Iowa CPA - July/Aug 2016 by Iowa Society of CPAs

July/August 2016

CPA

Newsletter from the Iowa Society of CPAs, your primary source for profession-related information

Make a difference this September

owa CPAs and accounting students can participate in the 2nd annual Iowa CPAs Month of Service by volunteering to make a difference in their community during the month of September. This CPA community service event was first held in 2015 as part of the ISCPA’s 100th anniversary and delivered positive results to communities across the state where ISCPA members live and work: • 82 organizations in Iowa impacted • 25 companies and firms did a team project to benefit their community • 2,000 hours volunteered • 565 Iowa CPAs and co-workers participated The Iowa CPAs Month of Service Committee has been busy evaluating last year’s event and came up with some great ideas to make this year even better and easier for you to participate.

Who should participate? ISCPA members, student members, and firms and companies that employ CPAs are encouraged to participate. Nonmembers may participate on a team, but only ISCPA members are eligible for a free event t-shirt. See registration details for further information.

And the winner is… The Iowa CPAs Month of Service Committee will be selecting a 2016 Iowa CPAs Month of Service Impact Award recipient. The winner will be announced following this year’s event and presented with the award at the ISCPA’s Annual Meeting in May 2017.

REGISTER TO PARTICIPATE Sign up by Aug. 7 to get your free 2016 Iowa CPAs Month of Service volunteer t-shirt. (ISCPA members only.) Quantities may be limited. First come, first served. Sign up early! *You can still sign up to participate after Aug. 7. Just register no later than Sept. 26.*

SPONSOR THIS EVENT For as little as $100, you can show your support in communities throughout Iowa by being a 2016 Iowa CPA Month of Service event sponsor.

PROJECT IDEAS Check out some websites we recommend and a list of month of service ideas to find projects in your community that you can do yourself or with a team – whether it’s an hour or a day.

HELP US COMBAT HUNGER Bring a non-perishable food, paper or personal item to ISCPA in September for the Iowa Food Bank Association in support of Hunger Action Month. Find a list of suggested items at www.iacpa.org/MOS-ideas.

SHARE YOUR #iowacpaservice Take pictures and video clips of volunteer project or activities in your event t-shirt and share on Facebook, Twitter or Instagram using hashtag #iowacpaservice. Calling all photos and videos! Please submit yours to iacpa@iacpa.org for our 2016 photo/video reel.

REPORT YOUR SERVICE BY OCT. 7 Help us track month of service activity for the Iowa CPAs: Community Counts impact report. We’ll also list participant names and name of your employer or school (student members) on our website.

Visit www.iacpa.org/membership/month-of-service to get all the details about the 2016 Iowa CPAs Month of Service.

Iowa Society of CPAs...Advancing the professional success of our members

Endow Iowa Tax Credits

A great way to stretch your clients’ charitable dollars By Wade Den Hartog, CAP®, MBA

s you meet with clients to analyze and discuss their financial goals in the second half of 2016, consider an opportunity for them to support the causes they care about while receiving a unique tax credit on the gifts. Iowa community foundations, including the Community Foundation of Greater Des Moines, provide exclusive access to the Endow Iowa Tax Credit. Giving through the Endow Iowa program allows Iowa taxpayers to receive a 25 percent Iowa state tax credit in addition to the federal charitable income tax deduction for charitable gifts.

• A variety of gifts qualify for Endow Iowa Tax Credits including cash, real estate, grain, appreciated securities and outright gifts of retirement assets. • Tax credits of 25 percent of the gifted amount are limited to $300,000 in tax credits per individual for a gift of $1.2 million, or $600,000 in tax credits per couple for a gift of $2.4 million, assuming both are Iowa taxpayers.

• Eligible gifts will qualify for credits on a first come/first served basis until the yearly appropriated limit is reached. If the current available Endow Iowa Tax Credits have been awarded, qualified donors will be eligible for the next year’s Endow Iowa Tax Credits. The Community Foundation encourages donors to act as early in the year as possible Continued on page 3

Endow Iowa provides unique opportunities to meet philanthropic goals while receiving maximum tax benefit. Given the popularity of Endow Iowa and the limited number of tax credits still available to your clients in 2016, now is the time to make a gift that gives back. Highlights of Endow Iowa include: Issue No. 2016-07/08 Published eleven times per year by the Iowa Society of Certified Public Accountants (ISCPA). Send address changes, advertising inquiries and all correspondence to: 1415 28th St., Ste. 450 West Des Moines, IA 50266-1419

Email: iacpa@iacpa.org Website: www.iacpa.org or, contact the ISCPA office: 515-223-8161/800-659-6375 Cover photo by Jim Heemstra: Des Moines skyline

2 | Iowa CPA | July/August 2016

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ISCPA leadership takes a SWOT

n Tuesday, June 14, ISCPA’s board of directors, committee and task force chairs and staff took a strategic journey together with Alan Feirer of Group Dynamic, a trainer and consultant specializing in leadership, teamwork and organizational development.

Alan led the group through a collaborative SWOT analysis to assess the strengths, weaknesses, opportunities and threats facing ISCPA. These were evaluated through a WWW/TALA (what went well/take a look at) exercise to uncover areas where ISCPA could adapt and improve.

The group enjoyed a picnic dinner following the strategic planning session. Thank you to all of our leadership for your participation and input!

Continued from page 2 to ensure receipt of credits as soon as possible. • All qualified donors can carry forward the tax credit for up to five years after the year the donation was made. • Endow Iowa Tax Credits allow donors to have even greater impact on the causes they care about both now and into the future by stretching dollars donated to Iowa charities. Endow Iowa Tax Credits available for 2016 are running low so keep the program top of mind as you

assist clients in meeting their financial and philanthropic goals. If you have questions or need more information about Endow Iowa, please contact me at denhartog@ desmoinesfoundation.org or 515883-2626. Wade Den Hartog is director of charitable partners at the Community Foundation of Greater Des Moines.

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Your gift, no matter the amount, will make a difference and directly impact the lives of future CPAs. Learn more at www.iacpa.org/about/education-foundation.

www.iacpa.org

Iowa CPA | July/August 2016 | 3

member spotlight Grant Seuferer Pleasant Hill

If you attended ISCPA’s May 6 Leadership Conference and Annual Meeting, Grant Seuferer’s name may sound familar. He was one of four Iowa candidates to receive ISCPA’s Capstone Award for scoring in the top one percent for the CPA exam, and was named a 2015 Elijah Watts Sells Award recipient for his cumulative average score above 95.50 across all four sections of the exam on his first attempt. He was one of only 75 candidates (out of 93,742) to meet the award criteria. Grant joined ISCPA in June, and we took the opportunity to learn a little more about this new Iowa CPA. Congratulations on your Elijah Watts Sells Award. The people want to know: How hard did you study? I definitely put a lot of hours in, but I took three of the exams during my final semester at Iowa State so I had to balance my classwork and social life with studying for the exam. I followed Becker’s study plan and made time to go through every practice question. The two weeks before the exam are the differentiators. I read through the book and made sure I understood why I missed any practice questions. I’m naturally hard on myself so wouldn’t stop until I felt comfortable that I knew the material. When going into these exams it’s nearly impossible to know how hard to study because you don’t know which questions you will be asked, so I made sure I was comfortable with almost everything. You studied abroad in London while attending ISU. What was that experience like? The coolest thing was just being able to see how different the lifestyles and business etiquettes are in London. The most interesting thing was that many companies and accounting firms there don’t require accounting degrees like we do here. They hire the most qualified person with a degree, regardless of what they studied, and then teach them accounting internally. This ensures that what they know is that specific company’s method and everything will be more consistent. The people in London are a lot less stressed about time than we are. They seem to work at a slower pace, show up mid-morning, meetings just start when everyone arrives, and then they go to a pub before heading home for the night. What are some favorite things about your job? I have the best of both worlds: The resources and network of a top global firm combined with a small firm feel. We all get to know one another well enough to be friends both inside and outside of business, which allows us to make even the

4 | Iowa CPA | July/August 2016

Job: Tax consultant, Deloitte Tax LLP, Des Moines ISCPA member since: 2016 Alma mater: Central College (B.A. accounting), Iowa State University (MAcc) Hometown: Milo, Iowa What I wanted to be as a kid when I grew up: A major league baseball player. First job: Umpiring little league and junior high baseball games. Passed CPA exam: 2015 I celebrated passing the exam by: I didn’t celebrate right away, but did buy myself a new car for passing the exam and making it through my first tax season. I was inspired to be a CPA because: My uncle is a CPA so I took three years of accounting in high school and really liked the courses. At the time, my high school only had one year of accounting so I asked them to make two more courses for me. Favorite thing about my job: Definitely the people and the culture. We are able to make even the longest day during tax season enjoyable and you can often find us hanging out with each other outside of work. If I weren’t a CPA, you might find me: Teaching or coaching, but investments have sparked my interest lately as well so you would probably find me in one of those careers. Favorite vacation: When I studied abroad in London for a month and visited Rome for a week. There is just so much history and things I would never experience in Iowa. It is really thought-provoking to know that many of the buildings you see are older than our country. My hero is: Derek Jeter. I always tried to model myself after him, both on the baseball field and throughout everyday life. He always worked hard and played the game the right way. His leadership and work ethic made him one of the most respected players to ever play major league baseball.

www.iacpa.org

“

I am passionate about my family, friends, baseball and work. It makes for a busy schedule sometimes, but I think it is important to keep a nice balance so you can enjoy your career and be successful.

”

–Grant Seuferer

Favorite movie: Moneyball What you’re looking forward to as a new member of ISCPA: Having the opportunity to expand my network and learn more about the profession. Favorite band/musician: To be honest ... probably Taylor Swift. Best advice I ever received: “Good things happen when you work hard and stay positive.” This may not be a direct quote, but it does summarize some of the most important lessons I have learned from my parents. Life is too short to be negative so enjoy it and take pride in everything you do. Favorite book: The Captain: The Journey of Derek Jeter by Ian O’Connor Favorite quote: “There may be people who have more talent than you, but there’s no excuse for anyone to work harder than you do.” – Derek Jeter When I have free time I prefer to: Do anything active - from working out to coaching baseball. Favorite food: The crown prime beef ribs from Jack Stack BBQ in Kansas City. Favorite concert you’ve been to: I haven’t been to a ton of concerts, but Taylor Swift puts on a great show. In high school I was: Nerd, jock, bookworm, preppy, goody two-shoes, leader I am passionate about: My family, friends, baseball and work. It makes for a busy schedule sometimes, but I think it is important to keep a nice balance so you can enjoy your career and be successful. Future career goal: Right now I’m only one year into work, so my career could go in many different directions. I simply look forward to seeing what opportunities arise and what the future holds for me. Family: Parents Linda and Rande Seuferer, siblings Bryant and Brooke Seuferer (18) and significant other Kyleigh King.

busiest times of the year enjoyable. From a public accounting standpoint, I enjoy my job because I am able to continually learn something new every day and can own my career and choose my path based on areas of tax that interest me. What message do you have for high school and college kids who are debating a career as a CPA? A CPA is a great career path! There will always be jobs available for qualified CPAs and accounting majors. In fact, all of my friends in the program had jobs lined up months before graduation, which relieves a lot of stress from your final semester of college. There are a lot of opportunities that come your way as a CPA and you can go in almost any direction you want. There’s a “silver tsunami” approaching and baby boomers will be retiring in droves. What do young professionals need to do now to prepare for that in terms of both challenges and opportunities? This provides a lot of opportunity for young professionals who will have to step up and take the place of people retiring. How you perform now will determine your career trajectory and whether you will be able to take advantage of the position openings as the boomers retire. Nothing is worse than showing up to work the week after someone leaves or retires and finding out nobody has a clue how to complete the work done by that individual over the years. We need to pay closer attention to what current management is doing. Brainstorm what works well and what could be improved in order for our companies and firms to continue to strive in an ever-changing world of business. What is something you are passionate about outside of work? This summer, I am an assistant varsity baseball coach at Southeast Warren High School. I’ve always loved baseball and after I played my final game in college I felt like something was missing. I am very excited to have the opportunity to coach this team because my brother is a senior, and I have been able to help these players develop on the diamond since they first began many years ago. Now I want to make sure they are prepared for success, both on and off the field, and that the baseball program at my old high school continues to be successful for years to

To see past member spotlight features, visit: www.iacpa.org/membership/member-spotlight.

www.iacpa.org

come.

Iowa CPA | July/August 2016 | 5

Free forum draws CPAs

hank you to the 80 ISCPA members who signed up for the FREE Small Firm Forum held June 27. The event brought together individual practitioners and small firm owners to discuss the issues facing today’s accounting firms.

Upcoming Conferences and Events Aug. 11-12 Emerging Leaders Conference Sept. 22-23 Eastern Iowa Fall Conference Oct. 21 Nonprofit Organizations Conference Oct. 31 Individual Income Tax Workshop Nov. 1 Corporate/Business Income Tax Workshop Nov. 7, 8, 10, 28, 29 Tax Advisors Updates webcast available

Member feedback needed on IDR proposed action

n an administrative bulletin published July 6 by the state of Iowa, the Iowa Department of Revenue gives notice of intended action to amend Chapter 46 “Withholding” of the Iowa Administrative Code. These rules relate to W-2 and 1099 electronic filings. Please reviewing the filing at www.iacpa.org/DOR-efiling and note the highlighted section.

Due to initial concern over the rule not mirroring the social security administrative rules, we have reached out to members who volunteer as legislative key persons for their feedback. Additionally, a survey has been sent to other state societies asking for feedback on their state filing requirements.

All members are encouraged to review the filing and provide comments to ISCPA’s Michelle Thompson at mthompson@iacpa.org by July 22. A formalized response from ISCPA will be filed by July 26. Questions? Contact Cindy Adams at cadams@iacpa.org or 800659-6375/515-223-8161.

ISCPA Career Center: Where handshakes begin You want the best for your company. We do, too. When you’re looking for talented accounting and finance professionals, turn to ISCPA’s new Career Center. This recruitment resource was launched to create visibility for our members looking for candidates to fill a range of positions, whether it’s a seasoned CPA with years of experience or a dedicated student for an internship.

Career Center

Any individual, firm or company may post a job in the Career Center, but only ISCPA members receive discounted pricing. Need a career? The Career Center is also a great way to find an internship, part time or full time position. ISCPA members or student members may post resumes for free. Learn more about ISCPA’s new Career Center at www.iacpa.org/careers.

6 | Iowa CPA | July/August 2016

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Iowa CPAs score perfect day at golf classic

he Iowa CPA Golf Classic was in full swing June 6 at The Legacy Golf Club in Norwalk. It was a beautiful and sunny day to get out and enjoy some fun, networking and raise money for the Iowa CPA Education Foundation. Thank you to the members, guests and sponsors who attended this yearâ&#x20AC;&#x2122;s event.

Mark your calendar for Monday, June 5, for the 2017 Iowa CPA Golf Classic.

1st place team l to r: Jason Herrig (CLA), Mitch Boeck (CLA), Hank Norem (Ramco), Nick Pirotte (CLA)

GOLD Sponsor

2nd place team l to r: Billy Backer (Athene), TJ Monner (Principal), Blake Groen (Berkshire), [not pictured] Graham Suchman (Berkshire)

3rd place team l to r: Torry Oâ&#x20AC;&#x2122;Brien (RSM), Bret Groenenboom (RSM), Ryan Horner (RSM), Kyle Hoekstra (RSM)

Longest drive men: Marc Wampler

Closest to pin: Blake Groen

Longest drive women: Tracey Ball

Longest putt: Larry Hamling

Lunch Sponsor

Hole Sponsors

www.iacpa.org

Iowa CPA | July/August 2016 | 7

Accounting students recognized for excellence

ongratulations to the following ISCPA student members who were named an ISCPA Outstanding Accounting Student for the 2015-16 academic year. The award is presented annually to students at Iowa’s colleges, universities and community colleges who are nominated by their school. ISCPA members in the student’s local community present the award on behalf of ISCPA. Photos from these presentations can be found at www.facebook.com/IowaCPAs. Learn more at www.iacpa.org/future-cpas. Timothy Lindstrom Ashford University, Clinton

Tanner Koch Graceland University, Lamoni

Dawn Krause Kaplan University, Des Moines

Meghan Harmening Buena Vista University, Storm Lake

Stephanie Beyea Grand View University, Des Moines

Timothy Nass II Loras College, Dubuque

Dakota S. Applegate Iowa Central Community College, Fort Dodge

Kylie Romeo Luther College, Decorah

Emily Fisher Central College, Pella Allison Smith Clarke University, Dubuque Collin J. Johnson Coe College, Cedar Rapids

Nick J. Braun Iowa Central Community College, Fort Dodge

Danielle Jansen Dordt College, Sioux Center

Jordan Kulow Iowa State University, Ames

Madeline Kasra Drake University, Des Moines

Joseph M. Neumann Iowa Western Community College, Council Bluffs

do the Ma+h:

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Zhuo Jiang Maharishi University of Management, Fairfield Alex Dau Morningside College, Sioux City Laura M. Bowen Mount Mercy University, Cedar Rapids Andria Jo Harper Simpson College, Indianola Flora E. Campbell-Pool Southwestern Community College, Creston Allison R. Berkley University of Dubuque, Dubuque Yue Li University of Iowa, Iowa City Clinton Au Jong University of Northern Iowa, Cedar Falls Bradley Kuboushek Upper Iowa University, Fayette Ryan Kemp Wartburg College, Waverly Trent Sutter Western Iowa Tech Community College, Sioux City

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8 | Iowa CPA | July/August 2016

Cynthia S. Walker William Penn University, Oskaloosa

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www.iacpa.org

ISCPA visits college campuses

SCPA CEO Cindy Adams was busy traveling across the state this spring to accounting classes and accounting club meetings at various Iowa colleges to spread awareness of ISCPA, the profession and opportunities that can come with CPA careers. Some events included a panel of ISCPA members who shared personal experiences from their CPA career paths. Students discovered the diverse career opportunities available to CPAs working in public, business and industry or other areas, current happenings in the profession, and updates and changes to the 2017 CPA exam. They were also able to network and make relevant connections with CPAs in the profession. The following visits were made:

March 7 - Upper Iowa University, Des Moines March 8 - Maharishi University of Management, Fairfield March 8 - University of Iowa, Iowa City April 6 - Kirkwood Community College, Cedar Rapids April 12 - Simpson College, Indianola May 4 - Drake University, Des Moines Would you like ISCPA and/or a panel of CPAs to visit your classroom, accounting club, or other function? Simply submit a request form for the upcoming 2016-17 school year at www. iacpa.org/presentation-request or contact iacpa@iacpa.org.

Jan 28 - Iowa State University, Ames

New student affiliates Des Moines Area Community College Bianca M. Cleary

In remembrance ISCPA offers condolences to the families of: Dennis E. Bower, Anamosa, IA, CPA certificate No. O2190. Dennis was a member since 1980. William J. Cunningham, Omaha, NE, CPA certificate No. O584. Bill was a member since 1962. Bernard C. Oâ&#x20AC;&#x2122;Brien, Evanston, IL, CPA certificate No. R741. Barry was a member since 1960. Bill M. Reese Sr., West Des Moines, IA, CPA certificate No. O527. Bill was a member since 1960.

www.iacpa.org

Members in the news The following people from RSM US LLP, Des Moines, have been promoted: Laurie K. Barrick and Scott Flood to senior tax director; Michael A. Grossman to assurance partner; Andrew V. Green and Joseph R. Pudenz to assurance manager; Nathan A. Barnes, Lucas M. Schaudt, Henry C. Schuerer, and Andrew J. Steckel to assurance supervisor; Danielle N. Freeman, Michael T. Hauser and Jessica Davies to assurance senior associate; Thomas F. Kivell, Sean A. Larson, Andrew J. Leonard and Sharon A. Willmore to senior tax director; Kimberly K. Wernimont to tax manager; Bret D. Groenenboom to tax supervisor; and Kyle B. Auffert to tax senior associate.

The following people from LWBJ LLP, West Des Moines, have been promoted: Tyler C. Gerstandt, Zachary S. Gates and Amy J. Randeris to audit supervising senior; and Kyle A. Woiwood (Ames) to tax manager. Brian J. Sweeney, Sweeney Consulting Group and Iowa Catholic Radio business manager, has been selected as a multiple choice question writer for the 2017 edition of the CPA Exam. Congratulations to Gary J. Ortale, MidWestOne Bank, Iowa City, for being named a 2016 Corridor Business Journal Financial Executive of the Year. Courtney J. Henry has been hired by RSM US LLP, Des Moines, as tax senior.

Iowa CPA | July/August 2016 | 9

CPE spotlight July 12

Practice Issues in Preparation, Compilation and Review Engagements (CRA4-SF)

Sioux Falls

Annual Update for Governments and Not-for-Profits (GNAU4-SF)

Sioux Falls

Studies on Single Audit and Yellow Book Deficiencies (SAYB-SF)

Sioux Falls

Form 990: Mastering its Unique Characteristics (EO-F990)

West Des Moines

Planning for Unrelated Business Income Tax (UBIT4)

West Des Moines

Aug 8

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know (INRR4-DQ)

Dubuque

Controller’s Update: Today’s Latest Trends (SKSB4-DQ)

Dubuque

Frequent Frauds Found in Governments (FGOV4-CR)

Cedar Rapids

Frequent Frauds Found in Not-for-Profits (FNFP4-CR)

Cedar Rapids

AuditWatch University Level 2: Experienced Staff Training (AWS2-SF)

Sioux Falls

Restaurant Accounting and Controls 2016 (RAC)

West Des Moines

11-12

Emerging Leaders Conference (ELC)

Des Moines

15-17

AHI Staff Training: Beginning In-Charge (STP3A)

West Des Moines

Taking the Self Taught Excel User to the Next Level (STXL-CR)

Cedar Rapids

Working With, Storing and Securing Digital Information (SSDI-CR)

Cedar Rapids

9-11 10

16-18

AuditWatch University Level 4: Experienced In-Charge Training (AWS4-SF) Sioux Falls

Case Studies in Not-for-Profit Accounting and Auditing (CNFP-IC)

Coralville

Toolkit of Best Practices for Today’s Controller and Financial Manager (TKBP-IC)

Coralville

Tax Deprecation and Final Regulations on Repairs to Tangible Property (DEP-SF)

Sioux Falls

Key Tax Issues of Affordable Care Reporting for Employers (KACA-SF)

Sioux Falls

Identity Theft: Preventing, Detecting and Investigating (IDENT-BT)

Bettendorf

Real World Fraud in Today’s Small-to-Medium-Sized Entities (FSME-CR)

Cedar Rapids

IT Risks and Controls in Current and Emerging Environments (ITRC)

West Des Moines

Shorten Month-End: Closing Best Practices (SME)

West Des Moines

Staff Retention: Attract and Keep the Best People (SR-DM)

West Des Moines

Farm Tax Update (FTU-SC)

South Sioux City

LEAP Lunch with Leaders featuring Chris Honkomp (LWLCH)

Cedar Rapids

Process Improvements for Financial Managers: Enhance Your Bottom Line (PI) West Des Moines

Farm Tax Update (FTU-DM)

West Des Moines

Sept 1

Farm Tax Update (FTU-BET)

Bettendorf

Fringe Benefits: 2016/2017 (FB-CR)

Cedar Rapids

AHI Staff Training: Semi-Senior (STP2A)

West Des Moines

Real Estate Partnerships: Get In, Get Out, Get Taxed (REPG-CR)

Cedar Rapids

Excel Financial Reporting and Analysis (ERR)

West Des Moines

AHI Staff Training: Basic (STP1A)

West Des Moines

7–9

12–14

To view all upcoming events and register, visit www.iacpa.org/cpe/events webcast also available

10 | Iowa CPA | July/August 2016

www.iacpa.org

CPE spotlight 2016 staff training (audit) Aug. 9-11 - AuditWatch University: Level 2: Experienced Staff Training, Sioux Falls, S.D. Aug. 15-17- AHI Staff Training: Beginning In-Charge, West Des Moines Aug. 16-18 AuditWatch University: Level 4: Experienced In-Charge Training, Sioux Falls, S.D. Sept. 7-9 AHI Staff Training: Semi-Senior, West Des Moines Sept. 12-14 AHI Staff Training: Basic, West Des Moines

Restaurant industry Need tips on improving profit, accounting procedures unique to the restaurant industry, IRS compliance and more? CPAs, restaurant owners, managers and financial staff should plan to attend Restaurant Accounting and Controls 2016, Aug. 10 in West Des Moines.

Farm tax updates Attend in person or by webcast. Only available in Iowa through ISCPA! Presenters: Roger McEowen and Paul Neiffer Get the latest information on recent federal tax issues as they

We’re offering 311 before August 31

apply to farm and ranch clients. Coming to a location near you in August. You may attend ISCPA’s Farm Tax Update in Sioux City, West Des Moines or Bettendorf — or by live webcast (Aug. 31).

Derivatives and hedging Accounting for derivatives and hedging is no easy task. Learn how FASB views derivatives, accounting requirements and more at Accounting for Derivative Instruments and Hedging Activities on Sept. 15 in West Des Moines.

webinars

See the full list at: www.iacpa.org/onlinecpe

Eastern Iowa Fall Conference Sept. 22-23, 2016 | Sheraton Iowa City Hotel

The Eastern Iowa Fall Conference offers something for every accounting and finance professional, covering the major trends and issues in tax, accounting and auditing, technology and management. You will leave with solid takeaways and go back to work informed, focused and energized. 24 sessions to choose from! Visit www.iacpa.org/EIFC for descriptions and to register. Featuring top rated speakers Brad Burnett, John Higgins, Jim Lindell and Ray Thompson 2015 attendees said: • Loved the session times, and the choices were great. • I liked the flexibility of two hour sessions.

• Excellent, pertinent topics. • Great speakers.

• Well-organized and great value. Thank you!

16 hours CPE

Iowa CPA | July/August 2016 | 11

Council corner: A national view By Mark Wackerbarth, AICPA council representative

he AICPA held its 2016 Spring Meeting of Council in New Orleans, La., May 15-17. The theme was â&#x20AC;&#x153;Explore. Connect. Expand. Thriving in a Shifting Environment.â&#x20AC;?

CPA opportunities A panel discussion centered on technology, data analytics and big data. These bring opportunities to the CPA to improve audit quality and deliver insights for companies and their owners to address risk and enhance business performance. New technologies can reduce data collection and compilation time. These innovations will require different skillsets for auditors.

Future of learning An update was given on progress toward learning strategies to make learning personal, measure competency and not hours, innovate/experiment and ignite a passion for learning.

Cyber security A former FBI special agent and cybercrime expert shared topics and tips for cybersecurity, including how to combat insider threats, and tools you can use to prevent hacking.

Technology and policy The global software industry is driving rapid evolution in technology. To share in the broad economic and social benefits this offers, governments around the world must craft legal frameworks and foster market conditions that encourage innovation and creative enterprise. They must also focus attention on foundational issues for the digital economy and security, such as cybersecurity, privacy and work-

force development.

Explore, connect, expand AICPA President and CEO Barry Melancon discussed Explore: top concerns for world CEOs, emerging societal trends, disruptive forces driving future skills, trends impacting the profession, exploring niche expansion; Connect: consumers and investors, policy issues, state level, students, members, CGMA; and Expand: firms evolving for the future, risk of technology displacing professions, RIVIO, future of tax and A&A, integrated reporting, maximizing talent through inclusion.

Shifting landscape of tax Anticipated trends in tax include commoditization of compliance work, preparer regulation, congressional scoring, ID theft and cyber security, tax reform, busy season developments and IRS service issues.

D&I in the profession Updates were provided on diversity and inclusion, the pipeline and professional resources. Progress is being made with communication and awareness, the AICPA and National Academy Foundation rollout, Inclusion Solutions digital newsletter, advancing cultural intelligence in the accounting profession and AICPA D&I unconscious bias webinar series.

Market dynamics Future trends in marketing dynamics and responding to shifting member value demands included a focus on the consumer sector in 2030, with the next 15 years bringing its share of these industry upheavals: 1. Changing face of the consumer.

12 | Iowa CPA | July/August 2016

2. Evolving geopolitical dynamics. 3. New patterns of personal consumption. 4. Technological advancements. 5. Structural industry shifts.

Firms in 2020 What are the implications on talent, services and delivery that firms will be dealing with? Patterns and trends include automation replacing routine tasks, alternative options to services and knowledge, and globalization, specialization and consolidation changing the landscape. Firms will need to revisit business models with respect to culture, talent and clients.

Women in the profession There is a business case to promote and support the success of women to sustain the profession by creating an inclusive environment, increasing talent engagement and leadership opportunities. Help is needed in career advocacy and navigation, access to role models and career/life integration. The final session was on big data and the ability to derive many different insights to up your analytics IQ. Important steps were suggested for organizations wanting to start using data analytics, and opportunities for firms. Read the full report at www. iacpa.org/spring-council. Mark Wackerbarth is a CPA and consultant at Denman & Company LLP in West Des Moines. He is an ISCPA past president and has been a member since 1978.

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Welcome!

The following members joined the Society in May and June. Please take time to welcome them and invite them to participate in events and programs with you.

New members Karen A. Bartlett Transamerica Life Insurance Company Cedar Rapids, IA Mary Crystal A. Berg Wellmark Inc Des Moines, IA

David K. Horner Bankers Trust Co Clive, IA

Jorge E. Rubi Deloitte & Touche LLP Davenport, IA

Susan A. Hunter Schuster & Co PC De Witt, IA

Aiden A. Schade Gardiner Thomsen PC Urbandale, IA

Megan A. Bliven RSM US LLP Des Moines, IA

Megan E. Irvin Ying Sheng Timmins Kroll & Jacobsen Wells Fargo Audit & LLP Security Urbandale, IA West Des Moines, IA

Jackie M. Brehm Hospice of Dubuque Dubuque, IA

Gregory J. Jaeger O’Connor Brooks & Co PC Dubuque, IA

Patricia A. Bruxvoort CHAN Healthcare LLC Clayton, MO

Dana R. Johnson MidAmerica Capital Partners LLC Newport, MN

Jill R. Cunningham BH Management Services Michael J. Kamper LLC Principal Des Moines, IA Des Moines, IA Kevin D. Cutler RSM US LLP Davenport, IA Colin Dietrich Fidelity & Guaranty Life Des Moines, IA

Lori J. Kondrath Erichsen Kallsen & Associates CPA’s LLP Spirit Lake, IA

Graham R. Suchman Berkshire Hathaway Energy Des Moines, IA Kelly J. Swinton Simpson College Indianola, IA Amber R. Thomas Ernst & Young LLP Des Moines, IA Molly K. Timlin CoOportunity Health West Des Moines, IA

Trisha S. Kunze Remsen, IA

Natalie M. Wingert KPMG Des Moines, IA

Tyler J. Engelbart Myers and Stauffer LC Des Moines, IA

Matthew J. Larson Gardiner Thomsen PC Urbandale, IA

Kelly J. Wood Kelly Wood CPA PC Ainsworth, IA

Allison M. Fagerbakke BerganKDV Ltd Cedar Rapids, IA

Jason M. Less Deloitte Tax LLP Des Moines, IA

Lindsay L. Fuerstenau Wells Fargo Home Mortgage West Des Moines, IA

Joseph R. Lynn Kiesling Associates LLP West Des Moines, IA

Benjamin C. Wyckoff Ryun Givens & Company PLC Urbandale, IA

Samuel D. Halse Halse Company Rock Rapids, IA William D. Hamilton Myers and Stauffer LC Des Moines, IA Chad D. Hoekstra HDH Advisors LLC West Des Moines, IA

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Ruth C. Munger Austin Mutual Insurance Company Omaha, NE Michelle A. Roose Stoney Creek Hospitality Corp Mason City, IA

Andrew J. Zajicek PricewaterhouseCoopers LLP Des Moines, IA Affiliates: Amanda M. Bakker Maureen Pruisner CPA PLC Cedar Falls, IA

Stephanie B. Beyea Timmins Kroll & Jacobsen LLP Urbandale, IA Caitlin C. Clemens Timmins Kroll & Jacobsen LLP Urbandale, IA Alexandra J. Fevold McGowen Hurst Clark & Smith PC West Des Moines, IA Katelyn R. Fevold McGowen Hurst Clark & Smith PC West Des Moines, IA Daniel Gehlbach FBL Financial Group Inc West Des Moines, IA Ryan R. Horner RSM US LLP Des Moines, IA Torrin J. O’Brien RSM US LLP Des Moines, IA Grant T. Seuferer Deloitte Tax LLP Des Moines, IA Miranda Shipman Timmins Kroll & Jacobsen LLP Urbandale, IA Michelle R. Vorland Maureen Pruisner CPA PLC Cedar Falls, IA Tracie Witt FBL Financial Group Inc West Des Moines, IA

Iowa CPA | July/August 2016 | 13

AICPA, CIMA members approve proposal to advance profession

embers of the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA) have overwhelmingly approved a proposal to create a new, international accounting association that will integrate operations of both organizations, while preserving the existing membership bodies.

Vote results

“

“In developing this proposal, we were careful to structure commitments to CPA and

This is an important milestone for the profession, one that will ultimately benefit accountants of today and tomorrow as they navigate accelerating complexity and change - Cindy Adams, ISCPA CEO

Voting concluded in separate AICPA and CIMA membership ballots on June 16 and a supermajority of members who voted from both organizations endorsed the proposal. The AICPA ballot passed 86.5 percent to 13.5 percent,

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according to independent tabulator Survey and Ballot Systems. CIMA members endorsed the proposal 89.7 percent to 10.3 percent, according to their independent tabulator Electoral Reform Services.

”

CGMA, CIMA and AICPA and public practice and management accounting,” said Barry Melancon, CPA, CGMA, AICPA president and CEO. “We are excited about crafting a path forward that reflects how the world is changing. At the same time, we will be extraordinarily mindful of protecting our collective history and the strong reputation both organizations have built over the past century. This is about building on what is great – and addressing an exciting evolving world.” The new association will represent more than 600,000 current and future accounting professionals and will raise the profile of public and management accounting in the U.S. and abroad. It will enhance resources, provide more market insights and have a stronger advocacy voice. AICPA members will get these benefits and automatic dual membership in the AICPA and new association as part of their regular AICPA dues, which will continue to be set and adjusted

14 | Iowa CPA | July/August 2016

in line with historic norms. The AICPA will continue its strong partnership with state societies to promote, protect and grow the CPA. Fifty-two state CPA societies passed resolutions in support of the member ballot proposal, including the Iowa Society of CPAs (ISCPA), which welcomed the vote outcome. “This is an important milestone for the profession, one that will ultimately benefit accountants of today and tomorrow as they navigate accelerating complexity and change,” said ISCPA CEO Cindy Adams. “I want to thank all the members in Iowa who took the time to evaluate this proposal and vote. The accounting profession here, across the country and around the world will be stronger because of the diverse input and insights shared during this process.” The new association is expected to launch in 2017. Additional details will be provided as they become available in the coming months.

Did you renew your license?

f you forgot to renew your CPA license by June 30, it’s not too late! If postmarked or renewed electronically after June 30, the late fee (renewal fee + 25 percent penalty) must be included. Licenses not renewed by July 30 will automatically lapse July 31, and require reinstatement. For details, visit https://plb.iowa. gov/cpalpa-renewal. Renew your CPA license by July 30 at www. licensediniowa.gov.

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Classified ads ACCOUNTING MANAGER–Experienced Tax Professionals – DeWitt Bank Tax & Accounting Services, a division of DeWitt Bank and Trust Co, is seeking experienced licensed tax professionals to join our team. Position Requirements: Experience in complex business and personal income tax preparation, tax planning, research and consulting. Bookkeeping and compilation experience a plus. Qualified applicants should have experience in managing client relationships and new business development, with a strong desire to lead and mentor others. These positions may require travel between our DeWitt and Wilton locations. Seasonal and year round opportunities are available. DeWitt Bank & Trust offers a competitive benefit package which includes medical, dental, vision, 401(k) plan, life insurance and long term disability, as well as a generous vacation and holiday schedule. DeWitt, Iowa is located just 20 minutes north of the Quad Cities. Interested applicants should send their resume to tgradert@dewittbank.com. CPA–Kronlage & Olson PC is a family friendly, local seven person CPA firm located in Charles City, Iowa, America’s Hometown, only minutes away from Waterloo and Mason City. We have recently expanded our client base and are in need of additional professional staff, developing into an equity position. Required Experience and Skills: 5-10 years of public accounting experience, income tax and auditing, governmental auditing and QuickBooks desired. Responsibilities: Individual and business income tax returns, client write-up and compilations, governmental and nonprofit audits and reviews, advise clients on tax and business activities. Desired Personal Traits: Strong verbal and written communication, ability to work indepen-

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dently, self-motivated. Our firm supports your personal family life and your involvement in outside activities and organizations in a family-oriented community. We offer competitive compensation, benefits and continued professional growth. For immediate consideration for this career opportunity, please forward your cover letter and resume to: John C. Olson, CPA, Kronlage & Olson PC, 117 N Jackson St, Charles City, IA 50616-2036 or email john.olson@kronlageandolsoncpa.com. Website: www.kronlageandolsoncpa.com. IOWA PRACTICES FOR SALE: Gross revenues shown. NE Iowa $337K; Des Moines area $490K; Central IA $1.456M; NW IA $603K; N Central IA $532K. For practice details call 1-800-3970249 or visit us at www.AccountingPracticeSales.com to inquire about available opportunities and register for free email updates. THE IOWA YOUTH CHORUS, a nonprofit organization serving Central Iowa youth who love to sing, is looking for an Iowa CPA to join their board to help lead and strengthen programs for central Iowa youth who are passionate about vocal music education. If you are interested in exploring this opportunity, contact Angie Pierce Jennings at angiepiercejennings@iowayouthchorus.org. ACCOUNTANT/CPA–HoganHansen PC is hiring in their Mason City, Iowa, office. We are seeking an accountant/CPA to join our tax and audit staff. Three years’ experience preferred, but will consider candidates with less experience who display the necessary attributes for job success. Job duties will include individual, partnership, and corporate tax return preparation, as well as audit functions. Salary to commensurate with experience. Email resume and cover letter to lwall@hoganhansen.com.

ACCOUNTANT/CPA–HoganHansen PC is hiring in their Forest City, Iowa, office. We are seeking an accountant/CPA to join our tax staff. Three years’ experience preferred, but will consider candidates with less experience who display the necessary attributes for job success. Job duties will include individual, partnership, and corporate tax return preparation. Potential office management opportunities for candidates who display necessary leadership qualities. Salary to commensurate with experience. Email resume and cover letter to Lisa Wall at lwall@hoganhansen.com. TAX ACCOUNTANT–Small firm with big opportunities seeks experienced tax accountant. Do all the sophisticated, challenging and fun work of a large firm in a more personalized, high-energy, and positive work environment. Reap the benefits of performing meaningful work on a daily basis without the added stress of excessive hours. For more information, please visit www. tlbakerco.com/careers. Please send resume to careers@tlbakerco.com. CAREER OPPORTUNITY-INTERNAL CFO-PELLA– Our client is an established manufacturer of durable goods and seeking a strategic-minded CFO! Plans for 2016 include product diversification and expanded geographic reach. Requires a strong background in manufacturing costing and credit financing. Hands-on position and an integral part of the executive team. BS/BA Accounting, CPA preferred, 7+ years’ experience. For confidential inquiry and consideration, contact Miles Morrow, CPC, Iowa Career Connection: 515-282-5823 or morrow@iowacareerconnection.com. We are retained by our clients who pay all fees. For ad rates, visit: www.iacpa.org.

Iowa CPA | July/August 2016 | 15

Spring tax forum meetings By Todd Thorson, Taxation Committee

series of meetings took place this spring involving representatives from ISCPA’s Taxation Committee and these federal and state tax stakeholders: • Iowa Department of Revenue (IDR). • National Taxpayer Advocate (NTA) public forum with Sen. Chuck Grassley. • The Iowa IRS Practitioner Liaison (IIPL) • The Accountants Association of Iowa (AAI). • The Center for Agricultural Law and Taxation (CALT) with Kristy Maitre. The NTA public forum included remarks from Sen. Grassley and personal experiences relayed to the taxpayer advocate from representatives of the agricultural and local taxpayer communities. A common theme centered around IRS customer service and the complexity that taxpayers are expected to comply with. There were many frustrations vented about the wait periods and ability to talk to qualified individuals on the phone, whether or not they had the background to answer a question. Some of the solutions presented were a system to allow for return calls and ability to speak to the same person (so you don’t have to spend time getting a new representative familiar with the particular case), a reservation system, and creation of a single source to deal with identity theft. A positive note from the meeting was the process of initiation of audits. Although most had the perception that audits would never be initiated by phone call due to fraud risks, it became clear that the IRS did indeed contact taxpayers by phone before a letter was sent. Within a few days, the IRS changed their policy to initiate

audits only by letter. It is a good idea to confirm with the IRS before providing any confidential information. For those who did not attend the meeting, you can provide your comments on the NTA site at http://taxpayeradvocate.irs.gov/ submit-a-suggestion.

IIPL meeting Presentations from the IRS stakeholder liaison and the IDR were made with key area discussion on the hiring of 700 additional IRS agents primarily for enforcement of abusive tax preparers, flow through losses with basis documentation, hidden officer compensation and an Offshore Voluntary Disclosure Program (OVDP).

AAI Iowa Liaison A number of speakers were represented, including CPAs, the IDR, the Iowa Taxpayer Advocate and CALT. A popular discussion dealt with the new Iowa 100 Capital Gain Deduction Form. Of particular concern was the documentation of the required holding period for the property being sold. The purchase date is not always clear or documented especially with livestock. A committee of stakeholders was created and further clarification will be coming this year to comply with Iowa rules.

ISCPA tax meeting The committee and Kristy Maitre dealt with specific issues that taxpayers and preparers are facing. • The IRS CP45 notice “Unable to Apply Refund/Overpayment Toward Payment of Your Estimated Tax” is currently under review. The reason for adjustments are not always clear. The choices taxpayers have are to make larger tax estimates until the

16 | Iowa CPA | July/August 2016

matter is cleared up or hope its cleared up without penalties for underpayment. Additional information will come from the IRS on this. • Certain taxpayers received late notices due to the April 15 federal holiday pushing the due date to April 18. IRS computers were not all updated for this. If a late notice was received, a letter of explanation to the IRS should clear up the penalties and interest. • The IRS position on conservation reserve program (CRP) payments to both farmers and non-farmers alike was discussed. The IRS has taken a position that CRP payments made to non-social security recipients are self-employment income subject to selfemployment taxes. General takeaways from the meetings included being familiar with the new Jan. 31 due dates for 1099 and W-2s beginning in 2017. Taxpayers filing with certain credits (child tax and earned income) will need to wait until Feb. 15 to allow the IRS to match up source documents with 1040s to reduce fraud. You should be watching for new 1065 partnership audit rules beginning in 2018 that will allow for entity level tax on behalf of the partners under an audit liability generated from the partnerships. Calendar year 2015 Form 5500 will receive an extended due date of Nov. 15 compared to the prior Oct. 15 deadline. Todd Thorson is a CPA and partner with Kiesling Associates LLP in West Des Moines. He has been an ISCPA member since 1995.

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LEAP forward …Need-to-know news and advice for leaders emerging in the accounting profession ISCPA’s LEAP Committee provides education, networking and development programs across the state for members 40 and under. Visit www.iacpa.org/membership/young-professionals for detailed information about these events and register today.

Lunch with Leaders Aug. 30 – Cedar Rapids Chris Honkomp, CEO, BerganKDV, Cedar Rapids Sponsored by:

FREE for all members! Join your fellow CPAs and ISCPA CEO Cindy Adams for an informative and casual gathering to discuss current issues, hot topics and anything else top of mind. Refreshments provided and it’s free for members to attend. Would you like ISCPA to host a Common Grounds event at your firm or company? Contact us at iacpa@iacpa.org and we’ll do the rest.

Oct. 13 – Des Moines Mary Sellers, president, United Way of Central Iowa, Des Moines Oct. 20 – Dubuque Tim Christen, 2015-16 chair, AICPA Board of Directors In an effort to expand this popular lunch series to members in other parts of the state, we are offering Lunch with Leaders in Dubuque for the first time. We greatly appreciate your support of this event by attending. LEAP is for members 40 and younger, but all members are welcome to attend.

Aug. 3-Sioux City Aug. 4-Spencer Sept. 15-West Des Moines Nov. 10-Council Bluffs Nov. 17-West Des Moines Visit www.iacpa.org/commongrounds for details and to sign up.