woman to pass the final level of the Master Sommelier exam.

This distinguished accomplishment opened new opportunities, landing her as the host of the Emmy Award-winning restaurant review television show, Check, Please! Singh now owns and operates three of her own Chicagoland wine and restaurant concepts, T h e B o a r d i n g H o u s e i n R i v e r N o r t h , S e v e n L i o n s o n M i c h i g a n Avenue and Terra & Vine in Evanston, Ill.

“There’s a fluidity that’s needed in entrepreneurship It’s a combination of intuition you know, following that gut feeling and t h e n w o r k i n g a n d t w e a k i n g i t u n t i l y o u f o r m t h a t f u t u r e t h a t ’s right,” Singh explains.

“ I d o n ’t p u t t i m e l i n e s o n t h i n g s I n e v e r h a d a m a s t e r p l a n Whenever I have ended something, it’s because it doesn’t have the same excitement it once had, it doesn’t hold the same joy that it used to,” she says. “If you wake up one day and you don’t find what you’re doing as joyful as it used to be, if it’s just part of the grind, that means it’s time to find something else ”

T h e p o i n t s h e ’s m a k i n g i s a s i m p l e a n d s t r o n g o n e : Yo u c a n either go along just fitting into the future that unfolds for you, or you can take action to shape the future you want

“Everyone knows what it’s like to feel stuck As a young professional you have to find a beacon You have to find people that you admire You have to find role models and mentors, and you have to find the person that you want to become,” she stresses “It’s about putting yourself in positions to make opportunities This is your time to make connections, build networks and absorb knowledge It’s not about the big payday yet that comes later This is about acquiring the skill sets and experience and network that will set you up for the big pay day ”

One of the best ways to set yourself up for the opportunities you want is to volunteer for everything related to them, whether that means extra work on the job, board service, community activities or helping with fundraising events “You just have to make yourself available. Any opportunity to get yourself out there is an opportu-

nity to connect with people and diversify your portfolio,” Singh explains “And don’t ever become too comfortable The only thing you’re entitled to is opportunity Always look for the next challenge and the next goal Don’t assume that your talents will be recognized; make them known.

“I think we all know our true calling; we just choose not to listen to it because we think it’s too crazy or too impossible We edit ourselves,” says Singh “But it will keep coming back; it will keep showing up It will get louder and louder Instead of thinking, ‘Why me?’ start thinking, ‘Why not me?’”

Bending Not Breaking

Arthur Andersen was the place to be in the 1990s for a young a

plugged away in the firm’s audit

gaining new skills and building a strong professional network Then something hit her, an inkling that maybe public accounting and auditing weren’t the end all be all So she took the turn that so many CPAs past and p

later, however, Rosenfeldt found herself at an unusual crossroads yearning for the variety of work and experience that only public accounting offered Leveraging the strong network she built b

A n d e r s e n , s h e r e j o i n e d t h e f i r m a n d c o n t i n u e d a l o n g h e r s u c c e s s f u l c a r e e r p a t h T h e n 2 0 0 2 h a p p e n e d , a n d a scandal-ridden Arthur Andersen shuttered its doors a bump in Rosenfeldt’s road, but not the end of it. Rosenfeldt and her audit team were strategically scooped up by Grant Thornton, where she became a partner only a few years later and remains a key leader of the firm’s audit services practice in Chicago

Making Rosenfeldt’s 15-year career with Grant Thornton all the more remarkable is the fact that she accomplished much of her ascent while working a flex schedule In other words, Rosenfeldt rose from an audit manager to a practice partner while working about 80 percent of a “typical” workload so that she could raise her family In the minds of many, this isn’t possible

“As long as I kept working hard and focused, it all seemed to work out,” Rosenfeldt says of her career. “You have to embrace change You might be fearful, but you have to ride that risk versus ignoring the change that’s happening around you ”

Rosenfeldt’s story exemplifies what we mean by bending not breaking Despite life changes and company collapses, she took each turn in stride as they occurred.

“EVOLVE” Young Professionals Leadership Conference

Friday, June 2, 2017 / 8:00 a m to 12:15 p m / Revel Fulton Market / 1215 W Fulton Market / Chicago, IL 60607

Early Bird thru May 1: $65 members; $85 non-members $75 members/$95 non-members after May 1, 2017 (Incl breakfast )

CPE: 4 hours / Space is limited / Register at www icpas org/yp or call 312-993-0407, option 4 / Ref: Course Code C42553

“ P a r t o f e v o l v i n g i s t a k i n g t h e t i m e t o s e e w h a t ’s g o i n g o n around you You have to be aware that some of the challenges and opportunities that come at you can accelerate your personal and p r o f e s s i o n a l g r o w t h , ” R o s e n f e l d t e x p l a i n s , s t r e s s i n g t h e i m p o rtance of staying curious

“If you lose that curiosity, it’s time to think of finding a different career I see too many folks that hesitate to jump into something new because they’re just comfortable where they’re at,” she adds. “But what if someone came and said that you might be able to earn a promotion earlier if you moved to the Detroit office? Would you do it?

“I always say that if you feel like there’s something better out there, try it Trying corporate accounting was the best thing that happened to me. There’s something about knowing the things that you like that you need to acknowledge You have to listen to the voice that’s in your head ”

That’s not always easy though, especially if you’re just starting out and trying to decide exactly which employer or career path is “right” for you. “Early on, you want to work and volunteer as much as you can,” says Rosenfeldt “You want to be present so people learn about you and trust you. You want to be learning and absorbing as much information and knowledge as you can Then, set some goals. You’ll meander without them.

“And always keep your eyes open,” she adds “Sometimes you’re not going to like change, but usually you’ll find out on the other side that you learned a lot from it and you’re better because of it ”

And that’s evolution.

Making the Turns

“I never really wanted to follow a, quote-on-quote, traditional career path At large organizations, there’s a lot of structure and defined paths to progress along; there isn’t always the flexibility to make a huge leap like I was hoping to make,” says Curt Mastio, CPA

Mastio started his young career in Deloitte’s forensics practice, an interesting field, but one constrained by the structure of a large firm “I had a good job on paper, but it wasn’t ultimately what I was looking for,” says Mastio “At some point you need to start making moves to get you to where you want to be ”

In other words, making the turns instead of just taking the turns For Mastio, that meant leaving the safety of his Big Four forensics gig to pursue a passion for startups.

“I was frustrated for a while in my role, and at some point I finally realized that I was either going to sit there and keep being

frustrated every day or I was going to have to take the leap. I had taken an interest in startups through working with one founded by a friend When they hit a growth milestone, they offered me the opportunity to come on in a part-time CFO manner that also let me focus on establishing my own startup clients That was the break I needed to finally make my leap,” Mastio explains.

“My initial vision was anything but clear. I knew I wanted to head my own company, but how I got there was entirely up in the air,” he continues “As accountants, we’re trained to be risk averse; w e h a v e t o r e m e m b e r t h a t w e h a v e g o o d b a c k g r o u n d s , g o o d degrees, and good in-demand skill sets that we can always fall back on. Finally, last summer I fully broke off on my own, launching my firm Founder ’s CPA.”

F o u n d e r ’s C PA i s a C h i c a g o - b a s e d a c c o u n t i n g , t a x a n d o u ts o u rc e d C F O s e r v i c e s f i r m , s p e c i a l i z i n g i n s e r v i n g s m a l l b u s inesses and startups “As in business, you need to find a way to stand out and differentiate yourself,” says Mastio “Whether you’re in a firm, a company, or out on your own, you don’t want to be expendable at the end of the day you want to be the person that your employer or client can’t afford to lose.”

This is especially true when you consider that the CPA role is r a p i d l y c h a n g i n g , f r o m b e i n g a n u m b e r s - c r u n c h e r t o b e i n g a strategic business advisor, tech consultant, Big Data guru, and so much more There’s also a lot of talk and fear about tech and artificial intelligence replacing future generations of CPAs. While Mastio certainly sees that as a possibility for some of the more basic accounting tasks, he isn’t panicked at the thought. Instead, he sees that the next generation of CPAs simply needs to use technology to its own advantage

“I try to use every technology that I can to provide better services for my clients You can’t be stuck in your ways Not evolving, not learning, not growing it’s not an option anymore. Part of professional evolution is being uncomfortable and figuring out how to do something you didn’t know how to do Every time I talk to a client I look to learn what their pain points are, then I try to seek out better solutions This drives my continued learning and evolution,” he explains “If you’re sitting in your comfort zone, you’re d o i n g y o u r s e l f a d i s s e r v i c e I f y o u ’ r e c o m p l e t e l y i g n o r i n g y o u r weaknesses, you’re not doing everything you can to evolve.”

INCU BATE ON THIS

Chicago’s business incubators offer dynamicopportunities for the city’s entrepreneurial up & comers.

By T imothy Inklebarger

You could have counted on one hand the number of Chicago-based co-working business incubators four years ago. Catapult Chicago, 1871 and a few others were just beginning to provide co-working spaces with tools, programming and maybe most i m p o r t a n t l y a c c e s s t o e x p e r t s a n d i n v e s t o r s Today, there are more than 100 incubators in the Chicagoland area, working to help usher fledgling entrepreneurs through the arduous process of bringing a product to market. Groups as small as local community centers and as large as municipalities and multi-billion–dollar corporations are getting in on the action And for some companies, building businesses means big profits.

2112 fort knox studios

2112 at Fort Knox Studios is one Chicago incubator that’s resonating loudly within the music and video production industries. A 160,000-square-foot facility that formerly served as a television-set factory on the northwest side, Fort Knox opened its doors in 2011 and launched 2112 at Fort Knox Studios in July 2015 It is now home to some 300 bands and startup companies, says 2112 Director Scott Fetters

Chicago was never short on artists or industry startup companies, Fetters explains, but there were few places for the two to connect. “By taking the business incubator model and surrounding it with full verticals of the entertainment industry, we are providing our startups with realtime feedback, industry relationships, and insight into real-world market problems,” he says.

Fort Knox/2112 boasts 92 rehearsal rooms, six recording studios, four live sound production companies, a 7,200-square-foot film/video production facility, and 35,000 square feet of office space Fetters says 2112 has helped to grow dozens of companies over the last year and a half, providing resources to fledgling businesses dealing with everything from equipment rental to music discovery apps to ticket sales

“2112 was reactive to Chicago’s fragmented creative sector,” he explains “It started from a very small group of five to 10 companies and grew to 85-plus in less than two years We’ll have capacity to grow to 400 member companies with our next expansion ”

2112 also has hosted over 100 educational workshops, music technology showcases and Music Hack Day events, where participants share information about music technology

Like other business incubators, the operation is expanding quickly. “We created this hub for Chicago because there was a huge need,” Fetters explains

Soon Fort Knox will open its second location a 180,000-square-foot facility in Nashville. 2112 won’t have a presence immediately, but Fetters says the second location ultimately will replicate Fort Knox Chicago and get its own incubator Future plans for Fort Knox and 2112 include expansion to additional cities in the United States and abroad to create an entire network that aims to “define the future of the music industry ”

2112 Fort Knox Studios

WeWork, a New York-based global co-working space company with five locations in Chicago, for example, is among the largest in the business incubator game, achieving a valuation of $16B in March that’s up from $10B nine months prior, Fast Company reports And the more incubators brought into the mix, the more diverse the spaces become. The new generation of incubator is growing the field beyond technology, with dozens sur facing for a variety of industry specific markets, including entertainment, manufacturing and life sciences

Here are just five making their presence known in and around Chicago.

Catalyze Chicago is among the city’s rapidly growing incubators Having partnered with the City of Chicago to create mHUB last year, a co-working incubator focused primarily on manu f a c t u r i n g a n d p h y s i c a l p r o d u c t d e v e l o p m e n t , t h e o p e r a t i o n r e c e n t l y r e l o c a t e d f r o m i t s 8,000-square-foot West Loop facility to a 63,000-square-foot space in River West Now if that isn’t a testament to growth, I’m not sure what is.

mHUB is an initiative of World Business Chicago, a public-private partnership between the City of Chicago and the Chicago business community, chaired by Mayor Rahm Emanuel. World Business Chicago touted the success of Catalyze in August, noting that since launching in 2014, the incubator has helped 56 companies develop nearly 60 products, and has generated $57M in revenue

“mHUB builds on Chicago’s history as a home for hard-working men and women with bold vision and big ideas,” Mayor Emanuel said at the August 2016 rollout “mHUB will unite the manufacturing sector with our vibrant technology focused entrepreneurial scene, and will encourage new and existing manufacturing as a driver of growth for our city, thanks to new applications in product development and manufacturing ”

mHUB lists big-name corporations as its partners, including Marmon Group, Argonne National Laboratory, Chase Foundation, GE Ventures, Comcast and Northwestern University, among many others. Private in-kind and cash donations to the group already have reached $5M, Catalyze founder Bill Fienup told the Chicago Tribune in August mHUB will provide roughly $2M in manufacturing equipment, some of which is left over from the Motorola Mobility prototyping lab that previously occupied the space A 3D printing lab, electronics lab, metal shop and other prototyping equipment will be available for a fraction of the cost to purchase or rent

“Members will have access to manufacturers, distributors and angel connections we have, as well,” Fienup explains “It’s not just the tools and the equipment but the community mechanical and electrical engineers, industrial designers, software developers And those partners will have expert knowledge of specific up-andcoming industries like IoT [Internet of Things], robotics, clean energy, sensors, unmanned vehicles and medical devices ”

Asked whether he believes the proprietary secrets of t i g h t l y h e l d b u s i n e s s e s a r

working in a shared environment, Fienup acknowledges that the question comes up frequently “Nowadays speed to market is one of the most important parts of succeeding,” he says, adding that if you’re not sharing the idea and getting some feedback, you could be headed down the wrong path. “Larger corporations are noticing the speed of entrepreneurs, and they want to be part of this open environment.”

PROPEL center catapult chicago

PROPEL has been helping early stage life sciences companies bring their products to market over the last decade

Pharmaceutical drugs, medical devices and other health-related products can take years and millions of dollars to develop some of the entrepreneurs currently connected to PROPEL have been with the incubator since the organization’s beginning, says LeAnne Tourtellotte, PROPEL’s director of grants and awards

“These companies don’t come into our program and automatically graduate after a few months,” says Tourtellotte “There’s a big difference between developing a piece of software that can be commercialized in six months and taking a drug candidate through the FDA process That can be hundreds of millions of dollars, and there are a lot of places to fall off the cliff along the way ”

PROPEL hosts a number of coaching, networking and educational programming events, and helps to prepare early stage companies to seek outside capital As companies get closer to commercialization, PROPEL helps position them to go after further funding from institutional investors, Tourtellotte explains

PROPEL also helps startups in their efforts to secure Small Business Innovation Research and Small Business Technology Transfer (SBIR/STTR) grants through the National Institutes of Health PROPEL’s record of success speaks for itself; member companies have a 36-percent acceptance rate for SBIR/STTR grants more than double the national 15-percent success rate

What’s unique about PROPEL is that it doesn’t provide a physical space for entrepreneurs to set up shop. “We’re not purely a networking platform and not purely a stepwise-based organization,” says Tourtellotte. Rather, the incubator is focused on “providing long-term support and relationship programming for the development of a startup from the beginning to end.”

Located in River North, Catapult was founded in 2012 “by entrepreneurs for entrepreneurs,” says Executive Director April Lane The nonprofit is supported by service provider sponsors and works with tech startups that tend to have funding, a team and customers before joining the space

Catapult has a steady track record of working with promising new businesses In four years, it has worked with about 35 companies that collectively have raised $100M and employ more than 500 people. The co-working space hosts about 12 companies at any given time for residencies of up to two years.

Lane says Catapult’s peer-selection process, where existing members vote on which companies to accept, sets it apart. “We bring them in to pitch to all the founders of all of our companies,” she explains. Catapult provides forums for the companies’ founders, educational programs with business experts and a mentoring program that aims to connect members with successfully scaled companies

The members that “get voted on the island,” says Lane, work together to provide support, education and shared experiences “If one of them is having a challenge with their business, they can get help from the community,” she explains, noting that the founders agree to keep strategies and business models confidential

Catapult alumni also are part of the mix, providing expert advice to companies that were in their shoes just a few years ago “All the companies can reach out and help each other, and share experiences and learning,” Lane adds

While major municipalities and multinational corporations are jumping on the incubator bandwagon, so too are smaller community-based groups Organizations like the Greater Englewood Community Development Corporation (CDC) have launched their own incubators to help small businesses get up and running at the local level

Having opened its doors in June 2015, the Englewood Accelerator quickly evolved beyond its original scope by forging partnerships with the Women’s Business Development Center and Operation Hope The incubator hopes to soon be designated as a Small Business Development Center by the federal U.S. Small Business Administration.

Like other business incubators, the Englewood Accelerator offers office and meeting space, mentoring opportunities, workshops and seminars. It also provides training in Cisco Network

opportunity to earn certifications. “Small-business entrepreneur adult education is empowering; it’s all about the enabling of people to increase their chances of success,” explains Jennipher Adkins, Englewood Accelerator's chief operating officer.

Furthermore, the incubator ’s after-school training program, Urban Tech Squad, teaches students about programming, robotics and computer repair on both the theoretical and practical levels “We’ve comingled the learning and the entrepreneurial stuff where the students sell rebuilt donated computers for $75 to the public, and that’s a hot item,” says Adkins. “In just four months, they have sold over 100 computers ”

The Englewood Accelerator also works with micro-startups “that have nowhere to go,” says Adkins “We have a member-only portal that provides an assessment and goal sheet to establish where they are and desired outcomes We’re able to see what they want to do in ‘x’ period of time For example, if a member wants to participate in a tradeshow in six months, we then work toward that goal Or it could be bank loan preparation ”

Most recently, the Greater Englewood CDC signed a lease to rehab a building across the street from the recently opened Whole Foods Market Set to open in late summer 2017, this venue will provide a café and give entrepreneurs a chance to demonstrate their products in a mobile demonstration kitchen Adjacent to this, the Englewood Accelerator also recently became the community partner for Boombox retail structures. Boombox operates a leasing model that specializes in easy acquisition retail space

“Small businesses and entrepreneurs can rent the Boombox for a week, two weeks or a month Most importantly for small or startup businesses, this can be done for hundreds of dollars rather than thousands,” says Adkins.

With continued interest in business and technology, as well as increasing venture capital to spread around, incubators of all stripes are likely to be a tangible part of the city’s business landscape for a long time to come. For finance and accounting pros, this dynamic entrepreneurial landscape offers the opportunity to connect with startups and build trusted advisor relationships in the niche areas that interest them most, whether entertainment, technology, life sciences, manufacturing or pretty much anything else

Visit Illinoisincubators.org for more infor mation on Illinois’ incubators and where you just might fit in

engle wood accel erator

going up, going down cor por at e amer ica’s bigg es t winner s and loser s

Some companies won big last year thanks to their growth strategies and sound corporate plans. Others benefited from the promise of a more favorable regulatory atmosphere under a new administration, and for many, it was a matter of being in the right place at the right time.

Then there were the less fortunate. Whether they were on the losing end of a changing political landscape, or struggling in an industry that’s headed the way of the horse and buggy, these companies had to work overtime just to keep their heads above water.

Here, then, are three companies that won big last year and three who lost just as spectacularly.

By Timothy Inklebarger

Nvidia Corporation

Nvidia (NASDAQ: NVDA) stock was the stock to own in 2016, with a whopping 340-percent gain for the year, making it the top S&P 500 performer

The video graphics-processor producer about two-thirds of its r e v e n u e c o m e s f r o m b u i l d i n g v i d e o - g a m e p r o c e s s i n g c h i p s i s about more than just creating increasingly realistic virtual worlds for gamers, wrote Dana Blankenhorn for the financial news website InvestorPlace com Nvidia’s processing units most notably are n o w b e i n g u s e d i n s e l f - d r i v i n g c a r s ; t h e c o m p a n y r e l e a s e d i t s

Xavier artificial intelligence supercomputer for autonomous vehicles in September, featuring a processor capable of completing 20trillion operations per second That super-fast processing power is quick enough to react in advance of whatever is happening on the road, Blankenhorn explained.

The work of so-called “quick-rendering” processors does not, however, end with autonomous vehicles Nvidia’s explosive growth is actually focused in its data center business the company provides graphics processing unit (GPU) service for big tech companies like Microsoft, Google, IBM and Amazon. The high-performance GPUs are being used to power artificial intelligence computing and “deep learning” in healthcare, financial analysis, 3D modeling, weather prediction, and more

“Most of the optimism is over the idea that augmented reality a n d v i r t u a l r e a l i t y a r e j u s t g o i n g t o b o o m , ” B l a n k e n h o r n s a y s , adding that gaming is one area that is pushing the envelope.

Will Nvidia’s outsized gains continue in 2017? That remains to be seen, but Blankenhorn is quick to point out that the company “leads its markets and those markets are growing ”

ONEOK Inc.

Tulsa, Okla -based energy company ONEOK Inc (NYSE: OKE) was another big winner in 2016, seeing a 132-percent gain for the year. That jump in value positioned the company as the second biggest gainer in the S&P 500 in 2016, right behind Nvidia

t he for tunat e

Nvidia

Craf t Brew Alliance Inc

ONEOK’s success was due in part to a major rebound in commodities prices The energy company is already turning heads in 2017 with its early February announcement that it would acquire i t s o u t s t a n d i n g u n i t s o f c o m m o n s t o c k f r o m O N E O K P a r t n e r s , which currently owns 41.2 percent.

The share purchase from ONEOK Partners will make ONEOK “a standalone operating company with a lower cost of funding and stronger cash-flow generation,” says Terry K. Spencer, president a n d C E O o f O N E O K a n d O N E O K P a r t n e r s “ S h a r e h o l d e r s o f ONEOK are expected to benefit from an increased dividend and higher dividend growth rate We also anticipate the transaction will provide ONEOK enhanced access to the broader capital markets to support and fund future growth ”

That’s music to investors’ ears

Craf t Br ew Alliance Inc.

Despite a slump in the craft beer industry, Craft Brew Alliance (NASDAQ: BREW) makers of Red Hook, Widmer Brothers and Kona beers, among others defied the odds The company saw its stock more than double last year, experiencing a gain of about 110 percent

The secret to its success? A combination of operational performance and its partnership with Anheuser-Busch InBev, opined journalist Rich Duprey for financial news website The Motley Fool. According to Duprey, big beer companies “are contracting, not growing, and even the industry’s engine, craft beer, is witnessing a slowdown. Because Anheuser-Busch completed its merger with Miller, gaining control over 70 percent of the US beer market, the industry consolidation should give it pricing power that ought to trickle down to Craft Brew Alliance ”

What’s more, the deal broadens Craft Brew Alliance’s distribution network beyond the typical craft beer company That said, D

There’s not as much brand loyalty with Millennials in craft beer They’re looking for the new thing all the time; they jump from one beer to the next ”

Sears Holding Corp.

Her tz Global Holdings Inc.

t he not so for tunat e &

Community Health Systems Inc

Sears Holding Corp.

Analysts have been predicting the coming demise of Sears Holding Corp. (NASDAQ: SHLD) for years, but if 2016 is any indication, 2017 could be the year the retailer finally goes under

The Motley Fool contributing writer Daniel B. Kline says the struggling retailer ’s restructuring efforts closing 108 Kmart and 4 2 S e a r s s t o r e s , m o r t g a g i n g i t s a s s e t s a n d s e l l i n g m o r e o f i t s brands could be “an exercise in futility ”

“The company could forestall its death by selling off the rest of its house brands, mortgaging its remaining real estate and finding a buyer for the Diehard, Kenmore, Sears Home Services and Sears Auto Centers businesses,” he wrote in late January, noting that even those moves wouldn’t keep the company alive indefinitely especially when the company continues to face slumping sales

“They haven’t done anything to show they can make money,” Kline adds “You can strip the copper wire out of the wall and sell all the fixtures, but that doesn’t matter if there isn’t a business model.”

In a February financial report, Sears said it would focus its efforts on its Sears’ Shop Your Way membership platform. But the online shopping platform has a lot of catching up to do when facing competitors like Amazon and Walmart.

“They are trying to do what everybody is trying to do use their remaining stores to facilitate online sales,” Kline explains. “That’s not going to work for a brand that doesn’t have a lot of customers ”

Her tz Global Holdings Inc.

Beleaguered rental car company Hertz (NYSE: HTZ) has watched its share price continually drop on weak earnings since mid-2016, and so far that course hasn’t changed

In an effort to right the ship, the company booted president and CEO John Tague in January in favor of Kathryn V Marinello, who has served in a number of positions at General Electric (GE) and most recently as senior advisor of asset management firm Ares Management LLC

Although Hertz had a tough year, you might not count them out just yet that is, if you trust the judgment of billionaire activist investor Carl Icahn, who reportedly more than doubled his investment in Hertz, increasing his stake to 33 8 percent in November Icahn lauded the decision in January to appoint Marinello

“Kathy has a history as a proven CEO and I believe she is the right person to lead Hertz as we move forward,” Icahn said in a Hertz press release, noting her track record in helping save other struggling companies “Her consistent track record of successes in consumer and financial services, as well as technology businesses, is impressive She was extremely well-regarded at GE and successfully turned around Ceridian and Stream ”

But, with big companies like Uber and Lyft gobbling up market share, and self-driving cars around the corner, all indications are that Hertz could have a rough time regaining its footing

C o m m u n i t y H e a l t h S y s t e m s I n c .

Franklin, Tenn.-based Community Health Systems (NYSE: CYH), which runs 158 hospitals in 22 states, underwent a $7.6B merger with Health Management Associates in 2014, making it the largest private hospital operator. Promises of increased shareholder value in the deal, however, never panned out.

Community Health completed a spinoff of 38 of its rural hospit a l s a n d i t s c o n s u l t i n g b u s i n e s s i n t o Q u o r u m H e a l t h C o r p . f o r $ 1 . 2 B i n 2 0 1 6 t o p a y d o w n m o u n t i n g d e b t , b u t t h e s t r u g g l i n g company hit another roadblock with President Trump’s promise to repeal and replace the Affordable Care Act (ACA).

Community Health Systems ultimately saw its share price drop nearly 75 percent in 2016, making it one of the worst performers of the year, but the healthcare sector has seen a small rebound so far in 2017.

Meanwhile, Community Health continues its damage-control s t r a t e g y b y s e l l i n g o f f p i e c e s o f i t s v a s t n e t w o r k , m o s t r e c e n t l y announcing plans to sell two hospitals in Washington.

“The Yakima and Toppenish hospitals are valued community resources that will benefit from alignment with another regional provider,” Community Health Systems Chairman and CEO Wayne T Smith said in December “We are making progress with our strategic objective to divest a number of properties to focus on a more sustainable portfolio of hospitals and networks for the future ”

Where outsized gains and losses will manifest in 2017 remains to be seen With the political environment changeable on many fronts, however, it’s likely set to remain an unpredictable year

Keith Staats, JD Executive Director Illinois

Institute

A Tax on Ser vices?

Illinois budget woes set the bar for expanding the tax base.

All that seems clear among both Democrats and Republicans is that spending cuts alone will not be enough, and tax increases are therefore inevitable

Which brings us to the real unanswered questions: Which taxes and how much?

One proposal being floated around is for a tax on services To understand how this might be possible, we need to understand the current Illinois sales tax system.

Sales Tax in Illinois

What we know as sales tax is actually a complex combination of taxes, including the Retailers’ Occupation Tax (ROT), the Use Tax (UT), the Service Occupation Tax (SOT) and the Service Use Tax none of which currently tax services. You then need to add to this the various locally imposed retailers’ occupation taxes authorized by state law, and administered and collected by the Illinois Department of Revenue.

The ROT is imposed on persons in the business of selling tangible personal property at retail or to end users, and is measured by the selling price. The UT is complementary to the ROT and was enacted in the early 1950s to end the practice of persons making out-of-state purchases of tangible personal property to avoid sales taxes. Although Illinois has an SOT in name, it doesn’t actually tax services. Instead, it taxes tangible personal property transferred as the result of a sale of service In fact, the only services Illinois currently taxes (through other tax acts) are telecommunications, hotels and car rentals, among others

The Source for a Tax on Services

In my estimation, absent of blowing up the current system and starting over, Illinois can’t just

amend its existing sales tax (ROT and UT) to tax services Instead, the State would need to adopt a new tax act or acts

Similarly, if the General Assembly wishes to grant local units of government authority to tax additional services at the state level, it would have to adopt a whole series of locally imposed service taxes similar to the multiplicity of tax acts that currently grant various local government bodies the authority to impose local taxes.

What we’ve seen so far is the filing of Amendment 3 to Senate Bill 9 (SB 9), the tax component of the Senate’s “Grand Bargain,” which proposes amending the existing sales taxes to tax a number of services, including storage; repair and maintenance; landscaping; laundry and drycleaning; private detective, alarm and security; pest control; cable televis i o n , v i d e o a n d a u d i o s t r e a m i n g ; d i r e c t s a t e l l i t e b r o a dcasts; and personal care services, such as manicuring, tattooing, tanning and massage The bill also grants authority to certain units of local g o v e r n m e n t t o i m p o s e a d d i t i o n a l l o c a l t a x e s on taxable services

I suspect that if the bill is enacted in its current form, it will be challenged under the Illinois Constitution’s “Uniformity Clause,” which provides that, “In any law classifying the subjects or objects of non-property taxes or fees, the classes shall be reasonable and the subjects and objects within each class shall be taxed uniformly Exemptions, deductions, credits, refunds and other allowances shall be reasonable ” A challenge could be based on the broad issue of why certain services are taxed while others are not For example, a challenge could address the taxation of storage services and why there’s an exemption for grain storage.

AS I WRITE THIS COLUMN, THERE’S STILL NO SOLUTION TO THE BUDGET IMPASSE IN SPRINGFIELD

DELVE INTO THE NITTY GRITTY OF STATE AND FEDERAL TAX LAWS

Chamber Tax

The service tax proposal in SB 9 appears to have its genesis in the results of the Illinois General Assembly’s bipartisan Commission on Government Forecasting and A c c o u n t a b i l i t y ’s ( C O G FA ) r e c e n t s t u d y c o m p a r i n g I l l i n o i s t o s u r r o u n d i n g s t a t e s that do tax services

The COGFA’s report indicates that Iowa taxes an additional 81 services compared to Illinois, while Indiana taxes eight, Kentucky six, Missouri 11 and Wisconsin 14. The COGFA then estimates the additional state revenues that could be generated by taxing services in Illinois, both at the business-to-business and end-user levels Following Iowa’s example, for instance, Illinois could generate an additional $1.2B to $2 9B a year Following Wisconsin’s example, the state could generate an additional $588M to $953M The latest version of the service tax proposal appears to be a modified and expanded version of services Wisconsin taxes

In contrast, I recently spoke with COGFA Director Dan Long, who advised that each quarter-percent increase in Illinois’ corporate and personal income tax rates would generate $98M and $925M, respectively, and each one-percent increase in the state sales tax rate would generate $370M.

The current proposal to tax additional services has generated a great deal of controversy and opposition When you review the numbers, and the push back from the groups subject to expanded taxation, you can see why Illinois has tended to raise income tax rates over expanding the tax base to additional services

Undoubtedly, adopting some or all of the proposals laid out in SB 9 would make Illinois’ current sales tax system even more complex However, the only alternative to making the current byzantine system even m o r e b y z a n t i n e w o u l d b e t o b l o w i t u p and begin again. While that might sound appealing, it would be a massive undert a k i n g f o r b o t h t h e g o v e r n m e n t a n d t h e taxpayer community.

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“[Y]ou can see why Illinois has tended to raise income tax rates over expanding the tax base to additional services.”

ETHICS ENGAGED EXPLORING THE ROLE OF ETHICS IN BUSINESS & FINANCE TODAY

Defending Truth

In the words of Mark Twain, “Always tell the truth. That way, you don’t have to remember what you said ”

HAVE YOU HEARD THAT THE TRUTH MATTERS LESS WHEN YOU ARE DEFENDING YOURSELF?

A WHITE LIE HERE OR THERE DOES NO HARM, RIGHT? ACTUALLY, IT DOES.

Elizabeth Pittelkow CPA, CITP, CGMA, DTM Director, Accounting & Compliance ArrowStream, Inc.

Take famed criminologist Donald Cressey and his fraud triangle, which hypothesizes that an ordinary person will commit fraud under the weight of three factors ever present in our business world: Pressure, opportunity and rationali z a t i o n M o r e r e c e n t l y, D a v i d T Wo l f e ’s a n d Dana R. Hermanson’s fraud diamond takes a slightly modified approach, offering the idea that fraudulent behavior is driven by incentive, opportunity, rationalization and capability

Wondering how defending yourself and the little white lies you may tell in doing so fall into this equation? I would say we feel pressure (to stay employed) and see an incentive (to guard our reputations and earn more)

As compassionate human beings, we often are forgiving of the lies and unethical behaviors used for self-defense. The trouble there is that lying easily leads to broken relationships, lost business and damaged reputations

In most instances, telling the truth helps you b o t h p h y s i c a l l y a n d m e n t a l l y R e s e a rc h b y Anita Kelly, a psychology professor at the University of Notre Dame in Indiana, found that telling fewer lies per week relieved stress and sadness, and even resulted in fewer sore throats and headaches

That said, a study by Shaul Shalvi of the University of Amsterdam, and Ori Eldar and Yoella Bereby-Meyer of Ben-Gurion University of the Negev, concludes that people who suddenly find themselves in an ethical dilemma do not necessarily default to ethical behavior; instead, they default to self-protection In other words, people lie more and put themselves first when they are under pressure How can we apply this research to our profession?

For starters, if we accuse our colleagues or clients of a negative behavior on the spot, we may not get honest answers to our honest ques-

tions In fact, it may be in our best interests to mindfully pause, process, and only then proceed with a question or response The key point here is that when we have more time to think, we often will not see justifications to lie

Considering that, Pamela Meyer, author of Liespotting, says we lie anywhere from 10 to 200 times a day You are probably thinking that it is impossible to lie that much However, even something as seemingly innocuous as exaggerating or omitting a detail is, in fact, a lie For example, a client may ask you to report charitable contributions in excess of what was actually contributed for the year. Or, a client may tell you that an asset is not impaired if he or she would prefer not to write it down on the financials.

Purposely omitting details say, in a financial statement disclosure is lying, especially when those details are important in making a judgment or decision.

So how do we stop lying? Truth telling, like o t h e r p o s i t i v e b e h a v i o r s , s h o u l d b e c o m e a habit The more you tell people the truth, the easier it will be to always tell the truth Find people you trust to hold you accountable Discuss decisions with them to make your thought p r o c e s s e s t r a n s p a r e n t Wr i t e d o w n y o u r t h o u g h t s a b o u t a s i t u a t i o n ( w h y y o u r c l i e n t should not take an aggressive tax position, for e x a m p l e ) s o y o u c a n b e b e t t e r p r e p a r e d t o a n s w e r q u e s t i o n s a b o u t d i f f i c u l t t o p i c s T h e more prepared you are, the less defensive you will be, and the more likely to tell the truth. Integrity and truth should be staples in every code of ethics. If you do not have one, then it is imperative that you write one. Do have one? Then study, share and promote it! Building a culture of ethics will help you live your ethics.

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It’s easy to feel isolated in my accounting classes. Par ticipating in a prog r am amongs t o t her minor ity s tudents wit h my same dr ive to succeed reinvigorated my dedication to com plete my deg ree in accounting I jus t needed to know I wasn’ t alone –I can’ t thank you enough.

Rober t Hedrick

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How to Handle a Bad Review

A good review will leave you with an action plan for improvement and advancement. A bad one simply won’t.

Over the years I’ve seen different approaches u s e d t o f a c i l i t a t e a s p e e d y r e v i e w m a n y o f them misguided I once worked for a department head who had a hard-and-fast rule that e v e r y p e r f o r m a n c e r e v i e w s h o u l d i n c l u d e a t l e a s t t h r e e p i e c e s o f c o n s t r u c t i v e c r i t i c i s m regardless of an employee’s performance This sometimes resulted in the inclusion of feedback like “John should keep his desk cleaner ” I also worked for a director whose entire feedback for the year was comprised of three or four positive statements like “John is diligent ” Poor John

My point is not to tell you how to write a better review, but rather what to do if you’re on the receiving end of a bad one. By bad I mean that y o u r r e v i e w l a c k s a c t i o n a b l e d e t a i l t h a t l e t ’s you know what you should keep doing, what you should stop doing, and what you should s t a r t d o i n g t o e a r n y o u r n e x t p r o m o t i o n i f you’ve expressed an interest in one (which you should absolutely do if you want it).

First, understand that a review without constructive feedback isn’t a good review. To me, constructive feedback is actionable and gives you the opportunity to increase your value to the company and to add value to your career. You should receive that kind of feedback no matter how well you’re performing. You can’t continue to grow in the right direction without it.

Second, realize that managers can be conf l i c t a v e r s e a n d m a y f e e l u n c o m f o r t a b l e d i scussing areas of improvement with you. Conflict-averse people tend to shy away from confrontation because they anticipate a negative r e a c t i o n t o w h a t t h e y ’ r e g o i n g t o t e l l y o u . I assure you that many managers dislike giving what they perceive to be criticism as much as you dislike getting it.

If you can approach your manager with a sincere, open-minded request for constructive feedback, it can help to ease them into the conversation by letting them know it’s a discussion you welcome If you already have some thoughts on areas where you can improve, offer those up as examples But make sure you’re in the right mental state to handle what they’re going to tell you before you start this discussion. If you react defensively, it won’t end well.

Third and finally, take the next step Regardless of whether you received actionable feedb a c k , t a k e t h e r e v i e w a n d p r e p a r e a n a c t i o n p l a n I f t h e f e e d b a c k l a c k e d d e t a i l , y o u m a y have to make some assumptions. In fact, you may have to make a lot of assumptions. The proposed action plan in response to “John is diligent” is not “I will continue to be diligent ” The proposed action plan could be “I will continue to make TPS reports a priority and will research ways to condense the report so review time is reduced.”

To m a k e s u r e y o u ’ r e h e a d e d i n t h e r i g h t d i r e c t i o n , s i t d o w n w i t h y o u r m a n a g e r a n d review your action plan This is a good opportunity to revisit your responsibilities

You can get a lot of value out of this discussion. In situations where the review lacked substance, this often turns out to be a better discussion than the performance review itself since it w i l l p r o m p t y o u r m a n a g e r t o p r o v i d e m o r e detailed feedback

Not all criticism is bad criticism Often, it’s a good thing, in that it pushes you in the direct i o n y o u n e e d t o f i n e t u n e y o u r s k i l l s a n d advance your career.

Rose Cammarata CPA, CGMA VP & Controller, Mattersight ICPAS Board of Directors

AS IF YEAR-END CLOSE AND THE ACCOMPANYING AUDIT WEREN’T ENOUGH, MANY COMPANIES STILL COMPLETE THEIR PERFORMANCE REVIEW CYCLES IN THE FIRST QUARTER EACH YEAR.

THE LATEST ON LEGISLATION FROM MARTY GREEN, ESQ , ICPAS VP OF GOVERNMENT RELATIONS

We’ve

Got a Full Plate

here’s an appetizer portion of some of the menu items.

There’s a Grand Bargain on the table Senate President John Cullerton and Senate Republican Leader Christine Radogno have negotiated a 12-bill interlocking package known as the “Grand Bargain” to prospectively resolve the State’s two-year budget deadlock This comprehensive legislative package targets critical budget issues, like pension reform, workers’ compensation reform, local government consolidation, FY17 state operating funding, and an omnibus tax bill that includes individual and corporate tax rate increases, elimination of certain tax deductions, and new taxes on certain consumer services If Senate Democrats and Republicans can come together and pass this massive legislative package, it would serve as a framework to finally move Illinois forward

Your ICPAS Government Relations staff is closely monitoring the tax proposals laid out in the Grand Bargain and, along with other professions, is positioned to respond to any proposals to tax professional services (You can read more on this in Keith Staats’ Tax Decoded column on page 44 )

Aside from the budget gridlock, over 4,000 bills have been introduced in the House and 3,000 in the Senate. This is a particularly high volume of bills, which means many will die simply because the legislative process isn’t able to move them through within established timeframes.

HB 657 is one bill we’re hopeful to see move forward. The Illinois CPA Society, working with Rep Robert Rita (D-28, Blue Island), introduced this legislation in the House to amend the Illinois Public Accounting Act. The proposal would extend individual CPA mobility to CPA firms, provide for CPE reciprocity that exempts CPAs who hold multiple state licenses as long as they have met their home state

CPE requirements, clarify peer review language, and create a fulltime CPA coordinator within the IDFPR to oversee the licensing and enforcement of the Accounting Act. The CPA coordinator would have to be a licensed or registered CPA The IDFPR also introduced a narrower companion bill, Senate Bill 899, which provides for Firm Mobility and CPE Reciprocity The ICPAS Government Relations staff is working closely with legislators to get both bills passed.

As part of our broader CPA profession advocacy efforts, we’re launching a new grassroots advocacy tool that will enable you to easily contact your legislator via phone, email or Twitter in support or opposition of legislation impacting the accounting profession. In this political climate, we’re seeing grassroots initiatives playing an impactful role in the legislative process, and we’re appreciative of your efforts to engage in and advance our legislative mission

Some other noteworthy items of interest: We’re working closely with a number of regulatory agencies on regulatory filing requirements and state government automation; we’ve also been working with the IDFPR on an online licensure application that will make CPA licensing more efficient; IDES is replacing TaxNet with MyTax Illinois IDOR’s secure website for Illinois employers to file reports, taxes and fees; and Illinois Treasurer Mike Frerich’s office is reaching out to nonprofits, businesses, utilities, life insurance corporations, and banking and financial institutions regarding the annual requirement to file an unclaimed property report

As always, we welcome your feedback on the information we provide through this column, our website [www.icpas.org], Capitol Dispatch [www.icpas.org/CapitolDispatch] and our legislative alerts. Keep the lines of communications open!

Women’s Executive Committee

Women to Watch Awards

CALL FOR NOMINATIONS

The Illinois CPA Society, together with the AICPA, is once again looking for outstanding women who have made significant contributions to the accounting profession, their organizations, and to the development of women as leaders. Awards will be given in the following two categories:

experienced leaders

• mentoring other professionals

• community service

• major or unique contributions to the profession

• leadership in workplace improvements

• authorship of professional articles

emerging leaders

• demonstration of leadership

• contributions to the profession

• creation and implementation of unique initiatives in the workplace

• community service

• involvement with her alma mater

SAVE THE DATE 11.17.17

Candidates must be members of the Illinois CPA Society (ICPAS) and the American Institute of Certified Public Accountants (AICPA). Not a member? Visit www.icpas.org and/or www.aicpa.org.

To nominate, visit www.icpas.org/womentowatch Questions? Please contact Gayle Floresca at 312.517.7618 or florescag@icpas.org.

Deadline for submissions is 6.30.17

The Illinois CPA Society’s Women’s Executive Committee and the AICPA’s Women’s Initiatives Executive Committee together recognize and celebrate women who have made notable contributions to the accounting profession, their organizations, and the development of women as leaders.