Iowa CPA - October 2023

CPA

Be-leaf it! Your support matters

The giving season is just around the corner. Remember, the Iowa CPA Education Foundation is a great option to support the next generation of CPAs and give back to the profession. Now is a great time to plan your end yearend giving and put the Foundation on your gift list.

Foundation’s purpose

Established in 2014, the Iowa CPA Education Foundation supports the future of the profession by providing scholarships and financial assistance to individuals who want to become certified public accountants in the state of Iowa. Thanks to the foundation, we’ve granted 39 scholarships since 2015 to college students who make a commitment to take the CPA exam in Iowa.

All sizes

Too often, members think there is a minimum contribution level for Iowa CPA Education Foundation gifts. While contributions of $1,000 and higher are recognized with a leaf on the foundation wall of honor in ISCPA’s office, donations of all sizes make a difference. Interested in learning more about donor recognition levels? Find details at www.iacpa.org/foundation

Easy to do

Support the future of the profession by making your donation today! To contribute to the foundation or find information about tax benefits and deductions available, visit www.iacpa.org/foundation

Make a difference

Finding accounting professionals to fill positions is a major concern among business leaders today. Many firms and businesses rely on a steady stream of CPA candidates coming out of college. Trends show declining college enrollment and fewer students choosing to pursue accounting degrees. We believe we can make a difference with a multifaceted approach: support those committed to becoming a CPA through Foundation scholarships and inspire those who don’t yet know the many opportunities available within the accounting profession through Career Awareness efforts. Your Career Awareness sponsorships support our early efforts, and your Education Foundation donations fund scholarships. We aim to attract and keep more of the next generation of accounting professionals in Iowa. That’s why giving to the Foundation matters. The Foundation helps deserving accounting students through scholarship awards.

Next generation

Before they are scholarship candidates, they must first choose to pursue accounting. Looking for ways to get involved with high schoolers? Members are needed for high school classroom presentations during November’s Accounting Opportunities Experience initiative. See article on page 2 for more details. For Career Awareness opportunities, see page 5.

By supporting the Iowa CPA Education Foundation, you are making a difference for future accounting students and the CPA profession. Be-leaf it! Today’s contributions lead to tomorrow’s successful CPA candidates.

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

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

Marty Fredericks, ISCPA past chair

Accounting Opportunities Experience this November

Your Iowa Society of CPAs is excited to be partnering with AICPA and state CPA societies across the country to raise awareness of the accounting profession among high school students.

Last year, we introduced Accounting Opportunities Week to members, students and educators. This year it’s been expanded to a full month. November’s Accounting Opportunities

Experience is dedicated to helping Iowa students better understand the career opportunities in the accounting and CPA profession.

With trends continuing to show fewer students choosing to

Issue No. 2023-10

Published 10 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

pursue accounting degrees, the declining CPA pipeline is one of the most important issues facing the CPA profession today. It’s time to inspire the next generation and share the wide variety of career paths available in accounting and why earning a CPA license is worth the time for long-term career goals.

The Accounting Opportunities Experience campaign will help bring CPAs into high

career journey, what an average day looks like, how they use their skills to solve problems, and what to expect in college. Last year’s classroom visitors found the chance to talk with students very rewarding and plan to participate again in November.

To make everything as simple as possible, ISCPA is providing a PowerPoint presentation, talking points and training ahead of the classroom interactions. We are also helping to match the volunteer presenters with teachers requesting speakers from their area.

school classrooms with in-person, virtual or ondemand presentations to help students better

understand opportunities in the CPA profession. We need ISCPA members to volunteer their time to make this a huge success in Iowa. If you want to get involved, complete a short form at www. iacpa.org/hspresenter

CPAs, CPA candidates, and accounting majors will visit local high schools to speak with students about the best part of their

Today’s students are looking for careers that utilize technology, provide a path to entrepreneurship and meet their ethical expectations. We know accounting can check all these boxes, but we need the message to reach high school students.

Our outreach efforts in school classrooms are not limited to this November’s campaign! ISCPA’s acCOUNTing ME IN program makes it easy to present to local schools throughout the year. Contact Natalie Harwood at nharwood@iacpa.org if you want to get involved and inspire the next generation of accountants.

Email: iacpa@iacpa.org

Website: www.iacpa.org or contact the ISCPA office: 515-223-8161/800-659-6375

ACCOUNTING OPPORTUNITIES EXPERIENCE

Share your experience and excitement about the profession with students in high schools across Iowa. Sign up at www.iacpa.org/aoexperience.

Cover photo by Payton Shields: Swan Lake, Carroll, Iowa.

IDR Updates Taxation Committee on Ongoing Projects

By Grant Seuferer, ISCPA Taxation Committee

The ISCPA Taxation Committee held its annual liaison meeting with the Iowa Department of Revenue (IDR) on Aug. 22. This meeting is a chance for committee members to ask questions and hear updates from IDR representatives on various projects or concerns.

Taxation Committee Co-Chairs

Jason Less and Nate Beck facilitated the discussion. The IDR was well-represented by a five-person panel, including Department Director Mary Mosiman.

Update on modernization project

IDR representatives were excited to share updates on the IDR’s multi-year systems modernization project. This project includes an updated taxpayer interface called GovConnectIowa (GCI) as well as improvements to the systems used internally, which will help in areas such as improving taxpayer audit procedures.

The first of four rollouts occurred in November 2021 and included sales and use, withholding, fuel, and local option taxes. The second rollout occurred in November 2022 and concerned business income taxes including corporations, pass-through entities, and franchise taxes.

The third rollout is on track for its scheduled release in November 2023 and will primarily address individual taxation. Although GCI will be a new system for all individual taxpayers and many practitioners, the transition is anticipated to be as seamless as possible. GCI is a robust system that will reduce the IDR’s manual

efforts in reviewing tax returns by automatically catching calculation errors and other discrepancies on filed returns. Despite the transition to a new system, the IDR’s goal is to continue to disburse refunds within 30 days of return receipt. When asked if there are items practitioners should be advising their clients about, representatives responded that the largest impact would be the taxpayer’s ability to enroll and set up their own GCI account. This will allow taxpayers to log in and view or make estimated tax payments as well as view and respond to notices, among other features. Additionally, there will be a process to allow taxpayers to authorize third parties, such as tax practitioners, to have access to their GCI account. Additional guidance will be available once the rollout is complete this fall. The final rollout is scheduled for November 2024 and will primarily address local government distributions. The IDR representatives urge taxpayers and practitioners to sign up for email updates on the IDR’s webpage (https:// tax.iowa.gov) to stay informed of how the various rollouts will impact users.

Pass-through Entity Tax election

Another major topic of conversation during the meeting was Iowa’s Pass-through Entity Tax (PTET) election and the procedures for making the election for 2022. There is only one method of making the PTET election for 2022, which is via GovConnectIowa. The IDR highly

encourages any business with an account to log into GCI to make the election, as this cuts down on potential processing errors. For taxpayers that do not have an account yet or choose not to log into GCI to make the election, there will be an option to file through GCI without logging in. The IDR is aware that many taxpayers are interested in having their tax practitioner file the election on their behalf. The IDR is working on creating a Preparer Authorization Form which will be available on the IDR’s website. This will allow the taxpayer to give authorization to a third party strictly to file the election on their behalf via GCI.

The Taxation Committee will hold its next liaison meeting with the IDR during the summer of 2024.

Grant Seuferer is a CPA and Tax Senior Manager at Deloitte Tax LLP in Des Moines. He has been an ISCPA member since 2016.

PTET update

The 2022 PTET form is now available on GovConnectIowa. Eligible partnerships and S corporations may now make an Iowa PTET election for tax year 2022 by filing a 2022 PTET form and making Iowa tax payments on GovConnectIowa. Find more information on the IDR’s PTET guidance page www.iacpa.org/ IowaPTET

Not your keys, not your coins — lessons learned from the FTX bankruptcy

By Melissa A. Dardani, CPA, CFE, MAcc, MD Advisory Services

As the use of digital assets, such as cryptocurrencies and digital securities, continues to grow, the role of accountants in managing and safeguarding these assets is becoming increasingly important. One of the key elements in managing digital assets is the use of private keys, which are critical for ensuring the security and integrity of these assets.

Private keys are generated using cryptographic algorithms that create a unique, random sequence of characters and are used to control access to digital assets. In the case of cryptocurrencies, the private key is generated when a user creates a new wallet on a blockchain or distributed ledger.

interim CEO John J. Ray III, who replaced SBF, claimed that in more than 40 years of legal and restructuring experience, he had never seen such a complete failure of corporate controls and absence of trustworthy financial information as occurred at FTX. He cited specifics, including compromised systems integrity and the concentration of control in the hands of a very small group

positions on the blockchain, [and] the use of software to conceal the misuse of customer funds.”

Consideration for CPAs

The use of private keys for digital assets can also help to improve transparency and accountability. Digital assets that are protected by private keys are recorded on a public ledger that is accessible to anyone. This means that transactions can be easily tracked and audited, which can help to improve accountability and prevent fraud.

Learning from FTX: Internal Control, Corporate Governance and Regulation in Cryptocurrency Investments

Dec. 18 | 2 hrs CPE West Des Moines and webcast www.iacpa.org/FTX

One of the key benefits of using private keys for digital assets is that they provide a high level of security. The use of cryptographic algorithms makes it extremely difficult to crack the private keys. In addition to providing security, private keys also play a critical role in ensuring the integrity of digital assets. Private keys are used to create digital signatures that verify the authenticity and integrity of digital assets, prevent fraud and ensure that transactions are not tampered with or altered in any way.

Lessons learned from the FTX bankruptcy

FTX was a cryptocurrency exchange and hedge fund run by the now-disgraced Sam Bankman-Fried (SBF) that collapsed in November 2022. In his declaration in support of the Chapter 11 bankruptcy petition,

of inexperienced, unsophisticated and potentially compromised individuals.

The party with possession of the private keys is the effective owner of the digital assets. When a crypto owner holds their digital asset on an exchange such as FTX, opportunity exists for the exchange to transfer or sell the digital assets without the permission or knowledge of the depositor. Of important note from his declaration is Mr. Ray’s reference to the unsecured account used to access private keys. According to Mr. Ray, “unacceptable management practices included the use of an unsecured group email account as the root user to access confidential private keys and critically sensitive data for the FTX Group companies around the world, the absence of daily reconciliation of

However, the use of private keys for digital assets also presents some unique challenges for accountants. One of the key considerations is ensuring that private keys are properly safeguarded and managed. Private keys are extremely valuable; if they fall into the wrong hands, they can be used to steal or manipulate digital assets, as seen in the case of FTX. Accountants should advise their clients of the risk associated with digital asset ownership rights and stress the importance of safeguarding the keys to the kingdom.

For businesses and individuals that do not hold their digital assets on an exchange and therefore have possession of their own private keys, another challenge is the need to ensure that private keys are properly managed over time. Private keys can be lost or forgotten, resulting in the permanent loss of digital assets. As a result, accountants must advise stakeholders to ensure private keys are properly backed up and that they are accessible when needed.

Continued on page5

Discover more with ISCPA

Report Month of Service activity by Oct. 10

We need to hear from you! Did you participate in September’s Iowa CPAs Month of Service as a member of a team or as an individual? All individuals and team leaders (on behalf of team members) should complete the online report to help us accurately measure the event’s impact on people and communities across Iowa. Find the reporting link at www.iacpa.org/MOS

Reporting information is also used to select Month of Service Community Impact and Community Spirit Award recipients. Look for full coverage of the 2023 Iowa CPAs Month of Service in next month’s issue.

Support ISCPA pipeline initiatives

ISCPA actively promotes the profession and advocates for the next generation of accounting professionals. Activity costs such as career fair exhibiting, educator conferences, classroom presentations, promotional items, and more are covered by Career Awareness sponsors. With colleges reporting fewer accounting students and even fewer aspiring to earn their CPA, we are working harder than ever to reverse this trend.

Efforts require a large commitment by the Society and member volunteers. Firms and businesses are encouraged to consider sponsoring ISCPA’s Career Awareness efforts. Find details at www.iacpa. org/CAsponsor or contact Lindsey Haley at lhaley@iacpa.org , 515-985-7125.

In remembrance

ISCPA offers condolences to the family of:

L.J. Thomas Ahlers, Urbandale. Tom was a member since 1972.

Franklin A. Larson Jr, Dubuque. Frank was a member since 1976.

Continued from page 4

Digital assets are becoming increasingly relevant for many businesses, and their value can often be significant. Therefore, the security and integrity of these assets must be a top priority for owners and management. Auditors and advisors must consider private key security when conducting their risk management evaluation. Private keys must be kept secure and only shared with trusted parties when absolutely necessary. It is also important to have a backup of the private keys stored in a secure location to prevent loss due to technical failures or human error. By doing so, owners can maintain complete control and ownership over their digital assets and minimize the risk of loss or theft.

Melissa A. Dardani, CPA, CFE, MAcc, is founder of MD Advisory Services. She can be reached at melissa.dardani@mdas.cpa

Reprinted with permission of the New Jersey Society of CPAs, njcpa. org

Hunter Moore

Hometown: Memphis, Tenn.

Alma mater: University of Mississippi. Bachelor of Accountancy, Master of Taxation and Data Analytics

Where do you work and what’s your role?

Principal Financial Group – Accounting Leadership Development Program. In my role, I rotate throughout the organization to develop both my technical skills and leadership abilities within the financial services industry. This opportunity allows me to gain an enterprise understanding of Principal and support the organization’s goal of fostering financial inclusion.

What can we find you doing when you’re not at work? While not at work, I enjoy walking around Ewing Park, exploring restaurants throughout the area, and sitting down to play my Playstation.

What’s one thing you can’t make it through the day without? Coffee!

What is your proudest professional accomplishment? My proudest professional accomplishment leans into personal well-being. When I started my career, I was solely focused on professional development. While that is still a priority, I’ve learned to strike a healthy balance between my personal and professional aspirations. Focusing on fostering a well-rounded character takes practice and I continue to grow with this every day.

What ways have you been involved in ISCPA and how has it benefited you? I first became involved with the Society when I was a student. This was an introduction to the profession and connected me with current professionals within Des Moines and

aided me in landing my first role. When I earned my licensure, I joined the Leaders Emerging in the Accounting Profession (LEAP) Committee to grow my leadership skills and promote learning opportunities for others within the profession.

What made you want to become a CPA? The CPA was a goal of mine throughout college, and my desire to earn the designation has evolved over time. The overarching reason I chose to become a CPA was the obligation it requires to the public. As a CPA, I have a duty to uphold high ethical standards and place societal welfare before my personal interests. I see this as an opportunity to provide guidance and build trust in the communities I serve.

What’s your best piece of advice for a college student thinking about becoming a CPA? My best piece of advice is to figure out your motivations for becoming a CPA. The examination process is achievable but requires dedication. Having a purpose when you’re going through a challenging time makes a tremendous difference.

If I weren’t a CPA, you might find me: Working as a veterinarian in my own clinic!

I am passionate about: Empowering others to fulfill their full potential by offering my time and a listening ear.

People don’t know this about me, but I: Love cooking and make delicious gumbo–from scratch!

Last call for nominations

o you know an Iowa CPA who demonstrates a commitment to the profession and has made a positive difference in the business and/ or general community? Nominate them for one of these ISCPA awards to be presented at the 2024 Leadership Conference and Annual Meeting on Thursday, May 2. Award nominations are due Oct. 10.

Public Service Award

Recognizes an Iowa CPA who has exhibited a distinguished record in their work for nonprofit, charitable or civic organizations. Nominees will be judged on their voluntary participation in one or more organizations over periods of time in their local community, the state of Iowa, or the nation.

Outstanding CPA in Business and Industry

Honors the achievements of an Iowa CPA in business and industry and promotes the CPA certificate as the preferred credential for business. Candidates are judged for having made a significant contribution to the growth and success of their employer or for a notable entrepreneurial achievement.

Rising Star award

Recognizes the accomplishments of younger members who are emerging as leaders. Candidates must be 40 or younger and a volunteer for ISCPA, with a civic or charitable organization, or with another professional association. For more information and nomination forms, visit www.iacpa. org/cpa-awards

CPE credit deadline of Dec. 31 is fast approaching. Attend an ISCPA seminar today to whether it’s a tax update, an A&A course, or a webinar on professional development, ISCPA has what you are looking for. Visit www. iacpa.org/cpe and see page 13 for upcoming learning opportunities.

Bonus: ISCPA members enjoy the ease of automatic record keeping with the My CPE Tracker tool. CPE credit hours for ISCPAsponsored programs are automatically logged and certificates of attendance are available in your online dashboard.

CPACharge has made it easy and inexpensive to accept payments via credit card. I’m getting paid faster, and clients are able to pay their bills with no hassles

– Cantor Forensic Accounting, PLLC

Trusted by accounting industry professionals nationwide, CPACharge is a simple, web-based solution that allows you to securely accept client credit and eCheck payments from anywhere.

65% of consumers prefer to pay electronically

Classified ads

EASTERN IOWA CPA PRACTICE FOR SALE. Asking $575K. 2022 net collections were $481,614.

Practice mix 46% Individual Tax Returns; 22% Corporate and Partnership Tax Returns; 32% Monthly Payroll and Bookkeeping. No attestation services are provided. Year to date 2023 shows a growth rate of 8.3%. Email inquiries to IAacct.sales5@gmail.com

ASSISTANT PROFESSOR OF

ACCOUNTING: The Department of Business Administration at Simpson College is hiring a fulltime, tenure-track position in Accounting. This position begins August 2024. The candidate will have the opportunity to:

• Teach six courses (or a 3-3 load) including repeat sections of Intro to Accounting plus Intermediate Accounting I, Federal Tax, and a senior capstone. We prefer candidates who also could teach Data Analytics in Accounting.

• Contribute to the Simpson community and department through advising students, professional development in an interest area, and campus service.

Simpson is committed to innovative teaching, individual student attention, and educational access to prepare our graduates to lead lives of meaning and purpose. A candidate should be committed to cultural diversity and inclusive teaching practices. Simpson’s 3-week May Term gives instructors the opportunity to design and lead innovative courses, experiential learning, and travel abroad. The Business department offers several majors on our residential campus, and it also supports majors (including Accounting) delivered via Continuing, Graduate, and Online Education.

Qualifications

Candidates with a Master’s or PhD in Accounting are preferred. Candidates with an MBA plus CPA and 18 graduate credits of

Accounting will be considered. The department highly values professional experience in the field, which enhances excellent teaching and helps Simpson students make connections to internships and potential careers.

Application Instructions

Applicants should submit a cover letter, a current vitae (with names of three references), and graduate transcripts (unofficial). The cover letter should highlight interest in and qualifications for this position, as well as any relevant teaching experience. Teaching evaluations and other evidence of potential for excellent teaching (trainings, workshops) may be submitted as well. Review of candidates will begin immediately and continue until the job is filled. Applications received by November 3, 2023 will receive priority consideration. Contact Kedron Bardwell kedron. bardwell@simpson.edu

VICE PRESIDENT FOR BUSINESS AND FINANCE: Simpson College, a private liberal arts college in Indianola, Iowa, is seeking nominations and applications for its next Vice President for Business and Finance (VPBF). The VPBF is Simpson’s Chief Financial & Business Officer and a member of the President’s Cabinet. The VPBF is charged with advising the President on all aspects of the College’s finances, including but not limited to financial planning, budget and policy development, and providing leadership to the administrative functions of the College, including accounting, financial resources, human resources, facilities, auxiliary services, information technology and purchasing. Application materials should be submitted through the AGB Search portal system here: http://bit.ly/3Z4aP7k. Contact mimi.bartley@simpson.edu.

TAX MANAGER: At BakerStarrett LLP in Grinnell we are in the business of delivering expert tax

solutions with personalized client service. We are looking for someone who has passion and experience in preparing and reviewing tax returns. Join our team and help us live out our mission!

Responsibilities:

• Prepare and review tax returns for the following types of clients - Individuals, Corporations, Partnerships, Trusts

• Prepare and review Tax Planning and Projections, and advise clients of tax strategies and tax savings

• Handle routine client questions and work directly with clients to obtain necessary information for financial statement compilations and tax returns

• Conduct tax research for unusual tax-related events

• Oversee quarterly and annual tax and financial reporting

• Teach staff tax and accounting methods and processes

Qualifications:

• Have a bachelor’s degree in accounting plus 5+ years of tax experience

• Be a licensed CPA, EA, or eligible for license with the goal of obtaining a certification - BakerStarrett will reimburse you for your sitting fees after your first tax season with us

• Be willing and able to learn new processes with minimal oversight

• Have strong math, analytical and problem solving skills

• Have great attention to detail

• Have a strong work ethic and the determination to complete the work efficiently and effectively

• Be team-oriented and passionate about what you do

Submit your resume and cover letter to careers@bakerstarrett.com.

For ad rates, visit www.iacpa.org/advertising.

A message from your board

The ISCPA board of directors met Sept. 22, 2023. Decisions and activities are listed below.

• Approved consent agenda items including minutes of the April 21, 2023 meeting of the board and the July 21, 2023 meeting of the executive committee.

• Received a report from ISCPA legislative counsel, Brad Epperly.

• Approved an agenda and legislative retainer for the 2024 legislative session.

• Received audit report and tax returns summary for the

Find a CPA

Members in the news

Rebecca Agnitsch has been hired by MHCS, West Des Moines, as a supervisor.

Kristyn Burwinkel has been hired by Aiwyn, Bettendorf, as senior accountant.

Dan Conway, Iowa Farm Bureau Federation, West Des Moines, has been selected for participation in the 2023 AICPA Leadership Academy.

Ben Currie has been hired by Ames National Corporation, Ames, as controller.

Amanda Flemming has been hired by Delano Sherley & Associates Inc, Cincinnati, Ohio, as tax accountant.

fiscal year ended April 30, 2023 from Brent Alexander, CPA, Jacob Ohnmacht, CPA, and Brian Aronson, CPA, of BerganKDV Ltd.

• Received a report from Ardis Kelley, chair of the Pathways to Licensure Task Force.

• Received an update on ISCPA membership from Lindsey Haley, director of membership and business development.

• Received a report from Chair Alison VanOtterloo.

• Received a report from Dwayne Vande Krol on AICPA Council Meeting held in Washington D.C. in May.

• Received a report on updated vision statement, mission statement and value proposition from CEO Dawn Latham

• Board approved the vision, mission and value proposition drafted by board and committee chairs during June strategic planning meeting.

• Board discussed challenges, opportunities and emerging trends within the profession and identified top three priorities for next three years.

• Next scheduled meeting is Dec. 1, 2023.

Melissa Hansen has been hired by Goodwill Industries of Northeast Iowa, Waterloo, as controller.

Renee Hesselman, Honkamp PC, Dubuque, has been recognized as a Telegraph Herald 2023 Rising Star.

Keaton Hoogendoorn has been hired by Kroese & Kroese PC, Sioux Center, as CPA.

Cady Hufford has been hired by Gray Hunter Stenn LLP, Quincy, Ill., as tax manager.

Lisa Mapes, Deloitte, Des Moines, has been promoted to managing director.

Adam Schmidt has been hired by Summit Ag Investors, Alden, as senior finance manager.

Jenny Smith, MHCS, West Des Moines, has been selected for Leadership Iowa Class of 2023-24.

Shane Van Essen has been hired by Kroese & Kroese PC, Sioux Center, as staff accountant.

Joe Weiss has been hired by Insight Wealth Group, West Des Moines, as senior accountant.

Miranda Zwanziger has been hired by Midwest Equity Investors LLC, Cedar Rapids, as financial controller.

Welcome!

Brant Barnhart

RSM US LLP

Cedar Rapids

Katelin Emehiser

RSM US LLP

Des Moines

Richard Hammond

Kuhl Phillips & Jans Inc

Coralville

Ryan Hovind

Principal

Des Moines

The following individuals have recently joined the Society. Please take time to welcome them and invite them to participate in events and programs with you.

Find these members in ISCPA’s Member Directory at www.iacpa.org/my-cpa .

Carter Rodman

Pearson & Virlee PC

Mount Vernon

Affiliates

Rebecca Maire

Deloitte

Des Moines

Amber Hurlburt

Deloitte

Des Moines

Beth Kielts

Cedar Rapids

New Student Affiliates

Des Moines Area

Community College

Amber Brooks

Amber Eivins

Frank Lint

Pai Moo

DMACC & University of Northern Iowa

Jessica Stewart

Dordt University

Brody Woelber

Drake University

Matt Brockway

Dayton Fleenor

Mason Holland

Andy Hou

Zach Noonan

Alex Pollman

Ellie Robinson

Iowa State University

Seila Dolic

Jessica King

Joseline Leonard

Morningside University

Carli Antonovich

Chase Carter

Tyler Duffy

Grace Gerdes

Hadley Howell

Luke Hunter

Marlee Lanacaster

Jared Nicholas

Mattie Pearson

Kyle Sisler

Wyatt Skuodas

Jonathan Valadez

Southern New Hampshire University

Kristin Grochala

Brenden Suhr

UHY LLP

West Des Moines

Tim Reilly, JD

RSM US LLP

Des Moines

Where members connect

St Ambrose University

Brayton Anderson

University of Dubuque

Isaac Minger

George Vallianatos

University of Iowa

Gabriel BaltodanoRubio

Joe Bonelli

Ella Borho

Brinnley Breitbach

Meredith Clingman

Brian Collins

Juan Garcia Jr

Jaxon Habada

Emma Harris

Ethan Klocke

Jackson Meis

Olivia Mirabito

Noel Pearson

Emely Pena

Katie Ripley

Michael Schroeder

Hayden Slinger

Clara Stark

Zach Steemken

Madison Steger

Kathy Truong

Bella Willier

Hayley Young

Donnie Zitt

University of Northern Iowa

Tod Bauer

Wartburg College

Kaden Baxter

Brandy Beatty

Caleb Egesdal

Destiny Kraemer

Haley Meyer

Stephen Yeboah

Connect with others in the “members only” online community forum. Exchange information, ask questions and share ideas.

link.iacpa.org

FOCUS TAX

Elevate your tax expertise

In an era of ever-changing tax regulation and financial complexities, we recognize the importance of providing the tools necessary to sharpen your skills and expand your knowledge. Whether you’re looking to deepen your understanding of individual or corporate taxation, or explore specialized topics, our courses led by local and national experts have you covered. Search our CPE catalog at www.iacpa.org/cpe for a full list.

CPE Catalog & Events

CPE spotlight

Nonprofit Virtual Series continues in October

Don’t miss the last two sessions in the Nonprofit Virtual Series. This new series is designed for CPAs and accounting professionals working in or with nonprofits, financial officers or board members of nonprofits.

Oct. 18: Nonprofit A&A and Tax Update with Jim Martin

Oct. 26: Planned Giving with Bill Gustoff

More nonprofit seminars

Nov. 2: Applying the Uniform Guidance in Your Single Audits, Live Webcast

Nov. 16: Real Frauds in Not-forProfits, Live Webcast

Nov. 21: Best Practices in Notfor-Profit Accounting and Reporting, Live Webcast

Nov. 21: Understanding and Testing Control and Compliance in a Single Audit, Live Webcast

Nov. 29: How FASB Activities

Will Impact NFP Financial Reporting, Live Webcast

Meet your FSP (financial statement presentation)

CPE requirement

Still need to pick up a few more FSP hours? We have you covered!

Oct. 19: Accounting and Auditing

Update for the Real World, West Des Moines and Live Webcast

Oct. 20: 2023 Preparation, Compilation and Review Update for the Local Firm, West Des Moines and Live Webcast

Oct. 24: Accounting and Auditing

Update for the Real World, S. Sioux City, Neb.

Dec. 19: Current Issues in Accounting & Auditing: An Annual Update, Live Webcast

Dec. 20: Annual FASB Update and Review, Live Webcast

Too many webcasts?

 Course delivery

ISCPA has thousands of education webcasts to choose from and these offerings change frequently. We have several ways you can focus your search in the online CPE catalog to find courses that are most relevant to you. Use the filter options on the left side of the catalog page to narrow your search by keyword, date range, credit hours, fields of study and more.

Our Live Learning, Conferences and Events + Social options may be available as virtual, in-person, These events are conducted in real time, not recorded. When registering, please note the course

2023-24 CONFERENCES AT A GLANCE

Nov. 1 Business Valuation (virtual)

Coming in 2024!

March 26 Business & Industry

May 2 Annual Meeting and Leadership Conference

May 14 Iowa Governmental Roundtable

May 21 Financial Institutions

June 10-11 Technology

June 20 Insurance Industry

Aug. 7 Emerging Leaders

Sept. 19- 20 Fall CPE

Section 1031 exchanges – practitioner’s corner

By Chet Mellema, IPE 1031

An I.R.C. Section 1031 exchange can be a powerful tax deferment and investment tool for taxpayers. We often see Section 1031 utilized to consolidate or diversify an investment portfolio, increase cash flow by changing the type of asset owned, relocate investment property, aid in estate planning by taking advantage of the steppedup basis for heirs, reduce managerial burdens, and so on.

As a qualified intermediary for Section 1031 exchanges, we regularly field questions from and consult with accountants on various exchange scenarios. Some of the more common inquiries we receive follow.

1. What types of properties qualify for a Section 1031 exchange? A taxpayer can exchange any real property asset held for investment or used in a trade or business. Examples include, but are not limited to, rental properties

(houses, duplexes, apartment buildings), farmland (be careful if a residence is included), office buildings, retail spaces (strip malls, stand-alone stores, gas stations, etc.), industrial and/or warehouse facilities, storage units, raw land (held for speculation/ appreciation), golf courses and sporting complexes, and vacation homes (under very limited circumstances).

A taxpayer can exchange a full fee interest in the real estate, and can also exchange a partial interest, including an undivided tenant-in-common interest, permanent conservation or wetlands easements, a tenant’s interest in a lease (30+ years remaining), as well as other permanent easements, such as for cell towers and wind turbines.

year to recognize the gain from receipt of any proceeds from the exchange.

3. How much does the exchanger have to reinvest in a Section 1031 exchange? To avoid all taxable gain, the general rule is that the taxpayer must acquire replacement property that has a fair market value (“FMV”) equal or greater than the relinquished property, and all equity must be reinvested into the replacement property. Reinvesting less than the FMV of the relinquished property will result in tax owed on the amount of the trade down in value.

Join Chet Mellema of IPE 1031 for an overview of Section 1031 exchange.

Dec. 21 | 9-10 a.m.

Another great Members-Only FREE CPE SERIES webinar. Register at www. iacpa.org/1031

2. What are the relevant deadlines for an exchange? After a taxpayer transfers the relinquished property, all potential replacement properties must be identified by the 45th day following the transfer. Further, closing on all replacement properties must occur by the earlier of the end of the 180th day following such transfer, or the due date for the taxpayer’s federal tax return for the year in which the transfer occurred, including extensions. It is crucial to be mindful of year-end transactions and the need to extend the taxpayer’s filing deadline. Exchanges that begin in one tax year and conclude in another also allow the taxpayer to elect under the installment sale rules in which

Exchange transactions that appear simple and clean at first glance will also merit a careful examination if they involve related parties, partnerships or trusts, future improvements on the replacement property, personal residences and/or mixeduse properties, seller-financing transactions, and others. In each case, we are available to act as a resource for you and your clients.

Chet Mellema, CES® is an exchange officer with IPE 1031, an independent qualified intermediary who manages exchange transactions and servs as a resource to taxpayers and their advisors. More at www. ipe1031.com.

…Need-to-know news and events for leaders emerging in the accounting profession

Emerging Leaders Conference – save the date

Mark your calendar now! The 2024 Emerging Leaders Conference is set for Aug. 7 at West48 Conference Center in West Des Moines. This annual event is worth blocking your time now.

You won’t want to miss the opportunity to explore key skills and strategies necessary to succeed in today’s constantly evolving work environment. Network with other accounting professionals and connect with industry leaders. Whether you are just starting your career or looking to level up, this conference offers the knowledge and tangible tactics to lead with or without the title.

Save these dates!

We have some great opportunities coming this fall and beyond. Be sure to add these events to your calendar now or pass them along to others you know might benefit.

UWorld: Developing Your Game Plan for the CPA Exam | Oct. 10 | Webinar

Mock CPA Exam by Surgent CPA Review | Nov. 15 | FREE virtual session

UWorld: Introduction to the NEW CPA Exam | Jan. 9 | Webinar

Great times at Tailgate Happy Hour

We all had fun at Wellman’s Pub & Rooftop in West Des Moines for the ABC Tailgate Happy Hour on Sept. 7. Members and guests showed their school spirit by wearing their alma mater’s (or favorite team) colors.

In conjunction with Iowa CPAs Month of Service, attendees made cards for residents of the YMCA Supportive Housing Campus. Socializing with a service component! Thanks to all who joined us for this great event and to our sponsor, The Reserves Network, for amazing tailgate grills and party prizes!

Pathways to CPA Licensure enters next phase

We need your input!

The ISCPA Pathways Task Force launched a state-wide grassroots initiative to collect member input on current and future pathways to CPA licensure in Iowa. After holding many focus group sessions around the state, we now want members to complete a short, 5-minute survey.

The focus group sessions helped guide the survey questions, and the survey results will help guide recommendations to the ISCPA Board of Directors. We expect data-driven recommendations, and that requires everyone’s participation in the survey.