VOL 3 · JULY 2021
THE
JOURNAL ENTRY THE UTAH ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
STRATEGIZING FOR THE FUTURE
HOW TO BUILD A FOUNDATION TO SUCCEED
THE JOURNAL ENTRY |
J U LY 2 0 2 1
1
August 10, 2021
10 AM Shotgun Start
Promontory Park City
The UACPA’s annual golf tournament supports the CPAs of the future. This fundraising event features exclusive giveaways and prizes.
Location: Promontory Golf Course, 8417 N. Ranch Club Trail #4941, Park City Fees: $500 per foursome; $150 per individual 9:00 a.m. – Registration Opens 10:00 a.m. – Shotgun Start 2:00 p.m. – Lunch Buffet & Awards For questions and sponsorship, contact Lisa Ostrander, 801.834.6635 or lostrander@uacpa.org
Register at uacpa.org/golf
2
THE JOURNAL ENTRY |
J U LY 2 0 2 1
CONTENTS CEO's Message.................................................................................................... 4
JULY 2021 Utah Association of Certified Public Accountants 136 S. Main Street, Suite 510 Salt Lake City, UT 84101 801-466-8022 mail@uacpa.org www.uacpa.org Managing Editor Amy Spencer as@uacpa.org 2021 - 2022 UACPA Executive Board President: Stacy Weight President-Elect: Ray Langhaim Vice President: Dustin Wood Treasurer: Aubrey Bickmore-Neeley Secretary: Tad Tuttle Member-at-Large: Katrina Baird Member-at-Large: Chris Skousen Emerging Professionals: Eric Greene Immediate Past President: Jay Niederhauser AICPA Council: Paul Skeen CEO: Susan Speirs UACPA Staff CEO: Susan Speirs CPE Director: April Deneault Communications & Marketing Director: Amy Spencer Financial Director: Tom Horn Membership Director: Lisa Ostrander UACPA Statement of Policy The Journal Entry is published four times a year by the Utah Association of Certified Public Accountants (UACPA). The opinions, views and articles expressed in this magazine are those of the authors and not necessarily those of the UACPA. This magazine should not be deemed an endorsement by the UACPA or its committees or editorial staff of any views, opinions or positions contained herein. Copyright © 2021 Utah Association of Certified Public Accountants
President’s Message........................................................................................... 5
Cover + Articles Feature: Visualizing Your Company’s Future................................................. 7 Feature: The New UACPA Strategic Plan........................................................ 9 By the Numbers: Accounting Career Satisfaction......................................14 Summer Reading with Leadership Academy Alumni.................................18 Tax Credit Scholarship ....................................................................................20 Legislative Update.............................................................................................22
Membership New Members....................................................................................................24 Members in the News......................................................................................25 Photos: Summer Leadership Council............................................................26 In Memoriam......................................................................................................27 New Lifetime Members....................................................................................27 Meet the Board..................................................................................................28 UACPA Staff Chat/Board Brief........................................................................29 Outstanding Student Awards..........................................................................30 Member Benefits...............................................................................................32 Comic: Generally Excepted..............................................................................32 Meet a Member: Chad Atkinson.....................................................................33
CPE Business & Industry Conference....................................................................34 UACPA Virtual Courses....................................................................................35 Lecture Series....................................................................................................37 Classifieds/100% Firms...................................................................................39
THE JOURNAL ENTRY |
J U LY 2 0 2 1
3
CEO’S MESSAGE SUSAN SPEIRS, CPA
T
ime editor and film critic Richard Nelson Corliss once wrote, “Nothing ages so quickly as yesterday’s vision of the future.” How true this has been for many people as we’ve trailblazed through a global pandemic that has turned many aspects of our own personal worlds upside down. For our own organization, we forged ahead, updating and even changing our strategic plan, knowing that it is not static, and that as our membership evolves, so too will our plan. We also learned a few things; and some things did not change. For example, research has indicated that, for most organizations, the mission did not change. Thanks to many of our members and even non-members who participated in virtual focus groups, our mission remains: 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. Research has also indicated that fundamental values don’t change in an organization due to something that is out of the organization’s control, i.e., the pandemic. This is good news, as it is difficult, at best, to change the fundamental values of an organization. We learned from our focus groups that our values of advocacy, professional education, leadership development, networking, and community service and outreach are still vital to the UACPA. The pandemic and all the side effects of remote working, an unstable economy, civil unrest, and change in power of the U.S. presidency has created several paradigm shifts that are causing many of us to rethink our business models. Our own professionals are beginning to have healthier conversations relating to the term work-life balance and
4
how to turn off “work” when they’re working from home. The CPA pipeline and the need to hire individuals that will look like our community in the coming years is making it to the tops of many organizations’ strategic talks. Our students question the need of becoming a CPA, often wondering if we are remaining current with technology, sustainability, and equitable wages expected with a five-year degree. Although our four strategic imperatives have remained the same, they have been re-engineered to meet the needs of the current environment and prepare for a future that will incorporate much more outreach to our high schools, diverse populations and cultures, affinity groups and strengthen our current membership to navigate the course changes they need to make. We invite you to take some time to review our strategic plan and either incorporate some of the values in your own strategic plans or share with us how you can help us accomplish our strategic objectives. A huge thank you to our strategic planning committee and the outreach they conducted in their various assignments. We’re looking forward to working with you all over the next year as we continue to provide the services you expect and blaze new trails as we reach new populations and directives. n
THE JOURNAL ENTRY |
J U LY 2 0 2 1
PRESIDENT’S MESSAGE STACY WEIGHT, CPA sort of thought about where the path actually went, just the path that looked the easiest. What a great lesson in the importance of planning and looking out a little further than what is right in front of you!
T
his past year has been memorable for many reasons. Some of those memories are filled with fear and uncertainty, but many are centered around the opportunity to refocus and prioritize. One of my favorite experiences was the opportunity I had to spend more time with my family. We would often take the evenings and hit the trails near our house on our dirt bikes. On one such occasion, I had no particular destination in mind but to stay on the flat trails. I was playing follow the leader with my 9-yearold son. We would come to a path crossing and take the one that looked fairly flat, as he is a pretty inexperienced rider. After an hour of riding we suddenly found ourselves stuck in a large ravine filled with gigantic rocks. Instead of following the trails that lead through the fields, we had inadvertently made our way up the steep mountainside. It took us almost an hour to get ourselves out of the ravine and unstuck. I spent a significant portion of that hour pondering how we got to where we were, and I realized that every time we came to a trail diversion, we picked the path that looked the flattest right in front of us. There was absolutely no
This year as we embark on a new five-year strategic plan for the UACPA, I can’t help but think of how critical this plan will be to moving us forward. This plan will help us further our mission of supporting and challenging members through advocacy, professional education, leadership development, networking, and community service, to help them succeed in a competitive and changing world. We have seen over the past year how quickly the entire world around us has changed. We have also seen the need for change in many aspects of our work that is impacting our entire profession; everything from how we work — where we work, and how we go about building and maintaining relationships. This vast business disruption has led many of us to wonder how got where we are and where we go from here. It is time to take a small step back and re-evaluate our priorities to see which aspects need go back to “normal” and which things may be considered for permanent change. I encourage each one of you to ensure you have a longterm vision of where you are going. As the world around us continues to rapidly change, a long-term view will enable you to make the right short-term decisions that will ultimately lead you to where you want to go. n
THE JOURNAL ENTRY |
J U LY 2 0 2 1
5
6
THE JOURNAL ENTRY |
J U LY 2 0 2 1
VISUALIZING GROWTH IN A STRATEGIC PLAN E X P O N E N T I A L G R O W T H S TA R T S S M A L L
BY MACKEY SMITH
I
t has been a pleasure serving the UACPA this last year in the creation of a new five-year strategic plan. This plan is the culmination of hundreds of hours of work from many engaged members.
The Purpose Before we jump into the strategic plan, I want to share what the plan is not. It’s not meant to articulate the business as usual of the organization, nor map every single thing the organization will work on over the next five years. The plan is meant to articulate the priorities of the organization, and to provide structure for what the organization will work on to address the emerging (and already emerged) trends facing the profession. The Process Organizational leadership and the board wanted to include as many stakeholders from the profession as possible to ensure that the strategic plan reflects the priorities of its members. To lead stakeholder engagement, the board appointed a committee of dedicated volunteers to serve as
the Strategic Planning Advisory Committee. This committee engaged the various segments of the profession, conducting focus groups with CPAs in public practice at large and midsized firms, sole proprietors, CPAs in industry and nonprofits, local chapters from counties along the Wasatch Front and southern and rural Utah, and current accounting students who will soon enter the profession. The feedback received was used to identify opportunities and to inform strategic priorities. Participants in the process were open in sharing challenges they see, as well as opportunities to address emerging trends in the profession. A few major trends that emerged include the increased competition in recruiting students into the profession, the need to diversify the talent pool in Utah to reflect additional backgrounds and perspectives, the desire to continue supplying quality CPE trainings and policy support and advocacy, and the overall increasing expectations that clients have from their CPAs.
THE JOURNAL ENTRY |
J U LY 2 0 2 1
7
The Plan After several facilitated meetings reviewing the feedback, the strategic plan was finalized and presented to the board, who ultimately adopted the plan. The strategic plan reflects the feedback received, focusing on the following areas: 1. Advocacy – Be recognized as the most trusted voice for Utah’s accounting professionals through quality advocacy efforts. 2. Membership Development – Develop a strong membership base through increased partnership with other organizations to provide expanded CPE and networking opportunities. 3. Member Engagement – Foster engagement by establishing the UACPA as the professional home and key networking resource for accountants in Utah. 4. CPA Pipeline – Partner with educational institutions and employers to attract bright, capable, highintegrity students to accounting and encourage them to become CPAs. In the strategic plan, these focus areas include specific initiatives that will drive success, and ways to measure success to remain accountable to you, the UACPA members. What Comes Next? Imagine we were to take LaVell Edwards Stadium (or Rice Eccles for you Ute fans) and place a drop of water in the middle of the field, and then double the amount of water placed every minute (2 drops, then 4, 8, 16, etc.). How long would it take to fill up the entire stadium with water? A month? A week? A couple of days? It turns out that it fills up in 49 minutes. 1 I share this example whenever an organization concludes its strategic planning process to highlight the fact that we as human beings are incapable of fully comprehending the concept of exponential growth. We expect growth to occur linearly. We expect that going to the gym every day will make you that much stronger until eventually you have the abs that make your significant other blush. However, growth often occurs on an exponential curve, starting slow in the beginning, until momentum has been gained and you begin to accelerate. A difficult step is to overcome our own expectations with growth in the beginning stages, when the results we see don’t match up with the efforts we feel
8
we have given. It’s at this stage that you need to continue working, knowing that once that critical mass has been accumulated, your growth and success will not only meet but exceed your expectations. Take the water example: At 45 minutes, the stadium is still only 7% full. But in four short minutes, the stadium begins to overflow.
We often overestimate what we can get done in a year, and severely underestimate what we can get done in five years. The first year of this strategic plan will include setting the groundwork for growth and success over the next five years and beyond, with subsequent years driving implementation of the plan and needed alterations as new trends emerge. Knowing the quality team and board that will implement the plan, I am excited to see all the good the UACPA will accomplish in the future. n source: 1https://modernsurvivalblog.com/pandemic/ mindblowing-exponential-growth-of-a-pandemic/
THE JOURNAL ENTRY |
Mackey Smith is the head of strategy consulting & planning at Tanner LLC and worked with the UACPA on its strategic planning committee. He graduated from Brigham Young University with a bachelor’s degree in strategic management, summa cum laude.
J U LY 2 0 2 1
SECURING THE FUTURE FOR THE PROFESSION
T H E U A C PA’ S F I V E - Y E A R S T R AT E G I C P L A N
T
he UACPA engaged Tanner LLC to assist in the strategic planning process. To ensure that the eventual plan reflected the needs of accounting professionals throughout Utah, Tanner, in coordination with a volunteer committee of UACPA members, conducted expansive outreach with various segments of the accounting profession. Outreach took the form of 11 focus groups with specific segments, including CPAs in public practice at large and mid-sized firms, sole proprietors, CPAs in industry and nonprofits, local chapters from counties along the Wasatch Front and southern and rural Utah, and current accounting students who will soon enter the profession. This feedback was used to identify opportunities and to inform strategic priorities. Participants in the process were open in sharing challenges they see, as well as opportunities to address emerging trends in the profession. After digesting feedback from facilitated discussions, a strategic planning document was developed and further refined through additional meetings with the leadership council and organizational leadership. The document that follows was presented to the UACPA board for final approval and adoption in April 2021.
STRATEGIC PLANNING ADVISORY COMMITTEE The strategic planning advisory committee initially met in October 2019 and held several follow up meetings to develop a five-year strategic plan. Meet the committee members: Aubrey Bickmore-Neely MK Mortensen Tad Tuttle Stacy Weight Tamra Dayley Andy Birrenkott Katrina Baird
Eric Greene Michael Lewis Mary Pearson Chortney Reusch Ryan Watkins Jacie Gillett
most important priorities. The UACPA fully expects that this will become a living document with periodic revisions as the environment changes. Detailed implementation plans have been developed that align with the priorities articulated in this plan and are not included here.
This plan is intended to provide focus and allow each member of the organization to see how they can impact its
THE JOURNAL ENTRY |
J U LY 2 0 2 1
9
OUR MISSION
REVISITING OUR MISSION, VISION AND VALUES
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.
OUR 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.
OUR VALUES
EMERGING TRENDS IN THE PROFESSION AND ONGOING ISSUES WERE THE TARGET OF FOCUS GROUPS AND SURVEYS WITH THE STRATEGIC PLANNING COMMITTEE.
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 and 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. Professional Community: The UACPA reinforces peer accountability to encourage members to maintain integrity and high ethical standards. We provide member-to-member networking opportunities and networking opportunities with other professions. We value belonging to a distinguished organization and believe that we serve as the primary resource and point of contact for Utah CPAs. Outreach to Diverse Populations and Perspectives: The UACPA seeks to bring new and diverse perspectives to the table for the overall betterment of the profession. This includes the engagement with and recruitment of individuals from diverse backgrounds and experiences.
10
THE JOURNAL ENTRY |
J U LY 2 0 2 1
BY FOCUSING ON THE STRENGTHS OF BOTH THE PROFESSION AND OF THE UACPA, CHALLENGES AND STRENGTHS WERE REVIEWED TO LEARN HOW TO LEVERAGE THEM.
THEMES THAT EMERGED During the analysis, certain themes emerged that impacted the content and prioritization of the strategic plan. This section outlines key external trends for which the UACPA must prepare, challenges currently faced, and strengths that can be leveraged.
STRENGTHS OF THE PROFESSION
Developmental Opportunities – Those who enter the accounting profession are exposed to a litany of development opportunities and build a literacy and knowledge of business that is easily transferable in business. Exposure to Various Industries – Particularly for those who work at CPA firms, accountants work in various industries and build a depth of understanding in these industries unlike, perhaps, any other profession. Professional Development – The profession creates the opportunity to be of service, to help others solve their problems and to get to know many good people through that process. This creates connections through a tight-knit community in a small state such as Utah. The profession is also widely respected and enables proper recognition because of the esteem of the work performed. This creates unique job opportunities for CPAs throughout their career.
STRENGTHS OF THE UACPA
CPE Credit and Training – Current members of the UACPA value the wide array of training and development opportunities offered by the organization. For many Utah CPAs, the UACPA is a top resource for CPE credit and courses. With many of these training opportunities already covered by membership dues, Utah CPAs greatly benefit from their yearly membership. Networking and Connections – Over and over throughout the outreach, members described how much they appreciate opportunities to network and form connections with fellow CPAs both in public accounting and industry. Policy Advocacy – Leadership of the UACPA is focused on emerging political and policy trends in Utah and beyond, including tax reform, professional licensure, and general financial regulations and standards. Members recognize that the organization is effective in educating legislators on issues where CPAs have a unique perspective and helping guide sound policy decisions for our elected representatives.
THE JOURNAL ENTRY |
J U LY 2 0 2 1
11
MEMBER PRIORITIES
EMERGING TRENDS + MEMBER PRIORITIES EMERGING TRENDS IN THE PROFESSION
Automation of Some Accounting Functions – Due to the ongoing automation of more routine accounting functions, CPAs must be ready to provide more strategic insight to clients and employers and offer value in new ways.
Expanded Telecommuting Options – With disruptions from COVID-19 creating the ability to work remotely, new hires will increasingly desire remote work opportunities, but will need in-person training to develop the requisite skills to adequately perform accounting work in a remote setting. A Diminishing Pool of New Accountants – In recent years, the number of accounting college students who enter the profession has gradually decreased. The newest generation of professionals is less attracted to the traditional accounting career path, lower starting salaries, and other demanding aspects of an accounting career. Competition from high paying and rapidly expanding fields such as digital marketing and analytics is making it increasingly difficult for the accounting profession to woo top students. Increasing Expectations – Clients are coming to expect additional services from CPAs, including data analytics, planning (both personal and business), information security, information systems, and a deeper expertise in highly technical areas of accounting.
12
Expanded Topics and Depth of CPE Offerings – To meet the increasing expectations of clients, members desire additional training opportunities, including things like general business management and leadership; engaging and meeting the needs of employees through diversity, equity and inclusion initiatives; emerging technology and technical skills; and practice development and sales. Continued Advocacy and Policy Work – Members voiced strong support for continued work in shaping policy that is beneficial to the accounting profession. They also recognized that the UACPA is in a unique position to fill this role as no other organization is positioned to effectively advocate on behalf of the profession in Utah. Need to Diversify Talent Pool in Utah – Many members pointed out the lack of ethnic and gender diversity in the profession, particularly among leadership positions. These members voiced that investing in the diversification of the Utah workforce through recruiting and inclusion efforts amongst under-represented groups would improve the perspective within the profession and facilitate future successful recruitment of individuals from outside of the state. Expanded Networking Opportunities – While members enjoy the events, they expressed an interest to do more at training sessions and events to facilitate additional networking opportunities. This desire was particularly stressed amidst the lack of in-person networking during the pandemic. Assistance in Recruiting Students Into the Profession – With the decreasing number of college graduates becoming CPAs, professionals voiced the need for a coordinated effort between colleges and universities, professionals, and the UACPA, in developing targeted messaging and recruiting efforts to attract students to study accounting and to attract graduates to the profession. n
THE JOURNAL ENTRY |
J U LY 2 0 2 1
These numbers reflect employment numbers and satisfaction of accounting professionals. Source: balancingeverything.com/accounting-statistics/
BY THE
NUMBERS
75
NUMBER THAT ACCOUNTING IS RANKED ON THE U.S. NEWS’ 100 BEST JOBS LIST.
1.27 MILLION
NUMBER OF ACCOUNTANTS AND AUDITORS IN THE U.S. IN 2020.
36
PERCENTAGE OF $73,560 ACCOUNTING MEDIAN ANNUAL SALARY PROFESSIONALS WHO FOR U.S. ACCOUNTANTS ARE SATISFIED WITH AND AUDITORS IN 2020. THEIR JOB.
1.43 MILLION ACCOUNTING JOBS IN THE U.S. IN 2019.
82 14
PERCENTAGE OF ACCOUNTANTS THAT SAY COMPANIES ARE MORE DEMANDING THESE DAYS.
THE JOURNAL ENTRY |
J U LY 2 0 2 1
THE JOURNAL ENTRY |
J U LY 2 0 2 1
15
EXPERIENCE THE NEW UACPA.ORG
16
16
THE JOURNAL ENTRY |
J U LY 2 0 2 1
We’ve got a new look and an abundance of new features (with more on the way) on the all new uacpa.org. Between the ever-changing accounting profession and a pandemic that accelerated our technology goals, we have furthered our commitment to deliver Utah’s CPAs the tools needed to succeed. We welcome your feedback to help us continue to make improvements.
MORE CPE + EASY SEARCH
JOB LISTINGS + CLASSIFIEDS
We’ve upgraded to listing thousands of classes to
The career center and classified section is easy to
accommodate your CPE needs at uacpa.org. At
access from your member profile. Find each category
publishing time there are 8.905 classes. The best part is
under Resources and upload your job or classified for
that searching for a specific time, topic and credit range
free. They will be listed at uacpa.org for 60 days.
will take you to the CPE courses that are right for you.
CHAT WITH THE UACPA
FIND A CPA + FIRM PROFILE
You now have the option to chat with us directly during
The UACPA often receives calls from individuals looking
our office hours (7 - 3, Mon. - Fri.) with the chat function
for a CPA. It’s easier than ever to find a CPA in Utah at
you will find in the lower righthand corner of uacpa.org.
uacpa.org. Make sure your firm profile is up to date with
If we are unavailable, we will respond to your message
a link to your website and a logo.
within 24 hours via email.
KNOWLEDGE HUB Our library of free downloadable content includes white papers, webinars, product guides, case studies, industry analysis and much more, provided by experts and vendors within the accounting industry. Find the Knowledge Hub under the Resources + Advocacy tab.
THE JOURNAL ENTRY |
CPE TRACKER Find your CPE transcript under the My CPE tab when you log in to your profile. View the courses for a selected reporting period and download your transcript. If you need a certificate for a specific event you took from the UACPA, your certificate is available to download from here as well.
J U LY 2 0 2 1
17
LEADERSHIP ACADEMY
READING FOR LEADING
BY STEVE HURD, CPA, RUSTY HANSEN, CPA, AND MARK ASHBY, CPA
B
ecoming an effective leader is essential for anyone to climb the ladder within their respective organization. We can all look to leaders who have impacted our lives and sent us down the course of success. For most of us, effective leadership qualities are learned over time and through experience. At the UACPA’s Leadership Academy (uacpa.org/leadershipacademy) you will acquire the necessary tools to become an influential leader and help your team and organization succeed. One of the takeaways from Leadership Academy is the need to continually improve yourself through training, experience, and study. In this article, we are highlighting six books that we have found helpful in our continued pursuit to become leaders!
The Ideal Team Player Patrick Lencioni We want to be part of effective teams to accomplish work and goals. “The Ideal Team Player” dives into what makes a valuable employee/team member by discussing three essential virtues; humble, hungry and smart. If any one of these virtues is lacking by a team member, it can negatively impact the team success. This book helps us understand these virtues and provides a self-assessment to determine if any of these virtues are lacking. By identifying where you need to improve, you can start the development plan necessary to become an ideal team player.
18
Strengths Based Leadership Don Clifton We all have strengths and weaknesses. Too often, we focus on how to improve our weaknesses and don’t focus on the areas where we excel. We need to change that mindset and focus on where we excel and delegate tasks where we are weak to someone that is strong in that area. The “Strengths Based Leadership” program — which is a focal point for Leadership Academy — will have you take an assessment to determine what your top five strengths are. You will then learn more about these strengths and how to apply them at home and at work.
THE JOURNAL ENTRY |
Speed of Trust Stephen M. R. Covey Everything we do is impacted by trust. In business, trust can have a large impact on both speed and cost. When the level of trust in a company is low, the speed is also low, which results in higher costs. The inverse is also true. Stephen M. R. Covey dives into the effect trust has on relationships (both
J U LY 2 0 2 1
professional and personal) and how each of us have a “trust account” in each relationship we have. He also explains the ways that we can make deposits into those “trust accounts” through 13 different behaviors. Doing these things can build trust. They can be practiced and changed.
Quiet: The Power of Introverts in a World That Can’t Stop Talking Susan Cain They say that at least one-third of people we know are introverts. In the accounting world, that number is probably much higher. In “Quiet,” Susan Cain argues that our Western society heavily undervalues introverts and the negative impact from doing so. She looks at the rise of the “extrovert ideal” in our modern society and its effects. She introduces various successful introverts and helps us change the way we value introverts as well as how they value themselves. This analysis is applied to personal relationships, education, child development and the workplace and is beneficial to introverts and extroverts alike.
Eat that Frog! Brian Tracy We are good at finding ways to procrastinate and put off what we should be doing. Often, the biggest tasks are what we end up not tackling in our day. We can develop habits to help us tackle big tasks first so that we can have more productive days. Explore the 21 great ways to stop procrastinating to get more things done faster. Whether it’s planning your day, considering the consequences, preparing in advance, tackling the most difficult task first, or helping yourself feel a sense of urgency, these and other tools will help you focus your efforts to become more efficient. n
Steve Hurd, CPA, graduated from Utah State University with his bachelor’s in 2011 and master’s in 2012. He enjoys working with public and private companies as an audit manager and has worked for Haynie & Company for more than eight years. He loves to spend time outdoors hiking and camping with his family.
The Fred Factor Mark Sanborn
Rusty Hansen, CPA, is a tax manager at Tanner LLC where he has worked for 10-and-a-half years. He has
We’ve all met someone who is a Fred, someone who stands out as extraordinary and is passionate about everything they do. As we hear about the story of Fred, a reallife postal worker who goes above and beyond in his daily work, we learn about four principles we can use to shift our perspective and make the jump from ordinary to extraordinary. By applying those principles, you will learn how everyone can make a difference, how everything is built on relationships, how to continually create value for others without spending a penny, and that you can reinvent yourself regularly.
THE JOURNAL ENTRY |
served on the Leadership Academy committee for the past three years. When not working, he enjoys getting out into the mountains to hike and ride side-by-sides.
Mark Ashby, CPA, graduated from Southern Utah University with his bachelor’s in 2013 and master’s in 2014. He loves his position as controller for Finch, LLC. He loves working on his yard, camping and spending time with his family.
J U LY 2 0 2 1
19
SCHOLARSHIP TAX CREDIT
TRIPLE WIN FOR TAXPAYERS, STUDENTS WITH DISABILITIES, AND THE UTAH BUDGET
BY KIM COLEMAN
I
t’s hard to say which is more exciting, that taxpayers now get to choose to direct their state income tax obligation, or that students with disabilities will benefit from that choice. A new scholarship program created by the legislature (HB 4003, 2020) for students in K-12 with disabilities has recently launched, with a 100% nonrefundable state income tax credit for donors to the scholarship fund. Utah joins 20 states with similar programs, but Utah’s 1-to-1 tax credit is especially appealing as it does not compete with other charitable giving. Donations may come from individuals or businesses, and there is no limit on the amount that can be donated. However, there is approximately $6 million in
available tax credits that may be distributed, and it’s not uncommon for states to reach credit limits early each year. The Children First Education Fund (visit the website at childrenfirsteducationfund.org) is the state-designated nonprofit “scholarship granting organization” that manages the fund, including fundraising, issuing the tax credit certificates and awarding and disbursing the scholarships. This new scholarship program comes at a time when support for education choice has never been higher. A large number of the scholarships will pay for tuition for students to attend one of 35 private schools across the state, while
EdChoice.org
20
THE JOURNAL ENTRY |
J U LY 2 0 2 1
EdChoice.org the rest will pay for related therapies and educational services and materials for students who are in regular public schools, charter schools or homeschool. As with other education choice programs, tax credit scholarships benefit the regular public education system through savings on public investment, as much as 3 to 1. The current $6 million in tax credits represents only about .10% of overall public education expenditures and will serve an estimated 1,000 students of the approximately 80,000 eligible students, and 1/600 of the overall population of K-12 students. The Children First Education Fund is now accepting donations and is required by law to issue the tax credit certificate within 30 days of the donation. Donors may carry forward the tax credit for three years.
private nonprofit. CSS awards scholarships based on levels of need of services, while CFEF awards are based on family income and offers a broader range of eligible expenses. Families may be entitled to different amounts under each program, so they are encouraged to review their potential benefits from each. Families may only receive a scholarship from one program. n Children First Education Fund was co-founded by Kim Coleman, who serves as executive director, Doug Holmes, and Jordan Clements. Together, they bring extensive experience in education choice and advocacy and organizational management and governance in both private and public sectors. Kim Coleman is a former member of the Utah Legislature. As founder of
This program is in addition to and similar to the 15-year running Carson Smith Scholarship Program, which also provides scholarships to students with disabilities to attend private schools. Key differences in the two programs is the CSS is publicly funded through annual legislative appropriations and publicly managed by the State Board of Education. The Children First Education Fund is privately funded through tax credit donations and managed by a
THE JOURNAL ENTRY |
one of Utah’s longest running charter schools, she pioneered bond conduit financing for capital projects, now a national model. She holds degrees from the University of Utah, and is the 29-year wife of Joel and mother of 5.
J U LY 2 0 2 1
21
LEGISLATIVE UPDATE
INSIDE THE SPECIAL SESSION
BY CRAIG PETERSON AND RYAN PETERSON
A
s is typical in Utah, after the excitement and stress of the 45-day legislative session, the spring and summer are often a little more quiet as legislators return to their day jobs and to spending time with their families. This year has had more activity due to the federal government’s ongoing COVID-19 relief efforts around the country. The state legislature meets formally once a month during the rest of the year in what they call interim sessions. During these meetings, each committee meets to discuss items that were not completed during the general session or items that were requested to have additional study. Legislators can also introduce new ideas to get some committee work accomplished before the next general session begins.
the line items impacted by the ARPA funds. The federal government will be sending Utah $1.7 billion to help the state deal with specific issues that have come up due to COVID-19. The legislature is planning to distribute those funds to these specific broad buckets: • Public Health Response and Remediation • Water Infrastructure • Revenue Replacement and Unemployment Solvency • Housing and Homeless Issues
On May 18, the legislature held their interim meetings to discuss important issues impacting the state as well as items that would be addressed in the special session on May 19.
• Networking and Broadband • Emergency Preparedness and Response • Impacted Economies
COVID-19 continued to be the marquee issue during the special session. There were several items addressed dealing with the state’s response to the pandemic. First and foremost, the legislature passed Senate Joint Resolution 101, which was the resolution necessary for the state to accept the Federal American Rescue Plan Act (ARPA) funds. They also passed Senate Bill 1001, which is an appropriations adjustments bill for all of
22
• Access to Justice • Education Remediation Legislators also passed House Bill 1007, which prohibits K-12 schools and institutions of higher education from requiring face coverings beginning in the fall of 2021.
THE JOURNAL ENTRY |
J U LY 2 0 2 1
More controversially, the House of Representatives called themselves into an extraordinary special session to discuss resolutions dealing with the concepts of critical race theory as well as Utah becoming a Second Amendment sanctuary state. Both of the resolutions passed. The legislature dealt with a number of other issues ranging from redistricting to health spa safety requirements. We will be watching closely and working with legislators as they continue the difficult process of appropriating these funds as well as working to bring Utah out of the pandemic. We will continue to monitor any legislative action that could possibly impact the CPA profession, license, or taxes. We look forward to meeting with you again in person as people become more comfortable doing so. We hope all of you and your businesses and families are doing well. As always, it is an honor for us to represent the CPAs in Utah and specifically the UACPA on Utah’s Capitol Hill. n
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.
Ryan Peterson is the managing partner of Peterson Consulting Group. He has been a contract lobbyist in the state of Utah for 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 and resides in Salt Lake City.
APPLICATIONS NOW OPEN
2021
LEADERSHIP ACADEMY NOV. 10 – 12 HALF DAY INTRO ON SEPT. 22
CPAs will gain tools and training to propel them into the future as leaders at this intensive and rewarding retreat. Attendees receive 24+ hours of CPE while building leadership foundations and relationships with their cohorts. Twenty professionals will be selected to participate in this exclusive opportunity. COST: $1,150 (includes meals and CPE credit) Lodging Costs: 2 nights at the Silver Baron Lodge in Deer Valley, $135/night – Suites are available for $195/night Questions? Contact Lisa Ostrander, LOstrander@uacpa.org or 801.834.6632.
uacpa.org/LeadershipAcademy
THE JOURNAL ENTRY |
J U LY 2 0 2 1
23
NEW MEMBERS Congratulations to the following individuals who were approved for membership in the UACPA as of May 31, 2021.
Michiko Pinnington Westminster College
Blake W. Burns Eide Bailly, LLP
Eric Shumm CBIZ MHM, LLC
Samantha Kimiko Heninger
Hannah Carbonne Eide Bailly, LLP
Sabrina Song Jones Simkins LLC
Weina Qiu Kassie Monson Kate Sandoval Spencer Davis
Adam Chamberlain WSRP, LLC
Andrew Spraggins Jones Simkins LLC
Utah State University Austin Keller
Tyler Christensen Eide Bailly, LLP
Anthony Treemarcki WSRP, LLC
Scott Goldthorpe Larson & Company, PC
Tyler Richards
Kevin Dang HintonBurdick CPAs & Advisors Candus Tibbitts Gavin Jolley Smuin, Rich & Marsing Nikki Montgomery Dana Prior Alex Blackham Squire & Company, PC Courtney Gillman Squire & Company, PC
Kiefer Hatch BKD CPAs & Advisors
Kimber Collins
Dalas Darren Johnson Eide Bailly, LLP
Nathan Lee Adams & Petersen, CPAs, LLC
Mike R Thiriot Michelle Hodgson-Smith
Brady Martin
Marlon Tello Tanner LLC
Matthew Merrell Eide Bailly, LLP
Christine Hannemann
Hilary Murray Jones Simkins LLC
Claire Hatch Trae Johansson Squire & Company, PC Christopher J. Skousen Utah State University Eric Nygaard CliftonLarsonAllen LLP Jason Baxter WSRP, LLC
24
Connor Elliot Jones
Stephen Humphries
Kristy Lambert WSRP, LLC
John R. Harding
Ken Scriber
Carrie A. Neilson HintonBurdick CPAs & Advisors Ian Nielsen BKD CPAs & Advisors Briana Ruske Eide Bailly, LLP Stephon Adam Schoonmaker WSRP, LLC Chasen Shulte BKD CPAs & Advisors
Utah Valley University Timothy Colleran Valerie Halladay Noah Turner Lucas Cottle Katie Lang Zachary Wahler Zach French Cinco Robbins Christin Harp
Weber State University Ryan Schoessow Adams & Petersen, CPAs, LLC Trever Porter Kurt Kunzler Halen Strong Adams & Petersen, CPAs, LLC Western Governors University Krisa Licera Dustin Ronald Hansen Sharon Wiertelak Summer Blake Victoria O’Donnell David Miera Jeffrey Andreasen Anthony Oberlender Jessica LaCario Southern New Hampshire Kathy Morris University Jodi Stephens Donald Sanders Tasha Scott Kathryn Grimsley Southern Utah University Shaun Johnson Ian Sivertsen Russell Pierson Nonthali Pierce-Keawkoet University of Utah Holly Moss Ashley Schroeder David Waddleton Jessica Stanley Rebecca Hayes
STUDENT MEMBERS
THE JOURNAL ENTRY |
J U LY 2 0 2 1
MEMBERS IN THE NEWS Do you or your firm have news to share? Send the details to Amy Spencer, as@uacpa.org.
Brian Nielsen has been promoted to senior manager at the Salt Lake City office of BKD CPAs & Advisors. Nielsen has been a member of BKD’s accounting and auditing team and has more than 15 years of experience providing assurance services to clients. He graduated from Weber State University with a bachelor’s and master’s of professional accountancy.
Squire & Company has received two awards from the Utah Worksite Wellness Council (UWWC) recognizing their extraordinary efforts in prioritizing mental health and the overall well-being of employees. Squire received the Emotional Innovation Award and took home the Silver Healthy Worksite Award.
ARUP Laboratories president, Andy Theurer, has been appointed as CEO following the retirement of the former CEO Sherrie L. Perkins. Theurer joined ARUP as an assistant controller in 1991 and became president in 2017. He has been senior vice president and CFO for 17 years. He has been a member of ARUP’s executive committee and a member of the company’s board of directors for more than two decades.
Accounting Today magazine has named Tanner LLC, Eide Bailly and Haynie & Co. among the 20 fastest-growing accounting firms for 2021. The publication’s annual recognition honors CPA firms in the U.S. for their overall superior performance.
Michelle Anderson has been promoted to chief financial officer of Sundance Institute, a nonprofit organization founded by Robert Redford. In addition to the Sundance Film Festival, the Institute produces a wide variety of programs that support independent storytellers and advance the impact of their work in the world. Michelle received her bachelor’s degree in accounting from the University of Colorado at Boulder and her MBA from Westminster College.
Utah Business magazine recognized two UACPA members and Leadership Academy alumni. Ruben Cook, a partner at Squire & Company, was recognized among the “40 Under 40.” Kandice Lambert, the vice president of accounting at Lucid, was recognized among their 30 “Women to Watch.”
Elijah Watt Sells Award winners have been announced and highlight two Brigham Young University graduates. Kathrine Jensen is employed with KPMG in Salt Lake City. Jared Nielsen is employed with True Financials in Salt Lake City. The AICPA recognized 89 winners for 2020. To qualify for the award, CPA candidates must obtain a cumulative average score about 95.50 across all four sections of the Uniform CPA Exam, pass all four sections on their first attempt and have completed testing in 2020.
THE JOURNAL ENTRY |
J U LY 2 0 2 1
25
PHOTOS
LEADERSHIP COUNCIL
Leadership Council tested out the hybrid gathering with guests in attendance both in person and online on June 11. Attendees heard an AICPA council update from Paul Skeen, learned about the UACPA’s strategic plan and heard from Kimberly Ellison-Taylor, past AICPA Chair and current Chair-Elect for the AICPA’s National Commission on Diversity and Inclusion.
26
THE JOURNAL ENTRY |
J U LY 2 0 2 1
MEMBERSHIP
IN MEMORIAM LIFETIME MEMBERS Roger Cooke
Sept. 8, 1962 – May 14, 2021 Member since 2009
Michael Bruce Jensen March 17, 1950 –Jan. 30, 2021 Member since 2009
Newall Johnson Nov. 8, 1944 – Oct. 23, 2020 Member since 1972
Gary Malmrose Jan. 11, 1955 – April 14, 2021 Member since 1980
William Garth McFarland Oct. 24, 1932 – Feb. 15, 2021 Member since 1959
David Mills April 10, 1939 – May 30, 2021 Member since 1999
James Schroeder
Congratulations to the following who have achieved lifetime membership. These members joined the UACPA in 1981. Ken E. Adams
Doug K. Holland
Tom L. Allen
Warren L. Johns
Alan D. Allred
Auston G. Johnson
Kenneth W. Allred
Steven J. Judd Sr.
Val R. Bitton
Bill W. Liddle
Doug L. Brewster
Donald G. Mantyla
John M. Buhler
R. Todd Neilson
Bob K. Burr
Jay C. Niederhauser
Jim E. Carter
Greg Nielson
Kent R. Christensen
Kevin A. Pace
John E. Clark
M. Keith Prescott
Joseph E. Daily
G. Michael Rich
Lee P. Esplin
Larry W. Richardson
H. Wayne Everett
Brian P. Sheets
Richard N. Greene
Robert J. Stringham
Bob B. Gulrajani
Charles R. Whiting
Grant L. Hardy
Steve P. Yeoman
Gary Harshberger
Noal C. Zabriskie
Oct. 1, 1946 – Feb. 7, 2019 Member since 1969
David T. Shoemaker Member since 1999
Amy Zhou Member since 2003
THE JOURNAL ENTRY |
J U LY 2 0 2 1
27
BOARD QUESTION
WHAT PART OF THE STRATEGIC PLAN ARE YOU MOST EXCITED ABOUT?
28
Stacy Weight
Ray Langhaim
“I am most excited about attracting bright, capable, high integrity students to become CPAs. I love engaging with high school students to get them excited about this amazing profession!”
“I am excited about the membership development, ensuring that each member feels value in their membership and expanding opportunities for CPE and having affinity groups for CPA’s in industry.“
Dustin Wood
Aubrey Bickmore-Neeley
“CPA pipeline. It is imperative that we develop and cultivate the critical lifeblood and future of the profession. Advocates and education are needed to dispel the many stereotypes and misconceptions about the profession and its future.”
“I’m thrilled at our outlook for our diversity, equity and inclusion initiative. With increased awareness, training and action, we can further our member engagement by making everyone feel welcome and an important part of our profession!”
Katrina Baird
Chris Skousen
“I am most excited about the member engagement initiative. I look forward to increasing our membership and making the UACPA a more focused resource for our members.”
“I am excited about the UACPA strategic plan’s identification of key emerging issues for Utah’s CPAs, including accounting automation, remote work, changing talent pools, and increasing client expectations. Accounting is always dynamic!”
Eric Greene
Tad Tuttle
“I’m excited about the strategic initiatives around the CPA pipeline. Tomorrow’s CPAs will bring new skills, perspectives, and ideas that will make the profession more diverse, innovative, and technologically ready!”
“I am thrilled at the idea of focusing on the CPA pipeline. My firm, the profession as a whole, and the public will benefit from this objective. Let’s create meaningful paths for our future CPAs!”
Paul Skeen
Jay Neiderhauser
“The plan discusses the need to attract talent from diverse backgrounds. Identifying and eliminating barriers to entry for those who have not previously seen a path to success in the accounting profession motivates me.”
“I am most interested in the CPA pipeline because we are seeing the impact of fewer CPA candidates. It is exciting to see the constant evolution of technology in our profession and we need to help young people see that the accounting profession is a vibrant and exciting career.”
THE JOURNAL ENTRY |
J U LY 2 0 2 1
STAFF CHAT
WHAT PART OF THE STRATEGIC PLAN ARE YOU MOST EXCITED ABOUT? Susan Speirs
Lisa Ostrander
“We’ve implemented initiatives for outreach to our high schools and universities. In August we’ll launch a program with WSU to get the ball rolling to create programs across the state to interest students in accounting.”
“I am excited to focus on strategic implementation of programs connecting college and high school age students with recent CPA licensees, retirees, and professionals in the community interested in giving back and mentoring.”
Amy Spencer
Tom Horn
“I have dedicated time to reading and learning about marginalized communities recently and look forward to engaging current members, new members and future CPAs through diversity and inclusion initiatives.”
“I actually like the entire plan. However, member engagement is at the top of my list. It’s important to have our members involved in the profession. The profession needs our members insight and initiative to meet the future challenges.”
April Deneault “I am most excited about working with volunteers, reorganizing committees and chapter outreach.”
BOARD BRIEF
A LOOK AT THE LATEST TOPICS AND ACTIONS THAT HAVE TAKEN PLACE WITH THE UACPA BOARD
•
New members joining the board for the 2021–2022 year are Dustin Wood, Tad Tuttle, Chris Skousen and Eric Greene.
•
•
The strategic plan was approved for roll-out at June Leadership Council.
Discussion was had on how the state of Utah should approach the accounting and attest work associated with the marijuana industry. As we’re a state that medicinal use of marijuana is legal and are surrounded by states where recreational use is legal, we’re seeing more firms engaging in work involving marijuana while also maintaining the integrity of their licenses.
THE JOURNAL ENTRY |
J U LY 2 0 2 1
29
AWARDS
OUTSTANDING STUDENTS
Every year the UACPA awards an outstanding student from each university. Meet the 2021 winners of the Outstanding Student Award.
DIXIE STATE UNIVERSITY
Ryan Miggin
Ryan is a tremendous accounting student! He has an overall GPA of a 3.99 and an accounting GPA of 4.0! Ryan is also the president of our Accounting Club, where he has coordinated several events and activities. In addition to his stellar academic performance and service to the community, Ryan is genuinely a nice and good person. — Derrick Esplin
30
UTAH VALLEY UNIVERSITY
Sharem Young
Sharem grew up farming and knows how to work. He values helping other people, as demonstrated through involvement as a tutor, graduate assistant, and in youth groups. He is a straightforward communicator. At school, he works well in teams, contributes to class discussions, and achieves good grades. We anticipate that he will be a strong contributor to his community. — Josh Cieslewicz
WEBER STATE UNIVERSITY
WESTMINSTER COLLEGE
Matthew Hansen
Faye Gulini
Matthew is one of those rare students who found his niche after completing a significant portion of his degree. Matthew transferred to Weber State and became an accounting major. During his tenure at WSU, Matthew has completed his BS while maintaining a 4.0 in all of his Weber coursework. After graduating with his BS, he continued on with his MAcc and has maintained a 4.0 there as well, graduating this coming spring. — Jeff Glover
After volunteering both as an undergraduate student and a graduate student for the Westminster Tax Clinic (VITA), Faye now works as the clinic’s administrator. She is driven and hard-working. Faye is a professional snowboarder and three-time Olympian. She has been snowboarding for almost two decades. She also volunteers for the USSSA Olympic CommitteeFinance and Investment Section as well as Kids Play International and Wasatch Adaptive Sports Organization. When Faye is not excelling on the slopes, she is excelling in the classroom and is a stellar student. — Chelsea Dye
THE JOURNAL ENTRY |
J U LY 2 0 2 1
BRIGHAM YOUNG UNIVERSITY
SOUTHERN UTAH UNIVERSITY
Alyssa Smith
Jesse Jones
Joseph Park
Joshua Banks
Alyssa’s professors have described her as a leader among her peers. She has a major GPA of 3.94 and an overall BYU GPA of 3.91. She volunteers in BYU’s VITA program, the Women in Business club in the Marriott School of Business and as a mentor for pre-accounting students. Some faculty members commented: “Alyssa was a top performer in my classes. I could always count on Alyssa to come to class prepared, ask great questions, help her fellow students in group work, and to follow-up with me after class anytime she needed help with the class material. She is very bright and very focused. It was a privilege to have her in my classes.” Alyssa has accepted a fulltime offer from Tanner LLC. — Scott Hobson
Jesse has been engaged with the university, serving as an intern to the university president and as the accounting representative for the Dixie L. Leavitt School of Business. He is a member of the Professional Accounting Club and has served as its treasurer. He maintains a 4.0 GPA, is always on the dean’s list, and has been inducted as a member of Beta Gamma Sigma. He has been engaged in a professional capacity: He participated in a Deloitte externship in Westlake, Texas, worked as a tax intern in the Las Vegas office of Deloitte, and has accepted a permanent position there. Lastly, he has has already passed the audit section of the CPA Exam. — Robin Boneck
Joseph joined our PreMAcc Summer Intensive program last summer and is graduating with his MAcc this spring. In his relatively short time in our program, Joseph has taken every opportunity to step up to help the School of Accounting and to gain professional experience for himself. In addition to being a UACPA Ambassador, Joseph has served as a tutor for other students, evaluated faculty as part of the retention, promotion, and tenure process, and has also successfully secured a job in the field of accounting. His tenacity for success is to be admired just as much as his desire to serve. We are happy to have Joseph as a student and wish him the very best in his future career as a fantastic CPA! — Nate Zwart
Joshua has taken every opportunity to engage in the School of Accountancy and has learned and contributed in every area. He has participated as an officer in both Beta Alpha Psi and the Institute of Management Accountants (IMA) clubs. He served as a campus ambassador for both Becker CPA Prep and the UACPA. Not only is Josh among the top of his class, he is also friendly, outgoing and highly respected by his peers. In addition to being a great leader, Josh cares about the success of his fellow classmates. As an example, Josh asked if he could give his scholarship to a student in need. He consistently looks for opportunities to help those around him. He also mentors younger students in the accounting program. — Teri Rasmussen
UNIVERSITY OF UTAH
THE JOURNAL ENTRY |
J U LY 2 0 2 1
UTAH STATE UNIVERSITY
31
MEMBER BENEFITS
UACPA members have access to exclusive discounts and offers. Here is a sampling of what is available.
Beehive Insurance
Paychex
Find an insurance that fits your firm or group.
Find discounts for payroll, benefits, human resources, insurance and more.
Constant Contact
UPS Services and shipping rates are discounted.
Receive discounts on email communication tools for branded emails, products and websites.
Camico
The Mutual Insurance Company offers UACPA members a variety of benefits.
Office Depot/Office Max
Wolters Kluwer
Receive discounts on the U.S. Master Tax Guide and more.
Find More at uacpa.org/benefits
Save up to 80% on office products, printing, technology and furniture.
32
THE JOURNAL ENTRY |
J U LY 2 0 2 1
MEET A MEMBER CHAD ATKINSON, CPA
C
had Atkinson is an audit partner with HintonBurdick CPAs & Advisors. He started working with his dad in construction when he was 13 years old for $2 per hour. His high school years were dominated with football, basketball, and baseball, which ended with all-state baseball and all-state academic honors his senior year. In school, Chad took a few accounting classes “because that is where the cute girls were” and was involved in the Future Business Leaders of America (FBLA). After high school, he served a mission for the Church of Jesus Christ of Latter-day Saints in the Japan Sendai Mission from 1991 to 1993. Upon returning home, Chad says, “I married the beautiful and intelligent Cassie Naegle. We attended the University of Utah where I received my master’s in accounting and my wife earned her bachelor’s of pharmacy and became a licensed pharmacist. We have been blessed with six wonderful children that fill our days and nights with happiness, headaches, and the unexpected.” As a family, they enjoy being outdoors, hiking, canyoneering and backpacking. Chad proudly adds, “all of our children are avid readers and love to play soccer.” Chad lives in Washington, Utah, and serves on the UACPA’s audit committee.
What led you to become a CPA? When I began thinking of potential careers in high school, I never thought I could sit at a desk or behind a computer screen every day for my job. While serving my mission in Japan, I was asked to be the financial secretary for the mission. I enjoyed the work and discovered that I could sit at a desk longer than I thought I could. Today, I enjoy helping individuals and organizations accurately capture financial information and improve their financial processes so they can experience financial clarity. How have you been involved with the UACPA? I have attended Color Country Chapter meetings and trainings sponsored by the UACPA. I have also served on the UACPA audit committee for the past few years. What would surprise people to know about you? Despite the glasses and CPA persona that I am sure I exude, my 15foot jump shot from the baseline is money. What is one book (or books) that have greatly influenced you? The “Book of Mormon,” “Getting Things Done” – David Allen and any book by John C. Maxwell. What do you like to do outside of work? Basketball, travel, landscaping/gardening, backpacking, fixing things. What are some of your goals both personally and professionally? First and foremost, be an excellent husband and father. Be an outstanding partner and team player at HintonBurdick. What advice do you live by? Matthew 22: 37–39. n
THE JOURNAL ENTRY |
J U LY 2 0 2 1
33
BUSINESS & INDUSTRY CONFERENCE Sept. 17 | 8 a.m. – 4 p.m. This year’s virtual conference has plenty of sessions to help you stay up to date and keep your business growing. All sessions are designed for CPAs in industry. CPE: Eight (8) hours Fees: $250; $199 for members
Register at uacpa.org/bic 34
THE JOURNAL ENTRY |
J U LY 2 0 2 1
UACPA Virtual Courses
Register online at uacpa.org, or call the UACPA office at (801) 466-8022. DATE
CPE
COURSE TITLE
VENDOR
MEMBER FEE*
NONMEMBER FEE*
September 9/30/21
4
Governmental and NFP Accounting and Auditing
AICPA
$170
$170
9/30/21
4
Yellow Book: Application of GAGAs Principles
AICPA
$170
$195
october 10/20/21
8
Applying the Uniform Guidance in Your Single Audits
AICPA
$290
$345
10/21/21
4
Controller's Update: Today's Latest Trends
AICPA
$170
$195
10/21/21
4
Critical Business Risks - Identifying Your Blind Spots
AICPA
$170
$195
10/22/21
8
Annual Update for Accountants and Auditors
AICPA
$200
$345
10/25/21
4
Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know
AICPA
$170
$195
10/26/21
4
Tax Planning for Small Businesses
AICPA
$170
$195
10/29/21
4
Ethics and Professional Conduct: Updates and Practical Applications
AICPA
$170
$195
november 11/4/21
4
The New Auditors' Reporting Standards
AICPA
$290
$345
11/9/21
4
Individual Tax Planning
AICPA
$290
$345
11/12/21
4
Conducting a Remote Audit
AICPA
$170
$195
11/15/21
4
The Bottom Line on the New Lease Accounting Requirements
AICPA
$170
$195
11/18/21
4
Reviewing Partnership Tax Returns: What Are You Missing?
AICPA
$170
$195
11/18/21
4
Reviewing S Corporation Tax Returns: What Are You Missing?
AICPA
$170
$195
11/19/21
2
Current and Upcoming FASB Issues
AICPA
$80
$95
11/19/21
2
Current Audit Environment and FASB Activity
AICPA
$80
$95
11/30/21
4
Preparation, Compilations, and Review Engagements: Update and Review
AICPA
$170
$195
December 12/2/21
4
Individual Income and Tax Compliance Annual Update
AICPA
$170
$195
12/2/21
4
Reviewing Individual Tax Returns: What Are You Missing?
AICPA
$170
$195
12/6/21
2
FASB Activities Impact on NFP Financial Reporting
AICPA
$80
$95
12/13/21
4
Advanced Financial Skills
AICPA
$170
$195
12/13/21
4
Business Resilience: Protecting the Finance Function
AICPA
$170
$195
12/14/21
8
What Fraud Schemes Exist in Your Organization
AICPA
$290
$345
12/15/21
8
AICPA’s Annual Federal Tax Update
AICPA
$200
$345
12/20/21
2
Accounting for Exchange Transactions, Contributions and Gains and Losses
AICPA
$80
$95
12/20/21
2
Accounting for Expenses in a NFP
AICPA
$80
$95
*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.
THE JOURNAL ENTRY |
J U LY 2 0 2 1
35
Your MBA. Your way. Now with
3 options:
On Campus 1 year on Logan’s beautiful campus
Online 1 and 2-year options. Learn where you live!
Executive Available statewide in Utah and in Rexburg, Idaho
Ask about our entrance exam waiver. Currently accepting applications. Apply now!
Kennedy Mpungu • Organic Chemistry PhD Candidate • 2019 Huntsman MBA Graduate • Father • Native of the Democratic Republic of the Congo
36
THE JOURNAL ENTRY |
J U LY 2 0 2 1
HuntsmanMBA.com
LECTURE SERIES UTAH POST COVID Aug. 12 Time: Noon – 1 p.m. CPE: One (1) hour Free
UACPA UPDATE Sept. 9 Time: Noon – 1 p.m. CPE: One (1) hour Presenter: Stacy Weight Free
Register at uacpa.org/lecture
IF YOU ARE READInG THIS...
So Is Your Buyer! CONNECTING MORE SELLERS AND BUYERS
Ryan Pannell Ryan@APS.net
THE JOURNAL ENTRY |
J U LY 2 0 2 1
800-397-0249 www.APS.net
37
Help Your Clients Get the Credit They Deserve 61%
Business owners who said they were unaware of the Employee Retention Tax Credit (ERTC) in a recent Paychex survey. The ERTC could prove a key funding source and create savings that could be invested as your clients’ businesses work toward becoming fully operational. What your clients should know: • ERTC is a refundable credit that can be claimed on qualified wages paid to employees.
• Businesses that took a Paycheck Protection Program loan now can claim the ERTC, including retroactively.
• The tax credit has been extended and can be claimed through Dec. 31, 2021.
• Paychex clients who have claimed the ERTC have, on average, saved tens of thousands of dollars
Paychex offers the resources and tools to help you enhance your consultations with clients. payx.me/uacpa-ertc | payx.me/uacpa-spotify-podcast | payx.me/uacpa-apple-podcast
Discover how Paychex can help 877-534-4198 Paychex is proud to be an endorsed provider for the UACPA.
© 2021 Paychex, Inc. All Rights Reserved. | 06/21/21
CLASSIFIEDS To place your classified advertisement and reach Utah CPAs, submit your ad online at uacpa.org.
Interested in Buying a Practice? See local and nationwide listings at www.APS.net and register for free email updates or call us at 1-800-397-0249.
CONGRATULATIONS
100% FIRMS Congratulations to the firms and businesses currently participating in the UACPA’s 100% membership program. This demonstrates their commitment to the profession, to the association’s high ethical standards and lifelong learning.
PUBLIC PRACTICE • BKD • CBIZ • Cook Martin Poulson • Davis & Bott • Eide Bailly • Haynie & Company • HBME • HintonBurdick • Jones Simkins • PricewaterhouseCoopers • Savage Esplin & Radmall • Squire • Tanner LLC • WSRP
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@apsholmesgroup.com.
The Journal Entry is printed by Transcript Bulletin Publishing. JULY 2020
THE
TRY JOURNAL EN
INDUSTRY • LDS Church Auditing Department
l The Centennia e Issu
uacpa.org 0
try..|..July.202
the.journal.en
1
Transcript Bulletin Publishing is a full-service, local printing company who prints The Journal Entry for UACPA. If you are interested in printing services, call Shane at 435-840-0344.
Firms with 10 or more full-time CPAs are eligible to be a part of the 100% membership program. Learn more by talking to Lisa Ostrander at 801.466.8022 or lostrander@uacpa.org.
THE JOURNAL ENTRY |
J U LY 2 0 2 1
39
Nonprofit Org. U.S. Postage
PAID
Salt Lake City, UT Permit No. 1996 UTAH ASSOCIATION OF CPAS 136 S. MAIN STREET, SUITE 510 SALT LAKE CITY, UT 84101
2021 INAUGURATION AND AWARDS
Thursday, Sept. 23, 6 – 9 p.m. Grand America Hotel, 555 S. Main St. $100 per person Keynote Speaker: Ken Jennings, notorious game show contestant, host, author, and television presenter.
40
THE JOURNAL ENTRY |
J U LY 2 0 2 1
