April
2019,
Vol.
II
I
Engagement
Enhance Your Career Through Engagement Experience a renewed passion by expanding your committment By Monica Gardner, CPA www.uacpa.org the journal entry | April 2019
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Mission,Vision,Values
ExecutiveBoard
Mission
president............................................. Monica Gardner president-elect................................. Jay Niederhauser vice president........................................... Stacy Weight Treasurer............................................Jason Tomlinson Treasurer................................................. Troy Runnells member-at-large........................................ Nate Staheli member-at-large...................................... Tom Colligan pronet council..................................... Katie Chandler immediate past president........................... Matt Klein aicpa council.......................................Brandon Allfrey ceo..............................................................Susan Speirs
The UACPA leadership supports and challenges members through advocacy, professional education, leadership development, networking, and community service to help them succeed in a competitive and changing world.
Vision At the UACPA, our vision is to be a world-class professional association essential to our members. We unite a vibrant community of CPAs to enhance the success of our members and champion the values of the profession; integrity, competency, and objectivity.
Values Advocacy The UACPA represents the profession at the legislature and other regulatory bodies and promotes the value of the CPA to employers, the business community, and the public at large.
Leadership & Service The UACPA provides leadership and service within the profession, within the UACPA, and within the community.
Professional Development The UACPA supports and encourages continuing education and leadership development.
UACPAStaff
ceo......................................................... Susan A. Speirs communications/marketing and editor of the journal entry................ Amy Spencer cpe manager.......................................... April Deneault financial director...................................... Tom Horn membership development..................... Tyler Hodges
The Journal Entry is published quarterly by the UACPA 136 S. Main Street, Suite 510 Salt Lake City, UT 84101 phone: 801-466-8022 toll-free in Utah: 1-800-676-2776 email: mail@uacpa.org web: www.uacpa.org Cover photo by Christian Wood/Robert Wood Photography
Professional Community The UACPA reinforces peer accountability to encourage members to maintain integrity and high ethical standards. ​​It provides member-to-member networking opportunities and networking opportunities with other professions. It values belonging to a distinguished organization and believe that we serve as the primary resource and point of contact for Utah CPAs.
UACPA Statement of Policy CPAs have common problems and interests. This magazine has been created to share information relating to the practice of accounting. The opinions, views and articles expressed in this magazine are not necessarily those of the Utah Association of Certified Public Accountants. This magazine should not be deemed an endorsement by the UACPA or its committees or editorial staff of any views, opinions or
Diverse Population Outreach
positions contained herein. Because of the complexity of tax laws and
The UACPA believes in reaching out to under-represented populations, those returning to the profession or choosing it as a second career, and other professions.
accounting transactions and the changing status of the law, as well as variations in practices and procedures among accountants, information in the magazine should not be used, acted or relied upon, as a substitute for independent accounting or legal research and advice.
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the journal entry | April 2019
in this issue | April 2019
feature story
The Impact of Engagement 129 New Members............................................................................................4 Movers & Shakers......................................................................................6 Message from the CEO............................................................................. 7 Engaging for Success.................................................................................9 CPA Ethics Poem..................................................................................... 13 By the Numbers: Workplace Engagement in the U.S......................... 14
By the Numbers: Workplace Engagement
14
Legislative Update................................................................................... 15 Digital Disruption................................................................................... 19 The my529 Advantage............................................................................. 21 Comic: Generally Excepted....................................................................23 Women in Accounting: Kristin Cornell, CPA.....................................24 Meet the Executive Board......................................................................26
Closing the GAAP: Kristin Cornell 19
Board Bullets ...........................................................................................27 Meet the UACPA Staff: Tyler Hodges...................................................28 Meet a Member: Troy Runnells.............................................................29 2019 CPE Course Schedule....................................................................30
Meet a Member: Troy Runnells
Member Benefits/100% Membership Firms........................................38 Contact List/Classifieds..........................................................................39 In Memoriam...........................................................................................39
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New Members
New Members
Congratulations to the following individuals who were approved for membership or affiliate status in the UACPA as of February 28, 2019. Meghan Stuart CBIZ MHM, LLC
Rebecca Phillips Phillips Company
Kevin Newton Squire & Company, PC
Davenport University Christina Anderson
Roy Stewart H&R Block
Nathan Moffat Young Living
David Day Corporation of the Presiding Bishopric
Stevens Henager College Kayla Fleming
Nina Quarequio Tanner, LLC
Casey Jones Petersen Incorporated
Shane Nelson BDO USA, LLP
Aaron Bennett KPMG
Alex Florek Carver Florek & James LLC
Allison Spaulding Tanner LLC
Shannon Gerber
Ryan Hawkley The Church of Jesus Christ of Latter-Day Saints
Ryan Adams Church of Jesus Christ of LDS Shawn Harley Harley & Company
Joshua Gagon Xyngular Corporation Brent Stratton B2a CPAs
Trevor Rands PwC LLP
Jared Stone
Ryon Jones Larson & Company, PC
Greg Morse Venafi
RJ Mathews Kinexus CPAs Advisors
Nate Mendenhall HEB CPA
Jeffery Bradshaw
Neil Schmalz Jones Simkins LLC
Justin Ware Grant Thornton LLP
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Sean Daines WSRP, LLC Quentin Belnap Tanner, LLC Aaron Anderson KPMG LLP
Students
Brigham Young University Stephen Bishopp Garrett Hoopes Christina Corbitt Daniel Case Holli Dunn Taylor Nelson Parker Jackson Emma Dalton Dane Hansen Columbia College Salt Lake Sharad Bhattarai Dixie State University Tavis Smith
Southern Utah University Bryson Day Mei Huang University of Utah Lauren Beckstrand Caitlin Steed Jordan Mathis Elden Austin Xin Thayne Benjamin Myers Phillip Hamel Skylar Meiners Debbie Lee D McCleary Eleonora Ashurst Yi Hsiang Tseng Evelynn Le Zhenwei Shepherd Anastasia Shestakova Utah State University DeAnza Atkinson Sophie Carter Skyler Higginson Devon Annis Wylie Rupp Brittney Nguyen Palmer Edholm
New Members
Students Continued Utah Valley University Alexis Eastwood Madison Jacobs Mark Brown Lautaro Buiatti Randall Keller Taylor Reil Jared Peterson Tanner Casper Cole Gordon Kayla Howard Amanda Atkinson Mark Alaniz Ally Akins Miriam J Cole Amy Hannah Oldroyd Shantelle Moore Benjamin Uriarte Joseph Stout Stephanie Wolfley Rebecca DeGraffenried Austin Adams Braydon Hanks Weber State University Seyedmohamadali Sadeghikolour Erin Winterton Mitch Hansen Jessica Westover Dallin Olsen Loc Nguyen Tricia Clark Lucas Barrack Brady Lundgreen
Western Governors Shelese Jones Antonina Larsen Yshua Tzin Joyce Hailes James Fortner Nichole Callahan Fortune Orji Cordell Potter Michael Thomas Jennifer Donofiro Holly McGraw Kate Miller Matt Irvin Megan Morrissey Sarah Jernigan Tamar Montanez Joann Boyd Anne Rollins Ivan Ananchenko Linette Clausman Julia Baltimore Sariah Griffin Vernon Testerman Ronnie G. Jessup Judy Dunlap Nashua Amis Raj Cheema Oliver Triunfo Westminster College Calvin Allen Cristina Grandjacquet Tiffany Karlik
Writers Wanted
Become a published author by contributing to The Journal Entry. Pitch a story or request an assignment by emailing Amy Spencer, as@uacpa.org. The deadline for the July issue is June 3.
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Movers & Shakers
Grady Johnson
Ryan Cramer
Tanner LLC announced the promotion of Grady Johnson to Partner in Tanner's Audit and Assurance Services practice. Grady joined Tanner in 2015 and has been in public accounting for more than 14 years. He received his Bachelor's and Master's in Accounting from the University of Utah. Ryan Cramer and Tyler Hall have recently joined Savage Esplin & Radmall as stockholders. Ryan Cramer received a Master's from Southern Utah University and is a Certified Valuation Analyst. Tyler Hall received his Master's from Brigham Young University. Both have been working for the firm for many years and are excited to increase the level of their service to clients. Savage Esplin & Radmall, PC has been serving the St. George area since 1973.
Utah Business' annual 40 Under 40 special edition recognized Heather Allen, a Tax Partner at Tanner LLC. Tyler Hall She is an advocate for diversity and aspires to be the role model for other women. Also recognized was Rebecca Macias, the regional marketing manager for Eide Bailly. Larson & Company has added Draper-based CPA firm Brad Bradley & Associates to their growing tax practice. Brad Bradley, CPA and Rick Van Valkenburge, CPA have joined as tax partners at Larson & Company. Brad graduated from the University of Utah in Accounting. His career in the airline industries led him to building his practice to serve the needs of airline employees. Rick earned his Master's of Accounting from the University of Utah and brings 20 years of experience to the firm.
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Squire & Company announced three new partners to the firm: Amanda Barrett-Brough, Matt Geddes, and Kevin Johnson. Amanda joined Squire in 2005 after receiving her Bachelors from Utah Valley University and Masters of Accountancy from the University Amanda Barrettof Utah. She leads Squire's Women Brough Improving Professionally group and works with the AICPA Womens' Initiatives Executive Committee to help them create initiative resources for CPA firms. Matt Geddes, a member of Squire's assurance team, oversees audits of for-profit entities, local governments, and employee benefit plans. Matt volunteered Matt Geddes as a lead adopter to the AICPA's Single Audit and Employee Benefit Plan Audit Certificates and was among the first in the nation to be awarded these certificates. Before joining Squire in 2008, Matt earned his Bachelors and Masters from Utah State University. Kevin joined Squire in the Advisory group in Kevin Johnson 2004 and graduated from Brigham Young University with a Master's in Information Systems Management in 2006. He is an expert in various systems and has helped companies through ERP implementation, training and custom integrations. He serves on the Business and Marketing Advisory Board for the Alpine School District and leads the technology and life sciences group at Squire. Squire also announced changes in practice area leadership. K. Tim Larsen's role as a temporary Practice Area Leader to the Advisory department will be relieved by Reuben Cook. Wayne Barben will be stepping into the position of Wealth Management Practice Area Leader, relieving Tim Christensen. Both will remain on the Partner Board at Squire.
CEO's Message
Susan Speirs, CPA
I
n his state of the state address on January 30, 2019, Gov. Herbert indicated that Utah needs tax reform. The phrase he used to introduce the concept was to “broaden the base and lower the rate.” With that, we knew there would be a tax bill introduced at some point in time. That point came on the evening of February 27 when HB441 dropped for public review. The House Revenue and Taxation Committee had on its agenda for March 1 was HB441, and only HB441. The UACPA, as well as many other organizations, waited for weeks for HB441 to drop as nobody was indicating what the tax bill would contain or what to expect.
The first committee meeting, held March 1 at 10 a.m., was where HB441 would be debated. The hearing was allotted two hours. Two-plus hours, two-plus rooms and 30-plus individuals testifying on the bill later, it passed the House Revenue and Taxation Committee with a vote of 12-2. It was interesting, because out of the 30-plus that testified on the bill, only three were in favor of the bill. Rep. Tim Quinn, R-Heber City, who sponsored the bill, argued that as a citizenry, we need to understand that we’ve moved away from a goods-based economy to a service-based economy. HB441 proposed that state income tax rate would drop from 4.95% to 4.75% and that sales tax would drop from 4.7% to 3.1%.
the proposed tax bill. Many of you in turn sent emails to your clients, many of our industry members sent us calculations of how the proposed bill would affect their own organizations. Our legislators were deluged with well over 500 emails expressing concern for HB441 with appropriate examples of why it shouldn’t pass. Seven days later, on March 7 at a special press conference, legislators pulled the plug on HB441. The UACPA and our members played a huge roll in this effort. I thank you all and applaud your efforts. Thank you for copying us on your emails so that we could get a feel for what was being said as we continued to strategize behind the scenes. Our work is cut out for us as we now work with our legislators to figure out what tax reform really looks like in Utah.
We knew we were in for a fight, and fight we did. Behind the scenes, we banded with many organizations that shared our concerns: tax pyramiding, tax on professional services, tax on real estate transactions, tax on various investment transactions and an excise tax on health insurance. Many legislators and organizations told us that the bill was a done deal. Rather than go home and pout, we sent out a call to action of our members. We asked you to email your legislators and express your concerns regarding
Another thank you is in order to our campus ambassadors, educators, firms and industry members and leadership council for supporting our efforts to pass HB159 — Certified Public Accountant Exam Amendments. With very little fanfare and no opposition, on March 22, Gov. Herbert signed into law the opportunity for CPA candidates the ability to sit for the CPA exam at 120 semester hours which was previously 135 hours.
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Monica Gardner witnesses the challenges of engagement firsthand with teaching a 7 a.m. math class. Photo by Christian Wood. 8
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Engage For Success Your organization invests in you, when you invest in your organization. By Monica Gardner, CPA
W
e all want success in one form or another. Success can be different for each person, but one thing that is true is that success requires effort and action. This is more than just showing up and being there — it is being actively engaged in what we are doing. Whether at work, home, volunteering or any other area of our life. I love teaching, and over the years as an adjunct professor, I have seen the results of my students being actively engaged or not. The majority of students are present, but not engaged and they do not really understand. They copy down what I write on the board, but are not thinking about it. They tend to do OK in the class. They usually pass, although some barely pass, and they often struggle a bit as they move on to higher level courses. There are usually one or two who stop coming to class altogether. Afterall, I teach a 7 a.m. math class and if they are not a morning person or a math person, it is hard to find the desire to come. It is no surprise that those students get nothing from the course. Then there are those students that come to class, listen, think, and ask questions. They tend to do the best in the class. They are doing what it takes to be actively engaged and understand. They are the ones who not only get the best grades, but more importantly, gain the understanding that allows them to succeed as they move on to higher level courses. Maybe you have seen this in yourself when you have attended a class, presentation, or meeting. Do you actively engage in what is going on or are you on your phone, doodling, thinking about what you will do when the class is finally over? At the UACPA Leadership Council in January, we had a great presentation and discussion about being engaged with Neil Staker from Collaborant. One big takeaway from that discussion was the need to find our reason, or our why, for doing something. Neil shared a great anecdote about three stonecutters that illustrates how you can have three people doing the exact same job, but with different outlooks and different outcomes. A traveler came upon three men working with stone. He was curious about what they were doing so he asked the first man what he was working on. The man answered,
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Feature Story
“I am cutting stones in the blazing hot sun.” The traveler then asked the second man and his reply was, “I am working so I can provide for my family.” The traveler asked the third man and his response was, “I am building a great monument to my god!” The three men were doing the same action but had different outlooks and ultimately different outcomes. Chances are we have all been each of these workers as some point in our life. Being engaged is more than just being there or doing something; it’s seeing the big picture
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and understanding why you are doing something. While we can be engaged in any aspect of our life, I would like to focus on being an engaged member of the UACPA. The first and most obvious step is to be a member! If you are not already a member of the UACPA, join! There are several benefits which you can take advantage of just by joining. Of course, there are discounts on great CPE opportunities (the required Laws & Rules course is free for members), great networking opportunities through chapter meeting and Leadership
Feature Story Academy. But did you know that you can also get discounts on liability and health insurance, payroll processing, payment processing services, shipping with UPS, goods and services from Office Depot and Office Max, as well discounts on the U.S. Master Tax Guide and other select books from Wolters Kluwer. See all the great benefits by visiting www.uacpa.org and exploring the Member Benefits Marketplace.
There are many benefits you can take advantage of just by being a member of this great organization, but to get the most out of it, you need to be actively engaged. Now, that doesn’t mean you need spend hours each week volunteering (although if you are able, we would love that too). We are always looking for individuals to help on projects/task force that don’t require much time at all. If you have a little more time, there are some great committees on which you can serve. Two of the greatest benefits of membership are advocacy for the profession and an increased awareness and perception through various radio campaigns — you may have heard them recently on KSL NewsRadio. In the last issue of The Journal Entry (another great perk), the feature story was about the 2019 legislative session and our wonderful lobbyists who work on our behalf. Tax on services and competency-based licensing are a couple of big issues that are still being tackled. There are many benefits you can take advantage of just by being a member of this great organization, but to get the most out of it, you need to be actively engaged. That doesn’t mean you need spend hours each week volunteering (although if you are able, we would love that, too). We are always looking for individuals to help on projects and task forces that don’t require much time
at all. If you have a little more time, there are some great committees on which you can serve. Take a look at the website under "Members" then "Volunteer." Other ways to engage can be as simple as taking two minutes to complete a survey or poll; Be thoughtful and constructive in any comments or evaluations. Each month, via email, members receive the eNetwork and CPE Connect that informs you of upcoming events, from chapter meetings and trainings to podcasts and webcasts. Take a look at it and take advantage of at least one event each month. The UACPA is doing more with technology to allow those who are not physically close to still participate and be actively involved. We are in the process of improving the webcast capabilities in the UACPA on site classroom. If you haven’t participated in one of these give it a go. There are also Facebook live events and things happening on social media When possible, make the effort to attend events in person. I have learned from other members with more experience and history than I have with the UACPA and the evolution of the CPA profession. I love meeting these individuals to gain from the insight they share. No matter where you are in life, being actively engaged provides a much more rewarding experience for ourselves and those around us. So what is you “why” for being a member of the UACPA? ■
Monica Gardner, is an Audit Manager with Teuscher Walpole, LLC, a public accounting firm in Draper, Utah and continues to teach math as an adjunct faculty at Salt Lake Community College. Monica is married and she and her husband, Bryan, have three boys who keep them smiling.
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2019 leadership academy
Feature Story
THE BEST VIEWS COME TO THOSE WHO CLIMB Leadership Academy is an intensive and rewarding retreat to develop and enhance the skills needed to propel new professionals into the future. This year, Leadership Academy is accepting 20 new professionals to participate in this exclusive opportunity. The application deadline is August 4, 2019. In addition to topic discussions, academy To apply, visit www.uacpa.org/ participants will have a service opportunity throughLeadershipAcademy Junior Achievement.
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Feature Story
CPA Ethics A Poem by Barbara M. Smith, CPA, CIRA, CFF, CDBV
T
he road to fraud is a slippery slope, One we would never walk, we hope. But we should be leery, lest others may say Our compass appears to be pointed that way. Our decisions and actions made silently each day Determine our fate as we stride on our way. Impressive signs that we post along life’s path Mean nothing to those trampled down in our wrath. Oh, not me you say, I am a CPA. I would never handle things that way! But be careful of the choices you make. Do they invisibly move your compass each step you take? And over the course, degree by degree, Point your ethics in a direction you’d never foresee? Perhaps it starts out with helping a friend Who owes lots of tax, so a small rule you bend. Or what if your client, a loan covenant has breached? Minor inventory adjustments shouldn’t get one impeached! Or maybe you’re above it all, so you say, I do fraud accounting, putting bad guys away! But ethics applies to everyone With perhaps a higher standard for some. When determining which job we’ll take, A check for conflicts we always should make, Using discretion when seeking a case, Lest it appear we’ve inappropriately laced.
As you tread down life’s road, Your actions declare your moral code. Who you are is disclosed by your deeds, Things you do plant your ethical seeds. You can claim you have ethics, loud and bold, Yet, ethics are determined by the kernels you’ve sown. Did you say you are honest, but cheat to save on tax? Did you alter balance sheets to keep covenants intact? Or did you merely forget to disclose to the clerk That prior to suing that entity, your office provided work? Yes, the road to fraud is a slippery slope. Be wary, lest you slide downward without hope. Be mindful to check your compass each day, And never, no never, head down that way! B.M. Smith, CPA, CIRA, CFF and CDBV 12.27.2018
Barbara M. Smith is a CPA, CIRA, CFF, and CDBV who practices as a sole practioner with a speciality in bankruptcy and litigation accounting. She received her Masters in Accountancy from the University of Utah with a specialty in Taxation in 1992.
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by the
Numbers
These numbers reflect the State of the American Workplace from Gallup's 2017 report.
Workplace Engagement
51 44
Percentage of employees who are not engaged and haven't been for quite some time
23
Percentage of employees who say their company offers flex time
51 21
Percentage of employees who strongly agree that their performance is managed in a way that motivates them to do outstanding work
Percentage of employees who strongly agree that their manager provides meaningful feedback to them
Percentage of employees who are actively looking for a new job or watching for openings
22
Percentage of employees who strongly agree the leadership of their organization has a clear direction
Source: State of the American Workplace report https://news.gallup.com/reports/ 14
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Legislative Update The highs and lows of the 2019 Legislative Session By David Peterson, Ryan peterson and Craig Peterson
T
o say the 2019 legislative session was weird would be an understatement. Between Medicaid reform and tax equalization and reduction, it is a surprise any additional legislation was passed. Once the dust settled, 574 bills were passed into law. Not bad for a 45 day legislative session. Luckily for us, several new laws were passed aimed at making it easier and more efficient for accountants to practice in the state of Utah.
governmental non-profit corporations. Finally, it is important and necessary to highlight the groundswell of support and information provided to legislators by UACPA members in response to House Bill 441 — Tax Equalization and Reduction Act (Rep. Tim Quinn, R-Heber City). But first, a bit of legislative history.
The bill was made public at 10 p.m. on Wednesday, February 27, a mere two weeks before the end of the HB159 — Certified Public Accountant Exam legislative session. It called for a complete overhaul of Amendments (Rep. Jon Hawkins, R-Pleasant Grove) the way the State collects sales tax to balance out the This bill reduced the number of educational semester three-legged stool of Utah Tax Revenue. The three-legged hours required to sit for the first CPA qualifying stool in question is comprised of the state’s income examination. Rep. Hawkins’ bill reduced the education tax (constitutionally mandated to go towards public requirement from 135 to 120 semester hours and from education), state sales tax (which funds the state’s general 200 to 180 quarter hours. fund), and state property tax. The argument for sales tax HB226 — Occupational Licensing Revisions reform is based on the perceived decline of state sales (Rep. Norm Thurston, R-Provo) tax due to an older population spending more money Originally, we were concerned this bill would attempt to on health care (not taxed) and a younger population eliminate licensing requirements for professional services spending money on services (not taxed) instead of goods or focus on a competency-based licensing alternative. (taxed). While the argument for change may be supported An early amendment, however, codified that programs by empirical data, the process in drafting and introducing approved or accredited by a specific entity or board could legislation with wide-sweeping changes during the last only utilize competency-based licensing if approved or couple weeks of the session upset many people including accredited by the specific entity or board as a replacement legislators. The bill was heard for the first time in a twoor alternative to the time-based licensing requirement. hour committee meeting on Friday and was passed out to the House for floor debate. SB26 —Governmental Nonprofit Corporation Act Amendments (Sen. Deidre Henderson, R-Provo) It appeared, based on our observation, that the House This bill was originally thought to bring about a of Representatives circled the wagons against the tremendous burden on many of our non-profit influence of lobbyists. The party line was that no service, organizations, but after meeting with the sponsor, the professional or otherwise, would be excluded so if a state auditor, as well as a number of stakeholders, the lobbyist representing an association was lobbying to get a UACPA was able to support amendments to the bill service excluded, their argument was dismissed since all that would streamline the training of board members of services would be subject to the sales tax. Immediately, we the journal entry | April 2019
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Legislative Update saw a tremendous outpouring of grass-roots opposition regarding the bill. Most legislators returned from the weekend after the introduction of HB441 with hundreds of emails and voicemail messages expressing concerns about HB441. Some of this opposition was down-right hostile but the UACPA took a very different approach. We became the voice of reason, the source of information other organizations turned to in order to advocate their position with individual legislators. UACPA members from all over the state called their legislators and explained what a tax on services would look like. What it would do to the small-business owner. Doctors, lawyers, engineers, etc. turned to UACPA members for assistance and with the help of AICPA research, we provided crucial information instrumental to the individual legislator making an informed decision about HB441. Within one week, HB441 in its original form was under significant modification. Ultimately, majority leadership from both houses and the governor gave a news conference announcing the bill would not go forward. One member of leadership said, “There’s just not time…If we had the policy right, I’m confident we would have had the votes, but we couldn’t get the policy crafted.” During the final hours of the legislative session, HB495 was passed establishing a task force of voting legislators and non-voting advisors charged with the responsibility to propose a solution to the tax imbalance that HB441 was designed to address. The Task Force’s report is expected to be finalized by August of this year. We anticipate a special session to follow shortly thereafter. We believe the UACPA should be involved in the Task Force’s discussions. The UACPA represents individuals intimately involved with the taxation process and hope to offer our expertise in assisting the creation of sound tax modernization policy. Overall, we had a very successful legislative session, but our work has only just begun on one of the largest tax reform proposals this state has ever seen. The UACPA should be the tip of the spear in this process so we can successfully advocate for our clients, protect their financial interests, and support solid legislative policy for the citizens of Utah. ■
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David Peterson is a partner and attorney with Peterson Consulting Group. He received a B.S. degree from Brigham Young University, his J.D. from the University of Toledo, and his LL.M. from The Judge Advocate General's Legal Center and School. He has served on Active Duty and with the Army National Guard for more than 20 years and currently holds the rank of Major. Ryan Peterson is the managing partner of Peterson Consulting Group. He has been a contract lobbyist in the State of Utah for the last 12 years. He received a degree in economics from the University of Utah with a focus on statistics and econometrics. He is an avid golfer thursday and resides in Salt Lake City.
august
Craig Peterson, senior partner of Peterson Consulting Group, has been involved in legislative processes for almost 40 years as a State Representative, State Senator, and Republican Senate Majority Leader. During the past 20 years, he has been a lobbyist, successfully representing a broad spectrum of clients. Craig and his sons Ryan and David have become a strong political voice for their clients.
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OF CERTIFIED PUBLIC ACCOUNTAN N O I T A I C O S S A TS UTAH
Provided by CGMa
Thursday
Aug. 8
Homestead Resort
Bring your swing to the UACPA's annual golf tournament to benefit the Utah CPA Education Foundation, supporting financial literacy in Utah. Prizes and raffle will take place during lunch.
raffles prizes awards
Time: 8 a.m. Shotgun Start Location: Homestead Resort, 700 N Homestead Dr., Midway, UT Fees: $455 per team; $120 per individual Lunch included
UACPA golfers can enjoy a Garden Style room Aug. 7 and 8 for $114./night. Call 1-800-327-7220.
REGISTER NOW AT WWW.UACPA.ORG/GOLF 18
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Digital Disruption HelpING Your Team Navigate and adapt to new technologies Provided by Robert Half
A
ccounting and finance teams sometimes resist change. It’s understandable. After all, accuracy is essential in this field, and major changes to processes and the introduction of new ways of working could create additional stress and lead to costly mistakes.
compliance. Some also see an opportunity to automate more complex processes such as financial planning and forecasting, especially as machine learning and artificial intelligence technologies continue to mature and become more widely used in businesses.
However, resisting change is futile in an age of continuous and rapid digital disruption. Research conducted for Benchmarking Accounting and Finance Functions: 2018, a special report from Robert Half and Financial Executives Research Foundation, suggests the pace of technological change in accounting and finance organizations is accelerating. Many organizations are expanding their use of automation and cloud computing — a move often motivated not only by a desire to increase efficiency, but also to keep pace with broader digital transformation initiatives underway at the company.
What can you do as a manager to help your staff successfully navigate and embrace digital disruption — and perhaps even assist in driving it? Try applying the following four strategies:
According to the Benchmarking report, accounting and finance functions are most commonly automating processes such as invoicing, data collection, financial report generation, and documentation storage and
1. Explain the Impact of the Change Get your team thinking about technological change not as a series of occasional disruptions, but a constant state. Also, instill the idea that this type of disruption can be a positive force rather than something to fear. For example, when adopting a new system or application, make clear how that technology will allow teams to work more efficiently. Further, explain how it will help them find more time to focus on higher-value projects they might find more challenging and interesting.
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Digital Disruption Paint a picture of how the department will operate post-change. Provide an overview of an average day, and explain what will be different, what will stay the same, and whether some job descriptions will evolve and how. When you help your employees understand how a change in technology will specifically impact their work and daily routine — especially for the better — they will be more likely to adapt to the change faster and with more enthusiasm. 2. Listen Thoughtfully to Employees’ Concerns Listening to employee feedback is one pillar of successful change management. People on the ground often have the best understanding of how well a certain process is working and what the real impact of a change in technology might be. A good manager will take their staff members’ comments and recommendations into full consideration. You also need to know how to manage employees’ objections to change decisively, but gracefully. Some complaints you hear will be valid, while others will be rooted in unnecessary worry or misunderstanding. For instance, your accountants may feel that a manual reconciliation process is the only way to be confident everything is done correctly. However, systems have improved and doing everything by hand is not the best use of your employees’ time, especially as the company grows. To help counter the fear of change, in this case, you could discuss how automated reporting would work and what plans are in place to ensure accuracy. Then, you could list all the positives, such as leaving more time for analysis and strategy. 3. Encourage Staff to Maintain Relevant Skills Every wave of digital change has an impact on the relevancy of your workers’ current skill sets. So, what technical and nontechnical skills are most important for accounting and finance professionals to possess as their organizations undergo digital transformation? According to the Benchmarking report, strong communication
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skills, experience with data analytics, and experience with enterprise resource planning systems all top the list. Keep in mind that, for workers, a common fear of technological change is job loss. However, most companies surveyed for the Benchmarking report said digital transformation efforts are not having a significant impact on their staffing levels. Few organizations plan cutbacks, and firms are more likely to expand their teams. Encouraging your employees to maintain in-demand skills will help ensure they keep adding value to your organization as it evolves. And if the business must reduce headcount down the road, the professionals who leave likely will be more marketable to other employers. 4. Provide Support After the Change Change management failures are still a possibility after you implement a new system or process. Keep up communication with your employees during this critical time, and ensure they have what they need to succeed. For example, you might find you need to offer training to some or all team members. Or, you may need to engage extra support, such as consultants with specialized skills and expertise. Remember, change management is ultimately about people. Your ability to affect change in your business requires the support and involvement of your workers. So, when team members step up to help you and their colleagues through the transition, be quick to acknowledge their efforts. And with each milestone achieved, take time to share and celebrate that success collectively. These are good practices not only for change management but staff management. ■ Accountemps, a Robert Half company, is the world’s first and largest specialized staffing firm for temporary accounting, finance and bookkeeping professionals. Accountemps has 300 locations worldwide. More resources, including job search services and career advice, can be found at roberthalf.com/accountemps.
Introduce Your Clients to the 529 Benefit This Tax advantage Helps Your Clients and Their Children By Lynne N. Ward, CPA My529
D
uring tax season, CPAs help clients make prudent decisions about their money. Why not recommend my529, Utah’s official nonprofit 529 educational savings plan, as a tax-advantaged investment vehicle for education? Formerly the Utah Educational Savings Plan, my529 is the nation’s third-largest direct-sold plan — with more than 386,000 accounts and $13 billion in assets under management. my529 has earned the Morningstar Analyst Rating™ of Gold for eight years straight and has been recognized for its low fees, strong investment options, and flexibility.
specifically for that purpose. my529 was established in 1996 by the Utah Legislature as a tax-advantaged investment plan designed to encourage individuals to invest for future higher education expenses. Since account owners don’t pay annual taxes on earnings, their balance earmarked for education can accumulate faster.
Tax-Deferred Growth, Tax-Free Withdrawls
Earnings on a my529 account grow tax-deferred, and withdrawals are exempt from federal and Utah state income taxes if the money is used for qualified higher education expenses, such as tuition and fees; required books, supplies, Whether your clients live in Utah or outside the state, they can enjoy tax benefits by investing with my529. Accounts are and equipment; computers, related equipment, services, and free to open, require no minimum or recurring contributions, internet access; and certain room and board expenses. and it takes less than 10 minutes to get started at my529.org. Plan funds may be used at colleges, universities, or technical schools in the United States or abroad where students Tax Benefits for Your Clients can receive federal financial aid, not just schools in Utah. In addition, funds can be used for K-12 tuition expenses While your clients can make a variety of investment choices at public, private, or religious schools up to $10,000 per regarding education savings, 529 plans — so designated beneficiary per year. If your clients withdraw or roll over by Section 529 of the Internal Revenue Code — are built the journal entry | April 2019
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m529 Educational Savings Plan money from a my529 account(s) they own during the 2019 tax year, my529 is required to issue them IRS Form 1099-Q (Payments From Qualified Education Programs). Sometimes, plans change. When necessary, nonqualified withdrawals are subject to federal income tax and a 10% penalty on the earnings portion of the withdrawal. Utah residents are also required to add back the amount of a By Alice Tsai,as income CPA on their state tax return nonqualified withdrawal for the taxable year a nonqualified withdrawal was made if the taxpayer received a my529 state tax credit. There are a few circumstances where the federal tax penalty does not apply— see the my529 Program Description for details.
Utah State Income Tax Benefits Utah resident taxpayers are eligible for Utah state income tax benefits, as well as the federal tax benefits afforded to my529 account owners. Utah individual taxpayers (or trusts) who own a my529 account can claim a 5% annual Utah state income tax credit per qualified beneficiary on contributions up to certain limits. Utah residents filing single can claim a 5% Utah state tax credit in 2019 for contributions up to $2,000 per qualified beneficiary. Joint tax filers can claim the 5% credit on contributions up to $4,000 per qualified beneficiary. For the account owner to qualify for Utah state tax benefits, the beneficiary must be younger than 19 when they were designated on the account. If this requirement is met, the account owner may claim a tax credit on annual contributions for the life of the account.
For Utah taxpayers who contribute to, withdraw from, or transfer money to their my529 account(s) in 2019, my529 will issue Form TC-675H (my529 Tax Statement for Contributions, Withdrawals and Transfers). Use TC675H to claim Utah state income tax benefits and/or report nonqualified withdrawals, rollovers, and transfers on your clients’ Utah state income tax returns.
Five-Year Election Up to $150,000 A special provision for 529 plans allows a person to contribute up to $75,000 per qualified beneficiary in a single year ($150,000 if filing jointly), without creating a taxable gift if the contributor makes an election on IRS Form 709 to treat the entire gift as a series of five equal annual gifts.
Estate Tax Considerations Funds held in a my529 account are generally not considered part of the account owner’s estate, even though the account owner remains in control of the money. Visit my529.org and read the Program Description for more information on tax considerations.
My529 Plan Features Low Fees my529’s fees are among the lowest in the 529 industry. On average, account owners pay $1.99 per $1,000 invested (as of January 31, 2019). Quality Investment Options
Utah-based flow-through entities, such as S-corporations, limited liability companies, and partnerships, are also eligible to claim a 5% tax credit.
Account owners can select from a range of age-based, static, and customized investment options. Underlying investments include funds offered by Vanguard, Dimensional Fund Advisors, PIMCO, and FDIC-insured savings accounts.
Utah-based corporations may claim a Utah state income tax deduction up to certain limits.
Contribution Methods
Nonresidents who do not live in Utah but have Utah taxable income can claim a prorated amount of the Utah state income tax credit based on the percentage of income the account owner earned and received in Utah during the tax year.
my529 offers several ways for account owners to contribute to their account(s). They can contribute online with one-time or recurring electronic transactions, via payroll or bill pay, by rolling over funds from another my529 plan, or they can invite family and friends to contribute via the my529 Gift Program.
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my529 Educational Savings Plan For more information, visit my529.org, call 800-418-2551, or email info@my529.org. ■ Important Legal Notice Investing is an important decision. Read the Program Description in its entirety for more information and consider all investment objectives, risks, charges, and expenses before investing. For a copy of the Program Description, call 800-4182551 or visit my529.org. Investments in my529 are not insured or guaranteed by my529, the Utah State Board of Regents, the Utah Higher Education Assistance Authority or any other state or federal agency. Your investment could lose value. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-insured accounts. Please read the Program Description to learn about the FDIC-insured accounts. The state in which you or your beneficiary pays taxes or lives may offer a 529 plan that provides state tax or other benefits, such as financial aid, scholarship funds, and protection from creditors, not otherwise available to you by investing in my529. You should consider such benefits, if any, before investing in my529.
not contain legal, financial, investment, or tax advice and cannot be construed as such or relied upon for those purposes. You should consult your own tax or legal advisor to determine the effect of federal and state tax laws on your particular situation. A Morningstar Analyst RatingTM for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions. Morningstar does not represent its analyst ratings to be guarantees. Please visit Morningstar.com for more information about the analyst ratings, as well as other Morningstar ratings and fund rankings.
Lynn Ward, CPA is the Executive Director of my529, Utah’s official nonprofit 529 educational savings plan. She is a member of the Investment Advisory Committee at the University of Utah. She graduated from the University of Utah with a Bachelor of Science in accounting.
my529 does not provide legal, financial, investment, or tax advice, and the information provided in this document does
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Closing the Gaap — Women in Accounting
Kristin Cornell, CPA Interview By Katrina Baird, CPA
K
ristin Cornell was born and raised in the small town of Ferron, Utah. She graduated from Southern Utah University with a Masters of Accounting and began her career with a Big 4 firm in Las Vegas, Nevada, and later transferred to Salt Lake City, Utah. Kristin currently serves as a National Assurance Senior Manager for Eide Bailly, meaning she divides her time between client work and Eide Bailly’s National Assurance Office (NAO). The NAO, a team of 10 audit professionals from across the firm, is charged with the implementation and management of the firm’s quality control for the assurance practice. Kristin is on a three-year rotation with the NAO. She loves the challenge and variety that public accounting affords her and is pretty sure she works with some of the greatest people in the industry. Kristin has been married to her husband Tanner, of Kanab, for 18 years and they are the parents of four, pretty fantastic (although she readily admits her bias) children: Lauren (16), Paityn (14), Raegan (11) and Tytan (6).
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What would you be doing if you were not a CPA? I’m convinced that Joanna Gaines from "Fixer Upper" has the world’s best job. I realize not everyone is going to know who Jo is — you may need to look to Google for some guidance here. Several of my co-workers couldn’t figure out why I would take a trip with my girlfriends to Waco, Texas, last spring to visit Jo’s hometown and the Magnolia Market. My husband and I have always dreamed of renovating homes and I have a more-than-mild obsession with all-things home décor. What do you enjoy doing outside of work? At this stage of my life, my very favorite extracurricular activity is cheering my children on from the sidelines of their games and events. There is little that brings me more joy than watching them do what they love most. I also love spending time at the beach and in the sunshine. My favorite places to do that are on the boat with our family, in Hawaii, or river rafting down the bottom of the Grand Canyon (which I personally think should be on everyone’s bucket list).
Closing the GAAP — Women in Accounting What advice would you give other female professionals? You’ve got this! As women in the workplace, our thoughts and ideas are relevant, innovative, and important. A great office has a balance of male and female perspective and insight. Don’t be afraid to speak up. Get involved. Look for leadership and development opportunities. And, finally, be confident.
I want to give back by raising up the next generation of professionals by mentoring and advocating for them. What advice do you live by? Be grateful, work hard, have fun, and take care of others. Over time, I’ve found that these four things are critical to my personal and professional success. ■
Do you have a mentor? How have mentors helped you in your career? I find mentors to be one of my career’s very most valuable relationships. I have several people who I consider to be strong mentors – those who I look to for honest advice, feedback, training, and guidance. I believe mentors can be found in both formal and informal relationships. I have mentors who have looked out for me, advocated for my career, and had my overall well-being in mind. I can’t thank those people enough. And, in return, I hope to be a mentor to others.
Katrina Baird, CPA is the Site Controller for Moog Medical, a subsidiary of Moog Inc. She graduated from the University of Utah with her BS in Accounting in 2008 and with her MBA, emphasis in Accounting, from Westminster College in 2011. Katrina can be reached at kbaird@moog.com.
Imagine... a chair without a desk Delivering Results - One Practice At a time Ryan Pannell www.APS.net
800-397-0249 Ryan@APS.net
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Meet the Executive Board
What Would Be Your Ideal Weekend? Monica Gardner President
Stacy Weight Vice President
"Sometimes I like to get out and do something, other times I just want to be lazy and do nothing, but one thing that is always the same, is that I want to be with my family. My boys are still young, but they won’t be for long, so I want to make the most of the time I have with them."
"My ideal way to spend the weekend is outside in my hammock in the sun reading a novel, followed by an action packed evening at a hockey game! ”
Jason Tomlinson Treasurer
Tom Colligan Member-at-Large
"It varies based on the weather, stress level and kids. Sometimes, I work outside or on a house project. Other days, I like to just sit, play a video game and veg. The best is spending time with family on some adventure, doing crafts, housework together (making it fun) or going out."
"My ideal way to spend a weekend is on a vacation with my wife."
Jay Niederhauser President-Elect
Nate Staheli Member-at-Large
"My ideal weekend would begin on Monday morning and would include a weeklong backpacking trip in the Wind River mountains."
Troy Runnells Secretary "I’m living my ideal weekend almost every week! It’s a healthy balance between spending time with the family, completing some of the honey-do list and preparing/training for my next adventure. However, it is nice every once in a while to do absolutely nothing."
Not pictured: Brandon Allfrey (AICPA Council Rep) and Katie Chandler (ProNet Council) 26
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"My ideal weekend would include family, sports and Hawaii. Therefore, it would be sitting in my lawn chair at a ball field near the beach in Hawaii watching one of my children play a ballgame. I would be surrounded by my family and friends, with a picnic spread and enjoying conversation."
Matt Klein Immediate Past President "Golf 36 holes, sit on the beach, eat lots of French fries, and make some great memories with my family. Oh, and work on a spreadsheet too!"
Meet the UACPA Staff
Board Bullets
What Would Be Your Ideal Weekend?
News from the UACPA Board The following actions were taken by the Executive Board at the last board meeting. •
The budget for the year ending March 31, 2020 was approved. With a surplus for the year, additional monies were allocated to the PAC for legislative affairs, the Foundation and the 2020 Centennial Celebration.
•
Names were discussed to be submitted for the State Board of Accountancy as one member’s term is expiring in June and the State Board has asked for names.
•
In addition to the bills mentioned in the legislative update on page 15, the UACPA tracked HB196 – Enterprise Zone Credit Amendments. This affects many of our members in the Uintah Basin and Box Elder County areas. The bill would authorize state income tax credits for the creation of fulltime jobs in the businesses that produce, process and dispense hydrogen fuel as well as investments in plant and equipment engaged in doing the same. There are challenges with the bill regarding interpretation and the relationship between the Utah State Tax Commission and GOED. We will be working with both agencies after the session. The bill did not pass.
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April Deneault CPE Manager "My ideal weekend is pretty simple. I would sleep lots, spend time with my family, go shopping and to the movies while someone else was at my house doing my weekend chores.
Tyler Hodges Membership Development Coordinator "I know it might sound cliché, but I love spending time at my family's cabin in the mountains. If I am there with family, friends, and have a good book or movie, I will have a great weekend."
Amy Spencer Marketing & Communications Manager "First off, the ultimate weekend is no less than three days. It should consist of time immersed in Utah's beauty, reading, cooking and and enjoying great food with family and friends. The good times come to a close on Sunday night with a new episode of 'Game of Thrones.' "
Susan Speirs CEO
Tom Horn Financial Director
"My ideal weekend would start out with an early jog at sunrise, followed by a leisurely breakfast. Of course, I would have to spend some time in our garden and do a few Saturday things. The day would end with dinner with my husband and either a play or a concert."
"My ideal way to spend the weekend would be to ski at Deer Valley or Park City with my two sons."
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MEet The uacpa Staff
Five Minutes with Tyler Hodges
Tyler Hodges is the new membership development coordinator at the UACPA. In July, he will celebrate being married to his wife, Rachel, for five years. He lived in East Africa for two years and anticipates going back someday. He describes himself as an easygoing person who loves to talk to people and enjoys life.
How do you spend your free time? I love the outdoors and going camping with my family and friends. I enjoy watching or playing sports like football, basketball and rugby. I also love video games and movies. Reading is something I do every day, there is nothing like getting sucked into a good story.
What led you to the position at the UACPA in membership development? I graduated from Utah Valley University in 2018 with a Bachelor’s in Communications with an emphasis in Public Relations. Having a degree in hand with a new set of skills, it was time for me to look to start my career. The UACPA was the perfect fit for me and I am glad they felt the same way.
What are your 2019 goals? I am really wanting to learn everything I can about CPAs and see how being a part of the UACPA can help their profession. I also want to put my own stamp on this job and help grow the membership and community of the UACPA.
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What famous person/people, dead or alive, would you invite to a dinner party? There are so many people that I would want to talk with and learn from.
For the sake of space, I will only list three names: Abraham Lincoln, Winston Churchill, and Nelson Mandela. What is something that would surprise people to know about you? I have to watch all three of the extended "Lord of the Rings" movies at least once a year. What recent purchase under $100 has impacted you the most? My Audible account ($15/month) is something I use every day. I love getting sucked into a new story. It makes car rides more enjoyable and relaxes me while I am doing things around the house. What advice do you live by? Keep moving forward and enjoy each step you take. â–
MEet a uacpa member
Five Minutes with Troy Runnells, CPA
Troy Runnells, CPA grew up in Southern California and spent many summers in Hawaii, visiting extended family or working. In fact, his first real job was drilling water wells on Oahu. Troy worked at Deloitte in both tax and audit in Orange County, California, before taking a corporate controller position for a national retailer. Troy currently is the Senior Director for Strategy and Business Development at my529 (formerly the Utah Educational Savings Plan) and the secretary on the UACPA board. Troy and his wife Kim have four children and live in Sandy, Utah. What led you to become a CPA? My father was a practicing CPA while I was growing up. I enjoyed watching him learn about and analyze his clients’ companies and provide advice in various aspects of their businesses.
What would surprise people to know about you? While in college, I visited family on the Big Island of Hawaii during Thanksgiving break. I went scuba diving one morning with a tour booked through the hotel. The staff paired me up with an older gentleman as my dive buddy. After our first dive, we took a break on the boat, and I noticed the staff providing the gentleman with extra attention. I realized he must be someone important. Long story short, it turned out that I was Neil Armstrong’s scuba diving partner for the day. It was an incredible experience diving with the first man to walk on the moon. No, I didn’t get a picture or an autograph. I played it cool and let him enjoy his holiday.
What do you like to do outside of work? I have found joy in coaching my kids’ competitive soccer teams. I like seeing young kids learn and develop. Personally, I’m always up for some type of crazy adventure. Years ago, I participated in a local community triathlon. Next thing I knew, I had completed five Ironman races. My father-in-law has always enjoyed hiking, so I thought, “Why not take him to base camp of Mount Everest?” I recently returned from that adventure and I’m now figuring out what to try next. Any ideas? What advice do you live by? Never Ever Give Up (NEGU). When challenges or adversity presents itself, you should never allow “giving up” to be an option. All you can do is your best, but Never Ever Give Up. ■ the journal entry | April 2019
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CPECourseSchedule
Register online at uacpa.org, or call the UACPA office at (801) 466-8022. CREDIT HOURS COURSE TITLE
DATE
INSTRUCTOR
VENDOR
MEMBER FEE*
NONMEMBER FEE
JUNE 6/3/19
8
K2's Quickbooks for Accountants
TBD
K2 Enterprises
$285
$340
6/4/19
8
K2's Business Intelligence, Featuring Microsoft's Power BI Tools
TBD
K2 Enterprises
$285
$340
10/11/19
8
U.S. GAAP: Review for Business & Industry
Marty Van Wagoner
AICPA
$285
$340
10/17/19
4
Social Security and Medicare: Maximizing Retirement Benefits
William Taylor
AICPA
$170
$195
10/17/19
4
Smart Tax Planning Strategies for Individuals
William Taylor
AICPA
$170
$195
10/18/19
8
Best Practices for Payroll Taxes and 1099 Issues
William Taylor
AICPA
$285
$340
10/21/19
8
Annual Update for Controllers
Ronald Kral
AICPA
$285
$340
10/22/19
8
Enterprise Risk Management: New Approaches for Today's Complexities
Ronald Kral
AICPA
$285
$340
10/25/19
8
Accounting and Auditing Update for Small Businesses
Marty Van Wagoner
AICPA
$285
$340
10/28/19
4
Preparation, Compilation, and Review Engagements: Update and Review
Jeffrey Lieman
AICPA
$170
$195
10/28/19
4
Audit Workpapers: Documenting Field Work
Jeffrey Lieman
AICPA
$170
$195
OCTOBER
10/29/19
8
Construction Contractors: Accounting, Auditing and Tax
Jeffrey Lieman
AICPA
$285
$340
10/31/19
8
K2's Excel Data Magic, Including Advanced Pivot Tables & Power Pivot
TBD
K2 Enterprises
$285
$340
11/1/19
4
K2's Emerging Technologies, Including Blockchain and Cryptocurrencies
TBD
K2 Enterprises
$170
$195
11/1/19
4
K2's Testing and Auditing Excel Workbooks
TBD
K2 Enterprises
$170
$195
11/4/19
8
Annual Update for Accountants and Auditors
Marty Van Wagoner
AICPA
$200
$340
11/8/19
4
Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know
Marty Van Wagoner
AICPA
$170
$195
11/8/19
4
The Bottom Line on the New Lease Accounting Requirements
Marty Van Wagoner
AICPA
$170
$195
november
30
11/13/19
4
Developing Your Digital Mindset
John Cox
AICPA
$170
$195
11/13/19
4
Change the Way You Work: Success as a Virtual CFO
John Cox
AICPA
$170
$195
11/14/19
8
Advanced Controller and CFO Skills
John Cox
AICPA
$285
$340
11/15/19
4
Applying Professional Skepticism in an Audit
Marty Van Wagoner
AICPA
$170
$195
11/15/19
4
Fraud and Cash Receipts: Common Frauds and Internal Controls
Marty Van Wagoner
AICPA
$170
$195
11/18/19
4
Reviewing Partnership Tax Returns: What Are You Missing?
Steven Wagner
AICPA
$170
$195
11/18/19
4
Reviewing S Corporation Tax Returns: What Are You Missing?
Steven Wagner
AICPA
$170
$195
11/19/19
4
Reviewing Individual Tax Returns: What Are You Missing?
Steven Wagner
AICPA
$170
$195
11/19/19
4
Hottest Tax Planning Developments Under the Current Tax Law
Steven Wagner
AICPA
$170
$195
11/20/19
8
Not-for-Profit Accounting and Auditing Update
Stacey Bergman
AICPA
$285
$340
11/21/19
8
Not-for-Profit Financial Reporting: Mastering the Unique Requirements
Stacey Bergman
AICPA
$285
$340
11/22/19
8
AICPA's Annual Federal Tax Update
Michael Blackburn
AICPA
$200
$340
11/25/19
8
Form 990: Mastering the Unique Requirements
David Peters
AICPA
$285
$340
11/26/19
8
Advanced Tax Strategies for LLCs and Partnerships
David Peters
AICPA
$285
$340
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CPECourseSchedule
Register online at uacpa.org, or call the UACPA office at (801) 466-8022. DATE
CREDIT HOURS COURSE TITLE
INSTRUCTOR
VENDOR
MEMBER FEE*
NONMEMBER FEE
DECEmber 12/2/19
8
Governmental Accounting and Auditing Update
Robert Moody, Jr.
AICPA
$285
$340
12/3/19
8
The New Yellow Book: Government Auditing Standards, 2018 Revision
Robert Moody, Jr.
AICPA
$285
$340
12/4/19
8
Nexus Update: Latest Developments in State Income, Franchise, and Sales Tax
Pamela Davis-Vaughn
AICPA
$285
$340
12/5/19
8
Slashing Taxes for Your Small Business Clients: Corporations, Partnerships, and LLCs
Pamela Davis-Vaughn
AICPA
$285
$340
12/9/19
8
Real World Fraud in Today's Small- to Medium-Sized Entities
Robert Minniti
AICPA
$285
$340
12/10/19
8
Preventing, Detecting, and Investigating Identity Theft
Robert Minniti
AICPA
$285
$340
12/16/19
8
Individual Income Taxation: Practical Tax Return Guidance for Your Upcoming Tax Season
Peter Bunce
AICPA
$285
$340
12/17/19
8
Individual Income Taxation: Critical Tax Compliance and Planning Strategies
Peter Bunce
AICPA
$285
$340
*Early-bird pricing available for classes when registering at least two weeks in advance. (Excludes 4 hour courses and core training courses) AICPA Members receive an additional $30 off the price of each 8 hour course (excluding 4 hour courses and core training courses) where the AICPA is listed as the vendor. Use promo code AICPA8 for 8 hour courses.
Help Us Recognize Top CPAs The UACPA Awards Task Force Is Accepting Nominations for CPAs to be honored at our Awards Banquet
Award Categories Distinguished Service CPA in Business & Management CPA in Public Practice Leadership Council Member Educator Rising Star Women to Watch: Experienced Leader Women to Watch: Emerging Leader
Nominate a CPA at www.uacpa.org/nominate Nominations should be submitted before July 15, 2019
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2019 LECTURE SERIES the uacpa presents MAY 8
Succession Planning Mike Blackburn
JUNE 12
Selling Your Business Arthur Warsoff
AUG 14
Excel The Top 10 Things you Should Know Aaron Clark
SEPT 11
Leases/ Rev Rec Marty Van Wagoner
JULY 10
UACPA Update Monica Gardner
OCT 9
Fraud/ Cyber Security
NOV 6 Legislative Update David, Ryan & Craig Peterson
DEC 11
Ethics
Lectures will be webcast throughout Utah. EARN ONE HOUR OF CPE. $15 FOR MEMBERS.
Attend online or in person. UACPA, 136 S. Main Street, Ste 510. ALL LECTURES ARE HELD AT NOON. LUNCH WILL BE PROVIDED.
Register at www.uacpa.org 32
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STATE & LOCAL GOVERNMENT CONFERENCE This conference provides timely information for CPAs who perform audits or provide management services for state or local government entities. MAY 17, 2019 8 - 4:30 p.m. Little America Hotel, 500 S. Main St. Fees: $248 for UACPA members before May 3; $275 after May 3; $335 for nonmembers CPE Credit: 8 hours
Speakers and Topics Include • GASB Update - Hollie Andrus, CPA, Utah State Auditor's Office • Yellowbook Revisions/Critical Thinking in Auditing - Loren Yager, GAO • Transparency Data - Drew Mingle, State of Utah • Ethics - Eva Witesman, BYU • UACPA Update - Jay Niederhauser, CPA, Niederhauser & Davis LLC • Block Chain Technology - Phil Windley, Technometria • Strategic Audit Communications - Debbie Davis, CPA, Utah State Office of Education • Risk Based Auditing - Michael Michelsen, CPA, Eide Bailly • Strategic Planning - Rich Hughes, State DHRM • Economic Update - Robert Spendlove, Zion Bank the journal entry | April 2019
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Member Benefits
The UACPA Honors 100% Membership
AGILITY
Congratulations to the firms and businesses curerently participating in the UACPA's 100% membership program. This demonstrates their commitment to the profession, to the Association's high ethical standards and a commitment to life-long learning.
The UACPA's Affinity Partners help you get the most out of your membership Agility offers UACPA members a 10% discount on any of their ReadySuite solutions. Contact Trevor Mickelson at 720-490-4531, or Trevor.Mickelson@agilityrecovery.com.
Beehive Insurance
Groups with 2 to 100 eligible employees can participate in medical, dental, vision, telehealth and voluntary onsite programs through this plan. For more information, contact Todd Valentine, 801-743-7788 or tvalentine@beehiveinsurance.com.
National Affinity Service
Identity protection experts have you covered for $12.95 per month or $16.95 per month for a family. Visit healthwealth. fit/uacpa_infoarmor
CCH
UACPA members receive a discount on the U.S. Master Tax Guide and more. Visit cchgroup.com and use code Y3819
iTransact
iTransact, a full service payment processing company, rewards UACPA members with a residual payout program. Email Colston Robinson, c.robinson@itransact.com or call 801-951-8178.
Camico
PUBLIC PRACTICE • CBIZ • Cook Martin Poulson • Davis & Bott • Eide Bailly • Haynie & Company • Hinton Burdick • Jones Simkins • PricewaterhouseCoopers • Savage Esplin & Radmall • Squire • Stayner Bates & Jensen • Tanner, LLC INDUSTRY • LDS Church Auditing Department • Workers Compensation Fund
The Mutual Insurance Company offers UACPA members a variety of benefits. To learn more, call 800-652-1772 or email inquiry@camico.com.
Office Depot
UACPA members can save up to 80% on office products, printing, technology and furniture. Visit www.officediscounts. org/uacpa to learn more. Learn more about member benefits by talking to Amy Spencer, as@uacpa.org or calling 801.466.8022
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the journal entry | April 2019
Firms with 10 or more full-time CPAs are eligible to be a part of the 100% membership program. Learn more by talking to Tyler Hodges, thodges@uacpa.org or call 801.466.8022
ContactList Accounting Issues
When UACPA members have questions about accounting issues, help is available from the UACPA Accounting Issues Committee. Each month, a member of the committee is assigned to answer accounting questions and help you interpret the rules as they apply to your particular situation. The following members may be contacted during the months listed. April
May
Ted Rokich 801-263-3090 trokich@fdic.gov
Mark Anderson 801-532-7800
IN MEMORIAM James E. Schroeder
Oct. 1, 1946 — Feb. 7, 2019 UACPA Member since 1969
markanderson@hayniecpas.com
June Mark Anderson 801-532-7800 markanderson@hayniecpas.com
CPE Approval — Does This Qualify?
When UACPA members have questions regarding CPE Approval and whether or not something may or may not qualify, they can turn to the UACPA CPE Approval Committee for answers. Each month, committee members are assigned to answer member questions related to CPE approval. Below are the members who may be contacted with your questions. April - June Steve Avis 801-532-7800 stevea@hayniecpas.com
Tax Issues
Scott L. Robinson 801-990-5918 srobinson@tannerco.com
The Tax Issues Committee focuses on legislative and regulatory issues and does not answer technical questions. For assistance with a technical matter, please refer to the UACPA referral tool at uacpa.org. Direct questions related to legislative or regulatory issues to taxissues@uacpa.org
Classified Ads To place your classified advertisement and reach Utah CPAs, contact the UACPA at mail@uapca.org. Utah Practice For Sale: gross revenues shown: Avail after 4/15/19 - Washington County/St. George, UT Area $146K - 50/50 Tax & Acctng. For more information, please call 1-800-397-0249 or visit www.APS.net to see listing details and register for free email updates. THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices now. We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done. To learn more about our risk-free and confidential services, call Ryan Pannell with The Holmes Group at 1-800-397-0249 or email Ryan@APS.net. the journal entry | April 2019
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Utah Association of CPAs
Nonprofit Org.
136 S. Main Street, Suite 510
U.S. Postage
Salt Lake City, UT 84101
PAID Salt Lake City, UT Permit No. 1996
Something
Big Is Coming
100 Years in the Making 36
the journal entry | April 2019