Insight Magazine - Spring 2019

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ILLINOIS CPA SOCIET Y 550 W Jackson Boulevard, Suite 900, Chicago, IL 60661

www.icpas.org

Publisher/President & CEO

Todd Shapiro

Editor Derrick Lilly

Creative Director

Gene Levitan

Photography Jay Rubinic + Derrick Lilly

Circulation

John McQuillan

ICPAS OFFICERS

Chairperson

Geoffrey J Harlow, CPA | Wipfli LLP

Vice Chairperson

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

Secretar y

Thomas B Murtagh, CPA, JD | BKD LLP

Treasurer

Elizabeth Pittelkow Kittner, CPA, CGMA, CITP, DTM | Litera Microsystems

Immediate Past Chairperson

Rosaria Cammarata, CPA, CGMA | Mattersight Corporation

ICPAS BOARD OF DIRECTORS

John C Bird, CPA | RSM US LLP

Brian J Blaha, CPA | Wipfli LLP

Jennifer L Cavanaugh, CPA | Grant Thornton LLP

Jon S Davis, CPA (AZ Ret ) | University of Illinois

Stephen R Ferrara, CPA | BDO USA LLP

Mary K Fuller, CPA | Shepard Schwartz & Harris LLP

Jennifer L Goettler, CPA, CFE | Heinold Banwart Ltd

Jonathan W Hauser, CPA | KPMG LLP

Scott E Hurwitz, CPA | Deloitte LLP

Joshua D Lance, CPA, CGMA | Lance CPA Group

Deborah K Rood, CPA, MST | CNA Insurance

Seun Salami, CPA | Teachers Insurance and Annuity Association of America

Stella Marie Santos, CPA | Adelfia LLC

Andrea K Urban, CPA | ThoughtWorks Inc

BACK ISSUES + REPRINTS

Back issues may be available Articles may be reproduced with permission

Please send requests to lillyd@icpas org

ADVERTISING

Want to reach 25,000 accounting and finance professionals? Advertising in INSIGHT and with the Illinois CPA Society gives you access to Illinois’ largest financial community Contact Mike Walker at mike@rwwcompany com

INSIGHT is the magazine of the Illinois CPA Society Statements or articles of opinion appearing in INSIGHT are not necessarily the views of the Illinois CPA Society The materials and information contained within INSIGHT are offered as information only and not as practice, financial, accounting, legal or other professional advice Readers are strongly encouraged to consult with an appropriate professional advisor before acting on the information contained in this publication It is INSIGHT’s policy not to knowingly accept advertising that discriminates on the basis of race, religion, sex, age or origin The Illinois CPA Society reserves the right to reject paid advertising that does not meet INSIGHT’s qualifications or that may detract from its professional and ethical standards The Illinois CPA Society does not necessarily endorse the non-Society resources, services or products that may appear or be referenced within INSIGHT, and makes no representation or warranties about the products or services they may provide or their accuracy or claims The Illinois CPA Society does not guarantee delivery dates for INSIGHT The Society disclaims all warranties, express or implied, and assumes no responsibility whatsoever for damages incurred as a result of delays in delivering INSIGHT INSIGHT (ISSN-1053-8542) is published four times a year, in Spring, Summer, Fall, and Winter, by the Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA, 312 993 0407 Copyright © 2019 No part of the contents may be reproduced by any means without the written consent of INSIGHT Send requests to the address above Periodicals postage paid at Chicago, IL and at additional mailing offices

POSTMASTER: Send address changes to: INSIGHT, Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA

today’sCPA

The Sky Is Our Limit!

Ikeep repeating this quote I heard at a conference last year: “We will never see the pace of change slower than it is right now ” While scary, I believe there’s a lot of truth to that statement In my last column, I highlighted three trends that the AICPA predicts will significantly impact our profession moving forward: technology, changes in hiring practices, and new client demands In many ways, these trends are inter-related I’d like to talk further about the third trend: new client demands

In 2018, the World Economic Forum’s “The Future of Jobs Report” identified the top 10 roles it expects to decline by 2022 Accounting, bookkeeping, and payroll clerks ranked second on the list and accountants and auditors came in at number seven Why is that? I think it’s driven by the inter-related trend of technology automating these types of functions and tasks at an ever-increasing clip

To help ensure the sustainability of CPAs and the CPA profession, we need to look beyond traditional tax and audit services, what I refer to as compliance services, or deliver them in a very different way The good news is companies are demanding new skills and services from CPAs I see more companies and clients looking for CAS (client accounting services), virtual CPA firms, cybersecurity services, wealth management services, and greater strategic advice and let’s not overlook the growing demand for data analysis and predictive analytics

Now, let’s look at some of the traits that define great CPAs: the ability to dissect and understand a problem, analytical and communication skills, mastery of information, and being able to analyze data to drive decision making There’s nobody better than CPAs to meet the evolving service demands of clients and companies Further, with cloud technology and software

advancements, CPAs have more tools than ever to provide services to clients that previously could not have been done or performed in an efficient, cost-effective manner

So, what will hold us back? In too many cases, the general public still hears CPA or CPA firm and thinks of audit and tax A senior partner I know in a relatively large firm recently met with a client about providing expanded services The client’s initial reaction was along the lines of “ we don’t need anything else from you, because we ’ re happy with our audit and tax services ” Yet, when the partner dug further, the client needed help making sense of their ERP system’s data the CPA firm had the capability to help with that problem

Often, we ’ re our own worst enemy, defining ourselves (CPAs) in the limiting terms of audit or tax While we talk of CPAs as trusted business advisors with broad business skills, we often recruit others (non-CPAs) into our firms for consulting roles because we pigeon-hole CPAs, narrowly, into audit and tax Why?

In the end, CPAs are only limited by themselves in which new, exciting, in-demand services they provide clients and companies Yes, public perceptions also need to change but that will come as we continually celebrate and promote the skills and services that have made us trusted business advisors and, more importantly, valued business advisors We need to continually redefine ourselves beyond the world of audit and tax To not do so risks the relevance and sustainability of our profession

We need to redefine the role of the CPA , or otherwise risk the relevance of our profession.

INSIGHTS FROM TODD SHAPIRO, ICPAS PRESIDENT & CEO @Todd ICPAS

Board of Directors

CHAIRPERSON

Geof frey J. Harlow

Wipfli LLP

VICE CHAIRPERSON

Dorri C McWhor ter

YWCA Metropolitan Chicago

SECRETARY

Thomas B Mur t agh

BKD LLP

TREASURER

Elizabet h Pittelkow Kittner

Litera Microsystems

IMMEDIATE PAST CHAIRPERSON

Rosaria Cammarata

Mattersight Corporation

DIRECTORS

John C Bird

RSM US LLP

Brian J. Blaha

Wipfli LLP

Jennifer L. Cavanaugh

Grant Thornton LLP

Jon S Davis

University of Illinois

Stephen R Ferrara

BDO USA LLP

Mar y K. Fuller

Shepard Schwar tz & Harris LLP

Jennifer L. Goettler

Heinold Banwar t Ltd

Jonat han W Hauser

KPMG LLP

Scott E Hur witz

Deloitte LLP

Joshua D. Lance

Lance CPA Group

Deborah K. Rood

CNA Insurance

Seun Salami

Teachers Insurance and Annuity

Association of America

Stella Marie Santos

Adelfia LLC

Andrea K Urban

ThoughtWorks Inc

Chapter Presidents

CENTRAL

Ashley M Bar ton

Caterpillar Inc

CHICAGO METRO

Sherman C. Wright

Sherman Wright

CHICAGO SOUTH

Joseph A . Skibinski

Village of Oak Lawn

FOX RIVER TRAIL

Kur t L Schneider

Exemplar Accounting and Tax Advisors

FOX VALLEY

Aaron E. Ruswick

Huck Bouma PC

NORTHERN

Jakob J. Thompson Benning Group LLC

O’HARE

St avroula V Ladas

Michael J Singer & Co PC

Committee Chairs

ACCOUNTING PRINCIPLES

Brian T. Kot

Cray Kaiser Ltd

AUDIT & ASSURANCE SERVICES

Scott R Cosentine

Ashland Par tners & Company LLP

AWARDS

Brent A . Baccus

Washington, Pittman & McKeever LLC

CPA EXAM AWARD

Kimberley A Waite

Marcum LLP

EMPLOYEE BENEFITS

Brent DeMay Sikich LLP

ETHICS

Randall S. Sylvan

Clif tonLarsonAllen LLP

GOVERNMENTAL EXECUTIVE

Daniel J. Nugent

S tate of Illinois, Of fice of Auditor General

GOVERNMENTAL REPORT REVIEW

Richard F. Gaul RSM US LLP

ILLINOIS CPAs FOR POLITICAL ACTION

Edward J. Hannon

Quarles & Brady LLP

NOMINATING

Rosaria Cammarat a Mattersight Corporation NOT-FOR -PROFIT

ORGANIZATIONS

Alison H Fetzer ORBA

PEER REVIEW REPORT ACCEPTANCE

Mark S Klesman

Klesman & Company PC

SCHOL ARSHIP SELECTION

Mar trice Caldwell

OneGoal

TAX ADVISORY GROUP

Ronald A . Lewis

DeMarco, Kinnaman, Lewis & Co

TAXATION BUSINESS

Nicholas S Romanelli

Clif tonLarsonAllen LLP

TAXATION ESTATE, GIFT & TRUSTS

Margaret L Al-Qassas

Michael Silver & Co

TAXATION EXECUTIVE

Mark W Wolfgram

Bel Brands USA

TAXATION FLOW-THROUGH

ENTITIES

Matt hew E. Ver tin

Baker Tilly Virchow Krause LLP

TAXATION INDIVIDUAL

Daniel P. Vargo

Daniel P Vargo & Associates PC

TAXATION INTERNATIONAL

Roger J Yule

Wipfli LLP

TAXATION PRACTICE & PROCEDURES

Luis V Plascencia

Luis V Plascencia, CPA

TAXATION STATE & LOCAL

Richard K. Strohmaier

Grant Thornton LLP

WOMEN’S

Lindy R Ellis

Ernst & Young LLP

Member Forum Group Chairs

CANNABIS INDUSTRY

Taylor M. Schuck

Mueller & Company LLP

MANAGEMENT CONSULTING

Milan G Weber

KwikClarity

PERSONAL FINANCIAL PL ANNING

Elizabet h D. Buf fardi

Crescendo Financial Planners Inc

Brian J. Kearns

Twombly Asset Management LLC

Task Force Chairs

COMMITTEE STRUCTURE & VOLUNTEERISM

Mark W Wolfgram

Bel Brands USA

LEGISL ATOR TAX GUIDE

Victor V. Scimeca

Victor V Scimeca, CPA

LIFETIME ACHIEVEMENT AWARD

Rosaria Cammarat a Mattersight Corporation

Advisor y Council Chairs

DIVERSIT Y

Ant hony Fuller

Grant Thornton LLP

YOUNG LEADERS

Meghan K Rzepczynski Corral Crowe LLP

The Illinois CPA Society thanks its volunteer leaders for their tireless service and contributions.

Volunteers like you are the foundation of the Society, and without you, we would not be able to achieve our core mission of enhancing the value of the CPA profession.

chair ’sview

A LETTER FROM YOUR

BOARD CHAIR GEOFFREY HARLOW, CPA, MST, MBA, PARTNER, WIPFLI LLP

It ’ s Time for Action

Iwish I could say I knew as a child I was going to be a CPA, but the real story is less inspiring I was entering my sophomore year at Michigan, struggling like many to figure out my future, when my dad said, “As long as you know some accounting, you’ll always be able to get a job ” Fortunately, I listened to his advice I signed up for the intro accounting class with plans to stop if it wasn’t any fun and before I knew what had happened, I was accepting a job with

Arthur Andersen in Chicago

One of many things I love about our profession is that there are so many paths we can follow even when the way forward isn’t quite clear My entire career, for instance, has been in public accounting, but I’ve hung my hat at large firms, very small firms including 11 years as a sole practitioner a medium-sized local firm, and now with CPA and consulting firm Wiplfi LLP And for more than 30 years now, I’ve been active with the Illinois CPA Society from a regular dues-paying member, to a committee member, to now leading the board of directors Each stop along the way has left me wiser and more excited about what the future of the profession holds

Have things changed much over the years? Let’s just say that my desk phone at Andersen had a rotary dial, and today there is no phone on my desk as my calls go through my computer Technology has changed what we do for our companies and clients, how we do it, with whom we do it, where we do it, and when we do it The one constant in my career has been that those who embrace change thrive, and those who resist it often do not

We’ve also advanced in areas besides technology, although at a much slower pace Our profession is more diverse than when I started, but still not as diverse as the society we serve We must do more to be a profession that actively works to enable everyone to enjoy the benefits provided by a career in accounting and finance This means educating diverse audiences about our profession,

encouraging students to study accounting, providing a helping hand with scholarships and mentoring, and looking beyond the “usual suspects” when it comes to where and how we recruit talent

While some of you may worry that technology will disrupt our profession in once unimaginable ways, from automating certain tasks and eliminating jobs to developing alternatives to the audited financial statement, I’ve been around long enough to know three things: 1) I can’t predict the future;

2) change will happen whether I want it to or not; and

3) those who embrace change will recognize the resulting opportunities and thrive

Put simply, we ’ ve been discussing the impact of technology and the benefits of diversity for several years; now it’s time for action not just on the part of the Illinois CPA Society but by all of us It’s time to move past talking about advancing technology to implementing it It’s time to move past reading about the business benefits of improving diversity and inclusion and start hiring, mentoring, and advancing more diverse employees Embracing change, both social and technological, is the smart business thing to do, and it’s time we all do it

I’m honored to be your chairperson this year, and I am excited about what we can all accomplish together Let’s take action and keep moving forward together

It ’ s time to stop talking about the future of the accounting and finance profession and start shaping it.

WOMEN’S LEADERSHIP FORUM

KEYNOTE SPEAKER

Kim Simios, CPA

Office Managing Partner, EY

Friday, May 10, 2019

Radisson Blu Chicago

REGISTER TODAY: Call 800.993.0407 or visit www.icpas.org/women

Women to Watch Award Winners

EXPERIENCED LEADER WINNER

Rebekuh Eley, CPA, MST

Senior Manager, RSM US LLP

EXPERIENCED LEADER WINNER

Kristen L. Fitzpatrick, CPA

Managing Principal, Miller Cooper & Co., Ltd.

EMERGING LEADER WINNER

Julia M. Haried

Audit & Assurance In-Charge, Deloitte & Touche LLP

Co-Founder and Executive Director, MakerGirl

EMERGING LEADER WINNER

Charlene Rhinehart, CPA

Founder & Editor-in-Chief, Wealthy Women Daily

INSIGHTS FROM

Pritzker Speeds Through the Honeymoon Period

Illinois’

34th governor is off to the races Gov J B Pritzker wasted no time during the typical honeymoon period in office and instead began advancing his gubernatorial agenda with quick executive orders and a consolidated constitutionally required budget address that was blended with the State of the State Address

In his first state operating budget, Pritzker proposed a host of new taxes to build Illinois a “bridge to a stable fiscal future ” In dealing with an estimated $3 2 billion budget hole, Pritzker is calling for $1 3 billion in new revenues from new or increased taxes on legalized recreational marijuana, sports betting, e-cigarettes and cigarettes, plastic shopping bags, and managed care organizations Pritzker is eyeing some savings by phasing out the private school scholarship credit, imposing a progressive tax on video gaming, capping the retailer sales tax discount at $1,000 per vendor, offering a delinquent tax amnesty program, and decoupling from the federal repatriation tax credit

Pritzker’s budget proposal also extends the state public pension ramp payments by seven years and infuses the system with cash by selling off unspecified state assets, which could save $878 million Pritzker further proposed selling another $2 billion in general obligation bonds to pay down the state’s bills and reduce interest payments and further savings could come from lowering the interest rate in the state Prompt Payment Act

However, successfully amending the Illinois Constitution to replace the state’s flat income tax with a graduated income tax is also central to Pritzker’s long-term plan to stabilize the state’s finances and public pension plans This is a potentially contentious position to be in The mechanics of moving to a graduated income tax requires both the Illinois House and Senate to pass a Joint Resolution Constitutional Amendment (JRCA) by a three-fifths majority vote, which the Democrat supermajorities in each chamber could readily pass without Republican votes

Providing the JRCA passes both chambers, the decision will turn to Illinois voters in the November 2020 General Election If voters approve the amendment, the General Assembly would need to pass legislation establishing income tax rates, and a graduated income tax could likely go into effect in 2021

The premise of a graduated income tax is that high wage earners pay higher tax rates, increasing tax revenues for the state’s coffers Putting this into motion requires a heavy lift, but I suspect the issue will be put on a legislative fast track because Pritzker’s proposal

Pritzker ’ s promise of a bridge to a stable fiscal future still leaves a lot of potholes to avoid.

LEGISLATIVE

MARTY GREEN, ESQ , ICPAS VP OF GOVERNMENT RELATIONS @GreenMarty

hinges on it In fact, Illinois Senate President John Cullerton has already indicated a willingness to move away from past JRCA voting practices to have the Senate vote on the amendment this year

While not as austere as many Republicans would have wished, Pritzker’s budget proposal highlights the stark realities of Illinois’ fiscal situation Without judging the merits of the governor ’ s proposals, he has at least shown a willingness to make tough decisions to bring short- and long-term fiscal stability to Illinois

It’s no secret that our past elected officials have generally avoided making the tough decisions needed to truly restore Illinois to long-term fiscal stability Maintaining the status quo and kicking the can down the road has only exasperated Illinois’ downward spiral You don’t need me to tell you that real solutions to Illinois’ problems are not easy and will not be pain free In fact, we are all likely to feel some pain in various forms, whether it be increased income taxes, paying for shopping bags, increased healthcare costs, reduced state services or programs, or something else

Illinois voters elected Pritzker to execute on his campaign platform and promises, which included big causes, like increasing the state’s minimum wage, moving to a graduated income tax, and reforming the state’s pension system He has shown leadership, taking quick action and bringing proposals to the General Assembly To little surprise, Pritzker’s first major victory came by way of working with Democrats in the House and Senate to pass a graduated $15 per hour state minimum wage But Pritzker knows that he cannot solve Illinois’ problems alone and that bi-partisanship is needed he has appointed Republicans to his cabinet and has reached out to Republican legislators

Still, aside from the enormity of the issues above, the challenge will always be bridging the political divide in the General Assembly Let’s hope that partisan gridlock can be avoided, and our elected officials can collectively work together on resolving our state’s critical issues and making the tough decisions that will ultimately turn Illinois around and put us all back on the road to prosperity

Author s Note: This column includes my personal observations of the evolution of the legislative environment and are not necessarily the views of the Illinois CPA Society

nois CPA Society’s Washington Wylie

r tunity Fund

“This program changed my life! I received helpful resume tips, inter view advice, and learned all about the CPA exam I also learned impor tant lessons about my professional presence, attitude, and etiquette, which has provided me with a greater sense of self-confidence ”

Abisola Oladigbo

President ’s Paver s

$75,000

Dempsey J Travis Foundation

$50,000

Ar thur R Wyatt Trust

$30,000

Deloitte LLP

$20,000

Illinois CPA Society

Belverd Needles Jr & Marian Powers

PricewaterhouseCoopers LLP

$10,000

Crowe LLP

$2,500 - $5,000

Alverin M Cornell Foundation

Follett Corporation

Kenneth & Jacqueline Hull

ICPAS Women’s Committee

Edilber to & Carmelita Or tiz

Catherine Villinski

$1,000 - $2,499

Anonymous

Maria Fides Balita

BKD Foundation

Howard Blumstein

Rose Cammarata

Cameron Clark

CNA Foundation

Wayne & Jan Ebersberger

Lindy Ellis

Ar thur Farber

the Illinois CPA Society, would like to graciously thank our generous donor s for their contr ibutions and pledges throughout the past year

These individuals and organizations make a signif icant, life-changing impact on the lives of diverse and deser ving future CPAs across the st ate.

HIGHLIGHTS:

$200K awarded 170 scholar ships 1 ,030 donor s

(April 1, 2018 - March 15, 2019)

Mark Glochowsky

Lee Gould

Geof frey Harlow

Sheldon Holzman

Scott Hur witz

ICPAS Young Professional’s Group

Stacy Janiak

John E & Jeanne T Hughes

Charitable Foundation

Kenton Klaus

Joe & Sue Kosinski

Dave & Darlene Landsittel

Dorri McWhor ter

Sara Mikuta

Elizabeth Murphy

Beth Pagnotta

Floyd Perkins

Melody Ragan

Kim Rice

Jennifer Roan

John Rogers

Deborah Rood

Stella Marie Santos

J Bradley Sargent

Todd Shapiro

Scott Stef fens

Duane Suits

Myra Swick

Kimberley Waite

Connie Watkins

Jef fer y & Julie Watson

Mar y Ann Webb

Wipfli Foundation Inc

Lawrence & Nancy Wojcik

Donna & Phillip Zarcone

$500 - $999

Anonymous (2)

Brent Baccus

John Bird

Mar trice Caldwell

Gar y Fish

Sharon Gregor

Lisa Hanlon

Edward Hannon

Lisa Har tkopf

Margaret Hickey

ICPAS Central Chapter

Anne Kohler

Connie Lindsey

Thomas Mur tagh

Kristie Paskvan

JoAnna Simek

Elizabeth Sloan

Ronald Sonenthal

Richard Thompson

Lise Valentine

Adriane Wong

$250 - $499

Owen Bailitz

Ar thur Barrett

Genevieve Burns

Krista Caprini

Har vey Coustan

Stephen Ferrara

Mar y Fuller

Rober t Giblichman

Lawrence Gill

Marla Gordon

Bill Graf

Gar y Har t

Jonathan Hauser

Maggie Hein

Angela Hickey

Wendy Kelly

James Lindsey

Caroline Linton

Richard & Donna Loraine

Rocco & Roxanne Mar tino

Rita McConville

Miller Cooper & Co, Ltd

Ilaria Mocciaro

Jason Parish

Amanda Pictor

Elizabeth Pittelkow Kittner

Kenneth Posner

Maria Prado

The Price CPA Group, P C

Roy Raemer

Dan Rahill

Elizabeth Roghair

Katherine Scherer

Victoria Schmuker

John Suby

Gerard Swick

Daniel Tews

Meredith Vogel

Richard Ziegler

Julie Zielke

$100 -

$249

Anonymous (10)

Sheldon Abrams

Michael Amoroso

Avidity Technologies, Inc

Yvette Barrett

Lisa Benson

Joseph Bigane, III

Brian Blaha

Kristine Blumka

James Brennan

Kymberly Buchanan

Elizabeth Buf fardi

Margaret Car tier

Gerald Catalano

Vilma Chan

Susan Coats

Bridget Coleman

Covenant United Church of Christ

Abbie Davidson

Jon Davis

James Dolinar

Amy Dybowski

Sharon Ferrin

James Forhan

Jennifer Forssander

Sharon Fr ydman

Fred Fugate

Kathr yn Garlow

Gar y Genenbacher

Rober t Gibson

Terr y Godbold

Christina Golsch

Laura Guzman

Rober t Hannigan

Ar thur Hargray

Michael Har tley

Elaine Igleman

James Johnston

David Kalet

Dustin Kapsa

Jason Klein

Thomas Kuchta

Deborah Kur tzke

Paul Lau

Margaret Lawlis

Cher yl LeeVan

Sara Leone

Laura Maniola

Randy Markowitz

Thomas McNally

Terr y Michaels

David Murphy

Kenneth & Kathleen Naatz

Stephen Nor th

Bennet Ockrim

William O’Neill

Charles Phillips

R Bruce Pickens

Ernest Potter

Gilda Priebe

James Quaid

Deborah Ringer

Joseph Rivkin

Joan Rockey

Camille Rudy

John Saladino

Michael Santay

Jennifer Schultz

Richard Shapiro

Christine Smith

Laurence Sophian

Claire Stevens

Warren Stippich, Jr

John Stuckey

Michael Tadla

William Taylor

John Tolar

Andrea Urban

Michael Wenzel

Jay Wilensky

Doyoung Yong

Kenneth Yu

Anthony Zordan

UP TO $99

Anonymous (16)

Donna Ackerson

Sandra Adam

Jane Adams

John Adams

Rao Akella

Benjamin Akers

Jude Alagna

Andrew Alexander

Karin Alfors

Brenda Alkema

Douglas Alkema

Alonzo Allen

Angela Allen

Terri Allen

Alan Allphin

Allstate Giving Campaign

Paul Alpern

Amazon Smile Foundation

Daniel Ammentorp

Constantine Anagnostopoulos

Susan Anderson

Steven Andes

Michele Andjelic-Szewczyk

Karen Andreoni

Lisa Ankenbruck

Gus Antonopoulos

Michael Anzalone

Mesghina Araia

Michael Armour

Valicienne Arnold

Margaret Atkins

Santhosh Augustine

Richard Ave Maria

Xuecen Bai

Brad Baker

Jef frey Baker

David Balderson

Subir Banik

Adebayo Bankole

Michael Bansley

Wayne Barbier

Camila Barranco

William Bauer

Jens Bauml

Terence Bay

Charles Baygood

Dennis Beard

Chris Beaulieu

JoAnn Beck

Lori Beeler

Lizhu Bei

Bashir Bello

Benchmark Aspen & Associates, Ltd

David Bengston

John Berg, Jr

Dana Berglind

Frank Bernatowicz

Howard I Bernstein

Howard M Bernstein

Kenneth Ber trand

Jeannine Cohn Best

Joseph Beussink

James Biegel

Lydia Bilyeu

Brian Bird

John Blackburn

Michael Blakeman

Carla Blanchard

Jolanta Bodniak

Michael Bollinger

Irma Bondi

Chirstopher Bonnell

Leann Bonnett

Basil Booton

Kelly Borgardt

Gar y Bowen

Lindsey Brake

Michelle Brannigan

Thomas Brescia

Mar y Bresson

Timothy Brinkman

Thomas Broderick

David Broutman

Dorothy Brown

Marcia Brown

Michael Brown

Todd Brown

Dale Brubaker

Andrew Bruce

Joseph Br yk

Amy Buonopane

Teresa Burczak

John Burghout

Nicholas Burke

Margaret Butsback

Ijilmaa Byambaa

Nicholas Caccamo

Paolo Camoletto

Dariusz Caputa

Antonita Caraan

John Caraher

Eileen Carrero

Brian Carroll

Andrew Car ter

John Casey

Charles Cassin

Alan Caughey

Karen Cederoth

Kenneth Chadwick

Rober t Chalberg

Catherine Chan

Farhan Chaudhar y

Harpreet Chawla

Hui Chen

Scott Cheshareck

Rober t Chicoine

Marc Chudy

Matthew Cianciarulo

David Ciasto

John Clark

Susan Clarke

Anthony Clesceri

Marsha Clesceri

Ayala Clinkman

D Close

Suzanne Clough

Michael Cochrane

Marcia Cof fman

Herber t Cohen

Janice Coker

Jay Colber t

Bradford Colby

Kevin Conarchy

William Condon

Christopher Conneely

John Conway

Sarah Cook

Michael Copher

Alan Cornue

Louis Cosentine

Dustin Courson

Lisa Cowhey

Diane Craanen

Daniel Craig

Marcia Craig

Laura Crane

James Cunningham, Jr

Kevin Currid

Joseph Czopek

Angie Dallam

Mark Dallas

Joseph Daniel

N Davidson

Mark Davis

George De Heer

Ariel Dechter

Paul DeFiore

Alan DeMar

Jenny DeNosaquo- Wilson

Michael Denton

Rajesh Deora

Alicia Derrah

Andrew Dever y

John Devitt

Jessica Dicesare

James Dickey

Joseph Diehl

Kevin Diehl

Kathleen Dienhar t

Stephen Dietz

Toni Diprizio

Stephen Ditman

Allan Donald

Paul Donnell

Mark Dostal

Neil Dougher ty

Joel Downie

Melody Driver

Richard Duf fy

Jonathan Dunmore

Ryan Dwyer

James Dykas

Susan Eby

Christine Edmonstone

Rolf Eilhauer

Thomas Eiselt

Godfrey Ekhomu

Kimi Ellen

Dallie Ellis-Stetson

Denise Engelke

Eric Ephraim

Michael Ericksen

Debra Fahey

Noreen Fahey

Dan Farrell

Scott Farrell

Richard Favors

Pavlo Fedorchuk

Bradley Feitl

Jennifer Feld

Rober t Feldgreber

Carlos Ferreira

Mar y Fink

Alexander Finnegan

Mar tin Fishman

Ralph Fishman

Shari Fitzgerald

Steven Flack

Sara Flaher ty

Conor Flanagan

Thomas Flavin

Ronald Flinn

Jere Fluno

Vincent Forgione, Jr

Linda Forman

Kevin Foster

Michael Frank

Thomas Frank

Carmin Frederick-James

Cindy Freese

Jessica Friedel

Ir win Friedman

Richard Fugiel

Annette Fulcher

Craig Funkhouser

Allan Gabriele

Amber Gaines-Shaw

Michael Gallimore

Judith Garber

John Gaynor

Ronald Geib

Tracey Gibbons

Thurman Gills

Edward Gin

Thomas Glavin

Edward Glazar

Todd Glomb

Benjamin Goldberg

Gene Goldberg

Evan Goran-Dr y

Dianne Goren Radtke

Dennis Gorman

Kathleen Gorman

Ryan Goulding

Adrian Graber

James Grady

James Grandos

Leland Graul

Stan Green

Brad Greenberg

Troy Grif fiths

Donald Grossman

Raymond Grothaus

Rober t Grottke

Nancy Grunde

Helen Guagliardo

James Guerra

William Guska, Jr

Donald Hacke

Josef Hajek

Harold Hale

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M Dean Hamilton

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Nazar Hanafi

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Mar y Hanley–Elzer

Georgann Hanna

Paul Hansen

Glenn Hardesty

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Dawn Harrelson

Deborah Harris

Douglas Harris

Jef frey Harris

Monica Harrison

Norris Harstad

Patrick Har t

Rosidan Hasan

Rosa Alejandra Haselwood

Richard Hassett

James Haugh

Dennis Hawkins

Rober t Hedrick

Heather Heggemann

“My mother’s tenacity during tough times has inspired me to work diligently toward my goals of becoming a leader in the accounting profession With my two jobs, I’ ve been able to cover most of my expenses, but this scholarship allows me to focus on my grades and campus leadership roles ”

Kiara Schuh

James Heid

Rober t Heisler

John Hellner

Cur tis Helwig

Marianne Her f f

Jennifer Herman

Stanton Herzog

Scott Hickam

Bernard Hicks, Jr

Pamela Higdon

James Hill, Jr

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John Hopkins

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Michael Horst

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David Hutchison

Eileen Iles

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Jim Isaacs

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Dale Jekov

Mark Jewell

Mark Johnson

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James Jonelis

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Mark Joyce

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Peter Kaminsky

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Howard Kaplan

Sharad Kapur

Mar ylou Karkow

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James Kelley

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Howard Kenner

Bruce Killian

Chee-Young Kim

Sungmin Kim

Dawn Kink

John Kintner

David Kipp

Areno Kirkendoll

Michael Kirschenheiter

“I am a first-generation college student, and English was not the primar y language spoken in my home growing up, which has challenged me to work hard I became more persistent and driven in my personal goal of becoming a CPA because of my role as a student ambassador to help guide other students through their own development ”

Br ian Ta

George Kite

Charles Klemmer

Joseph Klomes

Thomas Kneips

Ronald Knutson

Hung Ko

Alfred Koermer

Jennifer Koller

Alan Kolosh

Ruth Kolpacki

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John LeMay

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Brian Milem

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Kenneth Millman

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John Myers

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Lawrence Neal

Charles Nelson

Roger Nelson

GJ Neumayer

David Newton

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William O’Brien

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William O’Malley

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Frederick Paulman

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Elyse Perlik

Rober t Pernini

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Rober t Personett

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Michael Rogers

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T Paul Rowland

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Rober t Rush

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Ahsan Sadiq

Imran Safvi

Clara Sage

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Julie Sampson

Alan Sanchez

Dan Sanchez

Rober t Sannwald

Catherine Santoro

Everett Sather

Kathr yn Sauder

Mar vin Schaar

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David Schafer

Michelle Schef fki

Michael Scherpenberg

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Michael Schlatterbeck

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William Schneider

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Elizabeth Schreiber

Rober t Schroeder

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Rober t Schulz

Rober t Schuman

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JT Staiger

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Steven Swan

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Brian Unger

Elizabeth Valenziano

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Ryan Vaughan

John Verchota

Thomas Vicario, Jr

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Get involved today to help ensure future CPAs can realize your same success Together, we can make a dif ference

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Go West, Old Man: A Lesson in Practice Management

Once I became willing to question my practices, I was free to focus on what was best for my firm and the people in it.

BY BRAD SARGENT, CPA/CFF, CFE, CFS, CCA, FABFA – THE SARGENT CONSULTING GROUP

Ihaveheard it said that every stereotype contains a grain of truth

When I entered the world of accounting, I was a young baby boomer being managed, mentored, and directed by traditionalists The cultural environment was challenging at times and I wrangled with old-school partners who seemed one step removed from the caves no offense Now, the proverbial shoe is on the other foot; I struggle with change and adopting the values and mores of the subsequent generations that populate my firm

Gen Xers, millennials, Gen Zers they all seem to value such different things Their collective indifference to my baby boomer values can feel like a distinct lack of gratitude at times Why don’t they all just want to work the way I work and strive for the corner office? Why should I, the partner, bend to their desires when I did so much bending throughout my career? Hadn’t I earned the right to impose my methods and values (and will) on my staff ? I know many of you ask yourselves these same questions But this mindset proved to be debilitating, counter-productive, and stress-inducing, and I’m guessing I’m not the only CPA firm partner struggling to overcome such thoughts Through an arduous process that involved much more failure than success, I began to open my mind to the simple question, “Why do we do it this way?” Once I became willing to question my practices, I was free to focus on what was best for my firm and the people in it

FRESH STARTS

The story I want to share involves a colleague in my firm I met him as a college student when I guest lectured on fraud and forensics at his campus He later came to intern at my firm, where he proved to do excellent work and be a great fit in my small organization It was a no-brainer to bring him on full-time upon graduation (This is the ideal situation for any firm owner ) Three years in, he became a senior staff member with tremendous professional upside His professional toolkit was growing, and he was adding great value to the firm His future with my firm was bright Then the wretched ingrate closed my office door and said, in a very hesitant voice, “We need to talk ”

This colleague I’ve been praising resigned He was leaving not only my firm but our city and time zone He was going West forever All my valuable time invested in mentoring, training, and guiding him was now going to benefit some other firm three states away I had single-handedly crafted this valuable asset and someone else was now going to reap the rewards of my hard work Ah, the ingratitude! The inflexible baby boomer within me could have made for an awkward and unpleasant separation But that is not this story and it shouldn’t be yours

I knew that personal events combined with family support made the change of scenery just what my valued colleague needed With my

head fully wrapped around the concept that producers will always produce, I took his resignation unlike any other resignation I had ever faced I reached out to several professional headhunters to see if they could help him find the right job in his new town I researched the market and offered tips on who to connect with and how to network I had moments during this process that I could not believe I was helping someone valuable leave my firm It was surreal at times, but it was also a benchmark of personal growth and real change in my professional life

As fate would have it, my firm faced a massive workload and my departed colleague relocated without a secured position The new town simply did not offer many prospects which would not require serious compromises for him We stayed in constant contact, and I offered him the opportunity to do contract work remotely while he settled in Why not? After all, he had all the tech tools required to work successfully from his new home and was fully chargeable for weeks on end The rest of my team was glad to have him still plugged in and part of our efforts Win for our clients, win for our team, and win for our ex-colleague That’s a lot of winning, and the story gets better

FRESH FIRMS

As client work continued to flow in, I had an outrageously out-of-thebox thought: Why not bring him back full-time and open a new office in his new town? We were already communicating daily, he knew how to do the work, he was comfortable in business development environments, and with some guidance and input, he could take off I couldn’t believe I was thinking this way It was very new to me and also extremely empowering because, until then, I felt that tight control and occasional micro-management was how I displayed power in the office Now, I realize that opening doors for others is the path to real power

Of course, none of this would have been possible without my colleague’s skills and trustworthiness By being valuable, honest, and forthright, he earned my trust to a degree that made this brave new world of remote work possible So, we talked it out; we committed to a plan Execution was remarkably easy thanks to the technologies available to us today We boxed and shipped his old workstation (VoIP phone, desktop, keyboard, mouse, and three monitors) to his new home We invested in a web conferencing system that allows us to see each other and screen-share If needed, we can have everyone in the firm in separate locations dialed-in and enjoying virtual face-time together

It’s great to have the processes in place for full remote connectivity but working out of the home permanently is not optimal at least not in my baby boomer mind With so many different types of workspaces becoming available in cities these days think shared, coworking, and private spaces available by the hour, day, month, or year the options for launching a firm of any size in a new location become nearly unlimited Between the ease of online research and my colleague’s boots on the ground, we found a great space in a great location at a very reasonable cost complete with a balcony and awesome view to expand my firm out West

I know firsthand the uphill climb one faces in professional services when trying to make connections and meet new people without the proper “rank ” Decision-makers want to interact with other decisionmakers So, while we trumpeted our new office opening, I also promoted my remote colleague to a new title that conveys his knowledge, experience, and competency to the market The old voice in me wanted to declare, “Look at all that I have done for you!” The new voice in me says, “Look at what we are building together!”

FRESH VIEWS

This experience has taught me some incredibly valuable lessons I won’t say it happened quickly, but I became willing to change I also realized that productive members of my team, here and there, would be even more productive given flexible work schedules, unlimited time off, challenging work, and great tech tools all things the Illinois CPA Society and INSIGHT Magazine has been encouraging us to consider for years

To my fellow baby boomers, don’t settle for doing things the same ways simply because that’s how you ’ ve always done them Be open to new possibilities and surround yourself with people who are aware of and embrace the latest tech, business, and cultural trends Ask your younger colleagues what they think and actually listen; you don’t have to always agree with them, but you can learn a great deal about them A questioning mindset and willingness to change should not be generationally unique

To the younger generations in the workforce, be aware that your baby boomer supervisors place great value on two qualities; productivity and trustworthiness Produce at a high rate and doors will open Demonstrate that you are responsible and accountable, and you’ll earn the greater freedom that you crave Try to understand where your colleagues are coming from and “think like a partner ” I understand as well as any of you that it’s hard to let go of entrenched mindsets and that trying new methods may lead to many more failures than successes You may want to run back to the safe harbor your old mindsets seem to provide Don’t The key is to keep trying, keep growing, and enjoy the ride you, your firm, and your people depend on it So, as the saying goes, “Go West, young man!” (Please adapt to your own Manifest Destiny )

Leveling Up Your Accounting and Finance Credentials

Digital badges and micro - credentials offer accounting and finance pros fun (but serious) ways to master and show off their expertise

BY BRIDGET MCCREA

Likethe badges, medals, and trophies that separate the noobs from the best and keep video gamers grinding away at their craft, digital badges in the business realm stand to separate the generalists from the specialists

While they may not yet hold the same clout as a CPA designation, digital badges earned from online certificate and micro-credential curriculums are becoming invaluable to today’s accounting and finance professionals Thanks to our increasingly digital world where nearly everyone interacts, communicates, and conducts business online being able to display a digital badge earned in data analytics, for instance, can differentiate you as an accountant who is putting in extra effort to stay current and competitive, and is willing to go beyond the basics of continuing education requirements

By definition, a digital badge is a validated indicator of accomplishment, skill, quality, or interest that can be earned in many learning environments and is based on a shared and open

technical standard Much like traditional credential and degree programs have increasingly moved online, this “ new ” assessment and credentialing mechanism is gaining momentum and it makes continuing professional education a little more fun

“With their increased granularity, transparency, and portability, digital credentials are quickly supplanting paper certificates as a means of non-degree skills verification in leading-edge continuing and professional education units,” says Boston University’s Jonathan Lehrich in “Measuring the Value of Digital Credentials ”

And CPAs are particularly well positioned to take advantage of this new trend says digital badging and micro-credentialing proponent Dr Kyle Peck, professor emeritus of education at Penn State University

DRIVING DIFFERENTIATION

“In the accounting world, everyone comes out of school looking the same, and because the CPA is a mega-credential, CPAs tend

to have relatively broad sets of skills As a result, clients and employers can’t always tell who is better than someone else or who specializes in certain areas of interest,” Peck points out

“Micro-credentials, on the other hand, certify smaller chunks of knowledge and tell everyone (i e , clients, employers, business partners, etc ) that, while you may have a macro-badge that says CPA, along the way you earned other competency-based badges in certain specialty areas, ” Peck continues “Each credential becomes a mini portfolio of your accomplishments These badges become little electronic packages where suddenly, instead of everybody looking the same, I can say, hypothetically, ‘Oh, Brenda’s resume looks good and she has the family tax accounting badge from the Illinois CPA Society ’ The result is a very rich, transparent archive of what someone has done beyond the basic CPA requirements ”

“Most people in the accounting or financial services field already have traditional degrees, designations, and credentials like the CPA, CMA, CFA, CFP, CIA, etc that have served them well But the profession is changing, and changing rapidly,” says Dan McNeill, the Illinois CPA Society’s chief learning director “Specialized digital badges and other forms of micro-credentials are a way to keep up with the changes Think of them as just-in-time designations that give you a way to set yourself apart from others in your field ”

POWERING PROFICIENCIES

Professional services firm EY has already jumped on the digital badging bandwagon to help empower its professionals and bolster business development “As CPAs, our world is quickly evolving Our professionals will need to acquire new skills and credentialize themselves numerous times during their careers, ” explains Jeff Bilek, EY’s talent leader for the Central Region “Digital badging is a program that allows all of our professionals to gain those skills in a real-time way and, most importantly, have a credential that differentiates them in the market ”

To earn a digital badge, employees must complete 20 hours of education from a designated curriculum plus at least one “experience ” The experiences include passing a simulated case study, providing a synopsis on using specific tools in client situations, participating in relevant nonprofit work (i e , Girls Who Code volunteering), or demonstrating digital industry experience (within the last two years), among other options Employees also must complete a contribution requirement that ranges from participating in EY’s Yammer page to bringing that new knowledge to others in the firm by coaching a colleague or publishing an article on the topic Since launching its EY Badges program in November of 2017, nearly 4,300 badges have been earned globally

Once earned, EY’s people are encouraged to display their badges alongside their traditional credentials both inside and outside the organization, which, according to EY’s Global Chairman and CEO Mark Weinberger, opens up new opportunities and increases their long-term professional value

“Digital disruption and new technologies don’t have to be threats but opportunities to continue to grow as a professional,” Weinberger says In an FAQ about EY Badges, the firm says the value of digital badges includes being more relevant for clients while also differentiating yourself and “enhancing your personal brand by building digital skills and credentials that help you be known for your digital expertise ”

LEVELING UP

In a world where online business is projected to replace most traditional transactions, having one or more digital badges in areas like analytics, cybersecurity, machine learning, for instance, can certainly help CPAs and other accounting and finance professionals differentiate themselves and shine a spotlight on their specialties

So, it’s no surprise that McNeill and Peck expect digital badges to continue gaining momentum as more professionals start to use and respect them and as more clients and employers look for them

While he admits there’s still plenty of work to do to get to this point, Peck goes so far as to predict that we’ll see more “aesthetic” credentialing blended into professionals’ digital footprints, with badges awarded for affective qualities like a good sense of humor or resilience “The culmination will be a ‘Wow Badge’ that can just knock someone ’ s socks off,” Peck says

However, like anything when it comes to professional development, McNeill points out that the credential is only as good as the institution behind it “A badge offered by a well-known organization such as the Illinois CPA Society or if you ’ re lucky enough to work for a notable employer which offers digital badges to its employees is going to carry more weight when you add it to your resume or LinkedIn profile than one earned from some digital badge mill,” McNeill cautions “Just make sure to do your homework ”

So, if you didn’t know, now you know: Digital badges are a powerful new tool for identifying and validating your skills, knowledge, accomplishments, and competencies and it’s time to get your game on

Accounting for the Art of Influence

Earning a voice at the leadership table is different than having a seat at the table Here’s how to develop your language of influence

BY SELENA CHAVIS

Gettinginvited to sit at the leadership table is, or hopefully will be, a key milestone in your career It says a lot about you as a professional, your credibility, and your potential to bring value to an organization But, it’s only the first step to staying power, according to Suzanne Coonan, principal and executive coach with Aerial Leadership, who notes that the greater goal is gaining a “voice” at the table

“Once you are there, it’s about contributing and adding value in an impactful way, ” she says “Otherwise, you are not going to be there very long ”

The difference between having a seat and having a voice at the table is an important distinction for every accounting and finance professional to learn, regardless of whether that perspective begins inside a firm or at the bottom of a corporate ladder After all, success at the table ultimately comes down to one critical factor: influence

Hal Adler, CEO of Leadership Landing, suggests that truly influential leaders often possess three characteristics First, they demonstrate self-awareness that starts with a clear point of view and a distinct way of interacting with others “What style do I embrace? How do I use language?” he suggests asking oneself “It’s important to be consistent If you think about marketing, it’s consistency that allows the message to break through the noise ”

Second, influencers understand the experience of the people around the table For instance, is the audience enthusiastic about new ideas, or do they approach innovation with trepidation?

Finally, leaders with influence bring ideas to the table within the context of an organization’s best interest

Diving deeper, Jay Scherer, president of Scherer Executive Advisors, says becoming influential requires you to have “ an informed point of view, a willingness to do the hard work that comes with understanding and solving issues, and a platform of credibility ” That platform of credibility is a key point worth elaborating on Credibility at the leadership table stems from building strong relationships with the others seated at the table and continues to grow as trust deepens “But your credibility can be quickly destroyed by a perception of self-interest,” Scherer cautions “If those sitting across from you perceive that your point of view is selfserving, versus focused on the business, you’ll never be heard ” “It’s work,” Adler says “Professional services organizations often point us to measurable, tactical tasks, but they don’t orient us to inner development, which helps us be more successful all around All the motivation has to come from inside ”

LEARNING THE LANGUAGE OF INFLUENCE

Coonan points out that a Corporate Executive Board (now part of Gartner) survey found influence is by far one of the most important competencies for global business leaders to possess it’s also the one leaders struggle with most Maybe that’s because communication plays a vital role in the influence equation In fact, without an aura of “executive presence, ” a term Adler describes as being grounded, confident, thoughtful, and underpinned by strong situational awareness, you may come off as anything but influential

A platform of influence is also supported by the confident, concise delivery of an idea backed by conviction, Coonan says In terms of conviction, she suggests considering how you might respond if you receive pushback on your input from others around the table “Do you give up or do you push back with data to support it?” she asks “Having conviction is really important ”

Tone, volume, and body language equally play into conviction and influence, Coonan adds, noting that being able to “turn it up or turn it down” is important for leaders To illustrate, Coonan notes that many of the auditing professionals she coaches are inherently introverted “That’s what makes them really good at the financials,” she says, “but the challenge is how they can show up and ‘turn it up a bit ’ It’s about delivering your message with authority, with the right volume, with a strong and clear tone ”

Scherer says practice and feedback are critical to developing these communication skills “Is there someone you trust who is in a position to observe how you bring up your points, who has the background and experience to offer an informed opinion about how you are doing?” he asks

Adler adds that 360-degree surveys, which provide you with confidential, anonymous feedback from your managers, peers, and direct reports, are very effective at providing a baseline for performance improvement “It takes commitment and inner motivation to want to do anything about it,” he says “You get the feedback, then you reflect; then you interpret; then you set a path for yourself; and then you practice ”

Scherer suggests a business communications program or business communications coach could take your influence up a level: “A program that includes video practice and feedback on your approach will help to ensure your presentation and style are effective ”

SOFT SKILLS IN A HARD BUSINESS WORLD

The combination of a multi-generational workforce coupled with an increasingly socially conscious and complex business world means that today’s professionals need to continuously hone their soft skills to earn and maintain a voice at the table

Amidst all the noise of a more intense business environment, more people are simply vying to be heard Consequently, a powerful soft skill for every influential business leader is the ability to listen

“The leaders who are the most effective at being heard, despite how noisy it has gotten, are actually the ones who listen the best,” Adler says “A leader has to meet people where they are so that they feel heard People need to believe that you understand where they are coming from first ”

“People are doing things that have never been done before,” Coonan says in referring to our changing workplaces and business world “In tandem with an open ear, leaders must increasingly focus on collaboration and their ability to develop and relate to others in an authentic way ”

Along similar lines, Scherer stresses that authentic or genuine respect for others is a core value every aspiring influential leader must possess It is, he says, the basis for being effective in business and life: “While there are roles at different levels in organizations, the people who fill those roles are equal citizens, deserving of respect and the golden rule,” Scherer says “You will win if you consistently treat people with respect ”

While many people focus solely on earning a seat at the leadership table, it’s what they do after achieving it that matters Influence is key to having a voice at the table, and the best influencers know how to find a win-win for all

, C PA , CGMA Director

The Business of Making a Social Impact

Corporations, communities, and careerists can all do better by doing good.

By Carolyn Tang KmeT

as technology continues to break down geographic and demographic barriers, greater insight into the plight of others has spawned a collective heightened sense of social awareness. So, it should come with little surprise that emerging generations of workers exhibit a deep desire for doing good, and this philosophy is now permeating the corporate realm. many of today’s organizations must now focus on a triple bottom line, where stakeholder value is measured not only by profitability but also by social and environmental impact but what does that mean for the future of business and the people driving it?

“The world has become a smaller place,”

says Sylvia Panek, AIF, an investment advisor and financial planner with Natural Investments, a nationwide advisory firm specializing in socially responsible, impact-driven investing She credits our digital information age with fundamentally shifting the public consciousness “As workers and as consumers, people today more closely feel how exploitative traditional corporate practices can be Subsequently, they are pushing back and holding corporations to higher standards,” Panek says “A company does not exist in an isolated bubble and cannot operate as if investors are the only group that matters anymore ”

To say today’s employees actively seek out socially responsible companies might even be an understatement According to a 2016 Cone Communications study, 76 percent of millennials consider a company ’ s social and environmental commitment when deciding where to work, 75 percent would take a pay cut to work for a socially responsible company, and 64 percent won’t take a job if a potential employer doesn’t have strong corporate social responsibility practices One could argue those percentages are likely higher today given how our society has become ever more sensitive to wide-ranging social, political, and environmental issues

And, in fact, a more recent 2017 Cone Communications survey found that 84 percent of consumers want companies to support women ’ s rights and 87 percent would buy a product because a company stood up for an issue they cared about

From a corporate point of view, that means organizations that incorporate making a positive social impact into their missions should have an easier time attracting and retaining employees and customers “Everyone wants to be a part of something great It’s not just about going to work young people are looking to make an impact,” says Houston-based community engagement professional Courtney Taylor, MBA

For Taylor, making a positive social impact, both personally and professionally, is a philosophy instilled from an early age As a child, she recalls going door-to-door with her grandfather one hot Houston summer day, delivering fans to people who didn’t have air conditioning “I never forgot that day because it showed me how everyone is not as fortunate It showed me the responsibility we have to help each other, and it showed me love,” Taylor says Today, Taylor incorporates her love for helping others into her everyday job through developing partnerships with community organizations, developing volunteer opportunities, and securing program funding “I feel that we have a responsibility to lift each other up, ” Taylor says “It put a fire in me to start creating some additional projects around philanthropy and to be involved in systemic change Whether the cause is for at-risk youth, breast cancer, hunger, social justice, I am there ”

Her desire and effort to link a career with a cause is not entirely unique; rather, it is what more and more millennials and Gen Zers are aiming to achieve In light of that, Taylor suggests companies that provide opportunities for volunteer work and actively design programming around driving social change will see positive outcomes

To cite Seth Green, founding director of Loyola University Chicago’s Baumhart Center: “True empathy and a service orientation toward

others makes us better thinkers, happier people, and more satisfied with our lives ”

In Taylor’s interpretation, the morale boost can “lead to increased productivity, which will help the overall bottom line of an organization It’s a win for the employee, the company, and the community ”

Conscious Capital

“The question of how we build a more equitable society is the most urgent and important question of our time,” according to Green, who says that making a social impact is good for the mind, heart, and soul and business After all, not only are socially responsible companies more attractive to potential employees, they are also increasingly more attractive to prospective investors

“Doing good in business was once ‘nice ’ Today, it is a ‘must’ for any company that wants to attract top talent, investment, and operational partners,” Green says “Many investors now measure the triple bottom line, or environmental and social impact alongside financial performance ” And, in fact, many investors now strive almost solely to affect social change

Benefit Chicago a collaboration between The Chicago Community Trust, the John D and Catherine T MacArthur Foundation, and Calvert Impact Capital came to be partly because investors today are less willing to accept social inequities and are instead looking for opportunities to take an active role in society The organization serves as a conduit between investors looking to make a positive social impact and promising businesses and organizations in underserved neighborhoods that need access to capital

Benefit Chicago evaluates potential opportunities in much the same way as any traditional investment, looking for evidence of strong leadership, solid organizational structure, a thorough business plan, and a proven market “Where we differ is that we ’ re willing to work with organizations that may have a little more risk than what you would typically see but also still have a real passion and idea,” says William W Towns, Ph D , MBA, Benefit Chicago’s executive director “There are certain areas of Chicago that, for a number of reasons, don’t receive capital You can see the disparities in the city But if we ’ re going to have a strong Chicago, we need strong South and West sides ”

To illustrate, this past December, Benefit Chicago provided Chicago Community Loan Fund (CCLF) with a $5 million loan to aid in repurposing vacant Chicago Public School buildings on the South and West sides The first redevelopment is the conversion of the former Overton School in the Bronzeville neighborhood, which will be transformed into a business incubator “For local residents, a closed school signals distress and abandonment,” says Calvin Homes, CCLF’s president “A revived and repurposed school is a beacon of hope for a neighborhood It provides needed services and amenities, boosts traffic for nearby businesses, and encourages additional investment ”

At the time of writing, Benefit Chicago had raised $96 million toward its $100 million goal and has issued over $25 million in loans “A lot of times, we ’ re underwriting the financial aspect, which

is important, but we ’ re also underwriting the hearts and minds of the leadership and the mission,” Dr Towns says Social Venture Partners (SVP) is another entity striving for social change in Chicago using conscious capital and more The organization is comprised of investors, entrepreneurs, business professionals, attorneys, educators, and philanthropists who invest time, money, and expertise in Chicagoland nonprofits

“Our founding partners believed that the route to greater social impact is to leverage philanthropic dollars with contributions of time, talent, and connections to help innovative nonprofits scale their work,” explains

Evelyn Kuo Fitzgerald, SVP’s executive director

Your Impact

It’s important to remember that it’s not just big corporations and investors that have the power to drive social change and make a social impact While the deep desire for doing good that emerging generations of workers exhibit may be inspiring corporate reactions, it still takes individuals committed to causes to make real, lasting social impacts

Taylor urges young professionals who want to make a difference to get out there and just do it “Figure out what you are passionate about,” she says “Many nonprofits and community organizations have created young professional groups that offer opportunities for networking, community service, and social gatherings with likeminded individuals ”

Fitzgerald’s advice for those yearning to make a positive social impact through their life’s work is to participate in engaged philanthropy and to maximize impact by contributing not only dollars but also intellectual and social capital “Consider joining a group or nonprofit board where you can roll up your sleeves and engage in skills-based volunteering that takes advantage of the expertise that you bring to the table,” Fitzgerald says

No matter what your background is, everyone has something to offer, Dr Towns adds “If you ’ re an accountant, if you ’ re a marketing professional, or sales person, there are always opportunities to add a social impact lens to your work,” he says “Think beyond the philanthropic and nonprofit space For-profit organizations have contributed greatly to societal issues and improvement, whether it’s reducing their impact on the ozone or creating spaces for women in leadership ”

Expanding on Dr Towns’ advice, Green encourages young professionals to seek jobs where they can learn a lot, work for people they admire, and use their talents to authentically help others “Very few people look back at their careers and celebrate their wealth accumulation; almost all judge their careers by the difference they make in others’ lives,” he says

“Like begets like,” Panek adds She urges young careerists to surround themselves with like-minded business associates “The goal,” she says, “is to truly build a better world, one that is bigger than each one of us individually, and it’s best done together ”

Seeking Social Impact

He started out as an investment banker in london, but quickly realized the job wasn’t for him He felt uninspired and chronically depressed So, leon logothetis walked away from corporate life, trading in his seat behind a desk for a saddle on a motorbike and a life on the road in pursuit of “true human connection ” now as the host of his own netflix series, “The Kindness Diaries,” logothetis circumnavigates the globe on a vintage motorbike, experiencing the kindness of strangers and giving them life-changing gifts in return

“Social impact is about taking risks and going outside of your comfort zone,” logothetis says “When I finally started traveling and connecting with others, I realized I had found my calling ”

This June, logothetis will keynote the Illinois CPa Society’s young Professionals leadership Conference where he’ll remind young leaders to examine their paths in life, and to recognize that even as mere individuals, they have the power to make an impact in the world

“I’ve seen people with nothing go out of their way to help others in amazing ways These people have nothing, yet they changed my life forever If they can do it, so can you,” logothetis beams “It’s about taking risks and looking outside of yourself you have more power than you know, and how you show up in the world matters it matters profoundly.”

SOCIAL IMPACT

feaTUreD KeynoTe:

Leon Logothetis

global adventurer, motivational Speaker, and author/Creator of the Book and netflix show, “The Kindness Diaries.”

June 7, 2019 | 8:00am - 12:00Pm

THe meTroPolITan Chicago

Illinois CPa Society’s young Professionals leaDerSHIP ConferenCe

T E

BY STEPHANIE HYDE AND WILSON CHOW

robots will play a critical role throughout the modern workforce. a recent PwC study of 29 countries estimated that on average, the proportion of jobs at high risk of automation will be roughly 20 percent by the late 2020s, and 30 percent by the mid-2030s for employees around the globe, such shifts could mean preparing to share space with robots as colleagues or learning new skills as robots take over the most repetitive or dangerous tasks

When we talk about robots, we are essentially referring to two kinds: industrial robots and service robots. Industrial robots are found in factories or work environments that use assembly lines or similar approaches to build products or pick and pack orders at a fulfillment center. Service robots stand in for humans and are not necessarily machines; in certain cases, they are applications of artificial intelligence or robotic process automation (rPa). Both varieties will be transformative for many workers, depending on their industry and role

Senior executives need to lead a workforce that seamlessly blends human talent and automation.

The introduction of robots into the workforce will also reverberate in the C-suite. not only will top executives lead the charge for automation in their business operations, but they must also be prepared for their own jobs to change Heading up a hybrid workforce of people and robots will require a different type of leadership, one that blends quintessential human skills such as empathy with a tech-savvy and data-driven mindset moreover, new roles may emerge, such as the chief robotics officer, or leaders in charge of technology ethics given these urgencies, C-suite leaders need to start planning a fiveto 10-year road map of their career and organization today Senior leaders must objectively assess not only their own strengths, but also where they have knowledge or experience gaps areas where they need to build new skills. a recent PwC study found, as one might expect, that those in senior management roles are less likely than, for example, those in factory or clerical roles to be entirely displaced by automation But the nature of leaders’ work will undoubtedly undergo major shifts These shifts will open up more time for forwardlooking activities; executives will be helped further here by the presence of increasingly sophisticated data meanwhile, leaders in customer-facing roles need to figure out how to best serve customers, taking advantage of automation to provide customized products and services on demand

functional leaders must consider the following matters as they define their role in the age of robots: What actions will they need to take now to prepare for the ways that robots will transform their industry and business? Structurally, what has to change in the organization? What type of people do they need, how will they work together, and

what will be their roles and responsibilities in this new world? How will functional leaders manage this hybrid workforce to ensure a harmonious existence of human and robot workers?

C H I E F E X E C U T I V E O F F I C E R S

responsibility for sound management begins at the head of the Csuite Ceos will need to provide their company’s vision and leadership, driving the change and guiding the company through its digital transformation Ceos will also need to demonstrate personal commitment to this effort, holding themselves and others accountable. and, with respect to robots and related applications of aI, the chief executive must make sure the board of directors has the expertise to oversee proper governance and guide decision making. Ceos will also be involved in helping foster a culture in which humans and robots coexist with trust, respect, and dignity

C H I E F F I N A N C I A L O F F I C E R S

Cfos will have to embrace this change at the same time, they will have to keep their eye on whether the investment in automating finance-related tasks and tasks in other departments as well is paying off. Cfos will oversee compliance activities and take steps required to build trust with regulators and investors by ensuring that financial output from automated systems can be explained, and the risks of automation can be mitigated Cfos in the robotics age will need to understand both physical and digital relationships (for example, a relationship with a third-party vendor that uses robots to fulfill its service agreements) and put necessary controls in place finance leaders will oversee the transition as robots take on more and more back-office functions such as trade settlements and daily trade reports freeing people to grapple with high-level analysis and decision making that add value rather than ticking off to-dos Cfos will need to ensure that people are able to build the automation, interpret results, and maintain control

C H I E F O P E R AT I N G O F F I C E R S

Coos will play a key role in managing the transformation to a human–robot hybrid workforce. They must close any gaps in their knowledge of the technology as they develop a keen sense of how the changes are impacting the business.

Specifics may differ by industry In manufacturing, for example, automation’s primary value comes from creating capacity, lowering costs, improving safety, and injecting the manufacturing environment with flexibility and agility automation should not be done for its own sake Coos should formulate and follow a digital strategy that incorporates aI or robotics Investments in automation must have a clear role in reshaping the manufacturing footprint and streamlining the supply chain, which may also incorporate technologies such as blockchain and the industrial Internet of Things

C H I E F H U M A N R E S O U R C E S O F F I C E R S

CHros will also see their role greatly affected by robots like their Csuite counterparts, these leaders will need to expand their skills to succeed. a recent PwC survey of business and Hr leaders found that 41 percent of Hr executives are confident that their departments are up to speed in advanced technologies, but only a quarter of other business leaders have similar confidence about their Hr departments.

In addition to increasing their technology acumen, Hr leaders must address a number of cultural issues, including how best to manage robots and train people to do the same Hr leaders also need to assess their employees' current capabilities, with an eye toward upskilling and re-skilling and at the same time, they have to ensure that future employees are being adequately educated and trained to enter fields that look different today than they will look in five or 10 years In other words, leaders need to consider the skills their people have now, as well as the ones the company will need to recruit moving forward

most important, Hr and talent leaders have to embrace the idea that in the new world of automation, it’s not the jobs they need to protect as much as it is the people It will be up to these executives to help employees understand how they’ll benefit from automation in the long run, while also developing the leadership capabilities of managers so they can effectively guide employees through the changes ahead encourage employees to embrace the idea that automation will help make their jobs more fulfilling and make those employees even more valuable to the company

C H I E F M A R K E T I N G O F F I C E R S

In this environment, marketing will be seen as less of a cost center and more of a source of revenue This has critical implications for the Cmo, whose role will become increasingly driven by data analytics Customers will expect to have the ability to personalize products and

content, so in sectors such as retail and media, marketing leaders will work closely with sales to be sure they can deliver on customer demands advanced analytics performed mostly by robots will give executives more time to plan product road maps and set strategy

finally, no discussion of how the rise of robots will impact business leaders would be complete without addressing technology executives. CIos, CTos, and CDos may in some companies and industries be joined by Cros, or chief robotics officers, who will work closely with finance executives as they navigate a new landscape of risk and compliance Tech leaders will have a lot on their plate: cybersecurity, data management and analytics, and the myriad ways that automation technologies will impact all parts of the business They will need to shift their focus from managing cost to generating revenue and they have to collaborate more with tech, robotics, and aI players and startups in order to enhance infrastructure and upskill IT capabilities

It’s also possible that we will see convergence of these various tech leadership roles, with some expanding and some being absorbed into others, as teams and functions become more deeply integrated as with all business transformation, companies will not integrate automation overnight However, given the pace of adoption, the Csuite has to adapt as emerging technologies quickly gain prominence and scale If you, as a senior leader, want to come out ahead, you should start discussing these changes with your fellow functional leaders today to lay the groundwork for your long-term strategy as you begin these difficult conversations, don’t lose sight of your ultimate purpose, and recognize how the decisions you make today will be perceived tomorrow It’s all too easy to allow data-driven thinking to overshadow commitment to purpose, and leaders will need to be proactive about incorporating both ways of thinking The reality is that your workforce will integrate robots soon if it hasn’t already and if it hasn’t already, you may be falling behind are you prepared to guide your people through this transformation?

“How robots Will Transform the C-Suite" © 2019 PwC all rights reserved PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity Please see www pwc com/structure for further details no reproduction is permitted in whole or part without written permission of PwC “strategy+business” is a trademark of PwC

How will functional leader s manage a hybrid workfor ce t o ensur e a har monious exist ence of human and r obot worker s?

Gender Parity: A Long Way to Go

The accounting and finance profession has a long way to go to reach gender parity across its leadership ranks, but putting women’s advancement and personal development at the top of the to-do list could tip the scales toward empowerment and equality.

By Cl are FiTzgerald

Women today are on the move, shaking up old norms and solidifying a new sense of professional empowerment as more women navigate the cultural challenges and strive to climb up corporate ladders and into C-suite roles, the accounting and finance and broader business worlds are bound to change. But that’s not to say there isn’t much more work to be done the gender gap at the executive levels hasn’t vanished; rather, it persistently lingers to the disadvantage of many.

Women represent a mere 22 percent of partners in CPa firms, according to the aiCPa Women’s initiatives executive Committee’s 2017 CPa Firm gender Survey Worse even, female representation on corporate boards is only sluggishly treading higher a June 2018 For tune magazine ar ticle citing data from iSS analytics says women occupy just 18 percent of board seats among the 3 ,000 largest publicly traded companies across the United States according to many accounting and finance leaders, the path to developing female talent and eventually achieving gender parity at the top is simply a two-way street: women must want the positions of influence and be willing to work their way up, and organizations will then work harder to empower, support, and promote them along the way With all due respect, a want for advancement and workplace equality has never been the issue

Seemingly endless lists of work and family responsibilities often leave women’s time for the most impor tant career development oppor tunities especially crunched or sidelined altogether Too often, tasks and to-do lists take precedence and in plenty of other cases, women seemingly get sidelined by their male counterpar ts in the competition for the top spots While organizations have historically been fine with this being the norm, the seemingly simple act of helping women find ways to car ve out time to focus on developing key business behaviors and traits could help more women earn the respect and recognition needed to advance and achieve greater gender equality across the business world Can women and their organizations change?

BOOST CONFIDENCE, BUILD TRUST

in working with their women leaders, ernst & young llP (ey ) recognized there are key differences in behaviors and ways of thinking between men and women particularly in how they view themselves and exhibit confidence, according to Kim Simios, CPa, office managing partner in the firm’s Chicago office. Too often, women display doubt more than certainty or put too strong an emphasis on their missteps

it’s a common scenario across the corporate landscape. in “The Confidence Code,” authors Katty Kay and Claire Shipman note in study after study that men consistently overestimate their abilities and performance while women, well, they routinely underestimate both To be blunt, women display a startling lack of belief in themselves that needs to change

ey has taken up the cause, crafting a development program for its people to generate discussions and raise awareness around gender biases and differences in the workplace equipping women with the tools needed to identify the behaviors that can diminish or build their power is the goal Teaching women how to acknowledge their unique talents, embrace opportunities, and advocate for themselves is key to the program Often that means helping them navigate the fine lines between confidence, arrogance, and humility

“i always tell people that no one cares more about your career than you do,” Simios says Her words should ser ve as an impor tant reality

check “Women often assume others are looking out for them, but that’s not always the case you can’t hesitate to ask for an opportunity or wait for one to come along ”

as the champion of Marcum llP’s diversity and inclusion initiatives, Chairman and CeO Jeffrey Weiner stresses that “it’s impor tant to honestly communicate to people who have influence what you want and ask what you have to do to get there then make sure your actions back up what you’re asking for ”

looking back on her career, Mar y Fuller, CPa, managing par tner at Shepard Schwar tz & Harris llP in Chicago, says acting on projects beyond her comfor t zone was critical to her ascent in the CPa profession “if someone has faith in you and is encouraging you to take on something new, it’s important to step up and stretch yourself,” she says encouragingly. “don’t be too passive. remember that you were invited to the table for a reason and voice your thoughts People respect you for that Bosses, clients, and other influencers will notice and those experiences will help build your expertise and confidence ”

Simios emphasizes that good work alone won’t always get you noticed; putting in the effor t to make meaningful relationships with mentors, sponsors, and influencers is just as important and they should come in all shapes and forms Formal sponsors can help make sure decision makers know the specifics of your experience and understand your talent proposition; informal mentors can be people you admire or who can teach you something new

in fact, Weiner advises identifying possible mentors by simply seeking out and emulating people whose jobs you want “Build relationships with these successful people and ask how them how they got where they are,” he suggests

Simios notes that you’ll also want to seek out people who will watch your progress and provide honest feedback but not just constructive criticism “Because we often over think the criticism, it’s impor tant to find people who can help you understand what you’re doing really well getting affirmation about your strengths can really boost confidence,” she explains

“generally speaking, women tend to underestimate the power of relationships,” Simios continues, “but when the time comes for a promotion, it can often come down to who you know and with whom you have built trust There could be a hundred qualified people for a job, but if the decision maker knows you, your name gets put into the hat ”

OWN YOUR CAREER, MAKE YOUR PATH

at one time or another, you’ve likely heard that you need to define your goals, be clear with yourself, and define success on your terms rather than on other people’s expectations in fact, Simios thinks allocating time to reflect on personal values and being more intentional about developing leadership skills are necessar y steps for climbing the corporate ladder

“Women want to check items off lists We spend so much more time doing that we don’t take enough time to pause and think about whether

we’re tracking toward what we want Then six months go by and we can be off course,” she explains

Booking time with yourself to be nothing but reflective on your career helps ensure you’re making choices that are congruent with your passions and values Women especially need to reflect on their personal definitions of success and how those definitions can change at different stages of their lives and careers “it’s so impor tant to be holistically happy Family, friends, hobbies, and work are all pieces that impact the other areas of our lives Knowing and staying true to your core values becomes a guidepost for day-to-day living and can help women maintain their personal well-being, energy, enthusiasm and long-term vitality,” Simios says

Women also can benefit from being more intentional about building their personal brands and developing their leadership skills don’t try to fit the mold of what others define as a successful women leader, Simios notes “rather than attending a once-a-year conference, it’s helpful to be active and intentional about consuming small, regular doses of leadership training through books, seminars, podcasts, mentors, and other resources,” she says

Fuller fur ther suggests par ticipating in industr y groups and getting involved in an outside organization that encourages leadership and, perhaps, working with a leadership coach: “Working with someone independently can be a jumpstart to develop your leadership skills and learn about how to work with different people ”

DRIVE CHANGE, BUILD BUSINESS

as more women challenge the status quo and seek out leadership seats, sav v y organizations are recognizing their value and working harder to keep them engaged “Women have a lot of qualities that companies can leverage,” Fuller says “They ’re often more organized, they follow through on things, and clients like working with women.”

in fact, a 2014 study Walmar t conducted found that 90 percent of female shoppers would go out of their way to buy a product marked as “women-owned ” Would there be a similar appetite for purchasing professional services from “women-led” organizations? Consider a 2017 Cone Communications sur vey of americans found that 84 percent of consumers want companies to suppor t women’s rights, and 87 percent would buy a product because a company stood up for an issue they cared about

at Marcum, Weiner says that developing talent particularly the firm’s women has always been good for business So much so that the firm has placed a great deal of impor tance on its flexibility and culture to keep women engaged “We have ever y type of flexible work arrangement you can imagine,” he says, noting that technology and changing workplace expectations have made those arrangements not only possible but easy to manage “Technology makes remote work seamless, and since clients no longer expect people to be sitting at their desks all day, we tr y to find ways to introduce flexibility for everyone in the firm ”

Weiner also stresses the impor tance of transparency in defining advancement oppor tunities “if you want people to be able to climb your corporate ladder, you need to make that path clear; it shouldn’t be opaque. Marcum offers different paths to success, because things aren’t one-size-fits-all anymore,” he explains “We work to create a safe and comfor table environment where people don’t have to feel inadequate if family responsibilities prevent them from working 80hour weeks. There are other ways to be successful.”

Simios says she sees more organizations taking encouraging steps to offer more opportunities to women “Overall, it’s a great time to be a professional woman People are much more open to talking about the issues and barriers women still face,” she says

More than anything though, she just wants women to have an equal shot and to stop falling victim to the “cycle of experience” issue: “if a board seat opens, a woman shouldn’t be automatically passed over for not having the right experience She’s never going to get that experience if she isn’t given a shot We need to help women build skills ahead of time and give them a chance when oppor tunities open Women have so much to bring to the table ”

Illinois CPA Society’s WOMEN’S LEADERSHIP CONFERENCE

Live, lead and inspire authentically!

Join us for an invigorating morning and discover your unlimited potential when it comes to your professional and personal achievements

Tap into the power-building behaviors that can help ignite your passion and unleash your inner potential

FeaTUred KeyNOTe:

Kim Simios, CPA

Office

Managing Partner,

ey

May 10, 2019 | 8:00aM - 11:00aM | radisson Blu Chicago

Register today at www icpas org/women

Tim Jipping, CPA, CGMA Owner, Journey Advisors & CPAs tim@journeycpas com

Calling All (Emerging) Leaders: What Got Us Here Won’t Get Us There

Diversity and inclusion are victims of the CPA profession’s legacy business model. Will you work to make change?

For the better part of two decades, the spotlight on the striking absence of meaningful diversity and inclusion in the CPA profession has been growing brighter But despite increasing awareness and not-so-subtle public shaming, perhaps not even Detective Holmes could uncover evidence of progress over that time We continually see firms boast of modest gains or distort their dismal results by emphasizing levels of effort But I’m not impressed

If you ’ re offended, well, good Maybe you should be As a profession, we ’ ve been content with simply creating a perception of diversity and inclusion and touting our input over output (which happens to be our trademark) Certainly, having a program, task force, or mandatory annual training dedicated to the sensitive and important issues surrounding diversity and inclusion aren’t bad ideas, but when only 22 percent of CPA firm partners are women and only 6 percent of partners at the Top 10 accounting firms which arguably have the most resources and “initiatives” are Black, Asian, and minority ethnic, how effective are these efforts?

I’d go so far as to argue that aside from aiding marketing and recruiting campaigns and contributing to being named to “Top Firms for [insert buzzword here]” lists, most of these initiatives are effectively dead on arrival The problem is not with the programs themselves or even the intentions behind them; rather, the problem is with our firms and, more specifically, the legacy business model of the CPA profession It’s not even that the model’s essence is good or bad heck, it positioned us as some of the most trusted business advisors but it’s simply not suited for the future of our profession, or the future of our society

Here’s how I see the traditional CPA firm model harming our diversity and inclusion initiatives:

• Scarcity mentality – We tend to incentivize and reward “ more ” over better This creates competition and insecurity, which drive greed, resulting in a race to the bottom And when we devalue our or someone else’s worth/work and compound it with greed, we spur overload If you ’ ve read the INSIGHT Special Feature, “The Culture Conflicts,” you know what happens next not at all appealing to the audience of talent we ’ re hoping to attract

• Survival of the fittest – Translation: If you aren’t beaten down and burned out to the point of submission, you haven’t been sufficiently hazed in preparation for the big leagues i e , the partner or C-suite levels And if you want more balance, you ’ re considered weak, uncommitted, or undriven No one desires to be perceived as weak in their personal or professional lives And if we ’ re honest, our society has traditionally emphasized and bid up the value of toughness exhibited by men, not women Hence the retention and succession issues we so commonly suffer from and complain about

• Cannibalism – The ones who can affect the most change now believe they have to set aside their own self-interests to do so And since so many current firm partners and leaders are afflicted with the same legacy disease passed down from generation to generation, it’s practically impossible for them to break rank and take the critical steps necessary to make meaningful progress toward a future different from what they’ve known Even those determined to make change often have many “zero-sum-minded” constituents, aka their fellow partners, to whom they must answer

How long will we let this go on? Oscar Wilde declared more than a century ago that “discontent is the first step toward progress ” If we as a profession truly believed there was a clear benefit to diversity and inclusion, shouldn’t we be seeing more meaningful results? This profession is filled with so many talented professionals and problemsolvers from four very different generations now; it seems to me that the profession simply hasn’t deemed diversity and inclusion important enough by those who can affect the most change

Perhaps most only believe in diversity and inclusion as the “right thing to do” rather than a tangible and realizable business benefit (Hint: Numerous studies document better business performance thanks to diversity and inclusion ) Besides, if you can prepare a tax return or financial statement correctly, what does it matter if you look the same or different than everybody else? [That’s sarcasm ]

Quality work knows no gender, race, or ethnicity But perspective does Perspective and diversity of thought is what leads to new ideas and creativity, innovation, and progress Diverse perspectives, when given and received genuinely, have always been an X-factor for long-term business success and is the antidote for the echo chambers that exist in so many firms today

Some may call me naïve in thinking that our legacy business model is the problem But I’d argue it is perhaps the most sensible explanation for some of the difficulties the profession has had in making progress, not only on the topics of diversity and inclusion

Let’s face it, we can’t expect a business model that’s purposefully designed to force people out at certain career stages to be the same model that promotes inclusion When the thing that limits progress is the thing itself, then you have happened upon one of the finest forms of riddles And as with all worthy problem-solving

efforts, I think Mr Einstein said it best: “We cannot solve our problems with the same thinking we used when we created them ” Ironically, this is perhaps the best business case for why diversity of thought is so necessary in the first place

The traditional firm model needs a makeover to capitalize on current business opportunities, and to embrace the disruption within the profession that will continue to exist for the foreseeable future There is no single right course of action to accomplish this But I believe our best hope rests with the profession’s emerging leaders give them a voice and a seat at the table

So, I’ll leave you with a final few crazy ideas and my plea to the standing and emerging leaders in our profession:

• Remain firm in your belief of the business benefits driven by diversity and inclusion and surround yourself with people who believe in diversity and inclusion as an underlying principle

• Don’t fall into the trap of believing that diversity is the highest virtue of all; this breeds entitlement, and you’ll find little success using entitlement to overcome entitlement

• Be an original thinker; do not be afraid to challenge unspoken assumptions or the status quo

• Take risks, stand out, and look different (this might mean talking with your feet) Be you

• Start or join new firms committed to reshaping the landscape of the profession

Let’s get serious about the lack of diversity and inclusion in our profession Or don’t Our increasingly diverse and socially conscious free market will certainly decide which firms have a future

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By clicking on the TAKE ACTION button in the email, you will automatically connect directly with your respective legislator where you can then CALL, send an EMAIL, or post a T WEET.

Questions: Please contact Mar tin Green, Esq , Vice President, ICPAS Government Relations at greenm@icpas org

Do the Numbers Speak for Themselves?

Finance has a crucial voice in every business Here’s how to make sure you ’ re being heard

I didn’t land in Boeing’s International Finance and Consolidations and Corporate Systems departments on skill alone I didn’t help my consulting clients excel by showing them how to simply improve their finance functions while I was with Accenture I didn’t advance from general accounting to international finance and reporting roles at IRI and Hospira by only making sure the numbers were compliant Earning a seat at the leadership table takes more than knowing the numbers, it takes knowing how the numbers bring value to your organization and being able to communicate it to your audience

Whether you ’ re early in your career or already many years experienced, as a corporate finance professional, you ’ re going to be sought to provide expertise and guidance by corporate leaders, peers, shareholders, and maybe even the public The way you present the numbers, and the way you communicate your expertise, will ultimately determine if and when you earn a seat and a voice at the leadership table In my experience, developing these traits, behaviors, and approaches will help you be the one who’s consistently called on to provide the much-needed financial expertise your organization needs to succeed

Provide Value to Your Audience

A key component of earning a seat at the table is being able to provide value Is your audience looking for confirmation that a proposed path does not have any unanticipated financial pitfalls? Are they looking for more financially sound alternatives? What exactly is your audience looking for? Identifying this ahead of time allows you to prepare the type of data and presentation that delivers the information your audience is actually looking for and values most in their decision making By helping your audience achieve its goals, you’ll help yourself get a call back to the table

Know Your Audience

Does your audience lose attention as details are provided, or does providing concrete examples exhibit competency to them? Are you in a group of other technical professionals where citations are important, or is this an audience that needs you to explain technical accounting matters in very non-technical language? How well others can absorb the information you provide determines if they will repeatedly seek you out for guidance Being able to adapt your approach and communication style to meet your audience’s skills and strengths is essential to them being able to assess, absorb, and act on your guidance

Learn by Example

Recognize that looking to others who have already been distinguished for their skills can be beneficial to you What traits do those go-to people possess? Are there certain areas of competency that appear more valued? Are there certain communication traits that they

Tina Golsch, CPA, MBA Enterprise Finance Services, Boeing christina golsch@boeing com

have in common? Are they providing innovative ideas, or is it more that they are providing solid, tried-and-true advice? At any point in your career you can learn from others that hold the influence or position you seek

Expand Your Expertise

Every organization has subject matter experts; tap into them Even though you have deep knowledge in certain areas, it is always beneficial to gain knowledge in the organization’s other businesscritical areas I also encourage you to learn which areas your organization needs more knowledge in, and to tap into the tools and techniques being used to develop proficiency in that subject matter

Own Your Area of Expertise

Recognize that those who are perceived as go-to people are not the go-to people for everything In other words, you cannot be all things to all people There are specific areas of expertise they are being sought after and in which you will be sought after In which areas do people reach out to you for your guidance and advice? Master them

Your aim should be to be recognized for your expertise inside and outside of your organization You should also look to grow your professional network so that you can refer to other subject matter experts When people recognize that you can point them toward people that provide valuable guidance, they are more likely to trust the guidance that you provide Further, experts you refer others to are more likely to reciprocate and direct others to you when seeking information on your specific areas of expertise

Know the Problem

Generally, if a group of professionals are being gathered to discuss a problem it is unlikely an easily identifiable solution to that problem exists As part of that gathering, being able to understand and define the actual problem that people are trying to solve is key Complementary to understanding what will provide value to your audience, being able to identify and define the root cause of the issue at hand will help you provide meaning as solutions are sought and documented

Be an Active Participant

In the classroom, a professor calls on students who raise their hands to answer questions In the business world, there is no going around the room looking for people who have their hands raised There is an expectation that if you have specific knowledge or expertise that you will provide it without prompting or being specifically called upon Providing that knowledge and expertise is your job, it is welcomed, and it makes it more likely that people will look to you in the future

Request Feedback

We often receive surveys requesting feedback on services provided Why not do the same? Do you know which areas your colleagues believe you to have expertise? Do they perceive you as providing value? Are there specific areas of knowledge more sought after? Welcome that feedback, even if it does not agree with your perceptions or opinions, because it can help you define which areas you can build upon to enhance your expertise, influence, and recognition

My closing tip for you is to recognize that earning a seat at the leadership table and becoming an influential, go-to person in your organization is all part of a journey that unfolds over time You cannot rush or force expertise, trust, or recognition In fact, nothing you do can truly guarantee you a seat at the leadership table You can, however, proactively develop your expertise and your skills in communicating that expertise, so that if you do get an invite to the leadership table, you will have a voice that is heard at the table

9.20.1 9 A

Register your volunteer activity plans at www.icpas.org/CPADayofSer vice

Receive a free CPA Day of Ser vice t-shir t (while supplies last, free to ICPAS members)

Volunteer as an individual, or get a g roup toget her and volunteer as a team.

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

Questions? Please cont act Eric Scott at scotte@icpas.org or 800.993.0407, x7653.

Jon Lokhorst, CPA, ACC Executive Leadership Coach, Lokhorst Consulting jon@lokhorstconsulting com

What Does Leadership Mean to You?

How you define leadership and what it means in your career could be a key factor in whether you ever get a seat at the table.

I often open leadership training and facilitation experiences with the question, “What is leadership?”

Some participants respond with skills or behaviors, like inspiring and motivating people

Others ascribe vision, strategic planning, and goal-setting to leadership Finding talent, developing people, and building future leaders are also sometimes mentioned

Other participants offer traits or attributes such as integrity, reliability, and setting a good example Fairness, kindness, and approachability are often mentioned, along with positivity, optimism, and energy Some bring up qualities like intelligence and business savvy

Occasionally someone defines leadership as a position, title, or role in an organization I’ll caution that describing leadership as an official capacity can result in a skewed understanding of what it means to be a leader And, by the way, people who equate leadership to a position typically make the worst leaders or don’t get invited to the leadership table in the first place

In “The 21 Irrefutable Laws of Leadership,” best-selling author John Maxwell offers a simple, one-word definition of leadership: “Leadership is influence ” I also like the way leadership author, speaker, coach, and psychologist Henry Cloud defines leadership He says, “Leadership is the process of getting from here to there ” Cloud’s explanation creates a sense of movement and direction

As a visual paradigm during my coaching, I write “here” and “there” on opposite corners of a flip chart, whiteboard, or paper In the upper right corner, “there” represents the vision or goal The place labeled “here” in the lower left corner symbolizes the current state or starting point

This paradigm works at both a macro and micro level It can be used to describe the exercise of leadership on a big stage, like leading a movement, community, or organization It’s also useful to describe what it takes to lead a small project, task, or activity The paradigm is even helpful on an individual level when contemplating one ’ s personal vision But regardless of scale, the best leaders master the two Rs of leadership when trying to move from here to there: achieving results and building relationships

Achieving results is a common driver of accounting and finance professionals While leaders who are heavily results-oriented are likely to get “there,” they also run the risk of losing people along the way Their team may feel unappreciated for their efforts to reach the goal or they become frustrated at a lack of opportunity to provide input and feedback as decisions are made They tire from the high drive to achieve results This is costly from the standpoint that life and leadership consist of a series of “here to there” journeys If we burn our people out on the current journey (pretty common in the accounting and finance world), they aren’t likely to re-up for the next one Worse even, the typical leader has several “here to there” journeys going on simultaneously

There are also downsides for leaders with too heavy of a relationship orientation People-pleasing tendencies get in the way of making tough decisions A lack of clarity ensues because clear direction may offend certain team members and disappoint others Collaboration is great, but over-collaboration stalls progress Team members feel heard and cared for but eventually become frustrated by a lack of progress

The reality is that few leaders are equally strong or balanced in the two Rs, while many aren’t aware of their strengths and strugg each area at all This creates gaps and blind spots in leadership style and potential Elevating one ’ s self-awarene their leadership style and behaviors can help achieve the el right mix of results and relationships behaviors, but aware alone is not always enough to earn an influential seat at the t

During a recent executive team retreat, one leader highlighte importance of initiative, which applies to both Rs of leade Initiative is both an attribute and behavior that helps you stan as a leader, and it’s one key to getting a seat at the leadership regardless of where you rank in your organization now

From a leadership perspective, I describe initiative like The leader goes first Don’t get me wrong; the leader first philosophy does not convey entitlement or privilege about anticipating, noticing, and serving the needs of your and organization What does that mean in practical terms? are 10 suggestions:

1 The leader goes first to remind others of the vision or before them (the place called “there”)

2. The leader goes first to navigate unresolved confli subordinate, peer, client, customer, and vendor relationsh

3. The leader goes first to connect with clients or custome ways the organization can better serve them

4 The leader goes first to suggest process improvements th make their department or organization more efficient

5. The leader goes first to care for team members who are struggling with personal concerns or challenges

6. The leader goes first to volunteer for special projects that will move their team or department forward

7 The leader goes first to confront a team member who engages in negative behaviors detrimental to the team

8 The leader goes first to support and execute on organizationwide change initiatives critical to the enterprise’s success

9. The leader goes first when seeing that the boss is overwhelmed and needs support or someone to take on tasks

10 The leader goes first to delegate assignments that will help someone on the team learn new skills and grow professionally

Even if the above scenarios don’t quite play out for you in your role now, you can still apply the leader goes first concept in your workday To start, build it into your mindset by asking yourself this simple question as you start each work day: “How can I show initiative today?” Then, seek out ways and opportunities to take initiative, and keep a watchful eye for scenarios like the ones described above

Ultimately, my challenge to you is to stretch yourself, get out of your comfort zone, and take a risk When you become a person of initiative, you had better get ready for your invitation to take a seat at the leadership table

Art Kuesel President, Kuesel Consulting art@kueselconsulting com

How to Spruce Up Your CPA Firm’s Organic Growth

Springtime is the right time to start planting the seeds for healthy top-line growth.

Organic growth: the low cost, low risk answer for increasing internal output and sales and future firm expansion Every firm wants it, but few truly achieve it Why? Because the typical CPA firm today commonly looks at the same several sources for achieving internal growth goals: rate increases, cross-selling services, prospecting new clients, and possibly recruiting some experienced talent But what if I told you that these efforts would never yield the organic growth results you want or need?

Well, they won’t According to recent benchmarking statistics, the average growth from these sources is just over 5 percent per year While 5 percent annual growth seems admirable at the surface, in today’s environment, it’s barely enough to preserve your profit margins when accounting for staff raises, competitive PTO packages, and ever-growing investments in technology

So, if the roots of your organic growth goals just aren’t holding up, it’s time to plant some new seeds to shore things up Luckily, there are, in fact, several proven strategies for you to consider:

1 Optimize current partner business development efforts

2. Focus a partner on full-time business development

3. Convert a young professional to a full-time business development role

4 Hire an outside business development professional

5. Develop a business development culture

Yes, that is a lot of focus on business development, but keep in mind these strategies are coming from me, a business development coach and trainer, and your new INSIGHT columnist on the subject So, let’s dive into these highly adaptable strategies a bit more

Strategy 1: Optimize current partner business development efforts

It’s common for a firm to require a minimum of $50,000 of new revenue per partner per year (if not more) Achieving this can usually only be accomplished with some type of support for each partner and a way of holding them accountable to the firm’s goals I generally suggest that firms invest in business development training or coaching for their partners and enhance partner accountability through a quarterly check-in meeting and ongoing pipeline reporting Ideally, partners will continually learn and implement new business development strategies while developing a deeper understanding of if and how their strategies are paying off

Strategy 2: Focus a partner on full-time business development

If your firm has a partner already generating $200,000 or more per year, imagine what he or she can do with several hundred more hours dedicated to business development Could that figure double or even triple in a matter of years? The answer is “ yes ” If your firm has partners that are particularly successful at business development, I suggest reducing their client responsibilities, so they have more time to generate new business for the firm Not unlike the partner optimization strategy above, the firm should invest in appropriate development and accountability initiatives to ensure the firm’s goals are achieved

Strategy 3: Convert a young professional to a full-time business development role

This strategy is potentially two-fold it can achieve both your organic growth and succession planning goals

What you’ll want to do is identify a manager-level candidate within your firm who already has great relationships with clients, fellow employees, leadership, and in the community or profession Ideally, the candidate will have already begun bringing in new business Then, give this young professional significantly more time and training for business development I suggest you reduce this candidate’s billable hour requirement and assign a revenue goal A minimum revenue goal of $75,000 is a good starting point and should grow to $250,000 or more within a few years If the candidate succeeds, you also found yourself a partner prospect

Strategy 4: Hire an outside business development professional

Often, this is the first strategy considered because we are painfully aware that most other professions and industries employ

salespeople Whether this takes the form of someone who develops leads for you as a contractor, or a consulting firm with a lead generation strategy, or even hiring a full-time business development professional in-house, there are many ways to approach this strategy In any case, this person will need to be hyper-focused on developing relationships with prospective clients and managing a strong pipeline of opportunities Generally, this person will need to generate $400,000 or more per year to be a profitable investment for your firm I will caution you that it can be extremely hard to find the right person who will be successful in this role and fit in at your firm In fact, many firms make several attempts at this strategy before getting it right

Strategy 5: Develop a business development culture

What if business development was everyone ’ s responsibility? That’s the principle behind this strategy Everyone, from the interns to the managing partners, should be intentional about growth This usually requires firmwide training on what constitutes effective business development at each level and setting goals for activities across all levels The core of this effort revolves around the fact that developing better and more meaningful client relationships can be a significant source of client growth and every person in the firm has the potential to engage in this manner

While there are certainly other strategies for boosting organic growth, like developing new service lines and bringing on lateral talent, the ideas highlighted here are often considered “low hanging fruit ” Whether you try one strategy or all of them, springtime is a great time to plant the seeds for short- and longterm organic growth

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Mark J. Gilbert, CPA/PFS, MBA Principal, Reason Financial Advisors

7 Ways to Spring Clean Your Personal Finances

We all know we should regularly perform a mix of cardiovascular and muscular strength exercises to maintain our health But does that mean we don’t hire personal trainers? No Many of us still must hire trainers to encourage (or force) us to do these things despite knowing it’s for our own good Of course, a good personal trainer will also design a physical fitness plan customized for you and correct your technique in performing the prescribed exercises when necessary Nevertheless, I contend that the most important role of the trainer is to root you on, pushing you to complete the workout that you already know you should be doing

As a personal financial planner, I sometimes feel like a personal trainer I design and develop personal financial plans that are appropriate for each client, and I correct their technique by identifying the things they should not be doing and replacing them with my recommendations for the steps they should be taking to improve their chances of financial success But, largely, I encourage them to do the things they already know they should be doing, like saving and investing, to improve their financial lives

None of these concepts are revolutionary; you ’ ve likely heard most or all of them before Nevertheless, sometimes it’s good to hear them again, perhaps presented somewhat differently, to push you into action And since it’s spring, you might think of these ideas as some “spring cleaning” for your personal finances

1 Set aside an emergency fund The first step in improving your personal finances is making sure you have an adequate reserve to meet unforeseen expenses and emergencies How much is enough? The rule of thumb of six-to-nine months of living expenses is a good first cut, but I recommend you look at your employment situation If you were laid off or terminated by your employer, how many months would it take to find a new job? Multiply that number by your average monthly expense amount and you’ll have a pretty good estimate of an appropriate emergency fund balance to maintain

2. Pay down and pay off debt. Once you ’ ve set aside your emergency fund, tackle the debt that acts like a financial noose around your neck excess credit card balances, student loans, car loans, mortgages, any consumer debt you may have If you have multiple outstanding debts and loans, try paying off the smallest debts first you’ll find it will motivate you to pay down the bigger loans Depending on the balances and loan lengths, you may also want to consider tackling the debts with the highest interest rates first The quicker you bring down these debts, the less interest you pay and the more money you save, which could make a substantial difference in your ability to pay down other debts or save and invest later

3 Get adequately insured As a fee-only financial planner, I am never paid by an insurance company to promote their products Yet, I strongly recommend that clients have all their bases covered by purchasing appropriate amounts of coverage, whether that be for medical, life, long-term disability, long-term care, auto, renter’s or homeowner’s, or other relevant insurance coverages Why? Insurance serves to provide people with the

It’s time to dust off your old money ideas and get your financial house in order

financial resources to pay for major damages that occur to them and their loved ones, or their property, which they cannot easily cover on their own I also strongly advocate for appropriate long-term disability coverage for income earners as there’s a greater likelihood of becoming disabled than of dying throughout the duration of the average worker’s career And I believe that some form of long-term care insurance is appropriate for most people for whom neither Medicaid nor self-financing of elder care is realistic

4. Save for your retirement. The best way to build your retirement savings is to automate it by having a portion of your salary automatically deposited into your employer-sponsored 401(k), 403(b), or 457 plan account If the tax-deferred or tax-free growth on the income and appreciation of the funds in these accounts isn’t incentive enough, don’t forget that your employer might match your retirement account contribution If so, this is free money that should never be turned down Now, if you happen to be ineligible to participate in a plan like this, or your employer does not offer one, then an individual traditional IRA or Roth IRA is likely to be the next best bet for you Younger professionals and those who expect to be in higher income tax brackets later in life should seriously consider using the Roth option in their employer plan if available or establishing a personal Roth IRA first

5 Give to your favorite charities Unless you ’ re donating enough for a tax break, this won’t exactly help your financial status That said, I believe we have an ethical obligation to help those less fortunate than us, so I encourage my clients to give financial and other gifts to well-run charitable organizations and causes they care about

6. Set aside savings for a goal. Everyone has long term goals in addition to having a financially sound retirement It might be saving for a home, college for children or grandchildren, or a bucket list vacation Whatever the case may be, more than likely you’ll need to spend several years saving and investing to make that goal a reality So, if there’s something important to you that’s going to require a large sum of money, start setting aside funds specifically to meet that goal or goals now (or at least as early as you can afford to) How much and how soon you’ll need this money will determine the savings and investment vehicles it should be held in

7. Invest appropriately for your financial position. There is a world of investments available to (hopefully) make your money grow and meet your financial goals It is important to understand the significance of the timing of your goals when selecting the appropriate investments Whenever possible, I recommend that stocks be used to largely fund goals that are five or more years into the future Investment-grade bonds can be used to fund goals that are one-to-five years into the future And cash and short-term government bonds should be used for goals with less than a one-year time frame The general concept is that the sooner you need your money, the less risk you can take with it There are other factors to consider as well, including your investment risk tolerance and the resources you have available to meet your goals, which may alter these decisions that’s what a good personal financial planner will help you figure out

As with cleaning the winter cobwebs out of your residence, spring is a great time to dust off these old money ideas and put them in place in a shiny new personal financial plan maybe you can even use your tax refund to spruce up your savings

I’m looking for a sample agreed upon procedures engagement letter

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Consider ations for t aking on a medical marijuana business as a client?

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Can I issue a W-2 for a caregiver without an EIN?

Does Illinois t ax non-qualified annuity benefits?

Sometimes, your best resource is another ICPAS member. Join other members using ICPAS CONNECT to ask a question, get a second opinion, share a resource or par ticipate in a discussion

Elizabeth Pittelkow Kittner CPA, CGMA, CITP, DTM Controller, Litera Microsystems ethicscpa@gmail com

How to Elevate Ethics in Accounting and Finance

Young

When you start a new job at a new organization, or change departments within your current company, your instinctual response to want to fit into the group takes over This reaction is evolutionary, and it is rooted in our yearning to survive and flourish Young professionals and new recruits are especially susceptible to wanting to fit in because of their desires to make good impressions on employers at the start of their careers

While college curriculums are increasingly exposing students to more ethics education, young professionals still largely figure out the application of business ethics while on the job Instead of trying to fit in, young professionals need to be encouraged and feel empowered to ask questions with confidence and without fear when something looks unfamiliar to them The accounting and finance profession is based on integrity, and we need to work together toward creating and maintaining healthy work environments, regardless of rank or tenure

So, here are some tips for both young professionals and their employers on how to elevate ethics in the accounting and finance profession

If you are a young professional, here is some advice for you:

1 Know who you are and what you stand for personally If you find yourself caught up in something questionable or unethical early in your career, it can damage your reputation and stay with you for decades Be careful not to become a scapegoat for others’ behavior who may try to shift blame to you Being young or less experienced are not excuses for acting unethically

2. Determine who you can talk to in the company when something does not feel right Perhaps it is a colleague or someone from HR Find out if there is an anonymous way to provide feedback and use it if necessary Find someone outside of the company you can talk to, as well

3. Enter into mentoring relationships Mentorship programs and groups exist through organizations like the AICPA, Illinois CPA Society, and other state CPA societies and professional organizations Many of these programs include structured mentoring with non-disclosure agreements

4. Ask questions! In the fledgling part of your career, you are learning how to do your job well, and you should develop a habit of seeking to understand why you are asked to complete a task and how it fits in to the overall goals of the company If you do not like a reason, consider if you should be doing it For example, perhaps your colleague asks

professionals and their employers have a responsibility to set a high bar for ethical behavior

you to book a journal entry without giving you an explanation Why do you feel uncomfortable? You do not know the reason for the journal entry and find it suspicious; your reputation is on the line Talk to people about the situation that bothers you, and do not do anything you are uncomfortable doing While this sentence sounds easy, it is arduous in practice Your colleague may be telling you to book a journal entry without giving you a reason because that colleague is rushed However, it could also be because that colleague is hiding something You will not know until you review evidence or do some research

5 Learn more about business ethics Take classes, read articles, and talk to colleagues The more you can learn about the types of ethical dilemmas that exist, the better equipped you will be to deal with them The AICPA’s Code of Conduct is an excellent resource for you

If you are an employer of young professionals, please consider the following to help promote an ethical environment:

1. Talk about ethics in your new hire training and then reinforce your focus on ethics in ongoing company meetings with your teams Enforce a zero-tolerance policy for people who cheat the company and impose disciplinary actions upon people who disrespect others Train managers about ethics and open the dialogue for what is appropriate versus not appropriate around policies and behaviors

2 Provide anonymous ways for people to report when they feel something is not right, and then ensure you address feedback either in a company meeting or with a response back to the person sent through a system where the responder does not see the person who reported it

3. Consider providing mentors to your new hires to offer another outlet for decision-making discussions Encourage your young professionals to be involved in mentoring outside of the organization, too, because it will give them more diverse perspectives and other opportunities to discuss the issues they may face Ensure that outside mentorship occurs with nondisclosure agreements

4. Explain to your employees the rationale for what they are doing and how their work impacts the company When people understand the why of what they do, they do their jobs better When people hear explanations such as, “I do not care how you do it, just get it done” or “It is just the way things are done here,” they question the integrity of what they are doing

5. Create an environment where it is okay to be wrong if intentions are not wrong When people feel they cannot ever fail at anything in a role, they are more likely to act unethically to “get it done” or cover it up than to admit their mistakes, learn from them, and move on to more productive behaviors

Consumers in our increasingly socially conscious marketplace, as well as young professionals entering the workforce, are demanding more integrity from the companies they work for and support This mindset should be incentive enough for organizations to be more mindful of their ethical practices and more transparent with their operations As protectors of the public good, CPAs and other accounting and finance professionals are in a unique position to drive companies toward establishing better environments for integrity

Keith Staats, JD Executive Director, Illinois Chamber of Commerce Tax Institute kstaats@ilchamber org

Illinois Eyes Corporate Income Again

Legislation circling in Springfield is looking for the “best” way to tax the income of multinational corporations

Supporters of proposed Illinois legislation HB 2085 and SB 1115 allege certain corporations are guilty of stashing vast sums of income outside of the country In their view, these multinational businesses are avoiding paying their fair share of income taxes to the detriment of Illinois and its taxpayers To “fix” this perceived problem, the proposed legislation would modify how corporations compute their Illinois income

The proponents of this legislation are sincere but misguided The fixes proposed, in my estimation, are bad policy, largely duplicative of legislation enacted long ago, and are based on faulty assumptions about the amounts of income on which taxes are being avoided To understand both sides of this issue, we need to decode how Illinois laws and regulations divide the income of multistate and multinational corporations

Illinois begins with federal taxable income, subject to certain Illinois modifications, as the starting point for computing a corporation’s Illinois tax liability Then, the federal taxable income of a corporation conducting business in multiple states is divided among each of the states in which business is conducted to derive the income subject to Illinois income taxation Illinois, like the majority of states, divides the income of corporations operating in multiple states by using “formulary apportionment ” In Illinois’ case, this means income is apportioned to Illinois by comparing sales in Illinois to sales “everywhere ”

Adding another layer of complexity, Illinois, like many other states, doesn’t tax the income of each related corporation in isolation at the entity level If a corporation is a member of a group of related corporations a “unitary business group ” in Illinois Income Tax Act (IITA) parlance Illinois treats that group as a single taxpayer Illinois requires a group of related corporations that are a unitary business group to file a single combined return mandatory combination

These requirements were included in the IITA many years ago to prevent corporations from avoiding Illinois income taxes by shifting income to related corporations located outside of Illinois and beyond the reach of Illinois tax law, while shifting deductible expenses to corporations subject to Illinois income taxation For example, Nevada-based Corporation

A loans money to Illinois-based Corporation B at a market rate of interest The interest expense from this inter-company loan cannot be deducted by Corporation B because Illinois treats Corporation A and Corporation B as one taxpayer you can’t deduct the interest of a loan to yourself

Now, let’s add another layer of complexity What happens if you have a group of related corporations and some of those corporations are located outside of the U S ? Illinois, like most other states, is what is known as a “water’s edge” state Illinois only includes foreignbased corporations in the unitary business group and combined Illinois income tax return if the foreign-based corporations have a significant U S presence The unitary business

group definition requires what is known as an 80/20 test to make this determination

To be a member of a unitary business group, a corporation must have at least 20 percent of its property and payroll located within the U S

This 80/20 rule provides a tax planning opportunity Take the loan example above but put Corporation A in Bermuda instead If Corporation A is in Bermuda and doesn’t meet the 80/20 test, Corporation A can’t be included in the unitary business group or combined income tax return and the interest expense to Corporation B won’t be eliminated You could do the same thing with intangible property such as patents and trademarks But Illinois shut down this tax planning opportunity more than 10 years ago when the IITA was amended to require companies to add back these types of federal deductions when calculating income subject to Illinois income taxation

Back to the currently proposed legislation

Its proponents assert that their bills are necessary to shut down the tax evasion tactics of corporations in so-called tax havens (Bermuda et al ) Apparently, the proponents don’t understand the IITA well enough to be aware of the addback provisions that already put an end to such tax avoidance schemes It isn’t necessary to switch to worldwide combination to combat income shifting because Illinois has already addressed the issue

My fear is HB 2085 and SB 1115 will radically change the IITA, adding unnecessary complexity while reducing the likelihood of international investment in the state A substantial increase in state revenues is simply unrealistic given our current tax laws What’s more, the issues with perceived tax havens were further mitigated at the national level with 2017’s federal tax reform legislation, the details of which go well beyond the space limitations of this column

These proposed bills would essentially change the IITA back to utilizing the flawed way of apportioning the income of multinational businesses on a worldwide combination basis that was thoroughly analyzed and addressed by a U S Treasury Department working group that consisted of federal and state government and business representatives and resulted in Illinois and most other states adopting water’s-edge legislation in 1984

Should Illinois’ legislators really be trying to reinstitute tax complications we cured more than 30 years ago?

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Kelly A Jordan

Andrew R Jovien

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Tyler T K acich

Dastan K adyrkulov

Kelly K aes

Sawsan K ahil

A aron D K ahn

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Michael D K anallakan

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K atherine A K aradjof f

John B K aras

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Mar y D K arr

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Brian C Kearney -Spaw

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Andrew Kelley

Helena Kelly

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Adam D Kennedy

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Na Hoi Kim

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Aimee Klehm

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Mihaela Kolev

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Yao F Kotoku

Corey Kotsakis

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Jacob Kovacs

Daniel G Kozuchowski

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Jingyu Li

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Tao Li

Tracey Li

Wei Li

Xue Li

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Yuqiao Li

Gensheng Liang

Y i Liang

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Jake M Lisowski

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Chuyu Liu

Edan Liu

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Graham O Lohman

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Andrew Lowe

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Marco Loza

Ke L u

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Michael P Lyons M

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Y ijing Ma

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The Illinois CPA Society cong ratulates the following individuals who ear ned their CPA cer tificate in 20 1 8.

Mark T Streid

Ross A Stremme II

Justin Striebel

Damaris R Stroe

Jessie Struthers

Eric Strutz

Matthew D Stubblefield

Michelle P Sudihardjo

Ahmad Suliman

Mar y C Sullivan

Reilley Sullivan

L ulu Sun

Sarah C Sutton

Aubrie Swaf ford

Alexander J Swanson

Paul Swanson

Brett Sweeney

Michael Swiecicki

Beau C Swinford

Jesse R Sworden

Shehla A Syed

Sarah A Sykstus

Jennifer A Symmonds

Veronica Z Szaflarski

Michael Szewc T

Erica M Tabor

Risa Taketsuru

Christian G Talbot

Mitchell Talbot

Le Tan

Lina Tan

Rachel Y Tang

Shijie Tang

Shiyi Tang

Alison S Tarrant

Nataliya Tatum

Hallie M Taylor

Cur tis A Tegethof f

A bigail I Teiner t

Zeeshan Tejani

Sean P Tews

Krishna H Thaker

Daniel S Theisinger

CERTIFIC ATE RECIPEINT S 2018

Brendan W Thielsen

Jason Thomas

Scott T Thomas

Belita Thompson

David A Thompson

Paul J Thompson

Y ixuan T ian

Christina Toomer

Jessica T Toone

Vangjelika Toshi

Daniel N Totura

Danny Tran

Julie Tran

Matthew Treshansky

Heidi J Triezenberg

Jordan L Trkla

Matthew S Trowbridge

Daniel P Troy

John Trudeau

Kimberly M Tsarpalas

Joseph J Tse

Spiros Tsirikolias

Gergana Tsvetkova

Frances A bigail Tucci

Sharon E Tucker

Alexander S Tueth

Marguerite A Tuohy

Ashley D Turkowski U

Mark Uhde

Michael R Uhen

Jef frey E Ulfig

Eric S Under wood

Stephanie I Urness

Samuel T Usher V

Anthony J Vacco

Tyler Vachio

Paulius Valaisa

Jordan Valentine

Isabella M Vallone

Kelsey L Vanagaitis

Joshua A Van Kleek

Laura A Veerman

Francisco Vega

Alex I Velez

K ara E Verdone

Sam Verrilli

Nicholas C Ver zino

Michelle M Vezina

Jonathan C V ignos

Allison V illarreal

Joseph W Vladislav

Travis L Vogel

Meghan O Voller

Jordan Von Borstel

Shachi V yas W

Andrew J Wabi

Madeleine K Waddock

Brent M Wadzita

Bianca J Walker

Lindsey J Walker

Kerr y L Walley

Christopher Walsh

Conor K Walsh

Daniel Walsh

Daniel J Walsh

Jack K Walsh

K athleen S Walsh

Brian Walton

Spencer B Walton

Bo Wang

Bote Wang

Dacheng Wang

Daisy Wang

Danping Wang

Junlu Wang

Junru Wang

Loriann Weiqing Wang

Peishan Wang

Russel T Wang

Shuo Wang

Wei Wang

Xihui Wang

Xiuwen Wang

Y ichao Wang

Y iyi Wang

Yong Q Wang

Yuyao Wang

Kendall Ward

Adam Warda

Anie M Wascher

Gabriel F Wascher

James Washington

Alex F Wasserman

Michael R Wasson

Michelle E Webb

Daniel R Webber

Grant Weber

Kyle Wehrli

Carol Wei

Shan Wei

Alexander T Weier

Mark A Weinberger

K ayla C Weinzimmer

Matthew Weisberg

Jef frey R Weissman

Mar tisha Welch

Rebeckah Wellen

Rui W Weng

Michael S Wente

Tomasz Wesolowski

Catherine A

Westenberg

Claire W Wheatley

Walter White

Alexander J W ielbik

Pawel W ier zchowiec

Khris W ilczek

Jonathan W ild

Daniel W ilkerson

Candace C W illiams

Charles W illiams

Jerald W illiams

Haley M W ilson

Jared W ilson

Nicole M W ilson

Alexandria N W inkel

Jessica L W inkler

Austin H W inter

T imothy S W itt

Gunnar Wolfe

Jennifer A Wolfe

A aron S Wolf f

James S Wolhar t

Daniel Wolski

Marcus E Wondergem

Andrew Wong

Anna Wong

K atherine Wood

LaShaun R Woods

Adam J Worazek

Patrick Wrenn

K athr yn L Wrightsman

Alexander Wrobel

Dianyi Wu

Hao Wu

Jiawei Wu

Jimmy Wu

Xiaoxuan Wu

Yuna Wu X

Kyrie Xia

Michael Xiang

Wenjun Xie

Jinghua Xing

Boran Xu

Ning Xu

Siqing Xu

T ianying Xu

Yulong Xu Y

Zhaojingjing Yan

Chaotong Yang

Jun Yang

Siying Yang

Sergiy Yazlovetskyy

Y ina Ye

Andriy Yemchenko

Matthew J Yesensky

Tyler J Yess

Hyunji Yoon

Intesar Yorifuji

Jason D Yoshimura

ILLINOIS CPA SOCIET Y 20 18 EXCEL AWARD RECIPIENTS

Rober t L Young

Mengjing Yu

Qiang Yu

Yuan Yue Z

Galyna Zachara

Alex R Zadoks

Lauren M Zaf fino

Vaida Zarskyte

Michael Zaruba

Sumair Zeeshan

Hengyang Zhang

Jiaqi Zhang

Lijiao Zhang

Shujun Zhang

Tracy Liyun Zhang

Weichen Zhang

Yan Zhang

Y

ingzi Zhang

Yu Zhang

Cai Zhao

T ianyu Zhao

Xueying Zhao

Y ilin Zhao

Jialing Zhou

Lei Zhu

Wenting Zhu

Yeqi Zhu

Yonglin Zhu

Yurong Zhu

Ziyi Zhu

Shilin Zhuang

K atherine D Ziegler

A aron D Zimmerman

K aren L Zimmerman

Lauren C Zin

Mitchell Zippay

Kiriahna L Zitt

Alex Zivojinovic

K athleen N Zoellner

Christopher R Zohfeld

The Excel Award is granted to Illinois CPAs who achieved a tot al average score of 90 or more, completed all four par ts of the exam within two consecutive testing windows, and were in the top f ive percent of the scores of those who completed all the requirements in 20 18 in Illinois.

ICPAS GOLD MEDAL RECIPIENT

Siying (Clara) Yang

Univer sity of Notre Dame

Deloitte

Shan Lu

ICPAS SILVER MEDAL RECIPIENT

Hayden Cecilia Bauer

Univer sity of Notre Dame

KPMG LLP

EXCEL AWARD RECIPIENTS

ICPAS BRONZE MEDAL RECIPIENT

Kerr y L Walley

Univer sity of Illinois at Chicago

Tr ue Par tner s Consulting LLC

Nor

Auxilium

thern Illinois Univer sity

Financial Ser vices

Owen T. Mattingly Indiana Univer sity Bloomington EY - People Advisor y Ser vices

Patrick Doyle McMahon Univer sity of Notre Dame Ernst & Young

Abigail S. Moynihan

Tr uman S tate Univer sity

Garrett Joseph Stein Miami Univer sity -Oxford Ander sen Tax

To learn more about the Illinois CPA Society’s Cannabis Industry Member Forum, Taylor Schuck can be reached at tschuck@muellercpa com or you can contact Paige McLeod, Illinois CPA Society volunteer engagement and governance manager, at mcleodp@icpas org

Grappling With Ganja

BY TAYLOR SCHUCK

Taylor Schuck knew his athletic career as a wrestler at Central Michigan University would come to an end eventually It’s a reality that every wrestler must grapple with, as wrestling is a sport that, generally, can only take you so far before internships and graduation pin you into submitting to the real-world realities that await young professionals What Schuck didn’t know was just how soon he’d be knocked out of competition A major hip injury sustained during his redshirt sophomore year ended his student athlete career but it would surprisingly shape his accounting and finance career Below, Schuck, a senior accounting services associate at Mueller & Co LLP and Illinois CPA Society member, shares his story and some insights for his peers

Undergoing major reconstructive hip surgery ended my wrestling career and left me as a 20-something in need of rehabilitation and chronic pain management as I completed my accounting and finance majors at CMU In seeking alternatives to opioid prescription pain killers, I learned that the state of Michigan had legalized medical cannabis use in 2008 While not for everyone, I saw the responsible use of cannabis as a potential option for recovery So, following my surgery, I applied for and received a medical cannabis patient card

During the next few years, I had the unique opportunity to experience firsthand a highly unregulated caregiverdriven cannabis industry Michigan’s law had little to no provisions for the licensing of businesses or the testing of products being sold to patients This environment forced patients to either grow cannabis for themselves or find a caregiver who would grow and distribute their plant allotment to them In some municipalities where provisioning centers could open, patients still suffered due to the lack of oversight, and the state wasn’t realizing the full benefit from the revenue that could be generated through better licensing and regulation of the industry As a patient and an accountant-to-be, this raised a lot of questions and concerns in me, which drove me to learn more about the cannabis industry and its potential in Michigan and across the country

During this same time, my home state of Illinois had begun licensing medical cannabis cultivation facilities, dispensaries, and patients under the 2013 Illinois Compassionate Use of Medical Cannabis Pilot Program Act I immediately noticed a substantial difference between how Illinois and Michigan had approached legalizing and regulating medical cannabis, and I saw an opportunity in it

Following graduation, I moved back to Chicago to work for Mueller & Co LLP as an auditor But my interest in the cannabis industry hadn’t faded After building up the courage to share my story and ideas, I approached the

firm’s leadership about providing professional services to the cannabis industry and, to my surprise, was given permission to join various cannabis industry associations, attend trainings, and participate in industry events as the firm explored how to offer services to the controversial, complex, and fast-growing industry

The fact is that cannabis businesses then and now are in desperate need of accounting, audit, and tax services, and general business advice Who better for the job than an accountant/auditor with firsthand experience in the industry? So, shortly thereafter, I helped Mueller pick up its first vertically integrated cannabis manufacturer and retailer client in northern Nevada From there, I continued to network with other accountants and attorneys in the industry and leveraged my expanding experience and cannabis knowledge to help Mueller’s cannabis niche practice rapidly expand

Since starting the cannabis niche offering at Mueller, I have moved from audit to the accounting services department where I now provide cannabis businesses with ongoing accounting and tax support Considering that each state regulates medical and adult-use cannabis differently, and often regulations are revised several times, cannabis clients are working in an ever-changing environment And, as we see more states legalizing and regulating cannabis production and use in myriad forms, we anticipate alterations to federal enforcement will eventually result in changes to how cannabis businesses are taxed and access banking and financial services The current state of the cannabis industry already requires a constant need for our guidance and expertise what’s to come as it matures?

I never imagined being a medical cannabis patient as an accounting and finance student would lead me to be a senior associate leading a new, often controversial, cannabis niche practice at a midsized CPA firm It was my passion, persistence, and willingness to go beyond my comfort zone, both personally and professionally, that has allowed me this opportunity Now, I can even help you find opportunities in the cannabis industry as the chair of the Illinois CPA Society’s Cannabis Industry Member Forum

Existing cannabis businesses will continue to require increased planning and ongoing support from accountants and auditors And as Illinois now moves towards adult recreational-use legalization, and cannabis use becomes more prevalent in society overall, there will be more opportunities for accounting and finance professionals like us to grow our own opportunities in a very specialized industry If you would like to learn more about serving this industry, please join me at an upcoming Cannabis Industry Member Forum meeting The time to get involved in the cannabis industry was yesterday

Accounting and finance professionals must wrestle with the opportunities of a growing national cannabis industry if they want to come out on top.

K athy Brents Christy Hud son

Monica N. Harrison

Controller, Chicago Sun-Times

By Eric Scott

Monica N Harrison, CPA wants you to know she is a non-traditional accountant In fact, she never could have imagined as a 17-year-old college student struggling to declare a major that one day she would oversee accounting and finance at one of the largest newspapers in the country Fastforward 20 years to a special day last year when she became controller at the Chicago Sun-Times after traveling down a very untraditional, yet rewarding, career path and you can see why her story is inspiring even to her own mother, who followed in her academic footsteps and earned an accounting degree

Q: Can you tell us a little about how you got to where you are?

Well, I am a first-generation college graduate When I first started school, I thought I wanted to be a dermatologist; I changed my mind, declared a major in Spanish, and then later switched to communications sciences After graduating from the University of Connecticut with a bachelor’s in communications sciences, I got my first job as a directory assistance operator for AT&T I worked there for a couple of years before realizing it wasn’t what I wanted to do I consider myself a nontraditional accountant because it wasn’t until later in life that I started working in the field and realized I was good at it

After I passed a civil service exam, I went to work for the City of New Haven, Conn as a payroll clerk Four years later, I was promoted to a position in the accounting department monitoring community development block grants (CDBG) and state grants I visited not-for-profit organizations that were federal and state grant recipients, reviewed their audits, and monitored their expenditures to ensure they were in compliance with the grant requirements This was my first time working in the accounting field, and I had a supervisor who mentored me and showed me everything I needed for my job It was through my jobs at the City of New Haven that I ultimately was inspired to go on to earn an MBA in finance at the University of New Haven and a master’s in accounting at the University of Hartford

While pursuing my master’s in accounting, I was nominated by the University of Hartford’s Barney School of Business to participate in a one-year fellowship program at the Government Accounting Standards Board (GASB) This fellowship was a wonderful experience because it allowed me to view and understand accounting from a theoretical perspective In 2016, I decided to move to Chicago to take a job with Ernst & Young in its Financial Accounting Advisory Services practice where I mainly helped clients with implementing the new revenue recognition standard I also became a member of the Illinois CPA Society Last year, I saw the Chicago SunTimes was looking for a controller I applied, and I was hired!

Q: Why was becoming a member of the Illinois CPA Society important to you?

I was a member of the Connecticut Society of CPAs before, and I think being a state CPA society member is just a great way to meet other professionals who are in the same industry as you I’m also passionate about making a difference in the accounting and finance profession I joined the Illinois CPA Society’s Women’s Connection Committee to contribute to making a difference for other women professionals, and the Society’s commitment to diversity is truly in line with my values, particularly the effort to reach out to minority students I am also on the board of the National Association of Black Accountants (NABA), so I bring information that I learn at the Society back to the NABA board to help us in our efforts to educate students and help minorities get into the profession

Q: Working for a major metropolitan newspaper isn’t exactly traditional either What’s the best part about it?

Number one is the fact that I am responsible for the finances of this organization I feel that what I do for the Chicago Sun-Times helps us maintain an important second voice in the city

Second, we have many celebrities and political officials come into the building for interviews and I think that’s very exciting Of course, the chatter in the newsroom also gets very exciting when we ’ re breaking stories that no one else is

Q: What advice do you have for others hoping to find your success?

Be open, be flexible, be patient, and be present when you are in the job you currently have you never know where it will lead Passing the CPA exam was one of my greatest victories I didn’t pass the exams the first time that I sat for them, which was very discouraging and frustrating, but I kept trying and, even though I didn’t have the traditional background, I eventually passed If I can do it, anyone can do it!

Stay Smart

Conferences

May 1 Government Conference - Rosemont (In-person & Simulcast)

May 2 Government Conference (Springfield)

May 14 Estate & Gift Tax Conference (In-person & Simulcast)

May 15 Technology Solutions for Small Firms Conference (Morning and Afternoon Options Available)

May 21 Employee Benefits Conference (In-person & Simulcast)

June 5 Not-for-Profit Advanced Accounting & Uniform Guidance Conference (In-person & Simulcast | Morning Only Option)

June 6 Taxation on Real Estate Conference (In-person & Simulcast)

Courses

April 15 Essential Leadership Skills for Front Line Managers and Supervisors

May 8-9 Staff Training: Beginning In-Charge

May 17 Leases: Mastering the New FASB Requirements (In-person & Simulcast)

May 20 The Complete Guide to Section 199A’s 20% Pass-Through Deduction After IRS Guidance (In-person & Simulcast)

May 20 The Top Five Tax Issues in Dealing with LLCs and Partnerships (In-person & Simulcast)

May 21 Four Tiers of Loss Limitations: A Guide to the New Rules for Pass-Through Entities (In-person & Simulcast)

May 21 Taking Advantage of Installment Sales and Like-Kind Exchanges (In-person & Simulcast)

May 22 Comprehensive Guide to Tax Depreciation, Expensing and Property Transactions (In-person & Simulcast)

May 22 MS Excel: Database and Pivot Tables Made Easy

May 29 Project Management Skills for Non-Project Managers

May 29-30 Staff Training: Supervisory

May 30 Gift Tax Return Bootcamp on Steroids (In-person & Simulcast)

June 3 Audits of 401K Plans (In-person & Simulcast)

For a full listing of all upcoming education programs visit www.icpas.org/education

Special Events

May 10 Women’s Leadership Forum

May 20 Women's Mentoring Circles Open House

June 7 Young Professionals Leadership Conference

June 27 Women’s Committee Event: Cooking Class

August 21 Young Professionals: Lagunitas Brewery Tour

Aug. 28-29 ICPAS Summit19

June 3 Annual Update: Top Governmental and NFP Accounting and Auditing Issues Facing CPAs

June 4 Accounting & Reporting for NFP Organizations

June 11 Effective Presentation Skills: Delivering Presentations With Power, Persuasion and Impact

June 24 Ethics and Professional Conduct: Updates and Practical Applications (In-person & Simulcast)

June 24 Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent (In-person & Simulcast)

June 25 Qualified Business Income and More – Small Business Impacts of TCJA (In-person & Simulcast)

June 26 Managing the IRS Collection & Examination Process (Full Day)

June 26 Managing the IRS Collection Process (morning)

June 26 Managing the IRS Examination Process (afternoon)

July 10 Construction Contractors: Accounting, Auditing and Tax

July 11

July 15

Annual Update for Accountants and Auditors

Integrating Audit Data Analytics into the Audit Process

July 16 Hottest Tax Topics for 2019

July 17

July 17

Effective Business Writing Skills

Multistate Income Tax (In-person & Simulcast)

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