On Balance Magazine - May/June 2023

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Features Columns

6 A standup guy

Meet the 2023-2024 chair of the WICPA board of directors: Matthew Schaefer, CPA, CGMA, senior vice president/chief credit officer of the Bank of Wisconsin Dells.

By Marcia Tillett-Zinzow

10 The 2023–2024 WICPA board of directors

Meet the individuals who will provide strategic governance in accordance with the WICPA strategic plan, mission and vision.

12 The CPA Exam in 2023 and 2024

Major changes to the CPA Exam — part of the CPA Evolution — go into effect next year.

By Amy Napolski

18 The role of AI and chatbots in accounting firms

Accounting firms may not realize they’ve been using applications powered by artificial intelligence (AI) for years.

By Neil Fauerbach, MBA

22 Wisconsin court affirms validity of statute of repose for CPAs

An invaluable tool for CPAs who might otherwise have to defend against stale lawsuits under Wisconsin’s broad liability standards.

28 TECHNOLOGY

Can a password app make your life easier and increase your security? A good password manager can help protect your accounts, pocketbook and credit rating.

By Mark R. Torello, CPA, CITP, CRISC, CFE, CISA

32 ACCOUNTING & AUDITING

Beware of ethical pitfalls in ethical investigations

A forensic investigation should never be undertaken lightly.

By

Marc Courey, CPA/CFF, JD, LLM, CFE, CICA, CCEP, CIA

34 HUMAN RESOURCES

Benefits of employee stock ownership companies

Employee ownership of a company can offer many benefits to employees and owners.

By

Chad Bell, ASA

36 HEALTH & WELLNESS

5 steps for restructuring thoughts and reducing stress

Negative automatic thoughts are internal triggers that can cause emotional distress.

By Alfonso Perillo, CPA,

40 MEMBER BENEFITS

Departments

3 Outlook | chair’s letter

4 In Touch | president & CEO’s message

17 Welcome | new members

26 Kudos | members in the news

37 Memorials | departed members

LICSW

By

Bryan D. House, JD and Eric Pearson, CPA, JD

Guide to WICPA committees and boards

On Balance is published five times a year by the Wisconsin Institute of Certified Public Accountants (WICPA). Change of address should be sent to: Membership, W233N2080 Ridgeview Pkwy, Suite 201, Waukesha, WI 53188; Phone: 262-785-0445 or 800-772-6939; Fax: 262-785-0838; email: comments@wicpa.org. Statements and opinions expressed are those of the authors and not necessarily those of the WICPA. Publication of an advertisement does not constitute an endorsement of the product or service by On Balance or the WICPA. Articles may be reproduced with permission. © Copyright 2023 On Balance

2023-2024

WICPA OFFICERS/BOARD MEMBERS INSIDE STAFF

Chair

Matthew J. Schaefer, CPA, CGMA

Chair-elect

Ryan J. Hanson, CPA, CGMA

Past Chair

Steven A. Pullara, CPA, CGMA

Secretary/Treasurer

Lucien A. Beaudry, CPA, JD

Directors

Christopher M. Cholka, CPA, CGMA

Jessica B. Gatzke, CPA, MST

Tori M. Morrow, CPA, CGMA, MBA

Donna R. Scaffidi, CPA

Stacy A. Stinson, CPA

AICPA Council

Ruth A. Kallio-Mielke, CPA

Neil R. Keller, CPA/ABV, CVA

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President & CEO

Tammy J. Hofstede

Design & Layout

Brett Stallman

Advertising

Sue Daniels

Editor

Marcia Tillett-Zinzow

Printing Special Editions

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Navigating Change

By Matthew J. Schaefer, CPA, CGMA

Spring is a time of change. As I look outside the kitchen window, I see that the snow has started to melt, and neighbors have been discussing robin sightings in their yards. This time of year also brings back forgotten evening walks, spring sports and a promise of renewal. Things are changing.

Just the word “change” brings me excitement and energy. Like many of you, I expect change within my life, whether personal or professional. We go through many changes in our lives — some of them we manifest ourselves, and others we have no control over. So we learn to deal with change, and in our role as trusted advisors, we help others to deal with it, too. I recently had this experience.

As you know, our economy experienced the recent failures of Silicon Valley Bank in California and Signature Bank in New York. I work for a small community bank in Wisconsin — so, naturally, I was concerned, and so were some of our clients. Our customers have instilled trust in our business model and the changes and updates we have made with the services that we provide, and we appreciate and protect that trust. As you might expect, the recent bank failures have prompted us to have more discussion about customer assumptions and expectations. You may have also helped concerned clients and others in your life deal with this situation. Fortunately, it hasn’t created the disastrous changes that past bank failures have.

Many of us are recognized as business leaders, subject matter experts and respected liaisons of financial information. We continue to help small and large audiences gain an understanding of the business world. Looking at the mission of a business, we gain an understanding of what we do not only for our direct employees or departments but also for our communities and industries. In helping people through the changes inherent in life, we are effecting positive change.

“Know that each of you creates an impact on those around you, and recognize the many different components of our lives that blend with the lives of others.”

Matthew Schaefer, CPA, CGMA, who is the 2023–2024 WICPA board of directors chair, is senior vice president/chief credit officer for the Bank of Wisconsin Dells. Contact him at 608-254-3624 or mschaefer@dellsbank.bank.

My, How Things Change — or Do They?

By Tammy J. Hofstede

My 94-year-old grandmother, who was a very influential woman in my life and career, passed away in February. She was a rare breed, having been a woman business owner back in her day. As we were going through her things, we came upon a letter dated 1945 from the Oshkosh Business College (now UW–Oshkosh). Here is an excerpt from the letter that I found most interesting:

We are sorry … but the Oshkosh Business College is faced with an embarrassing situation this year. Schools are being filled to capacity. Formerly, our Accounting Course was open to men only. Now women are demanding entrance to this most lucrative field. OBC has an unusually fine Accounting Department. There are many CPAs among our graduates — all of whom are in the higher income brackets.

For those of us who were not around when schools were filled to capacity and accounting was only a man’s profession, I found this letter a reality check to reflect on how far the profession has come and the obstacles it has overcome. What challenges was the profession facing 80 years ago?

The profession and its leaders have been able to navigate through issues, tax and compliance changes, recessions, wars, Enron (and other) scandals and scrutiny, and constantly evolving technology, forcing them to continuously evaluate how to service clients and run businesses.

Change is constant. So have things really changed, or are there just different challenges — and new opportunities — facing us?

There are major issues and challenges facing us these days: Changes are coming to the CPA Exam (again) — for one thing, the time to take the exam is being extended to 24 or even 36 months. State societies and firms are discussing creative alternate pathways to obtain the 150-credit-hour requirement for licensure without impacting substantial equivalency and mobility infrastructure. We are still navigating the impact of COVID on employment, remote work and work ethic. The impact of a shrinking CPA pipeline and competition with other majors continues. Also continuing to challenge us are the boomer retirements; protecting the CPA license from deregulation efforts; and now, more than ever, numerous state society efforts to attract more students to the profession and encourage them to become CPAs — while also focusing on diversity, equity and inclusion for the profession.

Some seasons — and some chapters of this “book of change” — may feel overwhelming. We need to remind ourselves we can do hard things and get through them (as we always have). The accounting profession is not fragile, but resilient.

We can’t think in terms of permanence, as we truly cannot hold on to anything for long. But we always have the opportunity to learn from our challenges, to be better and to do things better. If we have reasonable expectations about where we are and where we want to go, we can learn and move on.

There is significant work ahead of us, and we will continue to boldly move forward. The WICPA will continue to monitor legislation in Wisconsin that could

“The accounting profession is not fragile, but resilient.”

impact the profession and lobby at the federal level (and to our college educators) to include accounting in STEM; to observe what is happening nationally regarding licensure and the 150-credit-hour requirement; and to work together with other state CPA societies on exploring policy solutions, identifying strategies for collaborative outreach and partnerships, and understanding the flexibilities and limitations of substantial equivalency and mobility.

We have launched new member resources and have several new initiatives for the coming year, including our new education section on the website for students and educators (including several videos) and a pipeline campaign, “Level Up With Accounting” (coming this fall).

As we move into a new fiscal year, we thank you for your continued loyalty and membership as we continue to shape and protect this great profession. Stay tuned — there’s more to come!

Tammy J. Hofstede is president & CEO of the WICPA. Contact her at 262-785-0445, ext. 4518, or tammy@wicpa.org.

keep your member benefits coming

If you have not yet renewed your 2023–2024 membership, visit wicpa.org/renew for quick and easy online payment to keep your valuable member benefits coming, including On Balance magazine.

Pay your dues in the “My WICPA” section on the WICPA website. For information regarding your membership, contact Devin Yates at 800-772-6939 ext. 4511 or devin@wicpa.org.

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A Stand-up Guy:

Matthew Schaefer, CPA, CGMA

By Marcia Tillett-Zinzow

Matt Schaefer can accurately be defined as “a standup guy” — and we’re not talking about comedy. We mean that he seems to be a “straightforward man of good character,” according to online dictionaries, and his background vouches for him. He’s a Wisconsin-educated banking executive and former Navy man who has been married for 19 years. He and his wife have one daughter, and the family lives in the Wisconsin Dells, where they partake in numerous family activities. But the one thing that makes him stand out to us is that he is this year’s chair of the WICPA board of directors.

Schaefer was born and raised (through 7th grade) in Dolton, Illinois, a southern suburb of Chicago. His parents’ families all lived there, too. But, like many Illinois transplants to Wisconsin, his folks had vacation property here — in the Wisconsin Dells.

“My parents had a 14x72-foot mobile home that was great in the summer. We had family and friends come up and just had a good time. The thought was that we would move up there year-round before I went to high school, so we moved up just before my 8th grade year,” he said.

Like many of the local kids, Schaefer worked a variety of different summer jobs in the Dells and had fun doing it. But after he graduated from Wisconsin Dells High School in 1994, he decided to do something more serious.

The U.S. Navy

“I had a cousin who was in the Navy — on the West Coast — and I was hearing about all the exciting things that he had done, and I thought it sounded like a really great option,” Schaefer said. “You know, when you’re 18, you want to explore. You want to spread your wings and see what else is out there in the world.”

So he enlisted right after high school. His Navy service took him aboard the nuclear aircraft carrier U.S.S. George Washington, which at the time was docked in Norfolk, Virginia. He spent four years on board and was frequently deployed for military exercises.

“We’d be in the Caribbean for a month and a half, and then we’d spend six months in the Mediterranean and the Persian Gulf,” he said. “This was back in the mid-’90s, when the U.S. still had issues with Iraq and the fallout from Bosnia, so there were a lot of interesting things

Photography by Front Room Photography

happening in the Gulf while I was there. For example, my ship participated in Operation Southern Watch, in which we enforced U.N. sanctions against Iraq.”

Schaefer said he enjoyed his time in the Navy, made a lot of great friends and had some great experiences. He could have stayed in for the 20 years necessary to retire with full benefits, but having a family and being there for them was more important to him.

“The plan was to get out in four years, go to school, get married and start a family. I wanted to spend time with my family, be in the kids’ lives and go to their games on a daily basis instead of having to hear about them in phone calls,” he said.

College and accounting

After honorable discharge from the Navy, Schaefer enrolled in college at UW–Eau Claire. After two years there, he transferred to UW–Platteville.

“I had started seeing this girl about three months before I got out of the Navy, and she lived in Ohio. I soon found out that it’s a long drive from Eau Claire to Ohio. So we would

meet halfway, in Portage, Indiana, and then we would either drive back to Ohio together or back to Eau Claire or to the Dells. It got to be a lot of traveling.”

The “girl” is now his wife, Laura, to whom he’s been married for 19 years. The two often joke about all the traveling they did back then just to spend time together.

“When we drive back to Ohio to see her parents, we reminisce about driving on the interstate, pointing out the place where we broke down once, that restaurant that used to be there — just noticing how things have changed over the years.”

Schaefer completed his bachelor’s degrees in accounting and business administration at UW–Platteville in 2002. In 2008, he became licensed as a CPA.

When professionals are asked what inspired them to become CPAs, many answer in one of two ways. They either say, “I was always good at math,” or they say, “My dad (or other relative or friend), who was a CPA, encouraged me.” Schaefer’s answer wasn’t all that much different. He knew he liked accounting and finance, and while he noted that numbers didn’t always

Schaefer outside the Bank of Wisconsin Dells, where he is senior vice president and chief credit officer.

like him, he always liked numbers. But it was the challenge of becoming a CPA that truly inspired him — and the inspiration came during an eight-month internship he did with the Wisconsin Department of Transportation.

“I got to know different people who were in the profession, whether in public or private accounting, and I got to see how fulfilling that career was to those people,” he said. “I had met a CPA who was in a second career in state government, and it kind of sold me on the whole thing. It just confirmed that I wanted to be part of that group and work toward the designation. And it has been really fulfilling.”

Getting into banking

Toward the end of his college education, providence stepped in when a friend of the family asked Schaefer’s parents and future in-laws if Matt would be interested in “getting into banking.” So Schaefer interviewed with two gentlemen from the Bank of Wisconsin Dells and had a job waiting for him right out of college. He began as a loan officer in January 2003, writing both commercial and consumer loans and just getting to know people and the community. He then worked within regulatory compliance for a number of years before moving into the credit area.

“That ultimately took me to the position of chief credit officer and member of the senior management team,” Schaefer said. “We make sure that we write guidelines for the lenders to make sure they are corresponding to our loan policy. We have different standards that we create just to make sure that we create safety and soundness for the bank.”

He has been with the bank for 20 years. One year after he got there, he married that girl from Ohio. Schaefer and his wife have one daughter — Cora — who is 11 years old now.

“A lot of our time is devoted to our daughter, who is a swimmer and also plays soccer,” Schaefer said. “So we go to swim meets, soccer matches — really, it’s about being Dad and being a spectator of Cora’s sports.”

In his spare time, Schaefer partakes in a number of sports, especially those that include being outside. The family loves tent camping and hiking as well as golf in the summer, and he and Laura scuba dive.

“We’re pretty limited with scuba in Wisconsin, but if we’re traveling somewhere warm, we’ll typically scuba dive as well,” he said.

In the winter, the whole family hits the slopes. Living in the Dells, they can easily get to one of the many ski resorts Wisconsin has to offer, though they most often ski at Cascade and Devil’s Head, which are closer to where they live.

“But sometimes we’ll go up north to the Upper Peninsula and ski Blackjack, Indian Head or Powder Horn,” he said. “We’ll also ski out west in Colorado, and last year I took my

daughter out to Montana to ski at Big Sky for the first time. We flew into Boseman, which is a great town: the university, the downtown area. I really enjoyed being there.”

Schaefer has been on the WICPA board of directors since 2016 and has served on the Public Policy Committee since 2012. He also volunteers for St. Clare Health Foundation in Baraboo, serving as treasurer of the foundation’s board of directors and as a member of the Finance Committee. His term as chair of the WICPA board will run through the 2023–2024 fiscal year, which began May 1.

Schaefer volunteers for St. Clare Health Foundation as treasurer of the foundation's board of directors.

Attending the 2022 Business & Industry Spring Conference with WICPA President and CEO Tammy Hofstede.

Photo provided by the WICPA

Introducing your WICPA Board of Directors

The WICPA Board of Directors provides strategic governance in accordance with the WICPA strategic plan, mission and vision. The board ensures the WICPA serves the diverse needs of members, enhances professional competency, promotes the value of members and the profession, advocates on behalf of the profession and builds community among members. New members began serving after they were elected May 5, 2023, at the Member Recognition Banquet and Annual Business Meeting.

assistant

CHAIR-ELECT

Ryan J. Hanson, CPA, CGMA, President & CFO, Pekin Insurance

DIRECTOR

Tori M. Morrow, CPA, CGMA, MBA, COO/CFO, Vulcan GMS

SECRETARY/TREASURER

Lucien A. Beaudry, CPA, JD, equity shareholder, Reinhart Boerner Van Deuren s.c., Milwaukee

Bank of Wisconsin Dells

Christopher M. Cholka, CPA, CGMA, accounting manager, Cousins Subs

professor – accounting, Concordia University, Mequon

Neil R. Keller, CPA/ABV, CVA, partner-in-charge, tax services, Sikich LLP, Brookfield

Ruth A. Kallio-Mielke, CPA,

The CPA Exam in 2023 and 2024: CPA Evolution Explained

By now you’ve heard the CPA Exam will be changing. Some may even say it’s evolving; and in fact, the change is called “CPA Evolution.” As you may know, CPA Evolution is a joint venture between the AICPA and NASBA.

By Amy Napolski

Exam changes aren’t anything new — this is just bigger than previous changes. (The last big exam change was in 2017.) Every five or so years, the AICPA performs an analysis of the profession to make sure the exam is relevant, valid and current. This article explains how the exam is changing and how candidates can plan for the changes.

Candidates will have a choice

For the current exam, everyone takes the same four parts: Auditing and Attestation (AUD), Business Environment and

Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). Starting January 2024, candidates will have a choice. All candidates will take three “Core” exams: Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), and Taxation and Regulation (REG). For the fourth exam, candidates will choose one of three “Discipline” exams: Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), or Tax Compliance and Planning (TCP). (The exams may be taken in any order.)

The goal of the new model isn’t to award a specialized license, but to allow candidates to choose their path based on the area of accounting they plan to pursue or are pursuing. The Core exams cover the essentials all CPAs need to know. The Discipline exams cover the more in-depth content of the specific areas in accounting. The graphic below shows the six exams.

Source: https://www.evolutionofcpa.org/

It’s okay not to know which Discipline to choose

Candidates may or may not know the area they will be working in, which is fine since they will have a CPA license (not a specialized license) once they pass the exams and complete the other requirements for licensure. Below is an overview of the content on the three Discipline exams. Note that if candidates fail the Discipline exam, they may choose a different Discipline for their next attempt.

Source: https://www.becker.com/cpa-evolution

The exams a candidate passes in 2023 will count in 2024

NASBA has provided a transition policy for candidates who may be taking exams in both 2023 and 2024. If a candidate passes AUD, FAR or REG in 2023, those will count as the corresponding Core exams. If a candidate passes BEC in 2023, it will count as a Discipline exam. The following illustration shows the policy.

Source: https://nasba.org/blog/2022/02/25/transition-policy/

What the changes look like in a nutshell

Another reason behind CPA Evolution is to address the issue of the amount of content being tested. The accounting profession changes at a rapid pace, with new rules and regulations happening on an ongoing basis. It’s a lot of content for the exam, so with the Core + Discipline model the candidate has the choice of the specific area (Discipline) to be tested. Content for the current four exams is being moved around for the new six exams for 2024. Below is a graphic showing shifting of content.

Source: https://www.becker.com/cpa-evolution#students

Some other notable changes:

• There will be no Written Communications piece on the new exam.

• Authoritative Literature will not be available as a searchable database. Excerpts will be provided for candidates to answer research questions.

• Microsoft Excel will be replaced with a generic equivalent with similar functionality.

Dates to know for 2023 and 2024

NASBA and the AICPA released the following tentative application information and testing schedules for late 2023.

• October 1, 2023: Application deadline for BEC exam first-time candidates applying through NASBA/CPAES*

• November 12, 2023: Application deadline for BEC exam re-exam candidates who have already been approved for a prior NTS (any section)*

• Nov. 15, 2023: NASBA’s Gateway platform will stop processing BEC Exam applications.

• Nov. 22, 2023: NASBA will start processing applications for the new Discipline exam sections (BAR, ISC, TCP).

• Dec.15, 2023: last day of testing for all sections of the current exam (AUD, BEC, FAR, and REG)

• Dec. 16, 2023 – Jan. 9, 2024: no testing, to allow for IT systems to convert to the new exam *These dates may be different for those states in which the application is through their state board.

Below is the tentative administration schedule and score release timeline for 2024.

Source: https://nasba.org/blog/2022/11/02/cpa-exams-future-key-tentative-dates-announced/

Key takeaways:

• Jan. 10, 2024: Testing begins for the new exam.

• There will be five “black-out dates” each quarter for the Core Exams.

• Testing for the Discipline sections of the exam (BAR, ISC, TCP) will only be available for approximately one month each quarter.

Making a plan

With all the changes, it may be overwhelming for candidates to decide where to start. Here are some considerations:

• If possible, candidates should pass BEC in 2023 since this passed exam will count for a Discipline exam in 2024.

• Exams that could be easier to pass in 2024 are FAR and REG since they are moving content from these sections. Now, if a candidate has time to pass all four in 2023, they should by all means do so!

• The exam that will be pretty much the same in 2024 is AUD.

• Candidates should use a calendar to map out a plan, taking into consideration the dates they can and cannot take the Core and Discipline exams. Here’s an example:

Source: Amy Napolski, Becker Senior Account Manager, anapolski@becker.com

It will take longer for candidates to get their scores

As shown in the first chart on pg. 15, there will be a limited number of score release dates because the AICPA will need more time to evaluate and score the new exams. What does this mean? Similar to what happened in 2017, candidates may take multiple exams before getting any scores, which may be nerve wracking and make planning difficult. The AICPA and NASBA are aware of this, so NASBA has proposed a credit extension policy that will impact the current 18-month window to complete the four parts of the CPA Exam. This policy would allow candidates who have passed any parts by Jan. 1, 2024, to have credit for those exams extended to June 30, 2025. The individual state boards of accountancy are in the process of adopting this policy. Below is the most current map of the states that have done so. For Wisconsin, this needs to go through the state legislature, and the WICPA is confident it will be approved.

Final thoughts for CPA Exam candidates

Change can be difficult. Let’s address that head on. Keep in mind that change can be advantageous, too. The following “mantra” can help candidates navigate the CPA Exam: I will have a choice; change is good; I will be successful. Taking time to stay on top of the changes coming in 2024 will give candidates the confidence to pass the exams and navigate the process to becoming a CPA.

Below are links to resources for CPA Evolution. This is a historical time in accounting!

CPA Evolution: https://www.evolutionofcpa.org/

• CPA Evolution Transition FAQs: https://nasba.org/ examtransitionfaqs/

• Becker CPA Evolution website, including 10-minute video on the 2024 exam: https://www.becker.com/ cpa-evolution

Source: https://nasba.org/credit-extension-map/

Amy Napolski is a Becker Professional Education senior account manager for Wisconsin, Minnesota and North Dakota. Her colleague, Deborah Andreivich, is an account manager for Wisconsin, Michigan and Iowa. Contact Amy at anapolski@becker.com and Deborah at dandreivich@becker.com.

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Dwayne Johnson & Associates

THE ROLE OF ARTIFICIAL ACCOUNTING FIRMS

INTELLIGENCE (AI) AND CHATBOTS IN

By Neil Fauerbach, MBA

ccounting firms have been using AIpowered applications for several years, assisting in data entry, fraud detection, financial forecasting, audit support and content management. These tools help firms save time, reduce errors and provide better service. Wisconsin firms have been utilizing these tools for a while and are testing new tools as they are introduced.

“People are interacting with AI, and they don’t quite realize it because it’s infused in the applications they are

Ausing, including Microsoft products like Oracle and Salesforce. These are the tools many practitioners and professionals are using, and they may not recognize them as AI,” stated Allen Smith, Baker Tilly’s chief information officer.

Firms are using AI in automated data entry. It can extract data from invoices, receipts and financial documents and automatically categorize them, reducing the need for manual data entry. This AI tool shrinks the amount of time to prepare data for analysis. It can also provide highly useful management information.

“There are prediction models that help determine when a client will pay your invoice late, based on historic data points in the client’s data,” pointed out Kirstie Tiernan, CFE, OCA,

principal in BDO Digital and co-leader of BDO’s data analytics & robotic process automation teams.

Public understanding of AI in the U.S. is relatively low. A study published by scientific publisher Springer found that many Americans have a patchy knowledge of what AI is and what it can do. They tend to get their information about AI from entertainment media, such as movies and TV shows. But movies like Blade Runner and Her, which feature AI-powered characters, don’t reflect reality and shouldn’t guide our thinking about AI.

That gap in understanding is changing with the rapid introduction of chatbots.

What are chatbots?

A chatbot is a computer program that uses natural language processing to understand and respond to a question or request. ChatGPT — which you may have heard a lot about — is becoming mainstream, giving the average person a look at what AI can accomplish.

“There are a lot of people who, with the introduction of ChatGPT, are finally seeing how applicable AI is to our everyday lives and that it is absolutely here to stay,” said Tiernan.

The explosion in the use of AI-powered chatbots around the world has drawn the attention of the accounting industry, as bots have been used for writing marketing content, client proposals, advertising copy and financial reports. ChatGPT is a powerful tool. Firms are working to understand how to best use the tool and how to control it.

The Jan. 27 issue of Accounting Today magazine ran an article titled “I am not a threat to accountants, says ChatGPT.” The article, written by ChatGPT, states, “While AI can process vast amounts of data, it is not capable of critical thinking and decision-making that human accountants are trained to do.” The article itself is an example of AI applied to researching and communicating ideas. It also alleviates fears that AI will replace accountants. The “humanness” of accountants will aways be needed.

How do chatbots work?

These AI chatbots use the same sources of information that Google uses: web pages, Google Maps, news, YouTube, Wikipedia, scholarly literature and social media. The difference is in the output. Where Google shows you web locations of relevant information, ChatGPT serves up natural language output, analyzing and explaining its findings in natural language. Microsoft’s BING application does both.

“These AI models take certain elements of the data set and sprinkle in how much of it should be applied based on the design of the AI model,” stated Jacob Rohrer, a senior consultant on Wipfli’s organizational performance team. “For example, 50% may be from scholarly articles, 20% Wikipedia, 20% web pages and 10% social media, according to my research.”

Rohrer recently co-presented a webinar for Wipfli staff on the topic of ChatGPT. “Interest was high in the new technology. We had over 800 attendees,” he said, and 6.5% of attendees were very familiar with apps like ChatGPT, while 33% were somewhat familiar — but 100% had an interest in learning more.”

People are experimenting to determine how AI can help in their work. Chatbots can generate blog post copy, write a proposal for accounting services, generate letters, and analyze and write financial reports. But is it safe and reliable? How do you manage and control it until it is better understood?

Firms that have started using chatbots use them as a starting point to generate ideas. Eric Trost, CPA, MST, a principal at SVA Certified Public Accountants, stated, “In the Tax Department, we have used ChatGPT to draft an

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There are a lot of people who, with the introduction of ChatGPT, are finally seeing how applicable AI is to our everyday lives and that it is absolutely here to stay.

— Kirstie Tiernan

outline for a technical tax PowerPoint presentation. While it is understood that any technical information provided by an AI tool must be verified, it is important to learn how to use these tools as they are developed and refined.”

Baker Tilly’s Smith stated, “It’s important to remember that AI is not thinking. It is looking at a string of characters and predicting what would come next.” So, those who use it are going to have to proof, edit and fact-check.

Tim Seidel, CPA, a partner at Wegner CPAs, said he uses ChatGPT to quickly generate ideas for marketing content. “It is saving me a lot of time in the process. Before, I would spend time brainstorming and writing from scratch. Now, I can have a starting point in seconds and spend my time editing and rewriting the content for originality, accuracy, tone, voice, etc.”

Not everyone is on board yet. Ben Hauser, CPA, managing partner at Northland CPAs in Rhinelander, said his firm doesn’t currently use any of the AI chatbot technology. “Our culture and mission is personal-service driven. I don’t see this type of technology hitting us soon. However, in this day and age, one never knows!”

Policies on the use of these new technologies vary with firm size and resources. BDO has limited internal access to the platforms until it is better understood, and policies will be developed around their use. Policies are currently being developed at SVA, Wegner and Wipfli.

Professor Collins advises firm management to consider these tools if they think it will help them do their work better. “You can get caught up in the technology, but effective companies are technology plus good people,” he said. “Ask yourself, ‘Is this what’s best for the organization?’”

All firms interviewed for this article stated that their No. 1 priority is protection of client data. Policies and firewalls need to be in place to eliminate risk to the firm, the clients and the industry.

Perhaps the best advice on the use of chatbots comes from a chatbot. When asked the question, “How do we know that ChatGPT answers are accurate and reliable?” the bot answered, “To ensure the accuracy and reliability of ChatGPT’s answers, it’s always a good idea to doublecheck the information provided and do further research if necessary. If you’re unsure about the accuracy of a particular answer, it’s always a good idea to seek the opinion of a human expert in the relevant field.”

One big drawback of chatbots is that they can be biased. Not all information on the internet is accurate and objective, and that’s where chatbots learn. “The data that chatbots are trained on have implicit biases, based on the sources that were used,” stated Seth Collins, professor of ethics at Edgewood College in Madison. Collins pointed out the importance of being aware that those biases will show up in the output. Users should proof carefully, check their facts and edit accordingly.

Neil Fauerbach, MBA, has 37 years’ experience in CPA firm marketing and business development, including a longtime post with Smith & Gesteland/BDO. He has been honored with CPA Marketing Report’s Accounting Marketer of the Year Award, inducted into the Association of Accounting Marketing (AAM) Hall of Fame and included in Accounting Today’s 100 Most Influential People in Accounting.

Full disclosure: For this article, the author used ChatGPT; Google Search; Microsoft’s BING, Dictate, Spellcheck, Grammar Check and Teams; and ZOOM.

USING CHATBOTS

1. Policies on chatbot use could list approved uses (such as scheduling appointments) and should point out tasks better handled by an accountant.

2. Security of clients' information is critical. Chatbots should be programmed to follow strict security protocols and only access the necessary information required to provide the requested services.

3. Clients should be made aware when they are communicating with a chatbot and should have the option to speak with a human representative if needed.

4. The chatbot system should be regularly monitored and evaluated to ensure that it is functioning as intended and providing accurate information.

RESOLVING TAX CHALLENGES

The Tax Section of von Briesen & Roper, s.c. has the knowledge and experience to resolve federal, state and local tax controversies. Whether providing tax assistance to businesses, business owners or individuals, we are your resource. Our experience allows us to handle all aspects of tax challenges including complex audits and audit support, administrative appeals, the courts and tax collection. The bottom line? We get results.

To learn more about our Tax Section, please contact Daniel Welytok at daniel.welytok@vonbriesen.com.

Wisconsin Court Affirms Validity of Statute of Repose for CPAs

By Bryan B. House, JD and

Eric Pearson, CPA, JD

In 1994, Wisconsin’s legislature passed into law what is now Wisconsin State Statute § 893.66, a six-year statute of repose for claims against licensed CPAs engaged in providing “professional accounting services.” A statute of repose sets a time limit in which an allegedly injured party must bring a lawsuit against a defendant. Under § 893.66, therefore, a lawsuit must be filed against a CPA within six years of the CPA’s allegedly negligent act or omission; older claims are barred. The statute of repose is somewhat unique because the six-year period runs regardless of when the plaintiff discovers the negligent act or omission. This statute of repose is an important tool in limiting liability for the profession and in keeping professional liability insurance costs down.

Section 893.66 has had a sleepy existence since it was first enacted nearly 30 years ago. Only two unpublished court decisions have addressed it, both interpreting the statute’s scope (for example, deciding what services are “professional accounting services” and covered by the statute). That changed last year, however, when the Dane County Circuit Court considered whether the statute of repose for CPAs violated the Equal Protection Clauses of the United States and Wisconsin Constitutions. The party making that argument, a law firm that had been sued by a client and that had attempted to shift at least some of the blame to an accounting firm that had worked with the client, maintained that granting such a privilege to CPAs while not providing such protection to lawyers ran afoul of the law firm’s right to equal protection under the law. While the court rejected that argument, this decision is one that should be of interest to WICPA members.

Past history

Some background of Wisconsin accountant liability law is in order. WICPA members practicing in the 1980s or early 1990s might remember that a few notable Wisconsin court decisions greatly broadened the potential liability of accountants. In Citizens State Bank v. Timm, Schmidt & Co. S.C., the Wisconsin Supreme Court in 1983 held that accountants could be held liable for all “foreseeable consequences” of the negligent performance of their duties. In so doing, the court rejected the more traditional rules applicable in other states that limited lawsuits against accountants to those brought by clients (the standard in the 1931 New York decision Ultramares v. Touche) or to those brought by a limited group of third parties (nonclients) who would be expected to rely on an accountant’s work (a standard drawn from the Restatement (Second) of Torts § 552). Timm thus allowed any third party to sue an accountant, as long as that third party’s reliance on the accountant’s work was “foreseeable” — a vague standard that proved problematic for Wisconsin CPAs.

Timm’s effect on accountant liability was apparent in a 1992 decision of Wisconsin’s court of appeals,

Chevron Chemical Co. v. Deloitte & Touche. Deloitte had audited a company’s financial statements, and the audit report had been provided to the company’s creditors, including Chevron. Deloitte shortly thereafter discovered that, due to the company’s billing irregularities, the financial statements were incorrect, and it urged the company to recall the audit report. The company refused, and after it went bankrupt, Chevron successfully sued Deloitte based on the very audit report Deloitte had asked to be recalled. In response to an increase in professional liability claims like this in Wisconsin and elsewhere, the AICPA led a nationwide effort in the early ‘90s to limit accountant liability through, among other things, statutes that would reinstate a privity requirement and bar stale claims. The WICPA participated in that effort in Wisconsin, and the result was the passage of a six-year statute of repose that barred claims against licensed CPAs in Wisconsin after six years.

Present day

Fast-forward to the recent case in Dane County Circuit Court (Van Sickle v. Michael Best & Friedrich LLP, Case No. 21-CV-1624), where a law firm was sued in 2021 by

shareholders of its former client for allegedly failing to advise them regarding the tax consequences of converting a C-corporation formed in 2010 to an S-corporation in 2011. In 2022, the law firm filed a third-party complaint against Grant Thornton LLP, the CPA firm that had prepared the client’s 2010 tax returns and filed the S-corporation election in 2011 at the client’s request. When Grant Thornton moved to dismiss the law firm’s third-party claim on the grounds that

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WICPA members practicing in the 1980s or early 1990s might remember that a few notable Wisconsin court decisions greatly broadened the potential liability of accountants.

more than six years had passed since the events in question, the law firm argued that the statute of repose for CPAs violated the law firm’s right to equal protection because there is no similar statute for attorneys. The law firm’s statute of limitations argument had failed earlier because malpractice claims against lawyers in Wisconsin have a discovery rule that begins to run only when clients discover that they have suffered injury.

The Dane County Circuit Court upheld the statute of repose for CPAs and dismissed the third-party lawsuit against Grant Thornton, and in so doing, it made a number of important rulings:

• First, the court held that § 893.66 did not violate the Equal Protection Clauses of the United States and Wisconsin Constitutions. The court acknowledged that licensed CPAs received benefits under § 893.66 that lawyers do not. But this was permissible under the Equal Protection Clauses because CPAs and lawyers are not similarly situated (even though their work might arguably overlap at times) and because Wisconsin’s legislature had acted rationally by deciding, in response to decisions like Timm and Chevron (which do not apply to lawyers), to create a six-year statute of repose for licensed CPAs.

• Second, the court rejected the law firm’s argument that the statute did not apply because “professional accounting services” does not include tax work but is limited to work that involves recording financial transactions or attest engagements. As WICPA members know, CPAs provide a much broader range of services to their clients — auditing, tax advice, financial statement analysis or managerial accounting services — and the court decided that § 893.66 protects the CPA engaged in a broader set of services, including the tax work at issue in Van Sickle.

• Third, the court decided that the statute of repose applies to CPAs licensed in states other than Wisconsin when they provide their services to Wisconsin clients. The court reasoned that Wisconsin’s legislature had passed § 893.66 for the purpose of limiting the potential liability of those who obtained the education and training required for the CPA license, regardless of whether they were licensed in Wisconsin or another state.

• Fourth and finally, the court held that § 893.66 applies not only to lawsuits brought directly by a plaintiff against a CPA but also to claims brought by another defendant that attempt to shift responsibility to the licensed CPA. These are what are known as “contribution claims” in the law. Observing that § 893.66 bars claims based on any “legal theory,” the court held that the statute barred contribution claims against CPAs after six years.

Having survived a rare constitutional challenge, § 893.66 remains an invaluable tool for CPAs who might otherwise have to defend against stale lawsuits under Wisconsin’s broad liability standards. And the Van Sickle decision, in particular, is a good reminder of the importance of the WICPA’s legislative efforts on behalf of the profession.

Bryan B. House, JD, is a partner with Foley & Lardner LLP and chair of the firm’s Milwaukee Litigation Department. Contact him at 414-297-5554 or bhouse@foley.com.

Eric Pearson, CPA, JD, is a partner with Foley & Lardner LLP and a member of the firm’s Milwaukee Litigation Department. Contact him at 414-319-7360 or epearson@foley.com.

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The Van Sickle decision, in particular, is a good reminder of the importance of the WICPA’s legislative efforts on behalf of the profession.

PACESETTERS

Heather Acker

Brian Anderson

Christine Anderson

Nicholas Ansley

Inga Arendt

Joseph Balus

Steven Barnes

Paul Barstad

Kelly Baumbach

Michael Benes

Donald Bernards

Todd Bernhardt

Douglas Berry

Paul Bishop

Ann Blakely

Jeffrey Blattner

Mark Boettcher

Brian Bohman

Marcie BombergMontoya

Joseph Boucher

Marci Boyarski

Joshua Boyle

Kelly Bradley

Jeffrey Bramschreiber

Cindy Bratel

Damon Busse

Gregory Butler

Daniel Buttke

Todd Carpenter

Stephanie Cavadeas

Lonny Charles

Kevin Cherney

Crystal Christenson

Brad Collard

Craig Cookle

Robert Cottingham

Lisa Cribben

Christine Dahlhauser

Jeffrey Danen

Brad DeNoyer

Chad Derenne

Jeff Dewane

Jeff DeYoung

Emily Di Nardo

Andrew Dilling

Jodi Dobson

Rick Dreher

David DuVarney

Jeffrey Dvorachek

Oliver East

Karl Eck

Wayne Ehlert

Daniel Ehr

Thomas Eling

Brigid Elliott-Boger

Tania Erdmann

Robert Fabich

Valerie Fedie

Linda Feirn

Christine Fenske

Kayla Flint

Paul Frantz

Michael Friedman

Sandra Friess

Sara Funk

Karin Gale

Robert Ganschow

Joshua Ganshert

Lynn Gardinier

Brian Gaumont

Matthew Gelb

Stephanie Gensler

Alyssa Geracie

Daniel Glomski

Carla Gogin

Kendra Goodman

Garrett Gosh

Brenda Graat

Nicole Gralapp

Kurt Gresens

Michael Gustafson

Todd Hagedorn

Theodore Hart

Monica Hauser

Kim Heller

John Hemming

Nathan Henrigillis

Nicholas Hinz

Craig Hirt

Traci Hollister

John Honadel

Terry Hoover

Kirsten Houghton

Tina Huisman

Wade Huseth

Bruce Hutler

James Hyland

Chase Inda

Tyler Inda

Murali Iyer

Kevin Janke

Andrea Jansen

Jeffrey Jaschinski

Tammy Jelinek

David Johnson

Ruth Kallio-Mielke

Robert Kane

Eric Kegler

Terrence Kerscher

Anne Kirschling

Amanda Klein

Brian Knoll

Holly Kohl

Kenneth Kortas

Keith Koszarek

Amar Kothapalli

Jeffrey Kowieski

John Krause

Casey Kretz

Thomas Krieg

Eric Kroll

Tony Kromanaker

Keith Krueger

Mark Kruncos

Ryan Lay

Abraham Leis

Brittany Leonard

Emily Lester

Larry Lester

Brian Lightfield

Bonnie Lilley

Steven Lipton

Robert Long

Alan Mader

Anita Mahamed

Randy Mahoney

Kyle Mair

Ryan Maniscalco

Zachary Mayer

Tami McCann

Nancy Mehlberg

Joshua Meinen

Theresa Meiners

Deanna Merryfield

Randall Miller

Dale Muehl

Jeffrey Munger

Luis Murgas

Scott Nelson

Matthew Nitka

Chad O’Brien

Daniel O’Connor

Anthony Ollmann

Paul Ouweneel

Jason Page

Krista Pankop

Jacob Peters

Ashley Pharo

Maureen Pistone

Holly Pokrandt

Brett Polglaze

Andrew Potasek

Steven Pullara

Michael Pynch

Lucas Rocole

Brian Rozek

Kelly Runge

John Runte

Bethany Ryers

John Salza

Donna Scaffidi

Kevin Schalk

Vincent Schamber

Craig Schessler

Thomas Schiesl

Christopher Schmidt

Corina Schoenke

Scott Schumacher

John Schwab

Jessica Schwantes

Kevin Scully

Thomas Sheahan

Kimberly Shult

Gina Skibo

James Smolinski

Gregory Sofra

Mark Stevens

Daniel Szidon

Christopher Tait

Denes Tobie

Jason Totzke

Jay Totzke

Paul Traczek

Corey Tremaine

Wendi Unger

Thomas Unke

Christopher Van

Straten

Matthew Vanderloo

Nathanael Voss

Brent Wagner

Brian Walczak

Dan Walker

Colin Walsh

Robert Watson

Peter Wautlet

Michael Webber

Theran Welsh

Cory Wendt

Joseph Wenzler

Mary Werner

Glen Weyenberg

Thomas Wieland

Dustin Wiesner

Erin Witucki

Tom Wojcinski

William Wong

Aaron Worthman

Erika Young

Laura Zach

OTHER CONTRIBUTORS

Sean Auger

Walter Bahr

Anthony Balistreri

Donald Betthauser

Mary Bonte Spath

Steven Brettingen

Michael Donahue

Jeffrey Frank

Randall Grobe

Douglas Haag

Steven Handrick

John Heindel

Glen Helmbrecht

Wayne Huberty

George Jaloviar

Carol Janssen

Brian Kelley

Patrick Landreman

Matthew Macdonald

Matthew Neu

Kathleen Riley

Patrick Romenesko

Kathleen Ruzicka

Richard Spencer

Donald Stacy

Robert Thompson

James Wagner

Roberta Ward

David Weber

PACESETTER LEVEL ORGANIZATIONS

Baker Tilly

CGS Premier

Encore Homes, Inc.

Hawkins Ash CPAs, LLP

SVA Certified Public Accountants, S.C.

Theodore E. Hart, LLC

Vinton Construction Company

Wipfli Financial Advisors, LLC

Wipfli LLP

OTHER ORGANIZATIONS WITH EMPLOYEE CONTRIBUTIONS

Bahr & Kadlec, Ltd.

BDO USA LLP

BKD LLP CLA

Donahue & Associates LLC

Frank & Frank, LLP

Handrick Consulting, LLC

Inland Power Group, Inc.

K&M Tax Service

Kalahari Development, LLC

KerberRose S.C.

Lauber Business Partners

Mid City Corporation

Neider & Boucher, S.C.

Norvado

Patrick W. Romenesko, S.C.

Scribner, Cohen and Company, S.C.

Sikich LLP

Eric Trost

kudos

Brad Baumann, CPA, has been advanced to the role of managing principal of the Southeast Wisconsin group by CliftonLarsonAllen (CLA) in Milwaukee.

Matthew Berry, CPA, has been advanced to the role of signing director by CLA in Milwaukee.

Lisa Cribben, CPA/ABV, ASA, CMA, has joined Hawkins Ash CPAs as a partner specializing in valuation, transaction advisory, business transition planning and litigation services.

Brian DelVecchio, CPA, has been advanced to the role of principal by CLA in Milwaukee.

Patrick Durch, CPA, has joined Northside Elevator in Loyal as financial controller.

Bryan Gerlach, CPA, has joined the Security Financial Bank as CFO.

Linda Gorens-Levey, CPA, CFA, a partner at General Capital Group in Fox Point, was listed in the Milwaukee Business Journal ’s 2023 list of top Milwaukee-area power brokers.

Robert Keebler, CPA/PFS, MST, AEP (Distinguished), received an award from CPAacademy for “Top Presenter 2022,” which honors those who are committed to the education of accounting professionals.

Peter Kopanon, CPA, has been promoted to senior financial analyst at Milwaukee Tool.

Rick Krueger, CPA, has been advanced to the role of managing principal in the firm solutions group of CLA in Milwaukee.

Allen LaCrosse, CPA, has been advanced to the role of tax principal by CLA in Milwaukee.

Kelley LeMay, CPA, has been advanced to the role of signing director by CLA in Eau Claire.

Martin Mathias, CPA, CFE, has joined Capital Valuation Group Inc. as a shareholder. He serves as a business valuation analyst and litigation expert in the firm’s Madison office.

Patrick McGarry, CPA, CFO & COO at Wixon Inc. in St. Francis, has been named to the 2023 class of “40 Under 40” professionals in Southeastern Wisconsin by the Milwaukee Business Journal

David Meicher, CPA, a partner with Meicher CPAs in Middleton, has been named to the 2023 class of “40 Under 40” professionals in the Madison area by In Business magazine.

Scott Menke, CPA, MBA, UW–Parkside’s vice chancellor for finance and administration, has been named as interim chancellor, effective Friday, June 9.

Adam Mleziva, CPA, has been advanced to the role of principal by CLA in Green Bay.

Eric Neuman, CPA, has been promoted to partner at Chortek LLP in Waukesha, where he will manage the operations of the Assurance & Accounting Department and be an active participant in determining the firm’s strategic direction.

Zach Newsome, CPA, has been promoted to manager of Huberty’s Fond du Lac office.

Dominic Ortiz, CPA, CGMA, CEO of Potawatomi Hotel & Casino, was listed in the Milwaukee Business Journal’s 2023 list of top Milwaukee-area power brokers.

Knute Pedersen Jr., CPA, has been named a partner at Esterbrooks Certified Public Accountants Ltd. He has 20 years of experience and was previously a shareholder in the firm’s Superior office.

David Ring, CPA, CGMA, CFO at Sentry Equipment Corp., was interviewed by CFO.com for a March 9 Q&A feature called “The 6 a.m. CFO,” in which finance chiefs share how they jump-start their days.

Peter Kopanon Matthew Berry Brian DelVecchio Robert Keebler Rick Krueger Allen LaCrosse Kelley LeMay

Jonathan D. Sherwood, CPA, has been advanced to the role of principal by CLA in Hudson.

Victoria Thayer, CPA, has been appointed to the AICPA’s Young Member Leadership Committee.

FIRM NEWS

Baker Tilly will move its downtown office this summer from the U.S. Bank building to BMO Tower at 790 N. Water St.

Several accounting firms have been named to the Wisconsin State Journal ’s list of Madison’s Top Workplaces 2023. They are: Wegner CPAs, Wipfli LLP, Deloitte Consulting LLP and Berndt CPA, which also took the #2 spot in the “New Ideas” category.

THE CURRENT CPE REPORTING PERIOD ENDS DEC. 31, 2023

Reporting Period: Jan. 1, 2022 – Dec. 31, 2023

CPE Requirement: 80 total CPE credits

Scott Menke Eric Neuman Jonathan Sherwood Victoria Thayer

By Mark R. Torello, CPA, CITP, CRISC, CFE, CISA

In the field of cybersecurity, most things we do to increase security have an equally significant “opposite” effect on productivity. Simply put, they make your life harder.

That’s because we cybersecurity professionals need to put hurdles in the way of the attackers to stop them — or at least slow them down. Many systems require long, complex passwords that must be changed frequently. This can really make life harder for users when we can’t remember our credentials or even get locked out of our systems.

Then there’s multifactor authentication, where users must prove who they are, using more than just a username or password — such as confirmation through a phone app, an additional code entered, or a fingerprint or face ID.

These safeguards are imperative to protect our online systems, but they can be a hassle and slow down users.

Challenges with passwords

Why are passwords so challenging? One reason is that every system has its own rules for what constitutes an acceptable password. Some require uppercase and lowercase letters, some require a number and a special character, while others just want a number.

Then there are the systems that track the last password you used and won’t let you re-use it. Blasphemy! When you say “I forgot my password,” it allows you to reset it but forces you to change it again — adding yet another iteration of your favorite word. Yet this password is no harder to be cracked than the last word you used, even with adding a number and special character like *1 after it. We may think we’re being crafty, but it’s not making things any harder for the hackers!

Why do passwords get compromised so often?

The simple answer is that businesses that are responsible for the safekeeping of your credentials are not doing enough to adequately protect them. Once they are compromised, login credentials are sold quickly. That means that other websites and systems you use those credentials for can also become compromised. This is the reason you should not use

the same password for more than one online system. That is challenge number one.

Other top difficulties include:

• Remembering complex passwords

• Remembering many different passwords

• Accessing saved passwords that are not always available on all of your devices

• Deciding where to save your passwords. Web browsers? Contacts? Sticky notes? Notebooks?

The risk with the current password convention

In the past, we would all select a password plus a required number and capital letter. So if I liked summer, I might select “Summer2022.” This would clear the requirements of “complexity” rules built into most systems. But as you can see, it’s not the strongest password by far. And on the next

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In the field of cybersecurity, most things we do to increase security have an equally significant “opposite” effect on productivity.

password change mandate, there’s a good chance you might change that to “Summer2023.” That’s not any more secure in the eyes of a hacker.

Use a passphrase instead!

Password hacking systems look for dictionary words first and then append numbers to them in an automated approach that is very quick. Once all dictionary words with numbers are exhausted, the process of “brute-forcing” a password made up of multiple words (called a “passphrase”) can take a long time — even centuries!

For that reason, the process of putting more than one word together into a passphrase has been determined by the National Institute of Science & Technology (NIST) to be much more secure than the best complex password plus numbers and characters. NIST Special Publication 800-63B (June 2017 but updated through 2020) introduced this concept with other unexpected changes in guidance on digital identity.

The most surprising change in guidance was NO requirement to change passwords or passphrases unless the credentials were involved in a compromise. [Note: This author’s guidance is to still change passwords or passphrases annually in case a compromise in another system is missed. This is still much easier than changing it every 60 or 90 days.]

Why did NIST make this change? Because changing passwords every 90 days just makes it more challenging for us

to remember our passwords, so we end up doing foolish things like putting our credentials on a sticky note on our desks or making them too simple.

Thou shalt not share thy passphrase!

Certainly, you understand the importance of not sharing passwords or passphrases with others. It’s a big no-no for several reasons. Lack of audit trail is one. You should also not share that same passphrase between online accounts either. This is where it gets rough! How are you supposed to remember so many unique passphrases and which accounts they belong to?

The answer to all these challenges and requirements? The password manager!

Password managers are a unicorn in the security world. They are one of the very few systems that help improve productivity and make your life easier while also increasing cybersecurity.

Here’s how using a password manager addresses challenges:

• Remembering long passphrases — A password manager can save them so you don’t forget them and don’t get locked out.

• Using unique passphrases for each online system — A password manager can help you keep them organized and speed up the process by logging you into each site automatically.

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Password managers ... help improve productivity and make your life easier while also increasing cybersecurity.

• Sharing certain company-level login credentials with staff — A password manager can make this happen securely without divulging the actual passphrase to staff.

• Logging into various sites between phone and computer — A password manager makes this quick and seamless by working on multiple devices.

How to get started

It’s important to start protecting your accounts, pocketbook, and credit rating today. The first step is to stop using all the unsecure means of storing and remembering your passwords and installing a good password manager. You will be surprised at how fast it is to learn how to use it and how quickly it can make your life easier and more secure at the same time. While there are many good options, the leaders in the industry include:

• Lastpass (author’s choice) — $36 per year

• Roboform — $24 per year, $48 per year for a five-user family plan

• Dashlane — $6.49 per month ($60 per year)

• 1Password — $3 per month ($36 per year, $60 per year for families)

• NordPass — $36 per year

All have free versions (not just trial versions) that limit the product’s functionality. These free versions are a great way to get to know the product by actually using it for a while. Once you’re ready to take the full plunge, upgrades are typically easy.

I like LastPass’s feature of having one login that gets me access to my free personal account as well as our paid business account (enterprise account) with company passwords in it, all while keeping them completely separate from each other. I also like how I can share passphrases to different groups of staff in the office.

Selection tips:

• Make sure the password manager you select has an app that works well with your phone and other devices.

• See if the product has an enterprise version that provides more benefits in a business environment.

• Do your vendor due diligence and request their Service Organization Control (SOC) 2 Type 2 report. Ask your IT vendor to help you review it if necessary. Pay attention to the “User Entity Control Considerations.”

Use tips:

• Download the plugin that works with your favorite browser (e.g. Google Chrome). This will help achieve login efficiencies.

• In your browser settings, disable the “Prompt to Save Passwords.” Once you have all of your credentials in your new password manager, delete the passwords in the browser.

• Download the app for your mobile devices and configure them to use it.

• All good products will offer two-factor authentication — be sure to enable it during your initial setup.

Mark R. Torello, CPA, CITP, CRISC, CFE, CISA is the partner-incharge of Whittlesey Technology, a Connecticut-based cybersecurity and technology firm. He has more than 25 years of experience in consulting, with an emphasis on security and accounting systems technology.

Reprinted with permission from the Connecticut Society of CPAs.

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It’s important to start protecting your accounts, pocketbook, and credit rating today.

Be Aware of Ethical Pitfalls in Forensic Investigations

By Marc Courey, CPA/CFF, JD, LLM, CFE, CICA, CCEP, CIA

For practitioners who concentrate their practices in tax and audit work, the prospect of taking on a fraud investigation can be daunting, intriguing or both. But if you come across some potential wrongdoing in the course of your work, one thing you should never do is look the other way. Accountants have an ethical obligation to see that the suspect activity is looked into appropriately, even if it falls outside your usual scope of practice.

Handling allegations of waste, fraud or abuse includes more than making strategic and tactical decisions related to any ensuing investigation. Often underestimated or overlooked are important ethical implications related to such forensic inquiries, whether they are led by someone at your firm or an outside forensic examiner.

Professional standards

Forensic investigators are guided by various professional ethical standards depending on the specific credentials they hold. Certified public accountants (CPAs) are subject to general ethics standards promulgated by the Association of International Certified Public Accountants (AICPA) as well as state boards and societies.

As of Jan. 1, 2020, the AICPA stepped up its commitment to protect the public interest by releasing the Statement on Standards for Forensic Services (SSFS) No. 1. Applicable to all forensic engagements, the statement outlines steps for preserving and enhancing the quality of practice for members performing forensic services.

This principles-based guidance addresses various aspects of forensic accounting services, including these:

• Professional competence

• Professional care

• Planning and supervision

• Sufficient relevant data

• Integrity and objectivity

• Serving the client’s interest

• Understanding and communicating with clients

Certified fraud examiners (CFEs) are subject to similar ethical guidelines through their association’s Code of Professional Ethics, highlighting, among other things, the need for professionalism and diligence and the importance of avoiding undisclosed conflicts of interest, as well as a reminder that the final determination of fraud always lies with the trier of fact.*

Check relevant state laws

Beyond the professional standards applicable to CPAs and CFEs are laws pertaining to specific jurisdictions. For instance, it’s necessary to keep in mind the relevant state law on privacy. What can an investigator or client do with various information that may be discovered during the course of an investigation? What’s the law on recording conversations without express consent? And who does the law pertain to?

Some investigative techniques may require a private detective or private investigator license. The requirements vary by state, so these activities may be permissible if engaged by an attorney rather than the CPA or CFE. To perform digital forensics, some jurisdictions may require a private investigator license.

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Accountants have an ethical obligation to see that the suspect activity is looked into appropriately, even if it falls outside your usual scope of practice.

* The judge or jury responsible for deciding factual issues in a trial.

Before engaging in an investigation, be sure your client has considered consulting with an attorney and having counsel engage you, which can extend the attorney-client privilege and work product doctrine to your work.

Moral considerations

Forensic investigations are also governed by the philosophy of procedural justice, which seeks fairness in the processes that resolve disputes. The four pillars of procedural justice cover:

• Objectivity and neutrality

• Preserving dignity and respect

• Trustworthy motivation

• Giving voice to participants

An examiner’s personal ethics and morality can always weigh on the investigative process. Given that individuals have different personal codes, which can be similar to or vary significantly from professional, legal and societal expectations, taking time to assess whether the investigation aligns with one’s personal values is imperative.

If the personalities or conduct of the individuals you are engaging with or the products or services sold by their organizations don’t line up with your own values, consider whether taking on the investigation is the right ethical decision for you.

Will your personal code influence your ability to meet the professional standards? Will it interfere with meeting the

expectations of your client? An awareness of the interplay between a personal code and the various obligations and expectations of a forensic investigative engagement should affect your decision in order to meet your ethical responsibilities and client objectives.

Impact on the target

A forensic investigation almost invariably turns people’s lives upside down and should never be undertaken lightly. The impact for the target and their family is enormous, as it may lead to the end of someone’s career and the severing of longstanding relationships both in and outside a workplace.

When targets experience financial losses as well as potential civil litigation or criminal prosecution, other unfortunate side effects can include workplace violence and sometimes even suicide. These potential impacts serve as a reminder to keep your eyes on the big picture and remember why the investigation is necessary. There must be compelling greater good served by the investigation.

Similar to the impact investigations can have on a potential target, they can have a major impact on your client, who is likely the victim of a potential wrongdoing. Beyond the question of whether there is a finding of inappropriate activity, the investigation itself affects staff and the reputation of the organization and possibly its day-to-day operations. The investigator’s conduct or actions have the potential for the investigator to incur legal liability for the client. If you come across some kind of contraband — such as child pornography or illegal drug possession — which is not a focus of the investigation, you may face an ethical dilemma about what can and should be turned over to law enforcement if these discoveries were incidental to the purpose of your investigation.

Investigators sometimes receive threats of physical harm from targets, which pose dilemmas beyond the risk of truly being injured. Do you report the threat to law enforcement if the client has requested confidentiality pending the investigation? Can you continue the investigation with no change to your objectivity and diligence? How much risk to self and family can you accept?

The range of ethical issues that arise from providing forensic services can catch accountants off guard. It may be wise to partner with an experienced forensic professional to learn about and navigate the land mines that can distract investigations and create liability for many involved parties.

Marc Courey, CPA/CFF, JD, LLM, CFE, CICA, CCEP, CIA, is director of forensic and litigation services at Wipfli LLP in Minneapolis. Contact him at 651-766-2849 or mcourey@wipfli.com.

Benefits of Employee Stock Ownership Companies

By Chad Bell, ASA

Employee ownership of a company can offer many benefits to both employees and owners. An employee stock ownership plan (ESOP) is a defined contribution plan that invests primarily in employer stock, which incentivizes employees to remain at the company and increase its value long-term.

To form an ESOP, shareholders sell their stock to an employee stock ownership trust, and the employees or beneficiaries of the ESOP receive contributions for the purposes of retirement. ESOPs provide attractive benefits to virtually all stakeholders in a company, including the employees, selling shareholders, the business itself and, by extension, vendors and even the public.

The most notable benefits of ESOPs are the tax benefits and the unique and attractive succession, estate planning and liquidity opportunities these plans provide while still allowing business owners to maintain both a key role in leading their companies and preserve the careers of valued employees. Less frequently identified and discussed are the more intangible benefits, including reduced turnover, greater employee engagement and productivity, and the indirect economic benefits that may be created from employees being allocated company stock at no cost to the company.

Performance during COVID-19 pandemic

A 2022 study conducted by the National Center for Employee Ownership (NCEO)1 found benefits of employee ownership for both companies and employees during the COVID-19 pandemic. The study examined a sample of ESOP and comparable non-ESOP companies in the food industry and found that “ESOP companies fared better in terms of workforce retention, benefits and retirement security, and firm performance in 2020. ESOP food companies had lower median involuntary separation rates (2% vs. 5%), were more likely to offer employer-paid health care (89% vs. 71%) and were more likely to have seen revenue increases from 2019 to 2020 (53% vs. 35%).”

The NCEO and the Employee-Owned S Corporation of America (ESCA) also found in 20212 that “workers at S-corporation ESOP companies had more in retirement savings and received more retirement contributions from their employers both before and during COVID-19.” Such companies contributed 2.6 times more to retirements compared to companies offering only 401(k) plans. Even controlling for the size, industry and region of the companies examined, the average retirement plan balance for an ESOP participant was $67,000 higher than the comparison group studied. The same study found “evidence that ESOP companies retained and created more jobs during 2020, also controlling for size, industry and region.”

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Employee ownership of a company can offer many benefits to both employees and owners.

Employee retention was also found to be greater among employee-owned companies in a 20203 study by the Rutgers School of Management and Labor Relations and the Employee Ownership Foundation. Employee retention was not the only benefit, however. This study also found that ESOP companies had improved workplace health safety during the pandemic and that they were also “less likely to make pay cuts (26.9% vs 57.3%) and more likely to take proactive steps to prevent the spread of COVID-19 (98.3% vs 88.9%).”

A meta-analysis of empirical studies on employee ownership published in 2013 found that firms with ESOPs outperform non-ESOP firms. This effect was small but positive and statistically significant. In addition, there was a robust relationship between ESOP participation and firm profitability.4

These results indicate that ESOP companies offered significant protective effects for their employees during the pandemic, including employee retention and improved performance on the employer side and improved retirement balances, workplace safety and pay protection for employees.

Reduced employee turnover

Providing employees with company ownership provides an inherent incentive to remain at the company and increase company performance.5 This singular benefit has been shown to lead to greater and clearer motivation to maximize company performance and profitability since doing so benefits each employee-owner. Additionally, by aligning the incentives of staff and management, a shared interest in success is created, which is considered by many to be a pathway to reducing conflict between executives and employees by encouraging cooperation toward achieving a common goal.

Numerous studies have found that a more committed and engaged workforce has resulted in ESOP companies having lower overall employee turnover. In December 2018, NCEO reported that the voluntary and involuntary average separation rates for ESOP employees over a four-year period were more than two times lower as compared to the national average.6

The 2020 Rutgers and Employee Ownership Foundation study discussed above also found that employee-owned companies were “three to four times more likely to retain staff.” A previous study in 2017 found that employment stability conferred additional benefits during economic downturns. Publicly traded firms with employee ownership had greater employment stability — a finding that held for both negative shocks in the overall economy or shocks that

were firm-specific. Such firms were also more likely to survive the two previous recessions.7

These studies, which have examined ESOPs and employee ownership from a variety of angles and contexts, consistently indicate widespread positive effects for employment stability and reduction of employee turnover. In today’s climate of unprecedented tightness in the labor market, such positive findings indicate that employee ownership can offer one path to securing the firm’s stability and survival long-term.

Improved company performance

With the focus on business performance heightened for ESOP employee-owners, it is not surprising that academic and practitioner research has identified a statistically significant correlation between employee ownership and company performance. These studies of employee-owned companies have found that ESOP companies outperform non-ESOP companies and that performance and profitability were found to be positively impacted by ESOP participation levels and time, potentially related to the implementation of

3 Ibid.

4 Ernest H. O'Boyle, Pankaj C. Patel, and Erik Gonzalez-Mulé, "Employee ownership and firm performance: a meta-analysis." Human Resource Management Journal, June 24, 2016.

5 Ownership as beneficiaries of an employee stock ownership trust (formed in conjunction with an ESOP), which holds shares of the company.

6 Nancy Wiefek and Nathan Nicholson, S Corporation ESOPs and Retirement Security, National Center for Employee Ownership, December 2018.

7 Fidan Ana Kurtulus and Douglas L. Kruse, “How Did Employee Ownership Firms Weather the Last Two Recessions,” Employee Ownership, Employment Stability, and Firm Survival in the United States, 1999-2011, Kalamazoo, MI: W.E. Upjohn Institute for Employment Research, 2017.

more effective ownership cultures.8 The increased profitability has been attributed to the fact that although not every employee can boost sales or affect a customer’s experience, each can have a role in improving processes and minimizing waste.

The 2019 ESOP Economic Performance Report9 found that, for the fourth year in a row, responding ESOP companies reported that profits rose at rates greater than revenue. The ESOP Association speculated that these companies were succeeding at minimizing costs and that employee-owners may have assisted in these efforts. The survey also revealed that 75% of ESOP employees were involved in keeping down costs and helping companies improve profit margins to share in benefits.

Studies have also found that productivity improves by more than 4% to 5% in the year the ESOP is set up, and this higher productivity level is maintained in subsequent years.10 The data on company performance related to employee ownership is clear and consistent — far from simply conferring benefits to employees, firms stand to benefit from the formation of an ESOP.

Higher retirement savings

Many employees at all compensation levels do not save enough for a comfortable retirement. Decades of research has shown that ESOP companies are more likely to offer secondary retirement plans than non-ESOP companies are to offer a single plan; ESOP participants have considerably more retirement savings; ESOPs overall not only have higher rates of return than 401(k) plans, but are also less volatile; and ESOPs cover a greater number of, and are better designed for, lower income and younger employees than 401(k) plans. In December 2018, the NCEO reported that ESOP participants surveyed had more than twice the average amounts in retirement accounts than the national average: approximately $170,000 compared to the $80,000 average retirement savings of employees of non-ESOP companies.

Secondary impact of increased savings

The most recent research and studies have revealed that the greater retirement savings of employees of ESOP-owned companies can help reduce wealth inequality. Researchers discovered that ESOPs enable families to significantly increase their assets, reducing gender and racial wealth gaps, suggesting that employee ownership can reduce wealth inequality. Additionally, the greater retirement savings that are evident in ESOP-owned companies, coupled with the fact that the participants are not required to pay for this benefit or make participant contributions, reduces asset insecurity and can

provide retirement assets for those who may otherwise be unable to afford to contribute toward a retirement plan.11 While employees are generally required to sign up and elect to defer income with a 401(k) plan, in an ESOP the company is required to allocate contributions to the ESOP. A nonESOP company may or may not make contributions or 401(k) matches based on the amount of an individual employee’s contributions. In fact, only approximately 58% of companies match employees’ 401(k) contributions.12

Conclusion

ESOPs operate under the concept that if increased company performance and profitability directly benefit ESOP participants through greater share value, employee-owners will have greater incentive to increase productivity and profits. An ESOP can significantly benefit both employees and management and provide an ideal solution for company performance under certain circumstances. The process of implementing an ESOP requires a team of experienced professionals to help business owners understand these steps and navigate the process of selling their business to an ESOP and achieving benefits related to firm performance as well as employee stability and retirement savings.

Chad Bell, ASA, is a manager in Marcum LLP’s valuation and litigation support services group. Contact him at chad.bell@marcumllp.com.

8 Ernest H. O'Boyle, Pankaj C. Patel, and Erik Gonzalez-Mulé, “Employee ownership and firm performance: a meta-analysis,” Human Resource Management Journal, June 24, 2016.

9 2019 ESOP Economic Performance Report, The ESOP Association © 2019.

10 Douglas Kruse and Joseph Blasi, “Employee Ownership, Employee Attitudes, and Firm Performance,” Resource Management Handbook, Greenwich, CT: JAI Press, 1997.

11 Joseph Blasi and Douglas Kruse, “Building the Assets of Low and Moderate Income Workers and their Families: The Role of Employee Ownership,” Institute for the Study of Employee Ownership and Profit Sharing, March 2019.

12 How America Saves 2020, Vanguard 2019 Defined Contribution Plan Data, © 2020 The Vanguard Group, Inc.

Reprinted with permission from the Massachusetts Society of CPAs.

Jeffrey A. Davis, CPA (1954–2023)

Jeffrey A. Davis, CPA, passed away on Monday, Jan. 30, at age 68. Davis graduated from New Lisbon High School in 1972 and the University of Wisconsin–Whitewater in 1976. After graduation, he moved to Eau Claire to work with National Presto Industries. In 1980, Davis moved to Portage and joined an accounting partnership with Bob Goodman at Goodman & Davis CPAs. When Goodman retired, Davis entered into an accounting partnership with David Page at Davis & Page LLP, where he stayed until his retirement in fall 2021. Davis served as treasurer for the Portage Little League youth baseball for over 30 years and was one of the founding members of the Portage Area Community Fund, for which he served as treasurer. He is survived by his wife of 47 years, Marilyn; one son; two daughters; five grandchildren; four siblings; and many other relatives and friends.

Willis Krause, CPA (1938–2022)

Willis Krause, CPA, passed away on Thursday, June 30, 2022, at age 83. Krause was born and raised in Berlin, graduated from Berlin High School in 1956 and then moved on to UW–Madison to study accounting. He passed the CPA Exam after graduating and began working for the accounting firm Touche Ross & Co. (now Deloitte). He was licensed as a CPA in 1965. After Touche Ross, Krause joined The Milwaukee Company, an investment firm. In the early 1980s, he was hired as vice president of finance for Midway Hospitality Corp., where he remained until retiring at the age of 75. Krause is survived by three sons, two daughters, 15 grandchildren and five great-grandchildren. His wife, Helen, and two sisters preceded him in death.

James A. Mader, CPA (1946–2022)

James A. Mader, CPA, of Greendale, passed away on Saturday, Dec. 24, 2022, at the age of 76. He became licensed as a CPA in 1980 and became a member of both the Wisconsin and the American Institutes of CPAs. During his career, he served as a field auditor for the Internal Revenue Service, and he retired from the Wisconsin Natural Gas Co. Mader is survived by his beloved wife, Maria; three daughters; two stepsons; five step-grandchildren; a sister and a brother; as well as nieces, nephews and many other relatives and friends.

James B. Schommer, CPA (1932–2023)

James B. Schommer, CPA, passed away Sunday, March 5, at age 90. A 59-year lifetime member of the WICPA, Schommer’s involvement included service on the WICPA

board of directors (1981–1982), the Federal Taxation Committee (1996–1997) and the Tax Conference Planning Committee (1999–2001). Schommer attended UW–Madison and ultimately became licensed as a CPA in 1963. WICPA records show that his past employers include Bremser Group Inc. in Waunakee (acquired by Honkamp Krueger & Co. in 2013) and Grant Thornton LLP. Schommer is survived by his wife of 58 years, Shirley; two brothers and two sisters; two sons and two daughters; eight grandchildren; and two great-grandchildren.

Carol Valley, CPA (1951–2023)

Carol Ann Valley, CPA, age 72, passed away on Friday, Feb. 10. She attended Waukesha South High School, graduating in 1969. She then attended UW–Whitewater, where she also worked for the university’s Accounting Department. She graduated with a Bachelor of Business Administration degree in 1972 and was hired as a staff accountant by Ronald Mattox & Associates in Madison. After the firm merged in 1975 with Alexander Grant & Co. (now Grant Thornton LLP), Valley continued her employment in the Grant Thornton Services Department. Later, she was hired by a private book store supplier as their first comptroller. In 1990, she began her own accounting firm in Columbus: Carol A. Valley CPA SC. Valley was a member of both the AICPA and the WICPA, as well as Rotary International, the Deforest Area Rotary Club, the Columbus/Fall River Rotary Club, the Columbus Downtown Development Corp. and the Columbus Chamber of Commerce. As a member of the Columbus/Fall River Rotary Club, she received the Paul Harris Fellowship award. Valley is survived by her husband, Richard; one son; one granddaughter; two sisters; and nieces, nephews, and many other relatives and friends.

Dan Walker, CPA (1964–2023)

Dan Walker, CPA, an audit partner in Wipfli LLP’s nonprofit and government practice, passed away unexpectedly on Tuesday, March 21. He was an active member of the WICPA, serving on the School District Audit Conference Planning Committee from 1998 to 2001 and again from 2007 to 2008. Walker also belonged to the AICPA, the Wisconsin Government Finance Officers Association, the Wisconsin Counties Association and the Eau Claire Jaycees. He graduated from Eau Claire Memorial High School in 1982 and attended UW–Eau Claire, graduating with a bachelor’s degree in accounting in 1986. Walker received his CPA license in 1988 and was employed by Wipfli for 37 years. He had planned to retire on May 31. Walker is survived by his wife, Babette; two daughters; a grandson; one brother and two sisters; and many other relatives and friends.

If you are aware of a member obituary and believe it should be included in Memorials, please send a copy of the obituary or contact Marcia Tillett-Zinzow at mtzinzow@icloud.com.

5 Steps for Restructuring Thoughts and Reducing Stress

NOTICE MEASURE IDENTIFY RESTRUCTURE RECHECK

By Alfonso Perillo, CPA, LICSW Editor’s

note: While this article was written to help CPAs cope during tax season, the information and advice given apply any time of year.

Stress versus anxiety and depression

There are many articles that offer advice about managing stress during tax season, and you’re likely familiar with the tools: engage in self-care by eating well, exercising and getting enough sleep; set boundaries with clients (and even supervisors); delegate, etc. These are excellent tools to cope with stress, which is the human response to external triggers; however, stress management tools are insufficient in reducing anxiety and depression, which are caused by internal triggers. These triggers are how you perceive and respond to both external stressors and to your own thoughts and emotions. While clinical anxiety and depression require treatment from a qualified mental health professional, the following addresses the normal experience of temporary and subclinical anxiety and depression and the occasional experience of sadness, anger and burnout.

The role of thoughts

Humans perceive and make judgments about day-to-day and moment-to-moment experiences with a wide range and number of automatic thoughts. These thoughts are often just

below conscious awareness, occur rapidly and are assumed to be true. Negative automatic thoughts are the internal triggers that can cause emotional distress, which is why you can experience stress without being anxious and depressed. It’s your perception of the situation that causes emotional distress, not the situation itself. While experiencing negative emotions can feel bad, and you can generally tolerate these without adverse consequences, sometimes they can lead you to act in ways that are inconsistent with your personal and professional values.

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Negative automatic thoughts are the internal triggers that can cause emotional distress, which is why you can experience stress without being anxious and depressed.

For example, let’s say you get an upsetting email from a client asking about the status of their return. If you think, “No big deal, I’ll call them and resolve the problem.” You’ll likely feel confident and calm and will be able to address the issue. If, on the other hand, you think, “This tax season is the worst!” You will likely feel anxious, possibly even angry, and may behave in an unproductive way by avoiding the client or writing a harsh response.

It doesn’t stop there. In the example above, you might realize that your email was too harsh, causing you to feel regretful and possibly even anxious. This downward spiral of thoughts and emotions is called rumination and is a behavior where your mind tries to resolve emotional distress by thinking about it. Unfortunately, rumination usually results in unhappiness and distraction, which in turn leads you to falling even further behind.

How to improve your thinking

Thought restructuring is a way to challenge or modify negative internal thoughts to cope with internal triggers and is one of the many skills mental health practitioners teach their clients. Below are five steps to practice thought restructuring:

Step 1: Notice the change in mood

How do you increase awareness of automatic thoughts? The key is to connect with your emotions, which are typically perceived as positive, negative or neutral. The first step is to notice the downward turn in mood and ask yourself, “What was I just thinking?” It may even be helpful to briefly jot down your thoughts.

Step 2: Measure your mood

Your mood changes and fluctuates throughout the day. It can be helpful to measure the intensity of your negative emotions using an internal thermometer with a scale of zero to 10, with 10 being the most intense. Write this down next to your thoughts from the first step.

Step 3: Identify the unhelpful thought

Negative or distorted thoughts are thought patterns that create an inaccurate, rigid and unhealthy view of reality. Below is a list of common distorted thoughts:

• Catastrophizing or awfulizing (predicting the worst-case scenario or outcome)

• All-or-none thinking (ignoring nuances and shades of gray of a situation)

• Emotional reasoning (believing something to be true because you feel it is)

• Discounting the positive and only seeing the negative

• Labeling (putting a fixed label on yourself or others)

• Overgeneralizing (making sweeping negative conclusions without considering other more likely possibilities)

• “Should” thinking or statements (inflexible expectations for how you or others should behave and overestimating how bad it is when these expectations are not met)

Step 4: Thought restructuring

Once a distorted thought is identified, you can challenge the thought to lessen its power. Challenging the assumption of “trueness” is the key to thought restructuring. As you notice the thoughts, make a mental note about the type of distortion, as well as evidence for and against the thought to identify facts. Facts are what data shows is true and are often confused with opinions, judgments or assumptions. This can be difficult, as we are generally inclined to view our beliefs as facts and rarely challenge them.

The goal of cognitive restructuring is not to simply discount the negative thought and replace it with a positive one, but rather to have a more balanced thought. In this case, identify the thought “This is the worst tax season ever” as catastrophizing and overgeneralizing, and challenge it by examining the facts and with skepticism. How do you know it’s the worst tax season? What data supports this? Restructure the thought by coming up with a more balanced one, such as “This is a difficult tax season, but I’ve coped with tax seasons before” or “This is one client who is anxious about their taxes, and other clients are generally reasonable.” Write down the more balanced thought.

Step 5: Rechecking your mood

After completing the exercise, observe whether your anxiety has decreased. In general, you’ll know the exercise has worked if your negative emotions have lessened. You’re not necessarily looking for your anxiety to go from a seven to zero, so even if your anxiety goes down to a five, this means you’ve reduced it by 29%!

Practicing thought restructuring is an effective tool to manage negative emotions and increase the likelihood that you behave in a way that aligns with your values. Like most tools, it takes persistence to do this well, but the more you do it, the sooner you’ll be able to help decrease your anxiety and change your mindset.

Alfonso Perillo, CPA, LICSW, is a behavioral health clinician at Lahey Health Behavioral Services in Lawrence, Massachusetts. Contact him at aperillo@comcast.net.

THE GUIDE TO WICPA COMMITTEES AND BOARDS

Joining a WICPA committee or serving on a board is a great way to network with like-minded individuals, sharpen communication abilities, gain leadership skills, form business relationships and friendships and strengthen your brand. They are also ways to “give back” to the profession that has given you so much. Sharing your talents as a volunteer enhances the CPA profession while helping others achieve ambitious goals. You can receive CPE credit when you attend a meeting — and you can attend in person or by video conferencing, so you can be involved wherever you are and whatever your schedule. For more information about committees and to join one, contact Tammy Hofstede, WICPA president & CEO, at tammy@wicpa.org.

WICPA BOARD OF DIRECTORS

ACCOUNTING HIGHER EDUCATION COMMITTEE

Chair: Matthew

Schaefer, Senior Vice President, Chief Credit Officer, Bank of Wisconsin Dells

The WICPA board of directors provides strategic governance in accordance with the WICPA strategic plan, mission and vision. The board ensures the WICPA serves the diverse needs of members, enhances professional competency, promotes the value of members and the profession, advocates on behalf of the profession and builds community among members.

Chair: David Schlichting

The Accounting Higher Education Committee consists of educator representatives of Wisconsin colleges and universities that have accounting programs intended to qualify graduates to take the CPA Exam and obtain a CPA license. The committee has provided a forum for educators to network; share information; learn about each other’s institutions and programs; and serve as a resource to Wisconsin legislators, regulators and other policy makers.

WICPA

EDUCATIONAL FOUNDATION BOARD OF DIRECTORS

President:

Paul Frantz, Partner, Baker Tilly LLP

The WICPA Educational Foundation plays a pivotal role in supporting programs to improve awareness and perceptions by educating students and educators about the exciting opportunities available to accounting professionals.

BUSINESS & INDUSTRY CONFERENCE PLANNING COMMITTEE — FALL

Chair: Carver Smith, Partner, Truity Partners

Chair:

ACCOUNTING

&

AUDITING CONFERENCE PLANNING COMMITTEE

Gary Schmid, Retired, F.I.R.E. New Market Tax Credits

The Accounting & Auditing Conference Planning Committee provides CPAs and financial professionals in public accounting, industry and government — and their staff — with information on current changes and timely issues in auditing standards, FASB, GASB, governmental managing, improving data and document workflow, and accounting and financial reporting. Training in technology and soft skills is also offered at the conference. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.

ACCOUNTING CAREERS COMMITTEE

Chair: Ryan Hanson

The Accounting Careers Committee promotes, educates and excites students about the changing roles of a CPA and the unlimited career opportunities.

The Business & Industry Fall Conference provides CPAs, CEOs, CFOs, controllers and accounting staff in industry, public accounting, government, education and nonprofits updates on current issues and tax implications affecting various areas of business and operations, human resources and IT, as well as new and improved ways to manage a changing workplace. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.

BUSINESS & INDUSTRY CONFERENCE PLANNING COMMITTEE — SPRING

Chair: Christopher

Cholka, Accounting Manager, Cousins Subs

The Business & Industry Spring Conference provides CPAs, CFOs, CEOs, controllers and accounting staff in industry, public accounting, government, education and nonprofits updates on current accounting and tax implications affecting various areas of business and operations, human resources, IT, as well as new and improved ways to manage a changing workplace. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.

EDITORIAL PLANNING COMMITTEE

Chair: Marcia Tillett-Zinzow (mtzinzow@icloud.com)

The annual On Balance Editorial Advisory Committee meeting is an opportunity for members to critique content published in the magazine and contribute ideas for article topics. Members are encouraged to share issues and trends affecting their businesses, clients and the accounting profession. Feedback is used to help plan the editorial calendar. The meeting sometimes results in committee members being asked to write articles on specific topics in which they have expertise. During the year, members may be called upon to contribute topic ideas for specific issues of the magazine.

ETHICS COMMITTEE

Chair: Barry Sattell

The Ethics Committee oversees the effective regulation and enforcement of the AICPA Code of Professional Conduct.

HIGH SCHOOL EDUCATOR COMMITTEE

Chair: Mark Bichler, Business Education Teacher, Port Washington High School

The High School Educator Committee is relatively new. It was formed in 2020 to provide a forum for high school educators to discuss accounting in the classroom and engage WICPA members to promote the profession at their schools through career fairs, speaking in the classrooms and providing input on topics for the Educator Accounting Symposium. The committee consists of educator representatives from Wisconsin high schools that have accounting and/or business programs.

NOT-FOR-PROFIT CONFERENCE PLANNING COMMITTEE

Chair: Jessica Horning, CFO, Milwaukee Catholic Home

Chair: Lucas Petzold, Tax Leader, Kollath & Associates, CPA LLC

The Federal Taxation Committee regularly engages in dialogue with the IRS, discusses new developments in federal taxation matters and keeps WICPA members informed of new developments in tax authority, practice and procedures.

FEDERAL TAXATION COMMITTEE FINANCE COMMITTEE

Chair: Lucien Beaudry, Equity Shareholder, ReinhartBoerner Van Deuren s.c.

The Finance Committee oversees the financial activity of the WICPA, including the annual budget, audit, investments and net assets.

FINANCIAL INSTITUTIONS CONFERENCE PLANNING COMMITTEE

Chair: Wendy Peters, Retired, Kohler Credit Union

The Financial Institutions Conference covers a variety of specialized topics that include regulatory and legislative updates, compliance issues and the latest economic conditions that challenge both larger and community-based financial institutions. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.

The Not-for-Profit Accounting Conference provides all levels of financial professionals in nonprofit and health care organizations with the knowledge, insight and strategies to use when facing accounting and financial challenges specific to their organizations with topics including tax-exempt issues, fundraising and risk management. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.

PUBLIC POLICY COMMITTEE

Chair: Jeff Dewane, Controller, Vinton Construction Co.

The Public Policy Committee is vigilant in monitoring public policy issues that impact the profession and in recommending and implementing appropriate actions and responses to our state’s elected representatives and other policy-making bodies.

SCHOOL DISTRICT AUDIT CONFERENCE PLANNING COMMITTEE

Chair: Wendi Unger, Partner, Baker Tilly

The School District Audit Conference, in collaboration with the Wisconsin Department of Public Instruction, provides the only training for auditors of Wisconsin public school districts and private school choice program schools. This includes the latest auditing updates, developments and tools they can use to better serve school districts and their communities. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.

THE GUIDE TO WICPA COMMITTEES AND BOARDS

TAX CONFERENCE PLANNING COMMITTEE WISCONSIN TAXATION COMMITTEE

Chair: Holly Hoffman, Owner, Sales Tax Advisory Network, LLC

The Tax Conference is the must-attend event of the year for accountants, lawyers and business professionals who want to broaden their knowledge with the latest Wisconsin and federal tax laws and issues. This two-day conference appeals to professionals with all levels of experience, including CPAs in industry and public practice, as well as practicing attorneys, corporate counsel and business and financial managers. Those who attend the planning meeting, find a presenter or introduce a speaker at the conference receive complimentary conference registration.

Chair: Holly Hoffman, Owner, Sales & Income Tax Advisory Network, LLC

The Wisconsin Taxation Committee regularly engages in dialogue with the Wisconsin Department of Revenue, discusses new developments in Wisconsin taxation matters and keeps WICPA members informed of new developments in Wisconsin tax authority, practice and procedures.

YOUNG PROFESSIONALS COMMITTEE

Chair: Jesse Roberts, Business Development Executive, M3 Insurance

The Young Professionals Committee is focused on inspiring students to enter the accounting profession by promoting engagement, networking, attending events and speaking to students in high schools and colleges. Through their involvement in these activities, committee members contribute to maintaining the talent pipeline for the future.

Accounting Career Awareness in the Classroom

Wisconsin high school accounting and business teachers were once again eligible this school year to apply for an Accounting Career Awareness grant from the WICPA Educational Foundation. The foundation awarded grants to 11 high school accounting and business teachers for classroom projects in 2023. The WICPA Educational Foundation congratulates these educators and thanks them for cultivating the accounting profession in their classrooms. The following are the grant recipients and their projects:

Sheryl Avery, Milton High School, for field trips to the Frito Lay manufacturing plant in Beloit and Baker Tilly’s Janesville offices before heading back to school to learn about the high school’s accounting programs.

“Thanks again to the WICPA for providing the funds for this trip. We would not be able to fund a trip like this without it!”

Stacey Gardiner, Iowa-Grant High School, for field trips to Accounting and Tax Solutions in Lancaster; and Kwik Trip Corporate headquarters, Meringue Bakery and Cafe and EHW Small Business Accounting in La Crosse; followed by a meeting with the head of the Accountancy Department at UW-La Crosse to learn about the school’s accounting degree program.

“Field trips create excitement and help to promote accounting as a career. My students will have the opportunity to see accounting in action for various types of businesses. These opportunities will demonstrate how the knowledge they have learned in class can be applied in the real world."

ACCOUNTING CAREER AWARENESS IN THE CLASSROOM, CONT.

Samantha Goss, Fennimore High School, for the Accounting I and II classes at FHS to travel to the Baraboo and Wisconsin Dells area for their annual Career Exploration Trip, visiting MBE CPAs in Baraboo and a variety of businesses in the Dells and Dodgeville.

“Throughout the trip, students were amazed by the variety of avenues they can take in business. They received great exposure to potential career paths and received a consistent message that internships, the ability to learn and the willingness to work are the keys to a successful career in business or accounting.”

Dave Haas, DeForest High School, for the Advanced Accounting class to tour American Family Field to learn how the Brewers organization has achieved success and Fiserv Forum to hear how accounting has helped the Bucks organization achieve success.

“I have been fortunate to receive this grant for the last five years, and the students look forward to this field trip. Every year after the trip, the students have a different takeaway about a career in accounting and realize it is not just sitting behind a desk and punching in numbers. I know that this field trip helps my recruitment every year to get more students to take accounting classes.”

Mary Helgemoe, Beaver Dam High School, to take 28 accounting students to a Milwaukee Brewers game and meet afterward with two of the Brewers organization’s CPAs to learn about their careers and why they chose accounting.

“I hope that my students will get the opportunity to see more inside information about what accountants and specifically CPAs do on a daily basis. They will get to witness firsthand what it is like to work for a major sports team and see the importance of what the accountants do. I ultimately hope that more of my students will choose a career in accounting and see that it is a fun and interesting career.”

Cynthia Jensen, Cambridge High School, to focus on finance careers and to purchase a lab simulation license from Knowledge Matters for a three-year agreement, which will focus on budgeting, checking account balancing, risk assessment and investments, time management, credit, insurance and personal taxes.

“I appreciate the grant so I can continue to prepare my students for real life after high school and to help promote the business and financial industries. This program will allow my finance students to see what skills are needed when they are on their own in college or the workplace after they have completed high school at Cambridge.”

Angela Ketter, Monona Grove High School, to purchase an online simulation program that will give students an opportunity to take what they have learned in class and apply it to a real-life accounting scenario, using online software that is similar to that used in the industry.

“This will be the second consecutive year that MGHS has used this excellent program to assess the learning that has taken place in the

accounting classroom. We have been very impressed with the quality of the simulation, the customer service offered by Crunched Education, and the enthusiasm of our accounting students as they show what they have learned. We hope that with this experience, many of our accounting students will go on to pursue a career in the accounting field.”

Becky Marquardt, New London High School, for a bus trip to Milwaukee so students can hear from CPAs at Wipfli LLP about career opportunities in auditing and tax and then to Kohl’s Corporate headquarters in Menomonee Falls to learn about accounting and finance in the private sector.

“Students asked great questions and learned a great deal more about these areas of business.”

Alissa Mullikin, Wauzeka-Steuben Public Schools, to visit Craft Beverage Warehouse and the CPA firm Reilly, Penner and Benton in Milwaukee as well as the CPA firm of Sikich LLP in Brookfield to learn what CPAs do on a daily basis and how a career in accounting lead to business ownership.

“Coming from a small town, my students’ eyes were really opened! They loved seeing what a big firm has to offer. … Many students stated they really saw that accounting has a lot more to offer than they originally thought, and two students are even considering it now that were not before. Last year we also received the grant, and the students always walk away with a great eye-opening experience. We really appreciate the grant!”

Chad Roehl, Big Foot High School, for students to compete in the forensic accounting competition at Lakeland University; for a trip to Milwaukee to attend FBLA Day with the Milwaukee Bucks; and a field trip to Milwaukee in the fall to tour a CPA firm and speak with a panel of CPAs.

“This grant has been very useful to me in the past because it allows me to bring students out to experience and see the profession in person. I can speak about the multitude of options in my accounting classes, but seeing it firsthand is a much more meaningful experience. ”

Graig Stone, Sheboygan South High School, to fund four different projects: a field trip to UW-Oshkosh to see the campus and Accounting Department, participate in the Lakeland University forensic accounting competition and Junior Achievement’s “Titan Day,” and to purchase a mobile POS system for the high school’s store so students can complete transactions and manage inventory outside of the physical location.

“We are extremely grateful to the WICPA for this grant opportunity. Accounting often is seen as working in a cubicle and poring over spreadsheets. The ability to show students what real accountants do helps dispel that perception.”

MEMBERSHIP MILESTONES

5-YEAR MEMBERS

Matthew Adams

Amy Adams

Karl Ahonen

Derek Anliker

James Arnold

Brian Backhaus

Jay Baehman

Mikayla Bakken

Kipalee Bakken

Frank Barrie

Brittany Bauknecht

Marc Belanger

April Bennett

Brett Benning

Lauren Bergendahl

Brian Berger

Ariel Bloniarz

Kimberly Boots

Nicholas Borden

Shelby Bowe

Eileen Brancel

Cynthia Brinkman

Samantha Burk

Megan Cahill

Kelli Cairo

Jennifer Carerros

Katherine Cerotzke

Anthony Chan

Adam Christianson

Courtney Coonen

Morgan Costello

Ali Court

Samuel Crahan

Jennifer Czerniak

Joy Darrow

Alex Dati

Kylie Dawes

Jacob Day

David Del Ponte

Justin Deubel

Andy Diehl

Emily Donohue

James Dregney

Shannon Drewry

Amy Duarte

Ada Duffey

Chad Durkee

Kari Ebben

Emily Edelstein

Katrina Elgersma

Lauren Errichiello

Robert Espland

Deann Faubel

Michael Fekete

Chad Figueroa

Joe Fischer

Garrett Friedel

Kevin Fulcer

Nicole Gabriel

Christina Gerharz

Brittany Gerth

Kristen Glatzel

Mary Goetter

David Goodman

Samantha Goss

Thomas Grabow

Sandra Gramz

Katie Grassel

Aaron Gulotta

David Hackbarth

Nicholas Hammer

Jeffrey Haneline

Brooke Hanke

David Hansen

Wendy Hanson

Steven Hanson

Emily Harris

Stephen Heberer

Beth Heinen

Mark Henrickson

Dustin Hess

Nicole Hoffmann

Rachel Hoffmann

Colton Hogenkamp

Abigail Holtan

Robert Houle

Allison Huey

Alex Hustad

Dan Huybers

Cindy Ibric

Terry Jebavy

Travis Johannsen

Julie Johll

Alexander Johnson

Haley Jones

Natalie Kalscheur

Craig Kammholz

Mary Patricia Kehoe

Brian Kennedy

Jared Kindschi

Megan Kinney

Samantha Kjelstad

Kimberly Kneepkens

Erin Koplitz

Justin Koppa

Lydia Kopras

Kristin Kozlovsky

Heather Kuester

Cherie Kurtz

Lynda LaCasse

Linda LaChance

Brian Ladd

Andrew LaFleur

Jessica Landolt

Amanda Larson

Kristen Lee

Valerie Leitzen

Kelley LeMay

Jordan Lenzner

Barbara Lewis

Katelynn Lorenzi

Jillian Lucas

Zachary Lynn

Kyle Maier

Trevor Maki

Ethan Malofsky

Denise Markee

Santosha Martinez

Michael Matuszak

Joshua Mayfield

Scott McGuigan

Craig McKendrick

Brian Michalica

Sean Miller

Rebecca Nelsen

Andrea Niedermann

Melissa Nielsen

Bret O’Neal

Taylor Orvis

Lisa Ostrowski

Dana Outhouse

Chad Pekrul

Christopher Peterson

Kristin Peterson

William Podewils

Megan Pokrandt

David Possin

Bret Priaulx

Sue Putterman

Megan Rasmussen

Amy Raven

Richard Reale II

Andrea Retzki

David Riesing

Lindsay Roggenbuck

Michael Ronk

Bryce Rudesill

Edward Rueter

Jose Saenz

Robyn Salzer

Lori Schiller

Ryan Schorbahn

Brittany Schumacher

Joshua Schwagerl

Melissa Schwartz

Shawn Selk

Christopher Semrow

Shaun Sesvold

Kevin Smith

Melissa Smith

Elan Solvik

Monika Sondhi

Jennifer Soppeland

Carl Sorge

Keana Spencer

Alex Stanfield

Reggie Stauss

Scott Stevens

Kassandra Taylor

Jovancho Tembeleski

Matthew Thompson

Richard Tobias

David Toepel

Robert Traylor

*Membership milestones are based on years of membership as of calendar year 2022

5-YEAR MEMBERS, CONT.

Rebecca Van Kauwenberg

Brenna Van Rooy

Alan Waal

Jodi Waldal

Erika Walters

Michelle Wilz

Nathan Witt

Andrew Ylvisaker

Joe Zablotney

10-YEAR MEMBERS

Bradley Alexander

Michelle Angeles

Shawn Anhalt

Jenna Bauer

Daniel Bergs

Bradley Berthiaume

Susan Betz

Jordan Boehm

Roger Boeke

James Bonovich

Ben Borke

James Boutelle

Joshua Boyle

Erin Breber

Benjamin Brossard

Jackalyn Budish

Jennifer Burk

Jeffrey Buth

April Campbell

Justin Chesbrough

Chris Cholka

Brian Clark

Jordan Crawford

Greg Daniels

Laura Davis

Adam DeCleene

Marc DeVillers

Jeff Dewane

Kelly Dolphin

Michael Eberle

Holly Eisenhauer

Brian Falk

Andrew Faust

Jason Feagles

Eric Ferguson

Susan Frey

Andrea Fukuda

Kathryn Gannon

Melissa Gordee

Garrett Gosh

Robert Graveen

Jeremy Gritton

Rupesh Gupta

Jennifer Haas

Joseph Haas

Nicholas Hahn

Sheanne Hediger

Ashley Hein

Allison Held

Adam Henning

Steven Hies

Brandon Hilker

Brian Hochschild

Michael Hool

Daniel Horton

Mary Horton

Ashley Johnson

Todd Jones

Kyle Kaja

Justin Kallio

Melissa Karis

Travis Karpowicz

Melinda Kekstas

James Kemmerling

Julie Kiley

Marlys Kluck

Monika Knapp

Jared Knoke

Brianna Komppa

Amy Kowalchuk

Ashley Kumbier

Rex Lehner

Zachary Linsmeyer

Sandra Lisowe

Chris Luckmann

Nichole Mayer

Kimberly McBride

Jennifer McCarthy

Alisha McDonald

Patrick McGarry

Douglas McRoberts

Kelly Meseck

Cheryl Milnes

Kenneth Nelson Jr.

Mallory Norton

Erika Nowak

Arthur Oberst

Patrick Paulus

Elizabeth Pearce

Knute Pedersen Jr.

Stefanie Peterson

Nickolas Pierce

Jennifer Rampolla

James Ramsey

Zachary Rieboldt

Jeffrey Rohrer

Richard Roman

Paul Rothering

Daniel Ruekert

Bethany Ryers

Paul Sanders

Elizabeth Schmidt

Michelle Scholbe

Trevor Schwigel

Teri Severinsen

Julie Shannon

Jonathan Sherwood

Lacey Silbernagel

Jill Sime

Paul Sippy

Jonathan Skroch

Jon Smith

Gregory Sofra

Kyle Stephens

Brittany Story

Ryan Strohm

Kaitlin Suehring

Whytne Sullivan

Scott Syrjala

Aaron Thompson

Christopher Tump

Elizabeth Van der Weide

Joseph Vermeulen

Rachelle Wagner

Michelle Waldron

Luke Walsh

Brian Wanek

Charles Wendlandt

Tyler Wendorf

John Werner

Troy Wieser

Justin Williamson

Peter Wilson

Holly Zander

Joseph Zidanic

Jordan Zirbel

Alan Zoellner

25-YEAR MEMBERS

Michael Akers

William Anderson

Anthony Balistreri

Ann Barrett

Paul Barstad

Roberta Bastle

Kristine Best

Christina Binagi

Marci Boyarski

Victoria Chido

DeAnn Christiansen

Lisa Cieslak

Todd Clemens

Kathy Degenhardt

Michael Dejno

Debra Dobson

Kristi Doyle

Michelle Eno

Richard Eshleman-Head

Phillip Fader

Jennifer Fahey

Ann Fellows

Michael Feltz

Michael Figi

Sandy Fragale

Steven Frank

Kimberly Fredrickson

Jessica Fritz

Liza Fritz

Anthony Fuerst

Kerry Gahm

Ryan Gartman

Janine Garvin

David Gay

MEMBERSHIP MILESTONES

25-YEAR MEMBERS, CONT.

Ryan Griesemer

Carrie Groseth

David Hackel

Troy Hanson

Scott Harmsen

Martha Hartmann

Scott Hess

Karri Hinton

Susan Hintz

Traci Hollister

Greg Hoppe

Davette Hrabak

James Jelinek

Sheri Jones

Linda Kaiser

Deborah Kane

Mary Kolodziej

Tricia Komay

Scott Komp

Brian Koopman

Rosanna Kopling

Jeffrey Kowieski

Amy Kozak

Jonathan Kubick

Jeffery Kuchenbecker

Nora Kyle

Kenneth Landolt

James Lawrence

Leon Lefeber

Jennifer Linscheid

Nicole Linssen

Kristine Lischka

Cynthia Lofy

Darlene Lotz

Jill Macareno

Alan Mader

Robert Maier

Gary John Messerschmidt

Chris Metrusias

Mona Milinski

Aimee Millan

Mary Miske

Robert Moczulewski

Troy Montgomery

Kimberly Mottl

David Odahl

Jade Olson

Tanya Otto

Jason Page

Rachel Paluch

Krista Pankop

Kevin Parks

Michael Peer

Christopher Platten

Steven Plenty

Bradly Potter

Randall Prost

Barb Quasius

Michael Radtke

Margaret Raleigh

Carrie Rand

Jeffrey Ray

Bekki Reth

Lisa Rocklewitz

Connie Roedel

Christopher Rosborough

Daniel Roskopf

Jennifer Ruffing

Chad Ryder

Kirsten Satula

Joseph Schirger Jr.

Julie Schroeder

Brett Schwantes

Kimberly Shult

Michael Silverman

Richard Sovitzky III

Michael Sprengel

Steven Steger

Douglas Stencel

Brenda Stuhr

Rebecca Thoune

Christopher Van Straten

Laurie van Wieringen

Daniel Wanek

Kristina Wathke

Debra Wells Jung

Cory Wiese

Brent Williams

Julie Williams

Paul Wittkowske

Lisa Wolf

Michael Yanke

Ann Young

Michael Zamiatala

Jennifer Ziech

Thomas Zimmerman

40-YEAR MEMBERS

Karen Albers

Mark Albrecht

John Andres

Anne Arbas

James Ashland

David Beckman

Christy Berger

Bruce Berndt

Steven Bernstein

Michael Bock

Gail Boym

James Brandenburg

Keith Breunig

Laura Browne

Mary Budiac

James Bushman

Timothy Christen

James Christian

David Christianson

Dean Cimpl

Eileen Clauer

Robert Daley Jr.

Allan Dassow

Jeffrey Dereszynski

Barbara Drake

Ellyn Dunne

Laure Ertl

Fred Farris

Gary Gilbertson

Andrew Gitter

Susan Guttenberg

Patrick Hansen

Nancy Hardesty

Leslie Harris Schwartz

Greg Heberer

William Heinrich

Thomas Helling

Steven Henke

David Hillebrandt

Glenda Holm

Richard Hugo

Howard Jeanson

John Jensen

James Johnson

Ruth Kallio-Mielke

Robert Kamphuis

Joseph Kaufmann

David Kirchgessner

Thomas Klismith

Deborah Kossow

Keith Krueger

David Lauer

Kevin Leidel

Craig Lochner

Ann Mandelman

Randolph Mark

Steven Mattiacci

James McCourt

Kathleen Mering

Renee Messing

Linda Meyers

Cherie Miller

James Miller

Leo Miller

Mark Miller

Thomas Mirsberger

Dennis Murphy

Terrance Navin

Stephen Noffke

James O’Brien

Gary Perschbacher

Mark Pilgrim

Rodger Pohl

Kathryn Reynolds

David Rieves

Wolfgang Ritter

David Roettgers

Larry Rose

Daniel Roth

Christopher Rudolph

Tobin Ruhde

Barry Sattell

Michael Sattell

Daniel Schneider

Gregory Schoepke

James Sheehan

*Membership milestones are based on years of membership as of calendar year 2022

40-YEAR MEMBERS, CONT.

Terrence Skebba

Ken Sternweis

Betty Stodola

Everett Stone

Edwin Stremlow

Mary-Jo Stremlow

Gary Strohm

John Sullivan Jr.

George Wiesner

Frank Windt

Patrick Wirth

Thomas Wolf

Hal Wortman

Lynn Wussow

Robert Zemple III

Dan Zenner

David Eisendrath

Carol Fischer

Paul Fischer

Gary Grabowski

Thomas Gramins

David Hart

Michael Hartenstein

Thomas Heller

Raymond Norland

Donald Parker

Vaughn Rasmussen II

Ralph Redlin

Carl Rudolph

Peter Saewert

Clayton Seth

Robert Steliga

Practice

Continental

Beverage Vouchers

PROVEN REASONS TO RENEW MEMBERSHIP7

The WICPA is the premier association for accounting and business professionals in Wisconsin. Whether you’re looking to grow professionally, bring in new business, increase your expertise and leadership or protect the business you’ve helped build, the WICPA serves as your go-to resource to help you succeed and stay connected to the profession.

Renew today at wicpa.org/renew

ONLINE RESOURCES:

Post questions and share expertise on WICPA Connect – an exclusive members-only community, find and post jobs with the Career Center, and be listed as a resource to the public with the Find a CPA Directory.

NETWORKING: Join over 7,000 of your peers at professional and social events.

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DISCOUNTED CPD EVENTS: Receive discounts on conferences, seminars, breakfast programs, webinars and on-demand programs. 02 06

LEADERSHIP DEVELOPMENT: Enhance technical and soft skills with volunteer opportunities that help advance the profession, build the CPA pipeline and give back to the community.

CREDIBILITY:

Brand yourself as a WICPA member to demonstrate your ethical standards and commitment to the profession.

EXCLUSIVE SAVINGS: Save on numerous products and services through our select Affinity Partners and Member Benefit Providers.

IMPORTANT NEWS:

Keep current on legislative and financial regulations, technical topics and industry trends with our award-winning publications and e-news.

93% 7,000+ RENEW MEMBERSHIP 500+ MEMBER VOLUNTEERS STATEWIDE MEMBERS

2,500+ WISCONSIN COMPANIES, FIRMS AND ORGANIZATIONS REPRESENTED