CPA November 2023
Newsletter from the Iowa Society of CPAs, your primary source for profession-related information
Filling the CPA pipeline – one student at a time
A
ccording to Robert Half’s 2024 Salary Guide, companies are experiencing an accountant shortage, causing both financial reporting issues for managers unable to find the requisite experience and increased workloads that can lead to employee burnout. Public and corporate accounting alike are trying multiple strategies for attracting, landing and retaining talent. ISCPA’s Career Awareness Committee is doing its part to tackle these talent shortage challenges. The committee’s purpose is to promote the accounting profession and CPA credential to students and influencers plus to provide education on career opportunities as a CPA.
Accounting Opportunities Experience The Career Awareness Committee invites all ISCPA members to visit a high school classroom this month. November is officially Accounting Opportunities Month in Iowa as proclaimed by the governor and we're excited to share with students the many choices available for accounting careers through Accounting Opportunities Experience efforts. Intended to be a plug-and-play opportunity, members are provided a PowerPoint presentation that can be customized as you see fit and fun swag for the students. Best of all, ISCPA staff will arrange the presentation for you. Members reached over 1,200 students last year
in only one week, so we’re excited to see what you can do in 2023! To learn more about Accounting Opportunities Experience, visit www.iacpa.org/ aoexperience.
ISCPA, National FBLA host collegiate case competition In October, eight teams of college students from across the Midwest came together in Des Moines at the FBLA Career Connections Conference to compete in the business case competition. ISCPA worked with National FBLA to create a business case on the topic of “Recruitment of CPAs in Iowa.” We hope to garner great new ideas from tomorrow’s generation of CPAs on how to best connect with today’s youth. Committee members graciously volunteered to judge the case competition.
Annual ISCPA high school case competition spring 2024 Following a very successful inaugural high school case competition last spring, high school educators and committee members alike are excited to make the 2024 experience bigger and better than ever. Committee member Jenny McGarry of Eide Bailly’s national tax office wrote a challenging case for the students to tackle. Nearly 50 students from three Iowa high schools participated in the inaugural event. The committee hopes to expand the program to additional classrooms in 2024. ISCPA and its case competition partners, Eide Bailly, Principal and RSM, were awarded with Honorable Mention by Greater Des Moines Partnership's 2023 Continued on page 2
Iowa Society of CPAs ... Advancing the professional success of our members
Continued from page 1 Future World of Work Innovation in Talent Pipeline Award.
minutes to let us know about the great work you are doing!
How you can get involved
SPONSOR! If you agree with the importance of increasing awareness about careers in accounting and you/your firm or company are willing to help, consider making a financial contribution to ISCPA’s pipeline initiatives. Reach out to Lindsey Haley at lhaley@iacpa.org or 515-985-7125 for more information.
PARTICIPATE! Whether your interests lie in technology, marketing, presenting to students, diversity & inclusion, strategy or communication (to name a few), we have a spot for you! You could join an ISCPA committee, work a booth at your local high school career fair, or present to a group of high schoolers or college students. Contact Natalie Harwood at nharwood@iacpa.org or 515-985-7104 to get involved. REPORT! If you are already doing outreach of any kind, we want to hear about it. ISCPA has pulled together a simple survey https://www. surveymonkey.com/r/23AOE that allows you to report any outreach you are doing to high school or college student groups so we can include your efforts in our analytics. Please take just a few
SPREAD THE WORD! Even if you can’t formally volunteer, please help spread the word about our great profession. Talk to your kids, grandkids, neighbors, and the cashier at your local grocery store. Students from every corner of the state are grappling with the question, “What do I want to be when I grow up?” Do them a favor and introduce them to the wonderful world of accounting where they will enjoy financial comfort, job security, and the ability to make a difference no matter what industry they choose to serve.
New small biz BOI reporting rules ISSUE NO. 2023-11 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 5 0266
Email: iacpa@iacpa.org Website: www.iacpa.org or contact the ISCPA office: 515-223-8161 800-659-6375 Cover photo by Payton Shields: Badger Creek, Van Meter
2 | Iowa CPA | November 2023
T
he Corporate Transparency Act (CTA), enacted on Jan. 1, 2021, and administered by FinCEN, amends the section of the Bank Secrecy Act that requires record-keeping and report filings on specific types of financial transactions. As part of the CTA, small businesses must begin reporting their beneficial owners’ information (BOI)on Jan 1, 2024. The BOI reporting requirement is intended to “enhance the ability of FinCEN and other agencies to protect U.S. national security and the U.S. financial system from illicit use and provide essential information to national security, intelligence, and law enforcement agencies; state, local, and Tribal officials; and financial institutions.” BOI reporting requires entities to identify beneficial owners and company applicants, among other information. A company is defined as a corporation, a limited liability company or any other entity created by the filing of a document with a secretary of state or any similar office under the law of a state or Indian tribe. Effective Jan. 1, 2024, existing companies, companies created or registered before Jan. 1, 2024, will have one year, through Jan. 1, 2025, to file their initial BOI reports. New companies, companies created or registered on or after Jan. 1, 2024, will have 30 days to file their initial BOI reports. Get more details at www.iacpa.org/fincen. The CTA also provides for steep civil and criminal penalties if an entity is identified as willfully not complying with the BOI reporting requirements. Civil penalties are assessed at $500 per day for as long as a violation exists up to $10,000, and criminal penalties could include up to two years of prison time. Time is short to educate your small business clients, associates and others about these changes. This topic will be a main focus of ISCPA’s Dec. 11 DisCo Hour. See page 11 for more on that opportunity.
www.iacpa.org
Iowa CPAs making community count Thank you to the many CPAs, co-workers and accounting students who made a positive impact in local communities across Iowa. Since its launch in 2015, the profession-wide community service event has logged well over 15,000 volunteer hours.
Month of Service Participants Central Region Barb Aalbers
Madeline Clemens
Makayla Fagen
Brett Hartema
Andrew Conyers
David Farnsworth
Natalie Harwood
Cynthia Adams
Alexandra Cook
Christopher Faron
Katherine Hatlie
Wendy Albers
Jamie Cornish
Adam Farrell
Michael Hauser
Riley Albertson
Carrie Courtney
Tracy Faust
Denise Hays
Elizabeth Almond
Emma Covault
Caul Fevold
Emily Heeren
Taylor Andersen
Shane Cox
Tessa Fields
Arianna Helmbrecht
Christopher Anderson
Leigh Crees
Nicholas Finkenauer
Randall Hersom
Joel Anderson
David Creighton
Bailey Finney
Carlene Hinds
Matthew Ballantyne
Abigail Croll
Stephanie Finney
Heather Hoeger
Anthony Bannasch-Ruzicka
Blake Crow
Lauren Fischer
Kyle Hoekstra
Allison Crump
Ryan Fischer
Jodi Hoerr
Benjamin Currie
David Fisk
Madison Hogle-Kruger
Jerri Dahlman
Eion Fitzgerald
Michael Holdren
Jaclyn Dammeier
Natalie Fopma
Christine Holmes
Taylor Daugherty
Rodney Foster
Abby Hood
Barb Daughtery
Margaret Fraizer
Ryan Horner
Addie Dean
Mallory Frazzini
Pam Huffer
Marvin Debner
Marty Fredericks
Marissa Hunter
Emily DeBoer
Danielle Freeman
Kalli Hurst
Rebecca Decker
Jose Garcia
Michelle Hutson
Samuel Dee
Gina Gates
Alexandra Jansen
Angie Deever
Zachary Gates
Danielle Jansen
Heidi DeMarais
Renee George
Stacy Janssen
Courtney De Ronde
Travis Gjoraas
Rebekah Jascha
Lane Dethrow
Todd Glynn
Tanner Johansen
Jeff Dick
Amanda Goodhall
Jennifer Johanson
Lance Dieleman
Hunter Grace
Elizabeth Johnson
Kyle Dlouhy
Tyler Gramenz
Bryan Jordan
Ty Doggett
Taylor Green
Alexandra Kafer
Evan Dosedel
Charissa Greene
Gina Keck
Claire Dudek
Austin Griffin
Brooks Kehoe
Emmy Duysen
Michael Grossman
John Kendeigh
Kelcie Eisbrener
Jordan Guske
Justin Kent
Brandon Elbert
Joseph Haley
Travis Kinney
Sara Embrey
Lindsey Haley
Amy Kircher
Katelin Emehiser
Nathan Halstead
Jenni Klise
Lindsey Emmert
Jason Hamilton
Heidi Klyn
Thad Erickson
Emily Hammer
Dylan Kneip
Janice Evans
Andrea Haney
Molly Knobbe
Jacqueline Ewalt
Jonathan Harris
James Beal Landon Beck Nathan Beck Emily Berger Lauren Bever Ryan Boatman Jamie Boess Erik Bonstrom Christopher Bowles Claire Bozman Stephanie Brady Payton Brecht Michael Brinker Emma Brock Robert Bruinekool Taylor Brunner Joshua Buckingham Elizabeth Bush Colby Bycroft Caitlin Cain Jennifer Campbell Sara Campbell Joyce Carlson Melanie Carter Brian Cheese Ashlynn Christensen Valerie Christensen Greg Clausen Cheryl Clauson Kristin Clayton
www.iacpa.org
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Iowa CPA | November 2023 | 3
Continued from page 3 Kathleen Koenig
Hunter Moore
Jessica Richter
Emma Troutman
Becky Konek
Stephanie Moore
Brianna Ricklefs
Joann Tucker
Jeffrey Konrad
Wendy Moran
Kimberly Ripley
Joshua Van Lingen
Kennedy Korner
Jennifer Mosher
Marcus Rippentrop
Derek Van Roekel
Paul Koster
Alec Mousel
Bradley Ritter
Rustin Van Wyk
Madison Kramer
Ashley Mowery
Marie Roberts
Madeline VanderFeen
Elizabeth Krause
Nathan Mueterthies
Brooks Rodish
Corey Vannausdle
Louis Kriegel
Dawson Mulder
Douglas Roozeboom
Faith Vincent
Joseph Kristan
Nicki Mullins
Aaron Ruden
Ryan Vogel
Kaylee Kruschwitz
Alexis Munsell
Angela Sanders
Jacob Vollmar
Jacob Kruse
Jeffrey Naig
Rachel Scheve
Jayde Vondrak
Jael Kulp
Devin Neitzel
Kristine Schmidt
Andrew Wagner
Erik Lackore
Kade Nelsen
Hunter Schoenauer
Tonya Walker
Isaac Lafleur
Scott Nelson
Megan Scholbrok
Anne Wall
Nicholas Laing
Staci Nevinski
Amy Schroeder
David Wall
Blake Lampo
Brian Newton
Wesley Schultes
Emily Wampler
Ezra Lange
Natalie Nguyen
Amy Schultz
Paul Wampler
Dawn Latham
Katelyn Nickerson
Daniel Schwarz
Kelley Wandro
Zachery Lawrence
McLean Nierling
Justin Schwennen
Jerry Warrick
Joseph Lee
Monica Nikkel
Blake Scott
Meagan Weatherman
Joshua Leonard
Hank Norem
Brooke Seuferer
Kristen Wegmann
Ying Li
Matthew Oberreuter
Grant Seuferer
Charles Weible
Jennifer List
Aurora Oliver
Alexandra Sheley
Kimberly Wernimont
Katelyn Lohnes
Caleb Olson
Katherine Shields
Benjamin Wetzeler
Nicole Loux
Jessica Olson
Jenna Siberz
Kylie Whitecotton
Levi Luko
Agbeze Onuma
Cassandra Silva
Taylor Williamson
Carla Luksetich
Lauryn Owens
Melissa Sisler
Gina Wilson
Joseph Lynn
Tial Par
Brook Skram
Connor Wiseman
Jonathan Maahs
John Patrick
Ashley Sly
Kyle Woiwood
Spencer Macklin
Deb Perkins
Jennifer Smith
Erin Wolff
Ryan Manglos
Kathryn Phillips
Kristina Spieker
Rachel Wollschlager
Lisa Mapes
Weston Pieper
Michael Spratt
Callie Yearous
John Marshall
Denise Pierson
Torey Stallsmith
Anna Yung
Hilary McCauley
Ethan Pitt
Andrew Steckel
Christopher Yuska
Ryan McCauley
Conner Pitz
Andrew Sternard
Blake Zacharias
Patrick McConnell
Amanda Platte
Landen Studer
Northeast Region
Lee McFee
Riley Plummer
Glen Swanson
Ryan Willey
Adam McKown
Keller Prien
Alayna Sweers
Claire Cummings
Connor McNaughton
Joseph Pudenz
Timothy Tarbell
Christina Drahos
Laura Meier
Brandon Qualley
Christine Terhark
Laura Monaghan
Chrystian Meisenheimer
Alexander Radig
Mitchell Thede
Lou Ann Murphy
Andrew Mercer
Autumn Radig
Becky Thomas
Nicholas Reeve
Matthew Merfeld
Joshua Raisch
Michelle Thompson
Kathy Sanderson
Terry Merfeld
Philip Randall
Todd Thorson
Carol Schnuelle
Carson Messenger
Angela Reed
Richard Tiwald
Nancy Mikkelson
Tyler Reed
Heather Townsend-Macan
4 | Iowa CPA | November 2023
Continued on page 5
www.iacpa.org
Continued from page 4 April Wilker
Malorie Krikke
Joshua Wright
South Dakota
Paul Yokas
Lesa Kruger
Southeast Region
Kaylee Auchs
Marlene Young
Elana Krutsinger
Kevin Den Adel
Tyson Dahler
Northwest Region
Marlee Lancaster
Dawn Ballard
Michelle Folkers
Sarah Anderson
Chase Lottman
Alexander Barr
John Herrboldt
Carli Antonovich
Hannah Malm
Zachary Barr
Shauna Kauth
Ariana Arroyo
Krista Masters
Zane Batterson
Daniel Semmler
Logan Aukes
Dawn Matthews
Gregory Casel
Andriana Sprakel
Carissa Bayne-Schmidt
Amy Maule
David Celarier
Amanda Steiner
Nereyda Beeck
Lisa Max
Evan Charon
Brook Van Osdel
Brenick Birks-Hoppe
Jessica McAllister
Scott Cochran
Beth Youngblom
Olivia Boudreau
Kristine McCartan
April Crosser
Illinois
Matthew Bradshaw
Jacob McGrane
Kenneth Crosser
Erica Anderson
Courtney Christensen
Kimberley Meier
Jennifer Decker
Nebraska
Courtney Clark
Alexander Miller
Brooke Dobel
Ryan Willey
Janella Clark
Renae Mixan
Stephanie Dudman
Christine Cox
Alison Morgan
Bailey Edmonds
Wendi Davis
Corey Moss
Cari Groenenboom
Daniel Dekker
Breanna Muller
Seth Hoover
Hailey Derrickson
Jocelyn Murray
Austin Jensen
Nikki Dobbins
Seth Nelson
Angela Massey
Cheyenne Donnelly
Aaron Prewitt
Aly Oudone
Tyler Drewy
Ebony Rahe
Michelle Papendick
Tyler Drey
Chad Regnier
Michael Podliska
Brody Eaton
Hilary Rice
Mackenzie Ross
Sara Fechter
Kasey Rohwer
Tina Rukgaber
Jamie Fister
Twyla Rosenbaum
Jocelyn Santos
Alison Fluharty
Heather Rysavy
Adam Sturm
Graham Forbes
Danielle Shaughnessy
Sheryl Tornow
Yairi Garcia
Joshua Shetler
Hunter White
Jakob Gayer
Laurie Siegel
Kelly Wood
Rebecca George
Wesley Simpson
Southwest Region
Eric Gilbertson
Toni Specketer
Lois Andersen
Brandon Glienke
Kelsi Stange
Leah Blum
Joanna Guhl
Christopher Stevenson
Lisa Calvert
Tevin Harms
Liam Stubbe
Kevin Garrett
Rachael Heuertz-Nelson
Misty Sudtelgte
Brad Gross
Jolynn Hindt
Kennedy Tate
Samantha Hanigan
William Hins
Laura Taylor
Benjamin Hansen
Julie Ingvall
Brendan Tiedeman
Margo Hansen
Justin Jacobsma
Sherry Titterington
Cristie Kenkel
Trey Jacobson
Brett Van Der Wilt
Sarah Langgaard
Abbey Jamison
Crystal Vande Weerd
Courtney Lee
Matthew Kelderman
Alison VanOtterloo
Becky Peterson
Alexandrea Keller
Jeffrey VerSteeg
Tyler Stuerman
Dustan Kneip
Kevin Wiepen
www.iacpa.org
My CPE Tracker Another great benefit of ISCPA membership. Access your CPE Dashboard at www. iacpa.org/cpe/dashboard.
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Iowa CPA | November 2023 | 5
Month of Service activities
Month of Service Teams Central Region Deloitte, Des Moines EideBailly LLP, Des Moines EY, Des Moines Farm Bureau Financial Services, West Des Moines Federal Home Loan Bank of Des Moines FORVIS LLP, West Des Moines KPMG, Des Moines Meriwether Wilson and Company PLLC, West Des Moines MHCS PC, West Des Moines, Winterset RSM US LLP, Des Moines Tarbell & Company PLC, West Des Moines, Newton, Prairie City UHY LLP, West Des Moines, Ames Welgaard CPAs and Advisors, Urbandale, Pella Northeast Region Drahos & Senft PC, Postville Northwest Region King Reinsch Prosser & Co LLP, Sioux City Morningside University Accounting Club, Sioux City Williams & Company PC, Estherville, LeMars, Onawa, Sheldon, Sioux City, Spencer, Yankton (SD) Southeast Region Anderson Larkin & Co PC, Ottumwa Hogan-Hansen PC, Cedar Rapids Stephanie A Mendenhall CPA PC, Humeston Southwest Region Gross & Company PLLC, Dunlap
6 | Iowa CPA | November 2023
www.iacpa.org
2023
September
27 teams
2785 hours
505
volunteers
66
organizations served
2023 Top 10 reported service categories
1 Children 2 Low income 3 Teens 4 Food banks 5 Elderly www.iacpa.org
6 Schools 7 Homeless 8 Domestic abuse 9 Mental health 10 Special needs Iowa CPA | November 2023 | 7
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How to become a better delegator BY JON LOKHORST, CPA, PCC
I
am terrible at delegation,” said an emerging leader in one of my recent leadership development programs. At least she was honest. Many leaders are in denial about their delegation skills—they think they delegate well, but their team members would tell you otherwise.
good and fast as you in completing those tasks. Who knows, they might eventually become better and quicker than you. And, even if your team members only get to 80% of your speed and expertise, it still frees you to focus on activities more suitable for your leadership role.
The problem is, ineffective delegation is a leadership limiter. Leaders who don’t effectively delegate end up performing tasks that would be better handled by other team members, taking valuable time from crucial leadership functions like strategic thinking, critical problem solving, and staff development. Leaders who don’t delegate also stunt their team members’ growth, keeping them from developing essential skills.
“I don’t have time to teach them how to do it.”
To elevate your delegation skills, you must eliminate the barriers getting in your way. Only then can you develop a clear plan to help you become a more consistent delegator.
Eliminate these barriers Whether you say them out loud or silently to yourself, these common statements are barriers that prevent you from elevating your delegation skills. “I can do it better myself” or “I can do it faster myself.” If you feel like these near-identical statements are almost always true, they’ll always be that way if you continue to hang on to tasks that could be delegated. Break the cycle by recognizing the value of having team members gain the experience needed to become as
www.iacpa.org
effective delegation. I recommend following these seven steps: Plan ahead. If you wait until the last minute to consider delegating a task, you’re likelier to ditch that idea and do the job yourself. Watch your calendar for upcoming projects that’ll work well for potential delegation opportunities. This will allow enough time for the delegation process to take shape. Encourage your team to do the same as they become familiar with recurring projects and workflow.
This statement is shortsighted. It denies the return on investment (ROI) of your upfront time to teach one of your team members skills they’ll inevitably need and that your team can benefit from. For example, in one coaching session, a client performed a ROI calculation on the time required to teach and coach one of his team members to take over a routine weekly report. He learned that within six to eight weeks, he would recoup his upfront investment of time, freeing up nearly an entire afternoon every week.
Define the task. Before picking who you’ll delegate the task to, be sure you’ve clearly defined it. It’s crucial to know your deadline, desired outcome, and the steps needed to get there to set your team members up for success. Also, consider breaking larger projects into smaller chunks and whether sharing them among multiple team members is better.
“If I delegate too much, I won’t have enough work to do.” Unless your team is a well-oiled machine with no room for process improvement, all your customers or clients are solid, and your staff development is pristine, this statement is false. Arguably, in my experience, there are countless opportunities to focus on valueadded activities that’ll expand your leadership and benefit your organization. In other words, there’s always plenty of work for effective leaders to do.
Develop a clear plan Once you’re ready to break through these barriers, you can start developing a plan for more
Pick the right person. Ensure the team member has the right skills and experience for the job, in addition to the capacity to complete the task based on your deadline and their workload. At the same time, don’t limit your options by choosing your typical go-to team members or star players. Consider whether the project is a viable stretch assignment to help someone else grow and expand their capabilities. Clarify your expectations. Help your team member see what constitutes success for the project, spelling out the desired outcome and deadline. Explain the sequence and execution of tasks
to the extent that there’s a singular Continued on page 10
Iowa CPA | November 2023 | 9
Continued from page 9
or limited path to your desired outcome. Then, invite your team member to creatively think about how the job can be completed successfully using an alternative path. Confirm their understanding. Don’t hand off the task or project without confirming their understanding of what’s needed is consistent with yours. Begin by simply asking them to describe the project to you. Then, ask about the areas they have questions on or where they anticipate potential sticking points as they proceed. Offer resources. Let your team member know where to go for help when needed. That could be in the form of prior year files, similar projects for other departments or clients, professional literature, other staff, etc. Encourage resourcefulness while providing guidance on how long you want the team member to struggle on their own before seeking help. Follow up on progress. Ask your team member to provide status reports on their progress with the project. Additionally, schedule reminders on your calendar to follow up in case they drop the ball. The frequency
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ASSISTANT DIRECTOR OF FINANCIAL REPORTING: As the Assistant Director of Financial Reporting, you will have exposure to Old Republic International and their senior leaders. You will be responsible for overseeing and helping to manage the reporting functions within our organization. For over 65 years, our company has proudly supported the trucking industry, which is one of the most vital industries in America. We are passionate about our people and what we do. Great West Casualty Company holds the A.M. Best’s Rating of A+ (Superior) and is a part of a publicly held insurance conglomerate. You will play a vital part in supervising and guiding a team of professionals while helping drive change in efficiencies and strategies. Responsibilities: Provide leadership to establish goals and performance work standards, while developing metrics that will monitor performance and accuracy. Collaborate with business partners to develop change-management plans including strategy, communications, leadership coaching, and training procedures. Oversee the preparation of monthly, quarterly, and annual financial, tax and statistical reporting. Ensure accurate and timely reporting for GAAP and statutory reporting. Assist with preparation of annual budgets, periodic forecasts, and special projects such as financial analysis and software implementation. Qualifications: Bachelor’s Degree in Accounting required. Active CPA license required. P&C Insurance
10 | Iowa CPA | November 2023
of these check-ins will vary depending on the complexity of the task and the team member’s experience level. Identifying problems midstream will enable you to avoid negative surprises and redirect efforts as needed. Like most leadership skills, it’s easy to respond to the call for better delegation by deciding you’ll “try harder.” Instead, be more specific—what does better delegation look like to you? Perhaps your next step is to schedule a recurring calendar block to plan for delegation, or maybe you can invite your team members to approach you for opportunities to take on tasks you’ve typically done yourself. For the next 30 days, practice delegating to elevate you and your team, assess progress, and reset your intentions for the next 30 days. If you build this cycle into your routine, you’ll find yourself saying you’re excellent at delegating during your next leadership development program.. Jon Lokhorst, CPA, PCC, is an Executive Leadership Coach with Lokhorst Consulting and a past presenter at ISCPA CPE events. Reprinted courtesy of Insight, the magazine of the Illinois CPA Society. knowledge is strongly preferred. Experience with analyzing complex data sets using financial reporting related to insurance. 3+ years’ supervisory or management experience, preferably within the insurance industry. Strong communication and analytical skills. Strong working knowledge of SEC rules and regulations. Location: Corporate Office in South Sioux City, Nebraska Why work for us? We offer you a challenging career with a competitive compensation and benefits package including: A robust relocation package. A formal management development program. Paid study materials, exam fees, study day, and monetary awards for professional development. Paid time off for vacation, holidays, sick leave, leave of absence and more. Opportunities to impact the organization through participation in committees (Green Team, Fun Committee, etc.). Support of a healthy lifestyle through a wellness program and gym subsidy. Our Corporate Values: Celebration. Empowerment. Integrity. Opportunity. Respect. Service. To learn more about Great West and our office locations, please visit our website www.gwccnet. com. Contact email: careers@gwccnet.com.
IN REMEMBRANCE
ISCPA offers condolences to the family of: Roger V. Manderscheid, Georgetown, Texas. Roger was a member since 1976.
www.iacpa.org
ISCPA Case Competition earns honor
T
he Greater Des Moines Partnership announced the 2023 Future World of Work Innovation Award winners during the Future World of Work Summit held on Oct. 5. The Iowa Society of CPAs received an honorable mention for Innovation in Talent Pipeline for its ISCPA High School Case Competition, a collaboration with Eide Bailly LLP, Principal and RSM. The ISCPA Case Competition allowed 57 high school students from three school districts to connect high school accounting classes with active CPAs in a real accounting case simulation. Members volunteered their time working with students to prepare them for the competition. The Future World of Work Innovation Awards Ceremony recognized key players in Greater Des Moines for their creative strategies and best-inclass practices in two categories: Innovation in Talent Retention, and Innovation in Talent Pipeline. The Innovation in Talent Pipeline Award celebrates
working with schools and higher education institutions to attract employees from across the region. The Innovation in Talent Retention Award honors companies that clearly support current employees, offering programs for wellness, training and more. Thank you to ISCPA members for making this such a huge success. Special recognition to Jenny McGarry of Eide Bailly's national tax office, for creating the case used in the competition.
Classroom presenters
Sara Lehan, American Enterprise Group Inc., Des Moines Hank Norem, Ramco Innovations Inc, West Des Moines Jen Pavlovec, ChildServe Inc, Johnston
On-site hosts
Eide Bailly: Blake Crow and Jenny McGarry Principal: Sandi Smith RSM: Jackie Dammeier and Andrew Steckel
Did You Know...
CUSSION DIS+CO NVERSATION
THERE IS A COMMUNITY FOUNDATION IN EACH COUNTY IN IOWA?
Beneficial ownership information (BOI), ERC, 1099-K DEC. 11 | 9 A.M. | VIRTUAL Join Carl Peterson, vice president of small firms at AICPA and Dawn Latham, ISCPA CEO, for an informal and engaging discussion about what’s going on in the profession. This DisCo Hour will focus on the timely topics of: • BOI under the Corporate Transparency Act (CTA). Effective Jan. 1, 2024, an estimated 32.6 million entities will be required to report information about their beneficial owners to FinCEN as part of the CTA. • 1099-K new reporting threshold also comes into play in January. • ERC updates. The session will take place virtually to best accommodate members from across the state to join the discussion and conversation. Free to attend. Register at www.iacpa.org/disco.
To find your local community foundation or learn more about Endow Iowa Tax Credits, please visit our website or contact us:
www.IowaCommunityFoundations.org info@iowacounciloffoundations.org (515) 989-1188
www.iacpa.org
Iowa CPA | November 2023 | 11
CPE Spotlight
P
lanning early is more important than ever. We know life gets busy and sometimes that CPE class you intend to register for gets pushed down the to-do list. This delay can be risky! Registering well in advance, at least 25 days prior to the course, is the key to ensuring there are enough confirmed registrations and minimizing the chances of the course being canceled. In today's world,
instructor travel plans are more unpredictable than ever, requiring a booked ticket well in advance to secure a seat. Your early registration is not just a favor; it's an investment in the top-notch education you've come to expect from ISCPA. Your early action could be the deciding factor in whether a course proceeds as scheduled or faces the unfortunate fate of cancellation.
Get ready for tax season with our signature courses NOV. 6-7 NOV. 8
2-Day Federal Tax Update: Individual and Business, West Des Moines and live webcast The Best Federal Tax Update Course by Surgent, Sioux Falls, S.D. and live webcast
NOV. 13-14
2-Day Federal Tax Update: Individual and Business, Cedar Rapids
NOV. 16
The Complete Guide to Payroll Taxes and 1099 Issues, live webcast
NOV. 17
The Complete Trust Workshop, live webcast
NOV. 20
Tax Planning for Small Businesses, virtual seminar
NOV. 30
Federal Tax Update: Individual and Business, S. Sioux City, Neb. and live webcast
DEC. 5
Getting Ready for Busy Season: Key Changes Every Tax Practitioner Should Know, virtual seminar 2023 Real World Tax Update for Individuals and Entities, West Des Moines and live webcast Preparing Individual Tax Returns for New Staff and Paraprofessionals, West Des Moines and live webcast Tax Forms Boot Camp: LLCs, Partnerships and S Corporations, West Des Moines and live webcast This Year's Best Income Tax, Estate Tax and Financial Planning Ideas, Coralville
DEC. 7 DEC. 12 DEC. 13 DEC. 14 DEC. 15
Fiduciary Income Tax Returns-Form 1041 Workshop with Filled-in Forms, virtual seminar
H
ave other credentials? We can help! Did you know many of our learning opportunities not only qualify for continuing education credit for your CPA license, but also satisfy the requirements for other credentials and specialized qualifications? You’ll find a robust lineup of options tailored for EA (enrolled agents), CFP (Certified Financial
12 | Iowa CPA | November 2023
Planners) and CLE (continuing legal education) for attorneys. And don’t forget, we have many options to also satisfy requirements for FSP (financial statement presentation), Yellow Book and ethics. Discover these courses by using the handy credit type filter in our online CPE catalog at www.iacpa.org/cpe.
www.iacpa.org
FREE END OF YEAR CPE Don’t forget about your members-only opportunity to score a few more hours of CPE credit before yearend. Register at www.iacpa.org/23free
NOV. 8
State and Local Tax Update
NOV. 29
Managing Firm Capacity
DEC. 8
Navigating NIL Contract Complexities
DEC. 21
1031 Exchanges
JAN. 17
Living in the Metaverse: An Introduction to Disruptive Commerce
CONFERENCES AT A GLANCE Coming in 2024! usiness & Industry B 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 March 26 May 2
Tax Tips brochure discontinued The ISCPA Taxation Committee has discontinued its annual Tax Tips brochure. Through the 14 years it was produced, interest and orders for the publication have dropped significantly while volunteer time necessary to accurately update and produce the piece has increased. The committee members will redirect their focus to projects providing more value to all ISCPA members.
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Delivering Results - One Practice At a time Trent Holmes
800-397-0249
Trent@APS.net
www.APS.net
Welcome! 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. Jackie Carl Honkamp PC Dubuque
Jacob Robertson UHY LLP West Des Moines
Emily Hager Iowa State University Foundation Ames
Chris Scobba Allen L. Kockler Co Nevada
Kirsten Heuvelhorst FORVIS LLP West Des Moines
Becky Shive MIL Partners LLC Solon Daniel Stewart Cherry Bekaert LLP Des Moines
AFFILIATES Drew Coffman Van Maanen Sietstra Meyer and Nikkel PC Pella Jaxson Eden EY Des Moines Dawson Mulder Eide Bailly LLP Des Moines
Maddy Moline Pittman & Company LLP Urbandale Jonas Riley Pittman & Company LLP Urbandale Brittany Shepherd Frank G Becicka PLC Cedar Rapids
New Student Affiliates Central College Harold Dobernecker Coe College Michael Blunt Madison Cranston Max Gorden Mercer Alexa Perkins Hudson Ryder Annie Seymour Brianna Tranel Krystal Willmsen
Des Moines Area Community College Dani Bayless Drake University Chloe Ashley Luke Gregoire Lizzie Rader Graceland University David Vera Loras College Riley Deere
Creighton University Davis Kennedy
St. Ambrose University Diem Nguyen University of Iowa Jack Bensing Joe Bonelli Luc Cadieux Logan Gatewood Dylan Gross James Hopkins Madisen Jackson Brett Levenhagen Henry Long Ethan Orr
Ethan Poehnelt Michael Schroeder Corey Skinner Jack Starr Drew Summers Davis Trumm Trey Wagner Devin Warmuth Zach Wenthe Josh White Wartburg College Brandy Beatty
Members in the news Jodi D. Baker has been hired by Four Oaks, Cedar Rapids, as controller.
Nema Falahpour has been hired by Beams LLC, Cedar Rapids, as chief financial officer.
Nick Bass, KPMG LLP, Des Moines, has been promoted to managing director – audit.
Eion Fitzgerald, Deloitte, Des Moines, has been promoted to audit senior.
Carrie Clouse, Creative Planning LLC, Cedar Rapids, has been promoted to senior tax manager.
Stacy Janssen, KPMG LLP, Des Moines, has been promoted to managing director – tax.
14 | Iowa CPA | November 2023
Logan Kohl has been hired by Life Care Services LLC, Des Moines, as a financial analyst. Alec Mousel has been hired by Wells Enterprises, Le Mars, as senior financial analyst. Jennifer Penning, Erpelding Voigt & Co LLP, Algona, has been named partner.
Ken Roberts, Wright Service Corp, West Des Moines, has been promoted to vice president, corporate controller. Emily Schaefer has been hired by MidwestOne Bank, Iowa City, as internal audit officer. Bethany West has joined James Moore & Co, Cedar Rapids, as senior accountant.
www.iacpa.org
IOWA CPA SPOTLIGHT
SHERRAE JEAN HANSON JOB: Director with Denman and Company, LLP in West Des Moines HOMETOWN: Pomeroy ALMA MATER: University of South Dakota COMMUNITY AND SOCIETY ACTIVITIES: Farrell’s group fitness instructor; past volunteer on ISCPA’S Diversity and Inclusion Task Force, Taxation Committee, Continuing Professional Education Committee, and Iowa CPAs Month of Service Committee. Sherrae and her husband Scott live in Ankeny with their 8 month old puppy, Tucker.
My inspiration to become a CPA comes from: Love for numbers and working with clients. If I weren’t a CPA, you might find me: As a NASCAR driver How has being a member of ISCPA helped you? Networking, friendships and clients. What are some of the biggest changes you’ve seen in the profession? More women in the industry, women leaders, and technology advances. What is your favorite thing about your job? My clients. I am passionate about: Helping clients solve accounting and tax issues. People don’t know this about me, but I: Am a HUGE NASCAR fan! Your message for high school and college students considering a career as a CPA: CPAs really do have fun and enjoy assisting clients every day. A tax return is not just a form, it tells a story about a client. Tell us some of your philosophies and principles toward work and life: Be in control of your day, career and life. Remember the grass is not always greener since it still needs to be mowed. How has your background and experience shaped who you are today? I am stronger not worrying about who I am but who I can help in their career or business. Mentors who helped you along the way: Recently, Tom Ahlers. I’ve had many over the years and now my goal is to be the best mentor for young staff and accountants.
www.iacpa.org
Biggest achievement to date: Iowa Lottery Board Executive Chair When I have free time, I watch: Any NASCAR race or event Secret talent: Farrell’s eXtreme Bodyshaping instructor for over 16 years
FIRST JOB: Walked beans and detasseled corn WHAT I WANTED TO BE WHEN I GREW UP: Lawyer THREE WORDS THAT DESCRIBE ME BEST: Strong-willed, dedicated, determined FAVORITE LINE FROM A FILM: "Nobody puts Baby in a corner..." Dirty Dancing FAVORITE QUOTE: “I’M POSSIBLE not IMPOSSIBLE” BEST ADVICE I EVER RECEIVED: The only one looking out for you, is YOU. FAMOUS PERSON I WOULD MOST LIKE TO MEET: Since I have met Jeff Gordon, it would be Chase Elliott. FAVORITE BAND: Bon Jovi MY FIRST GUEST IF I HOSTED A TALK SHOW: Jeff Gordon WHAT MY AUTOBIOGRAPHY WOULD BE CALLED: I’m OK as Me IF I WERE FAMOUS, I’D WANT TO BE FAMOUS FOR: Being Sherrae PLACE I’D LOVE TO LIVE: Charlotte, NC
Iowa CPA | November 2023 | 15
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INTEGRITY. PRECISION. SECURITY.
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OUR COMMITMENT TO THE FUTURE OF THE PROFESSION MISSION
To support and encourage individuals to become Certified Public Accountants, and provide financial education in the state of Iowa.
9 YEARS OF PROGRESS Founded in 2014, the Iowa CPA Education Foundation provides scholarships each year to Iowa college accounting students who make a commitment to take the CPA exam in Iowa. We are making progress thanks to the generous support from the CPA community.
can we count on YOU? Contribute or learn more at
www.iacpa.org/foundation