The Bottom Line, 2023 edition

By Christopher Martin, CPA, CGMA

By Tammy J. Hofstede, WICPA President & CEO

By Geoff Trotier, JD, and Caitlyn Doyle, JD

By Shifra Kolsky, CPA

By Jim Brandenburg, CPA, MST

By Chad Schaefer, CPA, CISA, CISSP and Monica Weggemann, CISSP, CISA, CIA, HITRUST CCSFP

By Scott Hirschfeld, President & CEO, CTaccess

By Tommy Kleinhans, CPA

By Anna J. Johnson-Snyder, CPA, CFE

By John Rasche, WICPA Public Relations Manager

Tammy Hofstede President & CEO Ext. 4518 tammy@wicpa.org

Brett Stallman Graphic Design Manager Ext. 4512 brett@wicpa.org

The CPE publication for accounting and business professionals Join

The Bottom Line is published annually by the Wisconsin Institute of Certified Public Accountants (WICPA). Change of address should be sent to: WICPA Membership, W233N2080 Ridgeview Parkway, 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 The Bottom Line or the WICPA. Articles may be reproduced with permission.

© Copyright 2023 The Bottom Line

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Readjusting

By Tammy J. Hofstede

It was quite a busy year as we readjusted to finally coming back to some normalcy while adapting to changes the pandemic brought. One of the most significant adjustments was coming back to in-person activities and shifting and planning for the new norm of hybrid meetings and events.

We were delighted to be able to hold all our conferences and events in person this year! Our conferences were offered in person as well as via livestreams. Although we saw a decline in in-person attendance, the livestream and on-demand options have continued to be increasingly popular.

CPE

This year (2023) marks the second year of the two-year CPE reporting period for WICPA membership and CPA license renewal. To assist you with your CPE requirements, your WICPA membership includes discounts on continuing education to keep you up to date on tax laws, technology, human resource issues and new standards. We will again offer free CPE programs, including three law and employment update programs, the annual retirement program, and one selected program from each of our conferences that will include ethics. That’s more than 16 new, complimentary formal CPE credits in addition to the free programs already in our course catalog.

Our conferences are all back in person, and we continue to offer livestream options for each of them. Our primary venue for most of our conferences will continue to be the Brookfield Conference Center, which is easily accessible from the interstate and has free parking and an attached

hotel with negotiated reduced room rates for out-oftown attendees.

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ESG as a Retention Strategy

Setting ESG goals to hang onto your fleeing workforce

By Geoff Trotier, JD, and

The environmental, social and governance (ESG) framework has come into the spotlight in recent years. From ESGfocused investment strategies to the Securities and Exchange Commission’s goals of increasing required disclosures related to ESG, most companies have been inundated with requests for ESG information. Even if ESG is implemented for purely financial reasons, ESG done correctly can also be leveraged as a retention strategy for a younger workforce that has shown they are not afraid to flee.

There are various understandings of what ESG looks like in practice. At a high level, ESG asks three questions:

1. E – How does your company work to protect the natural environment?

2. S — How does your company treat people, including stockholders, employees and community members?

3. G – How does your company govern itself?

The answers to these questions impact a company’s reputation internally and externally, especially among younger generations.

Over the past few years, companies have noticed an increase in resignations in the millennial and Generation Z age groups.1 The phenomenon has been colloquially named “The Great Resignation.”2 However, this trend was not surprising to many, as millennial and Gen Z individuals have always been more willing to switch jobs — and switch jobs frequently.3 With

1 Michael Dimock, “Defining Generations: Where Millennials End and Generation Z Begins,” Pew Research Center (January 17, 2019), https://www.pewresearch.org/ short-reads/2019/01/17/where-millennials-end-and-generation-z-begins/.

2 Tim Smart, “Study: Gen Z, Millennials Driving ‘The Great Resignation,’” U.S. News (August 26, 2021), https://www.usnews.com/news/economy/articles/2021-08-26/ study-gen-z-millennials-driving-the-great-resignation.

3 Amy Adkins, “Millennials: The Job-Hopping Generation,” Gallup, https://www.gallup.com/ workplace/231587/millennials-job-hopping-generation.aspx; George Anders, “Is Gen Z the Boldest Generation? Its Job-Hunt Priorities Are Off the Charts,” LinkedIn News, https://www.linkedin.com/pulse/gen-z-boldest-generation-its-job-hunt-priorities-offcharts-anders/.

millennials and Gen Z workers making up approximately 72% of the global workforce by 2029,4 companies must make an intentional effort to attract and retain these age groups. Those that are unable to do so will feel economic hardship through hiring and training costs and the loss of industry knowledge as baby boomers retire.

Fortunately, both millennials and Gen Z workers generally gravitate to similar companies: those that prioritize ESG initiatives in their business practices, such as environmental sustainability, community awareness and ethical management.5 In fact, companies that effectively prioritize ESG initiatives with measurable results are found to be more attractive to talent and have higher employee satisfaction and retention rates than companies that do not have such initiatives.6

The best way to measure the effectiveness of a company’s ESG initiatives is to begin now with a baseline ESG score. There are numerous third-party organizations that allow companies to self-report relevant data, which the third-party organizations will weigh in accordance with their publicly available metrics to give participating companies an ESG score.

5 Alex

Stand Out for Climate Change Activism, Social Media Engagement With Issue,” Pew Research Center (May 26, 2021), https://www.pewresearch.org/science/2021/05/26/gen-z-millennials-stand-out-for-climate-changeactivism-social-media-engagement-with-issue/; Matt Kunkel, “How ESG Alignment Can Spur Employee Retention and Attract Future Talent,” Corporate Compliance Insights (February 16, 2022), https://www.corporatecomplianceinsights.com/esg-alignment-employee-retention-great-resignation/. 6 Bailey, Yeo, Jiang and Ferguson, “ESG as a Workforce Strategy,” Marsh McLennan, https://www.marshmclennan.com/insights/publications/2020/may/esg-as-a-workforce-strategy. html; Matt Kunkel, “How ESG Alignment Can Spur Employee Retention and Attract Future Talent,” Corporate Compliance Insights (February 16, 2022), https://www.corporatecomplianceinsights. com/esg-alignment-employee-retention-great-resignation/; Sarah Carpenter, “How Effective ESG Programs Recruit & Retain Top Talent,” Assent (July 5, 2022), https://www.assent.com/blog/esgprograms-recruit-retain-top-talent/.

4 Robert Bailey, Jaclyn Yeo, Lingjun Jiang and Angela Ferguson, “ESG as a Workforce Strategy,” Marsh McLennan, https://www.marshmclennan.com/insights/publications/2020/may/esg-as-aworkforce-strategy.html.

Tyson, Brian Kennedy, and Cary Funk, “Gen Z, Millennials

Caitlyn Doyle, JD

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ESG done correctly can also be leveraged as a retention strategy for a younger workforce that has shown they are not afraid to flee.

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By engaging in this process early, companies are able to understand the categories their current practices are falling short in and can use the third party’s metrics to work backwards to create effective ESG initiatives.

The good news is that ESG initiatives can be simple and still have measurable success across multiple categories. For example, a diversity, equity and inclusion (DEI) initiative is an ESG initiative under the social and governance categories. DEI initiatives could be as simple as providing clear paths to leadership roles within the company and increasing mentorship to diverse employees. Initiatives that encompass the environmental and social portions of ESG include creating a company practice of highlighting a healthy workplace — such as improving office air quality or implementing a wellness subsidy — which can be costfree with buy-in from health insurance providers. Lastly, investment opportunities in environmentally conscious portfolios can both diversify your company’s portfolio and increase environmental and governance scores.

Once your company has an ESG score or otherwise understands where there is room for improvement, it should engage legal counsel to determine what initiatives would provide measurable impact and riskmitigation benefits. For example, a well-implemented DEI initiative can decrease discrimination complaints, increase inclusivity in the workforce, increase risk identification at management levels and even increase revenues.7 Engaging legal counsel early in this process provides your company with attorney-client privilege when discussing sensitive DEI shortcomings and increases the effectiveness of your DEI initiatives to ensure your company is taking full advantage of the risk-mitigation benefits.

The last step to leverage these initiatives as an employee retention strategy is to publicize the ESG initiatives and successes both internally and externally. Talent knows talent, and making current employees your company’s biggest fans will not only increase retention but may also increase the willingness of millennial and Gen Z job hunters to choose your organization over others.

she advises clients on ESG to attract and retain talent. Contact her at Caitlyn.Doyle@HuschBlackwell.com.

Geoff Trotier, JD, is a partner in the law firm of Husch Blackwell LLP in Milwaukee, where he handles labor and employment law challenges. Contact him at Geoff.Trotier@HuschBlackwell.com. Caitlyn Doyle, JD, is an attorney with Husch Blackwell, where

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Talent knows talent, and making current employees your company’s biggest fans will not only increase retention but may also increase the willingness of millennial and Gen Z job hunters to choose your organization over others.

Bailey Reiners, updated by Brennan Whitfield, “50 Diversity in the Workplace Statistics to Know,” BuiltIn (March 28, 2023), https://builtin.com/diversity-inclusion/diversity-inthe-workplace-statistics; Megan Krause, “5 Reasons Diversity & Inclusion is Important for Business,” Investis Digital (January 6, 2022), https://www.investisdigital.com/blog/corporatecommunications/why-is-diversity-inclusion-important.

FRIDAY, SEPT. 22 – Ironwood Golf Course, Sussex

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Reception & Appetizers

Taxation l ERC eligibility and brokers

Caught Between a Rock and a Hard Place

Employers can be confused when tax professionals and opportunistic brokers offer conflicting advice on the Employee Retention Credit (ERC).

The Employee Retention Credit, since its introduction under the CARES Act in March 2020, has significantly impacted many for-profit and not-for-profit employers, both large and small. While the ERC got off to a slow start (most employers opted instead for a Paycheck Protection Program (PPP) loan), the enhancements of the ERC under “CARES 2” in December 2020 made the credit available to employers even if they obtained a PPP loan (although the same wages could not be used for both the ERC and the PPP). The floodgates opened as employers wanted to learn how the ERC worked and whether they would be eligible for this incentive.

By Jim Brandenburg,

Opportunistic ERC brokers sprang up, as employers searched for direction on the specifics of the ERC, seeking to aid employers in obtaining a refund. Some of these brokers were professional and diligent in following IRS guidance to assist employers; others, however, were not. Many brokers were aggressive in their search for business owners and pushed the envelope in their interpretations of the IRS’s ERC guidance. ERC brokers also received a percentage — often 15% to 35% — of an employer’s ERC refund.

As ERC brokers increased their outreach to businesses last year, the IRS began cautioning employers about aggressive brokers contacting unsuspecting taxpayers

— many of whom did not qualify for the ERC. The IRS warnings regarding the ERC expanded this year as the agency added abuse of the ERC to its “Dirty Dozen” list of tax scams and recently issued the following alerts:

• IRS warning on ERC mills: This IRS warning, issued on March 7, urged taxpayers “to carefully review the [ERC] guidelines before trying to claim the credit as promoters continue pushing ineligible people to file.” This IRS alert also noted that the “IRS and tax professionals continue to see third parties aggressively promoting these ERC schemes on radio and online. These promoters charge large upfront fees or a fee that is contingent on the amount of the refund.”

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As ERC brokers increased their outreach to businesses last year, the IRS began cautioning employers about aggressive brokers contacting unsuspecting taxpayers.

CPA, MST

• IRS alert to tax practitioners regarding professionals not following IRS standards: In this separate alert, the IRS cautioned tax practitioners about their responsibility in ERC situations. The IRS noted that “to fulfill their professional obligations to clients and to tax administration, practitioners (attorneys, CPAs and enrolled agents) must meet the applicable provisions in Circular 230.” A key aspect of Circular 230 involves a practitioner exercising “diligence as to accuracy” (Section 10.22(a)). The IRS notes the following in its alert:

o If the practitioner cannot reasonably conclude (consistent with the standards discussed in the guidance) that the client is or was eligible to claim the ERC, the practitioner should not prepare an original or amended return that claims or perpetuates a potentially improper credit.

o Additionally, if a practitioner learns that a current client did not comply with the ERC requirements in a prior tax year, the practitioner must — under Section 10.21 — promptly inform the client of

the noncompliance, error or omission and any penalty or penalties that may apply.

Therefore, not only must employers be cautious in pursuing ERC claims, but tax practitioners must also exercise diligence in working with the ERC. They are often caught in the middle as they advise employers about the ERC. For instance, a CPA could perform a thorough assessment that an employer is NOT eligible for the ERC only to have an aggressive broker tell the employer they ARE entitled to a refund. An employer would be confused as to how to proceed, and the CPA would likely be put on the defensive.

Tax practitioners know that sometimes gray areas can occur in dealing with tax issues, but some brokers are aggressively pushing large ERC claims in cases where there is not even a hint of gray. This puts the employers, and in some cases the CPA, in a quandary.

IRS audits of ERC

IRS audits of the ERC have started, sometimes involving an on-site visit by an auditor and/or a correspondence

audit. During an examination, the IRS will request documentation from the employer concerning its ERC claim and question whether it complies with IRS guidance. Some disputed cases might eventually find their way into the courts, as legal arguments supporting ERC eligibility due to a full or partial shutdown from a government order will be tested.

If employers have their ERC claims disallowed, they will be forced to pay back the ERC amounts, possibly with interest and penalties. If an ERC claim is disallowed and repayment is required, one challenge for employers that worked with an ERC broker will be to seek a refund of the fees paid. The ability to recover these fees may largely depend on the terms of the contract that was signed.

While unclear now, many practitioners are hopeful that by the end of 2023 they will have a better understanding of the types of ERC claims the IRS disallows.

What advice would a practitioner offer to an employer now regarding ERC?

Be diligent. Encourage employers to compare their situations to the IRS rules on the ERC. Remind employers that a company officer must sign the ERC refund claim on behalf of the employer and, thus, bears the responsibility to be diligent in determining the employer’s ERC eligibility, reviewing the ERC calculations and documenting the ERC support.

If an employer engages a consultant or ERC broker for assistance, they should consider the terms of the contract for payment — for example:

• Will the employer be required to pay the fees before the ERC refunds are received?

• In the event the ERC claim is disallowed in an audit, will the broker or consultant refund fees paid?

Lastly, stress to employers that they understand the net amount they will receive after all fees and additional income taxes on amended tax returns are paid.

Don’t rush. Urge employers not to be in a hurry to file an ERC claim. As noted, they should take their time to be diligent and not feel pressured to file an ERC claim until they are comfortable with it. The statute of limitations does not start until 2024 for ERC claims from 2020 (and 2025 for claims from 2021).

Retain documentation supporting the claim. Inform employers that they should assume the IRS will examine

their ERC claims. They should gather and retain all the applicable documentation as they file. If they have already filed a claim, they should go back through the ERC filings and make sure to gather documentation, even if the IRS has not contacted them for an exam. Employers who had a consultant or ERC broker prepare their claims should request all documentation from the broker to retain in their files.

Pay now; refund later. Remind employers that ERC refunds must be included in taxable income for the period the wages generated by the ERC were earned. For example, if an ERC claim was filed in 2022 for the second quarter of 2021, but the employer did not receive their ERC refund until 2023, the business still needs to include the ERC amount in their taxable income for 2021, the year of the claim. Amended income tax returns will likely be needed to include this ERC in taxable income. Thus, employers will need to pay the income tax cost now for the amount of the ERC to be received later — or they will be subject to additional interest.

Carefully weigh eligibility methods. There are two main methods a business or not-for-profit organization can follow to be eligible for the ERC. The first method involves a significant decline in the employer’s gross receipts in a calendar quarter compared to the same quarter in 2019. This is an objective and generally straightforward calculation for ERC eligibility.

The other method involves a full or partial shutdown of the organization due to a government order. The IRS further states the impact to the employer must be “more than nominal” (which the IRS indicates is at least 10%). This is a much more subjective determination, and many ERC brokers present the opportunity to generate refund claims under this method. In some cases, they use aggressive and seemingly unsupportable legal positions to help employers qualify for the ERC. These aggressive positions will likely cause employers to be subject to IRS audits that will consume time and resources, and the ERC may ultimately be disallowed.

Practitioners should directly alert employers who are filing an ERC claim in which they are relying on a government order to proceed with caution. If contemplating this path, some practitioners recommend obtaining a legal opinion from an independent legal counsel that addresses (1) the applicable government orders in 2020 and/or 2021, (2) how these government orders applied to their business and (3) assurance that the order satisfies the IRS guidance issued on government orders. Further, employers should be instructed to

quantify how they satisfy the nominal standard of at least 10% and not just provide a narrative.

Consult with advisors. Practitioners should cover the above items with employers and remind them to be diligent in their work, but they should then consider reviewing their ERC claims with outside advisors (who should be independent from an ERC broker) and rely on IRS guidance to justify any ERC. The advisor may also need to obtain a legal opinion on the ERC, as noted above.

Conclusion

The ERC continues to present a significant opportunity for employers. It also poses a critical exposure area for others. Employers should exercise caution, whether they are considering an ERC now or have previously filed an ERC claim. They should always take a close look at their documentation and assume the IRS will likely review it.

Jim Brandenburg, CPA, MST, is a tax partner with Sikich LLP in Brookfield. Contact him at 262-754-9400 or jim.brandenbug@sikich.com.

Nine crucial cybersecurity strategies for business security

By Scott Hirschfeld

Irecently met with the CFO of a distribution company about improving and updating their information technology (IT). As we were talking, he made a statement that expressed a deeper understanding of cybersecurity than I have seen from many leaders. He said that their management team has concluded that of all the risks and factors in business, “Our greatest risk is cybersecurity. If we are hacked or get crypto-locked, this would devastate our business. It represents our greatest risk.”

While this is true for many companies, I rarely hear such strong acknowledgment of the risk we all face. This risk is real and backed up by the cyber events we hear about daily in the news.

According to the respected security vendor Check Point in their 2023 Cybersecurity Report, there has been a significant increase in the number of attacks on cloud-based networks per organization, shooting up by 48% in 2022. Additionally, their report shows that global cyberattacks increased by 38% in 2022 compared to 2021.

Overall, hacking is up. Hackers have grown even bolder. The risk to organizations is higher due to their increased activity. Organizations’ finances, operational interruptions, the turmoil created by extortion demands and reputation damage all are at stake.

Many companies have invested in cybersecurity insurance as these risks have increased. However, the insurance companies have been hit hard by the number of claims they have received, and most now require cybersecurity prevention measures before they will provide coverage. Other insurance companies are simply exiting the cybersecurity market altogether because it has proven to be unprofitable and too risky. As a result, some companies no longer see the value in insurance. The are so many rules and restrictions on coverage that money may be better spent on improving one’s cybersecurity posture.

How can we protect ourselves in such a tumultuous environment? Interestingly, there are fundamental ways to reduce risk and raise your level of protection. Here are nine crucial cybersecurity strategies designed to improve your security stance.

1. Good IT hygiene

Yes, IT hygiene is a thing. A strong password policy is at the top of the list, and surprisingly, this is still an area where some companies cut corners. Another must is a patching system to update your Windows, Apple and other systems automatically. Patching is essential to stay secure. Hackers exploit

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Our greatest risk is cybersecurity. If we are hacked or get crypto-locked, this would devastate our business. It represents our greatest risk.

the unpatched, and their automated tools find the holes. Many other things fall under good IT hygiene, including a backup and recovery solution that meets your recovery time objectives. If you have not recently reviewed these basics with your IT advisor, it may be time to open a conversation.

2. Multifactor authentication (MFA) for critical entry points

MFA is that safety feature we know well from banking, as most banks send a PIN or onetime security code as a secondary method of authenticating. Enabling MFA for email is a standard security practice that prevents phishing by using web-based email portals. It is also necessary to implement MFA for any remote access. Whether you log in with a VPN or a remote access tool, MFA should be configured — and turned on! In addition to these two entry points, enabling MFA for any administratorprivileged access is also essential and often required by cybersecurity insurance policies.

3. Advanced endpoint protection with a security operations center (SOC)

New protection software has exploded beyond the traditional antivirus software. Solutions include endpoint response (EDR), managed detection and response (MDR) and extended detection and response (XDR). The important thing to look for with these advanced strategies is a solution that does proactive threat-hunting over and above the standard reactive prevention. In addition, it is vital to have a 24/7 SOC in which human eyes are always on critical events.

4. Cloud protection

Ensuring you have the right cloud protection in place is also essential. Many organizations have moved files and folders to the cloud. It is important to not only survey the cloud vendor to see what their protection looks like but also implement strategies of your own that check, scan and watch your cloud data.

5. Log collection and review with security information and event management (SIEM)

Almost every system on your network creates log files: firewall, PC, server, wireless and more. SIEM is a technology that pulls all these logs into one

6. Encryption of data in transit

The most common form of data in transit is email. We all need to occasionally email confidential information, and some of us do it daily. There are a variety of email encryption tools available. The key is to implement the right one for yourself and your organization. Suppose someone intercepts an email with a bank account, Social Security number, passport or health information. This can be incredibly damaging to both the intended recipient and the company sending it. I am amazed at how often I am asked to “just email” business and personal items. Always send it encrypted.

7. Data loss prevention (DLP)and data asset inventory

The issue with protected data is that we don’t often know what we have. Using an advanced tool to do a data asset inventory can be very revealing. These tools often reveal data where it should not be

that data is located, with the click of a button it can be automatically encrypted (transparent to the user) and then restricted from upload to various sites like OneDrive, Box or other public file-sharing sites.

8. Zero trust

This relatively new network security strategy installs on a computer or server, learns what is normal and then locks the computer down and does not allow anything other than that baseline. The idea here is: Rather than operating from a perspective of “What should we stop?” the perspective is to disallow everything and instead determine what to allow. This advanced software provides the highest level of security and does it efficiently. It prevents malware and spyware by prohibiting anything that’s not part of the baseline.

9. Penetration testing

Penetration testing is a method of testing that simulates a hacking attack on your network resources.

penetration test is now within reach of many companies that may have chosen not to do it previously.

Sometimes knowing what is next and how to stay protected is overwhelming. And often we don’t think we are really at risk. The reality is that everyone has resources that a hacker will use. It doesn’t matter whether you are a company of five or 50,000. They use automated tools to find your weaknesses and do everything they can to extort and exploit them once they get in.

Your cybersecurity protection need is almost certainly more than you have now, especially if you haven’t reviewed it in the last year. Take time to review your information security strategy and ensure you are keeping up with the current threat landscape.

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Your cybersecurity protection need is almost certainly more than you have now, especially if you haven’t reviewed it in the last year.

Scott Hirschfeld is president and CEO of CTaccess Inc., which provides outsourced managed information technology and business automation and support services. Contact him at 262-789-8210 or scotth@ctaccess.com.

Solutions for Solving Quiet Quitting

By Anna J. Johnson-Snyder, CPA, CFE

When COVID-19 hit in early 2020, the world was unprepared for the mass shutdowns required to curb the spread of the deadly virus. At an unprecedented rate, employees were forced to work remotely without much mental preparation, leading to anxiety, depression and burnout.

The World Health Organization reports a 25% rise in anxiety and depression.1 The American Psychological Association reports that 60% of surveyed employees have an increase in work-related stress, and 44% claim to be exhausted.2

Initially, the pandemic led to the “Great Resignation,” where employees either chose to retire or find another position with better employment conditions. Frank Luntz, a political strategist, argues that the pandemic also led to the “Great Rethink” in which people began to

1 “COVID-19 Pandemic Triggers 25% Increase in Prevalence of Anxiety and Depression Worldwide: Wake-up Call to All Countries to Step Up Mental Health Services and Support,” World Health Organization (2022). www.who.int/news/item/02-03-2022-covid-19-pandemic-triggers-25increase-in-prevalence-of-anxiety-and-depression-worldwide

2 Ashley Abramson, 2022 Trends Report, American Psychological Association (Vol. 53, No. 1, 2022).

reconsider their quality of life.3 Many who didn’t resign but still question their employment position are part of what has been termed the “quiet quitting” movement, a state in which employees are unwilling to exert effort beyond the minimum required for employment. The generations that followed the baby boomers are less inclined to compromise for minimal gains.4 Generation X (born between 1965 and 1980) was the first to apply quiet quitting years ago, although the term wasn’t used at the time. Now in managerial positions, Gen X is picking up the slack when the younger generations quietly quit when feeling unappreciated, without purpose or over-stressed. Many baby boomers and Gen Xers do not understand the younger generations’ motivations and need for a healthier work-life balance.

In November 2022, I surveyed business students with work experience to collect employment-experience

3 Jim Harris, “The Great Resignation,” Consumer Technology Association (May 24, 2022). www.cta.tech/Resources/i3-Magazine/i3-Issues/2022/May-June/The-Great-Resignation

4 Human Resource Training, Generational Differences Chart, The University of South Florida (2022). www.usf.edu/hr-training/documents/lunch-bytes/generationaldifferenceschart.pdf

Career Advancement Training

Goals and Rewards

Wellness Benefits

Office Comforts Management Behavior

Mentoring

data on Generation Y (millennials born between 1981 and 1996) and Generation Z (born between 1997 and 2012). Participants were upper-level undergraduate or graduate students. Seven themes emerged in the areas of career advancement, training, goals and rewards, wellness benefits, office comforts, management behavior and mentoring. These themes should interest every leader and manager striving to nurture engagement and improve retention.

Career advancement

Younger generations want to advance, yet they are flexible concerning the method. In situations where promotion is unavailable, they will consider other careerenhancing opportunities. Moreover, they are more cognizant of the “big picture” and interested in learning how they and their work fit into the overall environment and accounting process.

Constructive feedback and clarity on how they can positively contribute are appreciated. For example, one

participant wanted to regularly meet with their boss to discuss performance and how to “grow in the company,” suggesting that some junior professionals are committed to long-term employment. Items of interest among younger staff that may also attract new graduates who are open to diverse career paths include the following:

• A corporate lattice instead of a corporate ladder: A lattice is multidirectional, widening career opportunities to include lateral and diagonal movement, enabling professionals to continue learning internal functions that can help build skills and lead to later promotion opportunities. Planned descents are also possible, such as a move from an audit senior to consulting staff. This strategy allows companies to adapt to the business environment and clients’ needs while encouraging professionals to adjust to their career needs and life stages.

• Additional career-advancing opportunities: Consider creating new roles with more responsibility and engagement with colleagues and clients.

• A “big picture” view: Provide younger employees with an overview of how various roles and associated functions work together to achieve the organization’s mission and goals. Distill strategy into specific attributes incorporated into career development frameworks and reinforced by performance evaluations. The inclusion of this information helps connect people to the organization’s purpose, vision and values. It also helps staff see that they can make a difference, even as entry-level employees.

• Job shadowing and rotation: Use these tools to help match employees to their preferred areas.

Professionals in the younger generations want additional guidance. However, the timing of the feedback will depend on the recommendations in the Training and Goals and Rewards sections below.

Training

Employees want to develop new skills through job shadowing/rotation, additional training and experience on tasks with more importance. Survey participants expressed frustration with a lack of guidance from upper management. The following recommendations were developed based on participants’ comments and the author’s professional and educator experience:

• Regardless of employment rank or title, do not assume employees have the same abilities and skills for every task. Some professionals may not have prerequisite skills for completing assigned tasks. Employees needing more experience should be given old cases (or assignments) to review and reperform to help provide clarity on expectations.

• Employees interested in expanding their knowledge should be encouraged and given opportunities for application. Regular assessment and comparison of individuals’ learning opportunities will promote equitable distribution of opportunities and minimize perceptions of favoritism.

• Provide professionals with training beyond the minimum continuing professional education (CPE) requirement. Materials should include nonaccounting topics, such as personal development, that may not qualify for CPE credit.

It’s easier to attract and retain new staff when current employees are happy and content with their professional development.

Goals and rewards

Part of creating a healthy, productive employment environment is to ignore personal biases, create realistic goals, inform all parties of the criteria to achieve goals and earn rewards, and show immediate recognition and appreciation for quality work. Almost all participants said they were less likely to quiet quit when a superior genuinely appreciated their hard work.

Despite common misconceptions, Generations Y and Z are self-competitive (working to beat their previous score). Moreover, they dislike a workplace with an overly competitive mindset that promotes negativity. Companies can remain profitable without upper management forgoing all else to make a profit. The following points may help encourage a positive, more productive environment:

• If a bonus/reward system is not in place, upper management should strongly consider transitioning to such a system.

• Bonuses and rewards should depend on actual performance and goal-based incentives. Excellent employees are intolerant of unfair work practices where their award is no different from underperforming staff. Rewarding underperforming employees makes the productive more likely to quiet quit because they feel unappreciated for their additional effort.

• Quarterly (instead of annual) bonuses and rewards can help with retention.

• Tie bonuses to goals. Assess progress against goals regularly throughout the quarter or year to avoid surprise disappointments at the end of the period.

• When goals are not met, provide guidance for improvement while being positive and supportive. Some employees may be more sensitive and feel vulnerable in such situations. The primary goal is to provide a supportive environment to help the employees learn while retaining them.

Employees appreciate periodic recognition when their work is noteworthy or exceptional. Nonmonetary rewards are relatively inexpensive, yet they have a disproportionate benefit in the recognition and appreciation expressed to employees. For instance, a former employer of mine had an annual employee appreciation day in which every employee (and their family) brought a covered dish, played games and won prizes. During lunch, certain employees were recognized and rewarded. One colleague received concert tickets. The thoughtfulness represented by the two tickets meant more to my colleague, her spouse and fellow employees than if she had gotten a cash equivalent. Although I left this employer many years ago, I still think fondly of upper management. Other rewards that may improve the attraction, retention and engagement of employees include these items:

• A letter of recognition or social media acknowledgment

• Paid lunch during the week

• Retailer gift cards or certificates for two at local spas, gyms or restaurants

• Customized gifts, such as an engraved pen/pencil set or specific event tickets

• Biweekly cleaning service for one to two months

• Preloaded gas card for one to three months

• iPad/tech awards

• Additional vacation days to use, transfer or cash out

• Money toward selected incentive recognition, such as a cruise

• Donation-matching or donation to the employee’s favorite charity

(Note: Appropriate tax treatment for the employer and employee must be considered.)

Those surveyed experienced poorly functioning bonus/ reward systems. During an in-class discussion, many agreed they were more likely to quietly quit and find other employment when an employer doesn’t keep promises.

Meeting outside the workplace and periodically celebrating is essential for employee morale. Beyond the goal and reward system, management should incorporate celebrations after a significant achievement, milestone or busy period via luncheons, social events, dinners or happy hours. At one ex-employer, each time someone successfully passed the CPA Exam or earned a promotion, a celebration was organized for that Friday evening at a local restaurant. This act of kindness created a family-like bond, resulting in employees staying when offered higher pay by other companies.

Wellness benefits

Workers in Generations Y and Z strive for better physical and mental health than their elders, commenting as such in the survey. One participant summed up the spirit of these generations: “[Our] generation has been through a lot from the pandemic. We are now more inclined to get burned out, which affects our mental health heavily. This is one of the biggest reasons … our generation is quietly quitting; we [won’t] put our mental health over our jobs.” The following items are suggested based on feedback and the author’s experience as a younger Gen X member:

• Provide mental and physical wellness plan benefits. For instance, the company could offer a gym membership or access to exercise equipment during the workday.

“ Employees appreciate periodic recognition when their work is noteworthy or exceptional.

• Arrange wellness activities during the workday or workweek to boost health and morale.

• Offer additional paid time off for mental health days beyond the typical personal days and twoweek vacation.

• Much accounting work is seasonal. During off-peak times, allow employees to take the paid time off that’s earned during the busy season.

• Give professionals more flexibility through hybrid remote/in-office schedules. Where work is completed is irrelevant if the employee provides quality work on time. Additionally, a hybrid schedule may improve employees’ mental and physical strain caused by long commutes.

There has been a massive movement toward workforce wellness. However, companies should understand that work-life balance goes beyond the standard allowance of personal days and a two-week vacation. Additional wellness days and other benefits provide an opportunity for mental refreshment, show employee appreciation and give a sense of belonging.

Office comforts

Interestingly, participants did not mention preferring an office to a cubical, yet most appreciated and enjoyed the small offerings within the office setting. Employers may want to improve their offices by incorporating some of the suggestions below:

• Present a welcoming, well-lit break- or lunchroom. The sterile, dimly lit breakroom in my office building is rarely used and only visited for the soda and snack machines.

• Provide a coffee/tea bar with a popular selection of coffee, tea, creamers and syrups.

• Furnish a snack bar with an assortment of soda, bottled water and snacks, including healthy options.

• Arrange company lunches in a nonwork setting.

• Offer ergonomic office equipment, such as standing desks, anti-fatigue mats and lumbarsupport cushions.

The little details that make the office environment more comfortable, however, will not make up for issues with management behavior.

Management behavior

Many survey participants encountered situations similar to those I experienced as a young professional concerning management and differing expectations. The recommendations below can improve the working relationships between superiors and subordinates, decreasing the likelihood of frustration and quiet quitting:

• Consider setting boundaries for superiors’ delegation and employee time commitments. Studies show that working long days, such as 10plus hours consecutively for a prolonged period, has devastating effects. Professionals are more likely to exhibit burnout and quietly quit, have worse long-term physical health,5 and make more costly mistakes. For instance, nurses admittedly make more errors during the 13th hour after working a 12-hour shift.6

• Teach managers to adapt their expectations to match employees’ knowledge accumulation and to avoid micromanaging. This can improve the autonomy and professional growth of higherskilled employees. A problem can arise as an employee’s experience rises and their manager’s people-management skills do not grow at a comparable rate. This results in misaligned expectations. For example, faster learners tend to feel they are underutilized, micromanaged or spoken down to.

• Management should periodically complete updated education on sensitivity, empathy and constructive criticism.

CPAs and accountants are renowned for their adaptability to different business environments. Hence, employers and managers should be open to feedback and increase one-on-one communication with those following in their footsteps.

Mentoring

Younger professionals have much to learn to succeed in our industry. Considering the mass retirement of baby boomers, younger professionals need to learn from specialists and experts while they still can. Some

A. E. Rogers, W. T. Hwang, L. D. Scott, L. H. Aiken, and D. F. Dinges, “The Working Hours of Hospital Staff Nurses and Patient Safety,” Health Affairs, 23(4), 202–212 (2004).

established professionals see this eagerness for what it is, a sincere desire to learn. Some, though, view young professionals not as over-eager learners but as replacements or competitors. In these situations, the advanced professional may resent the younger employee and exhibit territorial behavior. The following may assist in enhancing camaraderie among multigenerational professionals:

• Provide established professionals with emotional support and reassurance that their position within the company is secure. We can all fall prey to insecurity. Seasoned practitioners can unintentionally view younger staff as threats and develop unhealthy dispositions. Regular observance and review of mentor-mentee relationships are preventative measures to encourage healthy connections. When problems arise, the primary goal should be to minimize relationship damage between the mentor and mentee and among the employees and the employing firm.

• Offer lattice-style mentoring, reverse mentoring, or a knowledge-sharing program rather than a traditional top-down program. The mentormentee relationship is about sharing knowledge; it doesn’t matter the direction in which it flows. For example, junior staff can mentor mature members on technology and social media while the latter counsels on career growth and practice options.

• Temporarily match a new staff member with several mentors of varying ages to create, encourage and maintain open communication lines. A familial and welcoming environment develops loyalty. Depending on new employees’ needs, they will indirectly identify preferred mentors within a few weeks.

• Allow adequate time for the mentoring process.

• Have mentors periodically gauge employees’ interest in learning, acquiring a new responsibility and the continuing need for a mentor in some areas.

Managers and employers need to be proactive in monitoring and supporting employees. Prevention, detection and corrective measures can be implemented to decrease the threat of quiet quitting among established professionals while attracting and retaining younger professionals.

Conclusion

Quiet quitting isn’t about wanting more money. Employees are weighing the cost of additional effort for incremental benefit and finding it not worth the trouble. Everyone wants to feel appreciated, have a purpose and work in a comfortable, stable environment. Professionals can afford to be selective when choosing an employer because of the shrinking workforce. Generations Y and Z want a better work-life balance and can have it today. Entities should use a combination of options because one universal blend won’t work. Improvement and advancement often require change. Organizations can attract, retain, minimize quiet quitting and keep employees engaged by treating them well, recognizing and rewarding notable work, expressing appreciation when earned, paying them fairly and equitably, offering perks, following through with promises and improving the employment environment.

Anna J. Johnson-Snyder, CPA, CFE, is assistant professor of accounting at East Carolina University in Greenville, North Carolina. Contact her at johnsonan18@ecu.edu.

“

Quiet quitting isn’t about wanting more money.

Business and Tax Opportunities for the Food and Beverage Industry

By Christopher Martin, CPA, CGMA

Business owners operating in the food and beverage space have lived through a tumultuous few years. Thinking about what restaurants, supermarkets, and manufacturers and distributors of food products faced between 2020 and today, it is mind boggling that so many of these businesses survived. Those that did shared a common trait: an ability to adapt quickly and decisively. As advisors in this space, CPAs are expected to ensure that clients keep up with, and are ahead of, changes occurring in this industry. Key issues to consider include:

Income taxes, of course

Income taxes are a main driver of many of the conversations CPAs engage in with their clients. Key issues to consider:

• Research and development tax credits. There are various avenues for businesses in the food and beverage sector to take advantage of these credits. Opportunities include innovations and changes in food product formulation; new or improved sanitization methods, ingredients and formulations; ERP software implementation for purchasing and shipping; packaging redesign and methods to increase shelf life; production process changes and efficiencies; and testing to reduce costs and meet regulations.

• Charitable contributions of food inventory. The pandemic resulted in the unpredictability of consumer demand and uncovered supply

issues that this sector is still feeling. As a result, companies in the food and beverage space may be left with obsolete or expiring inventory that they can donate to local food pantries or other charitable organizations. By doing so, they can take advantage of an underutilized tax deduction where a business can not only deduct the cost of the food donated but can also receive an additional deduction for a portion of the retail markup they would have received if the inventory was sold at fair market value.

• Last in, first out (LIFO) conversion. In times of rising food costs, it is often beneficial to consider

“

Business owners operating in the food and beverage space have lived through a tumultuous few years.

converting inventory valuation from first in, first out (FIFO) to LIFO. LIFO provides a valuation allowance (and tax deduction) in inflationary periods, which helps to better match current sales with the related costs. While this is a temporary solution, timing it can be an extremely valuable tool in reducing income taxes in the short term and increasing cash flow for other uses.

Other business strategies

There are several other strategies that businesses in the food and beverage space are considering to support increased efficiency, broaden the customer base and cut costs, such as:

• Reassessing pricing strategies. It is often difficult to raise prices on food and beverage products without customer backlash. The last two years have been a period of extremely high inflation, which has a direct impact on the inputs and products that companies are purchasing and utilizing. As such, it is imperative that pricing is changed in a timely manner to match or get ahead of those rising costs.

• Diversifying product lines. Not only should pricing models be adjusted, but it is also important to diversify the current line-up with new and innovative products that meet customer

taste. In this way, demand can create new revenue streams that will keep the company competitive and even put them ahead of the competition. There also may be some research and development credits to take advantage of.

• Leveraging technology. There cannot be a meaningful conversation about gaining efficiency and cutting labor costs (often the top expense line after product costs) without talking about technological innovation. Technology can be utilized to automate manual packaging processes, create more efficient shipping and receiving practices, provide real-time inventory information and aid in formulation of new products. And coming full circle to the income tax conversation, it’s also a great way to invest in the business. Making sure plans are in place to put equipment in service prior to year-end is critical from a timing perspective.

The issues that food and beverage companies face are not always unique to that industry; however, it is vital that advisors in this space continue to be aware of trends

Reprinted from New Jersey CPA magazine with permission from the New Jersey Society of CPAs.

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Corporate Finance l Changing perceptions

4 Ways to Make Finance a Strategic Business Partner

Corporate finance professionals must become strategic business partners who drive successful business outcomes. Here’s how to take that step.

By Shifra Kolsky, CPA

As corporate finance professionals, we play a key role in the operations of our organizations and help enable good decision-making based on sound analysis. We help assess the impact of each option that’s weighed and help hold our colleagues accountable for meeting goals and targets. While we’ve historically been seen as scorekeepers across industries, we’ve also fought to secure our seats at the table as strategic

business partners who can share important insights and help guide meaningful conversations in the interest of driving greater outcomes for our companies.

I spent some time with my colleague Vishal Shah, business unit CFO of Discover Global Network (the payments brand of Discover), to understand his approach to being an effective strategic business partner. Shah sits in a unique and sometimes challenging position where

he serves two bosses — his business unit head and our enterprise CFO.

“To be successful, you have to remain unbiased and be willing to advocate for your business unit while still remaining true to your responsibilities as CFO,” he says. “It may require some alignment conversations and some finesse, but if you ensure that everyone is talking with each other about a shared goal, you can play a key role in helping folks meet in the middle.”

According to Shah, there are four elements every corporate finance professional needs to be mindful of to be an effective strategic business partner.

1. Understand the business

While deep knowledge of the numbers is always important, exercise your curiosity to learn more about what’s behind the numbers, and spend time gaining a deep understanding of the business you support and how it functions. Talk with your stakeholders to learn both what they do and why they do it. Be clear on how the business makes money and what it takes to be successful. A business model canvas, which is a template for documenting a business plan on a single page, can be a useful tool to guide your research and summarize what you learn. With this understanding, you can better assist in blending business and financial goals.

2. Build relationships

If you want your business partners to listen to your views and consider your thoughts, it’s important to build trust and credibility. Start by getting to know your partners. Learn what’s important to them, their passion projects and how they view their business unit’s role within the context of achieving the enterprise’s overall goals. Then, demonstrate your competence to them by bringing ideas that are meaningful to helping drive the success of the business.

3. Maintain accountability and transparency

Strong partnerships are fostered through clear lines of accountability and transparent reporting, which are key to successfully driving desired business outcomes. Remember, as a strategic business partner, you’ll be engaged in both annual planning and project-level planning. Better business decisions will be made when everyone involved has a clear understanding of the project’s plan, how it’ll be managed and how it’ll be measured.

• Project planning: During the planning process, the finance team often takes the lead to connect business initiatives to desired financial outcomes. Understanding how value is created and how different levers drive impact is important to building the business case for a particular initiative, and you’ll want to ensure early on that project leads can clearly articulate how their initiatives will drive value for the company. It’s important to have a clear understanding of the risks and opportunities, as well as any assumptions used to build the business case for the initiative. Using this information, you can translate the desired financial outcomes into a system for managing financial decisions and can pressure-test the assumptions to ensure the plan is appropriately

“

To be successful, you have to remain unbiased and be willing to advocate for your business unit while still remaining true to your responsibilities as CFO.

— Vishal Shah

balanced between being aggressive and achievable. A documented decision tree or criteria to consider in a decision framework can clarify expectations and decision thresholds upfront.

• Project management: For any initiative, implementing general project management principles will help with accountability. It’s important to put a scoping document together to clearly establish a common understanding of what you’re trying to accomplish or the value you’re trying to create, the timeline and key milestones, the workstreams, tasks, ownership, help needed from others and key dependencies. By documenting everything clearly, you can gain alignment upfront and clarify anything that needs to be further refined. Once that’s all documented and agreed upon, it’s critical to put systems in place to ensure information flow, processes and structure are there to help drive the right decisions.

• Project measurement: With these systems in place, you should have the data available to transparently influence outcomes, ensuring that the right thing is rewarded and receives visibility. Often, you’ll need to help the team determine the best metrics or measurements to track key decisions and actions, and using a scorecard that reflects the appropriate metrics can help. During this time, consider whether your value drivers are at the right level of detail or whether

you need to break them down further for tracking. Additionally, identify your hypothesis on achievable outcomes and ensure that the items you expect to move or change or that are most sensitive are being tracked. Lastly, ensure that scorecards are shared broadly across the team and that there’s time set aside to review and understand progress on a routine basis.

4. Navigate challenges

At times, you may find yourself at odds with the team you’re trying to support. In order to get these relationships back on track, you may have to sit down and directly discuss the root cause of your disagreements. While you may not come to a full agreement in these discussions, you can at least understand where each party is coming from and find a better way to resolve the issue(s) going forward.

Becoming a strategic business partner requires corporate finance professionals to look well beyond the numbers. A strong understanding of your business, a dedication to your partners and effectively driving outcomes for the company must all become top priorities. However, with clear communication and by consistently demonstrating that you’re always seeking the best outcomes for the company, you should have no problem earning a seat at the table and bringing your business partners together to support each

Reprinted from Insight magazine with permission from the Illinois CPA Society.

Shifra Kolsky, CPA, is senior vice president and chief accounting officer for Discover Financial Services in Riverwoods, Illinois.

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Business Operations l Internal controls

Maintaining Effective Internal Controls in a Compliance-Driven World

By Chad Schaefer,

Implementing and maintaining effective internal controls can pose several challenges. It is important to note that internal controls are not a one-time implementation but an ongoing process. They require regular review, assessment and adjustment to accommodate regulations, organizational needs and changes in the business environment.

Weggeman,

Internal controls are a combination of processes, policies and procedures established within an organization to achieve its objectives, mitigate risks and maintain compliance with applicable laws and regulations. These controls help safeguard assets, promote accurate and reliable financial reporting and encourage adherence to organizational standards.

Here are some common issues faced by organizations and leading practices to support a healthy control environment:

1. Complexity/Scalability

Internal controls can become complex for a variety of reasons, including but not limited to the size of an organization, whether the organization is publicly traded, the number of business lines the organization has, recent acquisitions and the gamut of compliance requirements the organization may be subject to. As organizations have more compliance requirements, scaling controls to meet requirements while being efficient is a challenge. Organizations can begin by establishing a baseline of all

compliance requirements that apply. Some requirements may impact all lines of business, while others may be business-line specific. To effectively manage these requirements, further analysis of the requirements is needed to identify where the same requirement can be covered for multiple business lines or compliance frameworks. Root cause analysis is the first step in the planning process, whereas failing to plan is simply planning to fail.

2. Compliance efforts

Internal controls can be used for internal compliance and to help external auditors fulfill their examination obligations. Internal controls apply not only to financial reporting but also to information technology systems. Working with an organization’s external auditor(s) can be beneficial to identify where internal control testing can be used directly or modified to include the scope being examined by the auditors. Historically, controls have been developed to cover risks for independent business lines or systems, which often leads to duplicate efforts and inconsistent treatment of controls across an organization. Understanding the scope of controls is critical to identifying duplication and finding ways to become more efficient and standardized as an

CPA, CISA, CISSP and

Monica

CISSP, CISA, CIA, HITRUST CCSFP

It is important to note that internal controls are not a one-time implementation but an ongoing process.

organization. To do this, actively work with process owners to determine if processes are the same across different business lines and systems. An example of this can be seen with the shift to cloud-based infrastructure. Multiple service lines may be loaded to the cloud infrastructure, where a single process is now used instead of numerous legacy processes. Actively managing controls and understanding organizational changes can help identify ways to potentially consolidate duplicate efforts where it makes sense for the business.

3. Changing regulations

As mentioned before, internal controls can apply to different areas outside of financial reporting. With new compliance frameworks and updated guidelines continually evolving, understanding whether an organization complies with new requirements is challenging. Manually reviewing each framework and set of requirements is time consuming and can lead to manual error. To avoid this, an organization should effectively maintain a current list of controls and identify a systematic way of analyzing whether adjustments are needed. Leveraging a governance, risk and compliance tool may help maintain this going forward.

4. Cost

Developing and implementing robust internal controls can involve significant costs. In addition, purchasing a tool to manage them effectively can also require a considerable investment. Conducting an initial risk assessment, designing and implementing controls, training employees, documenting and retaining audit evidence and addressing control deficiencies are just some of the requirements of an internal control environment. Organizations should take a “crawl–walk–run” approach, in which a realistic plan that considers limited human resources and budget constraints is coordinated. A healthy control environment takes time to build.

5. Organizational standpoint

There may be resistance when new controls are implemented. Controls may be time consuming and hinder work efficiency. Suppose an organization has a compliance-first mentality. This would lessen the burden of implementing controls after the fact and convey that having controls in place to meet requirements is essential to the organization. In addition, if controls are proactively factored in during process implementation,

it reduces risk and allows for easier maintenance of controls. For example, automated controls are more accessible to add in during a process buildout rather than adding a manual check afterward. This also reduces the burden and human error of manually supporting a control. Giving time back to focus on tasks at hand rather than pulling compliance documentation will be well received by employees, as well.

A healthy internal control environment takes time to build and has many challenges. Overcoming these challenges in an evolving compliance landscape can be overwhelming. When organizations face requirements from different frameworks and address various risks, having a culture in which compliance is at the forefront is critical. Risk is everywhere. How will your organization work to control it?

Chad Schaefer, CPA, CISA, CISSP, is a risk advisory manager for Baker Tilly in Appleton, where he specializes in system and organization controls (SOC) reporting. Contact him at chad.schaefer@bakertilly.com. Monica Weggeman, CISSP, CISA, CIA, HITRUST CCSFP, is a risk advisory manager for Baker Tilly in Milwaukee, where she specializes in attestation engagements. Contact her at monica.weggeman@bakertilly.com.

Best Practices for Closing the Books

By Tommy Kleinhans, CPA

The month-, quarter- and year-end close processes often create a bottleneck for companies of all sizes and all industries. Most financial executives do not have their numbers in time to meet their reporting requirements and steer their companies in the right direction. Instead, many rely on their pulse to make decisions, which could, in turn, become disastrous. Here are best practices controllers and accounting firms can implement in their

companies and with their clients in order to focus more on key performance indicators (KPIs) and analysis:

STRATEGIES Month-end checklists

When a company has a manual that shows all procedures and tracks against the close deadline, it keeps all teams on the same page and avoids a lag in communication. This also can help decision makers

determine where there are bottlenecks in the close process and whether they can be avoided.

Integrated technologies

When used for reconciliation, inventory and intercompany payable, receivable and payroll processes, integrated technologies can save companies an abundance of resources. Having the proper tech stack minimizes manual human error and maximizes optimization.

Roll-forwards

Rolling forward any Excel files, monthly journal entries or subledger reconciliations can usually be done prior to month-end since activity in the last week of the month can be minimal. Having a plan and noticing what part of the plan can be completed in advance can dramatically speed up close times and keep employee hours more constant.

TECH STACK Excel

This is the Swiss Army knife of accounting technology tools. Pivot tables, visualization graphs and formulas are a few of the many ways Excel can be used to improve month-end. However, be wary: Excel may not be ideal for larger companies with more diversified reporting requirements or for processes requiring more collaboration. Too much reliance on Excel files in a close process may lead to significant deficiencies during an integrated audit.

Microsoft Teams

Teams (microsoft.teams.com) is a great tool for not only video calls with a team but also for creating recurring checklists that can be assigned to specific members of the team and rolled forward from month to month. Screen recordings of recurring tasks can also make it much easier to onboard new team members.

Automation technology

Alteryx (alteryx.com) is a model-creating platform that helps collect, prepare and blend data. It’s a great tool to increase the speed for recurring tasks, reformat legacy system reports, automatically create allocations and customize a KPI report. Zapier (zapier.com) is a

web-based platform that allows triggers to be set up across several platforms to increase automation in the close process. For example, a trigger in Zapier can be a positive number in a specific cell of a Microsoft Excel spreadsheet, and a flow can be created so a journal entry is automatically inputted in the financial reporting software (such as Netsuite or Quickbooks) and an email of the entry is automatically sent to the supervisor.

Reconciliation technology

Similar to the automation technology, Blackline (blackline.com) is a never-ending improvement software that can be used to centralize the financial close, inter-company reconciliation and accounts receivable automation processes. Blackline has capabilities such as integration with financial reporting software for reconciliation entries and makes the review process much simpler. Cadency (trintech.com/cadency) has capability to upload massive amounts of data to integrated ERP systems, automatically match advanced transactions and customize reviewer dashboards to control the status of month-end reconciliations.

Software integration

There is a plethora of choices when deciding which software to use for financial reporting, payroll, invoicing, receivables, inventory, KPIs and any other facets of a business. Determine the software integration that’s best for the business, develop a plan to implement each product’s integration capabilities and commit!

Having the proper strategies and technology in place to close a company’s books is vital for a successful process, but nothing is more important than having the proper training and adequate professionals. Software training leads to great habits, minimal confusion and autonomous collaboration. As persistent understaffing and greater pressures to report financial data increase in the accounting industry, accounting optimization and transformation is a viable solution.

Tommy Kleinhans, CPA, is a manager at Philadelphia-based Centri Business Consulting LLC and a member of the New Jersey Society of CPAs. Contact him at tkleinhans@centriconsulting.com.

Artificial Intelligence l ChatGPT and the CPA Exam

ChatGPT Passes CPA Exam — On Second Try

ChatGPT, the online chatbot widely used for testing the limitations of artificial intelligence (AI), recently passed the CPA Exam — but it took two attempts to do it.

ChatGPT passed every accounting exam with an average score of 85.1% across all sections.

By John Rasche

The AI chatbot has conquered several tests so far this year, including the Wharton MBA exam, the bar exam and various high school Advanced Placement exams. But ChatGPT seemed to meet its match in April when Accounting Today ran it through a practice CPA Exam as an experiment. The chatbot failed in all four sections: AUD (46%), BEC (48%), FAR (35%) and REG (39%).

That soon changed in May, however, when a group of academic researchers used the newer ChatGPT 4.0 model to retake the exam — and it passed all four sections: AUD (91.5%), BEC (85.7%), FAR (78%) and REG (82%).

The researchers also assessed ChatGPT 4.0’s performance on other accounting tests, including the CMA, CIA and EA certification exams. The chatbot passed all of them, but not without some human intervention.

The researchers found that moving to the newer ChatGPT 4.0 model improved its exam scores by an average of 16.5%, providing certain tweaks to better prepare the AI on the subject matter and improve its retention of key concepts. After these improvements,

“This calls into question the ‘competitive advantage’ of the human accountant relative to the machine,” the researchers concluded in their academic paper. “This raises important questions of how machine and accountant will work together in the future.” The researchers called for more research to help understand where machine and human abilities are best deployed in the accounting profession.

“We also encourage research that develops and invents the capabilities for machines to perform greater amounts of accounting work — freeing accountants to innovate and add greater value to their organizations and society,” the authors added.

Like many new developments arising from AI experiments across all industries, this study’s findings lead to more questions than answers. For example, how will ChatGPT disrupt the CPA Exam? Well, you can ask the accounting educators who already use the chatbot to improve their coursework and teaching methods. Or you can ask today’s accounting students who use it to test their own proficiency. Even ChatGPT’s best score on the CPA Exam still leaves room for improvement.

John Rasche is the public relations manager for the WICPA. Contact him at 262-785-0445, ext. 4510, or john@wicpa.org.

Tax Lawyers for Taxing Times.

Nancy M. Bonniwell, J.D.

Thomas A. Myers, J.D.

Terri S. Boxer, J.D.

Randy S. Nelson, J.D., CPA

Megan L.W. Jerabek, J.D.

Robert E. Dallman, J.D., LL.M.

Thomas J. Kammerait, J.D., CPA

Thomas J. Phillips, J.D., LL.M.

John A. Sikora, J.D.

Steven M. Szymanski, J.D., MBA

Robert B. Teuber, J.D.

Peter J. Walsh, J.D., LL.M.

Daniel S. Welytok, J.D., LL.M.

Curtis C. Walther, J.D.

Thomas P. Guszkowski, J.D., LL.M.

David J. Roettgers, J.D., CPA

Adam N. Skarie, J.D.

Marcus S. Loden, J.D., LL.M.

Sumeeta A. Krishnaney J.D., MBA

PROVEN REASONS TO JOIN THE WICPA

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.

Join today at wicpa.org/join

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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07 03 04 05

DISCOUNTED CPE 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.

500+ MEMBER VOLUNTEERS

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.

RENEW MEMBERSHIP

93% 7,000+

2,500+ WISCONSIN COMPANIES, FIRMS AND ORGANIZATIONS REPRESENTED

STATEWIDE MEMBERS

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Course Materials: Electronic materials are included with registration and can be accessed approximately seven days prior to the program at wicpa.org/MyWICPA.

Printed materials are not available for programs at this time.

Cancellation Policy: For a full refund, the WICPA CPE Department must receive a notification of cancellation or a request to transfer to a different program at least 14 days before the program presentation date. Cancellations or program transfer requests received between 7-13 days prior to the presentation date will be subject to a cancellation fee of 50% per person, per program. No refund or program transfer request will be granted for cancellations less than seven days of the program presentation. Substitute registrants are allowed. No refund or program transfer request will be granted if you have downloaded any electronic materials that have been provided for the program from which you are canceling. Requests for transfer from in-person to livestream within 14 days of the program will result in a $25 transfer fee for one-day programs and $50 for two-day programs.

wicpa.org/CPEcatalog

ONLINE CPE

WEBINARS, SELF-STUDY & ON-DEMAND

Convenience matters. Time matters. You matter.

In addition to our in-person and livestreamed CPE opportunities, we’ve partnered with select vendors to offer you thousands of online CPE opportunities, including webinars, self-study and on-demand options!

Accounting Continuing Professional Education Network (ACPEN)

The Accounting Continuing Professional Education Network (ACPEN) is the largest and most comprehensive CPE network in the nation. Through our partnership with many associations and our NASBA accreditation, ACPEN brings worldclass CPE to your desktop in the most engaging and interactive way possible!

ACPEN offers a vast catalog of live video webcasts and live webcast replays, ranging in length from 1–8 CPE credits. All ACPEN webcasts are written and taught by the author, which we believe provides our viewers with the highest-quality instruction and information and the most authentic learning experience possible. All webcasts are available for individual as well as group viewing. In addition to Technical Accounting and Tax content, we also have a large library of Nontechnical topics. We have courses that are geared toward professionals in industry as well as HR-related content that would be valuable to those in industry as well as those CPAs who play an HR role in their own firm or company. The extensive ACPEN catalog is comprised of courses from the following product lines:

ACPEN Signature Series

The ACPEN Signature Series represents the top-of-the-line online CPE. All ACPEN Signature courses are 8 hours in length and include nationally recognized experts and highly experienced practitioners, as well as representatives from regulatory and standard-setting bodies including the IRS, GASB, FASB, GAO and many more. These Signature CPE training courses cover the most relevant accounting, tax and finance topics in an interactive and discussion-rich format.

The ACPEN Industry Institute™ (Aii)

The ACPEN Industry Institute provides a full curriculum of CPE courses specifically designed for accountants working in business and industry, delivered in a live, interactive, video webcast format. This includes but is not limited to technology training, management, finance, leadership, ethics and banking.

The ACPEN Tax Institute (Ati)

Ati offers the latest, most up-to-date continuing education for CPAs and finance and tax professionals. The tax CPE courses focus on updates and changes in tax code and practice and are offered on various dates and at various times, all providing live CPE credits.

Partner-Produced Programs

The ACPEN network offers a unique opportunity for our state CPA society partners to share their content with practitioners across the country. This is just another example of ACPEN’s unparalleled effort to provide a broad range of topics to meet the continuing professional development needs of every CPA.

AICPA

Real time, anytime and on your time When it’s your time to spend, you want to use it wisely. So, the minute you’re ready to complete your required CPE, you can count on the AICPA® to provide the most relevant expert knowledge — how you need it, when you need it and wherever you are.

CPE Self Study

Improve your skills and meet CPE requirements with hundreds of highquality, self-paced courses from the AICPA.

Webcasts

AICPA webcasts offer a high-resolution, studio-quality experience and real-time interaction with experts, regulations, agency representatives and more. You’ll gain practical guidance and insights — and your organization or clients will benefit from the expertise they deserve and expect. Now, that’s making the most of your time.

CalCPA

CalCPA Education Foundation (CalCPA) offers a full array of continuing education programs. With CalCPA webcasts, you can enjoy the flexibility of participating in CPE wherever you are. Enjoy high-quality video feeds and the ability to communicate directly with the instructor through a question box. Materials are in PDF format, and all programs have savable, printable and fully annotatable textbooks.

CalCPA’s courses cover everything from accounting, auditing, tax, management, ethics, litigation, retirement, trusts and estates. We are continually changing and adding new programs, and with more than 1,200 webcasts to choose from, there’s a course for every interest area and educational need.

All instructors are experts in their fields. Most are also practitioners currently working in the industry, so they’re not only content experts but also experts in real-world application. These individuals understand the accounting profession and offer dynamic, informative programs.

CPA Crossings

CPA Crossings LLC provides an extensive catalog of live, web-based CPE programs produced and delivered by over 60 nationally recognized speakers. The catalog consists of more than 3,500 webinar events per year, covering more than 430 topics in the areas of technology, practice management, workflow automation, accounting & auditing, tax, ethics and fraud. The courses range from 1 to 8 hours, with flexible scheduling that includes evenings and Saturdays so you can easily fit continuing education into your work week.

K2 Enterprises

K2 Enterprises is proud to offer a broad curriculum of technology-focused CPE webinars. Now you can have webinar access to many of the courses that have made K2 Enterprises a leader in providing CPE to professionals throughout North America.

When you take a K2 Enterprises webinar, you will have the opportunity to learn from an award-winning team of instructors with literally hundreds of years of experience in helping professionals identify, address and solve issues through technology’s practical application. K2 Enterprises offers webinars on various topics, including Excel, QuickBooks, PDFs, accounting solutions and Microsoft Office.

As a NASBA-approved sponsor of webinar learning, we assure you of a high-quality event that is both convenient and affordable. We look forward to helping you meet your learning objectives. Improve your efficiency and productivity by participating in a webinar produced by K2 Enterprises!

Surgent Professional Education

The trusted leader in accounting and finance education.

Surgent has been one of the nation’s leading providers of continuing education for CPAs for more than 35 years. Surgent delivers over 1,500 webinars and offers 200+ unique selfstudy products every year, giving you the CPE you need — when you need it.

Surgent’s live webinars provide the practical, up-to-date information you need to meet your CPE needs from the comfort of your office or home. Each webinar features knowledgeable and engaging experts from Surgent speaking on timely and relevant topics

in accounting, auditing, government, nonprofit, technology and tax, while answering your most critical questions. Webinars are offered daily, including evening and weekend options for your convenience.

Surgent self-study CPE enables you to earn CPE credits at your own pace and at a time you choose. Whether you prefer downloadable PDFs or an ondemand webcast format, you’ll get the same high-quality Surgent content, plus 24/7 access, instant exam grading and certificates by email, making Surgent self-study CPE the ideal option for CPAs with less predictable schedules.

In addition to individual self-study courses and live webinars, Surgent offers a number of CPE packages that provide added convenience and value. Consider the following:

Surgent’s Unlimited Plus Package (SP-0001)

Surgent’s Unlimited Plus Package is the best value on the market today! This package features 12-month access for a single user to all of Surgent’s self-study courses, plus access to every Surgent live webinar, including important pandemic legislation-related topics, as well as all other premium courses. With 1,500+ live webinars on the calendar this year alone, plus more than 200 self-study CPE courses available in the package, you’ll always be able to find a live or self-study course in the topic and format you need. Earn as much CPE as you need and explore as many topics as you’d like for one full year from the date of purchase. Surgent webinars and self-study courses are regularly updated so no matter what format you select, you’ll have access to the latest information you need for your professional practice. As a WICPA member, you pay just $645 — 24% off Surgent’s retail price!

Surgent’s Unlimited Self-Study Package (SP-0002)

Surgent’s Unlimited Self-Study Package includes 12-month access for a single user to every PDF download course in Surgent’s catalog. Earn as much CPE as you need and explore more than 200 courses (each ranging from 2 to 16 credits) whenever it’s convenient for you, with access for one full year from the date of purchase. Tests are taken online, and CPE certificates are emailed immediately upon passing. As a WICPA member, you pay just $349 — 30% off Surgent’s retail price!

Surgent’s Unlimited Webinar Package (SP-0003)

Surgent’s Unlimited Webinar Package includes unlimited access for one year from the date of purchase for more than 1,500 live webinars on hundreds of topics. With multiple live webinars offered every week — including weekends — airing at a variety of convenient times throughout the day and evening, you’ll always be able to find a live webinar on the CPE topic you need that best fits your schedule. With the most modern webinar platform in the industry and interactive courses with renowned expert instructors, you’ll receive the guidance and analysis you need with an unmatched customer experience. As a WICPA member, you pay just $475 — 32% off Surgent’s retail price!

Wolters Kluwer

Wolters Kluwer and the Wisconsin Institute of CPAs have joined forces to offer WICPA members the following benefits:

• 25% off all CCH® Publications: CCH® Publications provide a quick and economical way to stay on top of industry and market-leading tax and accounting developments.

• 25% off the following CPELink Products: Meeting your CPE requirements every year is time consuming enough, without spending extra time hunting for relevant courses and keeping track of what you need. CCH® CPELink helps you meet those requirements without the added stress. Hundreds of courses are offered, covering a broad range of topics relevant to your professional development, including the following:

o Live Webinars are the most convenient way to earn CPE credit — without taking a test. You get coverage of today’s hot topics along with high-quality, interactive courses led by expert instructors. Plus, you have the flexibility to log in and listen from anywhere. It doesn’t get any easier than that!

o Self-Study courses are easy to use, interactive and mobile friendly! Work at your own pace and enjoy instant access to your online self-study courses immediately after purchase.

o Unlimited Webinars Package provides unlimited access to over 300 live webinars for more than 600 CPE hours!

o Unlimited Self-Study Package provides unlimited access to over 400 courses for more than 900 CPE hours!

o Firm Package provides unlimited access to over 700 courses for more than 1,500 CPE hours to your whole firm! (Per user charge; Minimum 5 users)

Take advantage of your member benefits today! Visit www.cchcpelink.com/wicpa

WICPA CPE On-Demand

CPE on YOUR schedule – anytime, anywhere.

Miss one of our livestreamed conferences, seminars or breakfast meetings? No worries! You can now view past WICPA conferences and the most popular seminars and breakfast programs at your convenience.

With WICPA CPE On-Demand, you’re able to:

• Instantly access high-quality CPE from top subject matter experts.

• Follow along with speakers as their slides automatically transition sideby-side with the video.

• Download presentation materials for easy referencing now and in the future.

• Get formal CPE credits automatically added to your WICPA CPE Tracker upon completion.

For available WICPA CPE On-Demand courses, visit wicpa.org/OnDemand.

WICPA CPE Livestream & CPE On-Demand

Conveniently attend WICPA conferences, breakfast programs and seminars from anywhere with an internet connection!

• Counts toward formal CPE requirement

• Automatically added to your WICPA CPE Tracker

• Presentations and course materials included

• Special discounts for WICPA members

CONFERENCES

Looking to be a standout accounting professional?

WICPA conferences offer you the opportunity to connect with fellow accounting and business professionals while hearing from local and national experts.

In-person and livestream attendance are available for conferences. Attendance via livestream qualifies for formal CPE credits. There will be checkpoints during the presentations that will require you to verify your presence. Our livestreams also have opportunities for Q & A — by typing in your questions that are then provided to the presenter.

WICPA members save up to $150 on registration! Registration opens approximately eight weeks prior to a conference. View conferences currently open for registration at wicpa.org/conferences

Business & Industry Fall

Sept. 18, 2023

Brookfield Conference Center, Brookfield

The Business & Industry Fall Conference provides CPAs, CFOs, CEOs and controllers working in industry, public accounting, government, education and the nonprofit sector with updates on current issues and implications affecting various areas of business — including operations, HR, IT and ethics — along with the latest ways to manage a changing workplace.

Not-for-Profit Accounting

Sept. 12, 2023

WICPA, Waukesha

The Not-for-Profit Accounting Conference covers a variety of specialized topics specifically designed to address the accounting and financial issues facing not-for-profit organizations. This conference’s attendees include executive officers, controllers, accounting staff, managers, and other financial and administrative

professionals serving not-for-profit organizations, health care, social service agencies, and hospital and nursing home administrations.

Tax

Nov. 2-3, 2023

Brookfield Conference Center, Brookfield

The Tax Conference is the must-attend event for accountants, lawyers and business professionals who want to stay current on changing federal and Wisconsin tax laws. You will learn about issues from experts in tax and related fields, who offer detailed updates and tips that can help both you and your clients. This two-day conference is for professionals with all levels of experience, including those in public practice and industry as well as practicing attorneys, corporate counsel, and business and financial managers.

Accounting & Auditing

Nov. 9, 2023

WICPA, Waukesha

The Accounting & Auditing Conference provides CPAs and financial professionals in public accounting, industry and government — as well as their staff — with information on current changes and timely issues in auditing standards, FASB, GASB, government managing, improving data and document workflow, and accounting and financial reporting.

Accounting Technology

Dec. 7, 2023

WICPA, Waukesha

The Accounting Technology Conference focuses on in-depth coverage of technology issues, solutions and advancements that apply specifically to CPAs and accountants, with the goal of improving efficiency and effectiveness in all areas of the profession, including public practice, business, industry, government and nonprofit organizations.

Business & Industry Spring

March 21, 2024

Brookfield Conference Center, Brookfield

The Business & Industry Spring

Financial Institutions

May 14, 2024

WICPA, Waukesha

The Financial Institutions Conference covers a number of specialized topics,

School District Audit

May 22, 2024

WICPA, Waukesha

The School District Audit Conference provides beginning and advanced

• Add any non-WICPA CPE courses

• Print reports for any reporting period To

Breakfast Programs

LIVESTREAM BREAKFAST PROGRAMS

Breakfast Programs will continue to be livestreamed!

Our Breakfast Programs provide a convenient way to earn 2 to 4 CPE credits while you stay updated on a variety of topics and still have valuable time remaining in your day. All programs qualify for formal CPE credit and provide the opportunity for Q & A by either asking the question or typing your question in the chat area for the presenter.

Breakfast Program Season Passes

Register for individual programs or receive the BEST DEAL and register for a Season Pass. A Season Pass is an easy way to register for individual programs all at once — at great cost savings!

Options this year include a monthly Wednesday or Friday program Season Pass (or sign up for the Complete Breakfast Programs Season Pass to receive MORE savings) and a threepart Law & Employment series, which is free for members.

Wednesday Breakfast Programs Season Pass (BPWSP)

This Season Pass includes registration to all livestream Wednesday Breakfast Programs listed below:

Sept. 20

Investing for Retirement: 2023 Economic Update (BP0920LS)

Oct. 18 It Could be a MultimillionDollar Question (BP1018LS)

Nov. 8 Revised Wisconsin LLC Statute (BP1108LS)

Dec. 13 Federal Tax & Legislative Update (BP1213LS)

Jan. 10 Microsoft Teams: Increase Your Knowledge and Skills With This Key Communication and Collaboration Tool (BP0110LS)

Feb. 14 Business Transaction Problems & How to Solve Them (BP0214LS)

March 20 Planning for Health Care Expenses in Retirement (BP0320LS)

April 3 Predictive Index Practitioner (BP0403LS)

May 15 Creating Your Best Life (BP0515LS)

Registration:

$399 member | $599 nonmember $349 retired, part-time, unemployed/ leave-of-absence CPE credit: 18 credits

Friday Breakfast Programs Season Pass (BPFSP)

This Season Pass includes registration to all livestream Friday Breakfast Programs listed below:

Sept. 8 Recruiting & Retention: Current Challenges & Ideas (BP0908LS)

Oct. 13 Hot Tax Practice & Procedure Update and Blunders That Can and Should Be Avoided (BP1013LS)

Nov. 10 Streamlined Sales Tax (SST), the Wayfair Decision & the SST Certified Service Provider (CSP) Program (BP1110LS)

Dec. 1 Wisconsin Department of Revenue Income, Sales & Excise Tax Update (BP1201LS)

Jan. 5 Individual Income Tax Update (BP0105LS)

Feb. 2 Client Advisory (BP0202LS)

March 8 Truth About Retirement & Annuities (BP0308LS)

April 19 Strategic Business Advisory & Leadership for CFOs (BP0419LS)

May 10 Microsoft Outlook: Learn to Utilize Features to Improve Your Efficiency (BP0510LS)

Registration:

$469 member | $719 nonmember

$409 retired, part-time, unemployed/ leave-of-absence

CPE credit: 20 credits

Complete Breakfast Programs Season Pass (BPCOMSP)

Take advantage of the most CPE and cost savings by registering for ALL the livestream Breakfast Programs! This Season Pass includes ALL livestream Wednesday and Friday Breakfast Programs.

Registration:

$769 member | $1,199 nonmember

$699 retired, part-time, unemployed/ leave-of-absence

CPE credit: 38 credits

Sept. 8 | Open 7:30 a.m.

Program 8 – 10 a.m.

Recruiting & Retention: Current Challenges & Ideas (BP0908LS)

Katelynn Frederickson, PHR, Director, Truity Partners LLP

Join an experienced recruiter and HR professional in this interactive session that addresses the challenges of the ongoing labor shortage and the need for focus and ideas around retention and recruiting in this new employment age.

Registration: $59 member | $79 nonmember $45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

Sept. 20 | Open 7:30 a.m. Program 8 – 10 a.m.

Investing for Retirement: 2023

Economic Update (BP0920LS)

Nick Ziarek, CFP®, CFA, Partner & Financial Advisor, Shakespeare Wealth Management Inc.

Review the history of markets to provide a foundation for your personal investment philosophy and position your portfolio for retirement. We will provide data to help you avoid mistakes from decisions based on emotion from the news headlines. Learn more about the current market conditions in addition to the investment disciplines needed for a tax-efficient retirement portfolio.

Registration: $59 member | $79 nonmember $45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

Oct. 13 | Open 7:30 a.m.

Program 8 – 10 a.m.

Hot Tax Practice & Procedure Update and Blunders That Can and Should Be Avoided (BP1013LS)

Michael Goller, JD, Shareholder & Tax Department Chair, Reinhart Boerner Van Deuren s.c.

The program will be an update on “hot” IRS and Wisconsin Department of Revenue (DOR) practice and procedure issues, along with the blunders and mistakes practitioners should avoid. This program is particularly timely, given the massive increase in IRS funding and the expected increase in IRS and DOR scrutiny on taxpayers of all kinds.

NOTE: This course qualifies for 2 credits toward the WICPA membership Ethics CPE requirement.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

Oct. 18 | Open 7:30 a.m.

Program 8 – 10 a.m.

It Could Be a Multimillion-Dollar Question (BP1018LS)

Bruce Lanser, CIMA, CRPS, CRPC, CPFA, AIF, Senior Retirement Plan Consultant, UBS Retirement Plan Consulting Group

It doesn’t matter if the reason is a global pandemic, a routine economic recession or a short-term market correction, the reality is that sometimes retirement plan investments lose value. What happens when the target-date fund you selected loses a lot of money? The answer depends on how you picked it and how well you documented that choice.

Registration: $59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

Nov. 8 | Open 7:30 a.m.

Program 8 – 10 a.m.

Revised Wisconsin LLC Statute (BP1108LS)

Thomas A. Myers, JD, Shareholder, von Briesen & Roper s.c.

Joseph A. Camilli, JD, Shareholder, von Briesen & Roper s.c.

In April 2022, Wisconsin Act 258 was signed into law, repealing and recreating Chapter 183, the Wisconsin Uniform Limited Liability Company Law, which governs limited liability companies (LLCs). The new LLC law’s provisions apply to LLCs formed on or after January 1, 2023, and those that opted into the law prior to that date. The new law includes several important changes that will affect business owners (which their trusted advisors should be aware of), including but not limited to expanded creditor rights against LLC members’ interests in an LLC and new fiduciary duties/restrictions upon both LLC members and managers. Join this presentation to learn about the new rules of the road.

Registration: $59 member | $79 nonmember $45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

Nov. 10 | Open 7:30 a.m. Program 8 – 10 a.m.

Streamlined Sales Tax (SST), the Wayfair Decision & the SST Certified Service Provider (CSP) Program (BP1110LS)

Craig Johnson, CPA, Executive Director, Streamlined Sales Tax Governing Board

This session will briefly discuss the United States Supreme Court’s South Dakota v. Wayfair decision that paved the way for states to require sellers without a physical presence in a state to collect and remit their tax. The session will also include information on some of the tools

Breakfast Programs

the streamlined Sales Tax Governing Board has developed to help not only remote sellers but all sellers more easily comply with their sales calculation, collection and remittance obligations as well as the economic nexus requirements in both member and nonmember states.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

Dec. 1 | Open 7:30 a.m.

Program 8 – 10 a.m.

Wisconsin Department of Revenue Income, Sales & Excise Tax Update (BP1201LS)

Nate Weber, CPA, Director, Office of Technical Services, Wisconsin Department of Revenue

The presentation will include a summary of the 2022 income tax return processing season, new law changes and changes to 2023 tax returns, updates on Wisconsin Department of Revenue administrative and procedural initiatives affecting tax practitioners, and various other topics.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

Dec. 13 | Open 7:30 a.m.

Program 8 – 10 a.m.

Federal Tax & Legislative Update (BP1213LS)

James Brandenburg, CPA, MST, Tax Partner, Sikich LLP

This session will provide an overview of various tax developments and tax legislation in 2023. Also addressed will be other tax updates and proposals introduced in 2023. Further, various tax-planning

strategies and new compliance requirements will be covered.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

Jan. 5, 2024 | Open 7:30 a.m. Program 8 a.m. – noon

Individual Income Tax Update (BP0105LS)

June F. Norman, CPA, MST, Partner, Hartwig, Norman & Shannon LLP

Join us for a fast-paced and lively session emphasizing practical preparation for the forthcoming tax season. We’ll cover an array of general tax topics concerning individuals, including new and prior legislation affecting the current filing year; planning tips; changes in forms, procedures and filing requirements; and practical insights for the small tax practitioner. We’ll review all that has happened in the past year so that you leave prepared and motivated for the filing season ahead.

NOTE: The registration fee for this program includes a Master Tax Guide, which will be mailed to each participant’s preferred address on file at no additional cost (please make sure address is current in your My WICPA account before ordering). Estimated to mail early January 2024.

Registration:

$139 member | $189 nonmember

$109 retired, part-time, unemployed/ leave-of-absence

CPE credit: 4 credits

Jan. 10, 2024 | Open 7:30 a.m. Program 8 – 10 a.m.

Microsoft Teams: Increase Your Knowledge and Skills With This Key Communication and Collaboration Tool (BP0110LS)

Timothy Floor, Trainer, New Horizons

Learn and expand your knowledge of MS teams with these learning objectives:

communication with MS Teams, customizing Teams (team management/ permissions/restrictions), sharing files and app content, creating and configuring teams, and tips and tricks to improve efficiency.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

Feb. 2, 2024 | Open 7:30 a.m. Program 8 – 10 a.m.

Client Advisory (BP0202LS)

John Minnich, Founder & Executive Advisor, John Minnich LLC

Adding client advisory services (CAS) to your offerings positions your firm as your clients’ most trusted business advisor and future-proofs your business model. To continue thriving in the decades ahead, our profession needs to embrace and implement new client services. Learn more about CAS, including how to get started.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

Feb. 14, 2024 | Open 7:30 a.m. Program 8 – 10 a.m.

Business Transaction Problems & How to Solve Them (BP0214LS)

Daniel S. Welytok, JD, LLM, Attorney/Shareholder, von Briesen & Roper s.c.

This presentation will discuss some of the most common mid-market business transaction issues that can arise during the sale or purchase of a business and how to address them. The first hour will focus on issues that may arise at the front end of the transaction, including shareholder disputes, overreaching

wicpa.org/CPEcatalog

letter of intent terms, buyer financing, earn-out provisions and undesirable agreement proposals. The second hour will focus on issues that can arise while preparing for the sale, including due diligence surprises, net working capital and GAAP issues, and transaction document considerations. The presentation will conclude with possible post-closing issues, treatment of escrows, retention payments and other items.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

March 8, 2024 | Open 7:30 a.m. Program 8 – 10 a.m.

Truth About Retirement & Annuities (BP0308LS)

Scott Krase, Wealth Manager, Connor & Gallagher OneSource

Learn how to accelerate retirement savings, achieve larger tax deductions and discover pension secrets in this presentation about retirement and annuities.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

March 20, 2024 | Open 7:30 a.m. Program 8 – 10 a.m.

Planning for Health Care Expenses in Retirement (BP0320LS)

Ryan Rink, CFP®, EA, ChFC®, CLTC®, Financial Advisor, Shakespeare Wealth Management Inc.

Brian Ellenbecker, CFP®, EA, CPWA®, CIMA®, CLTC®, Financial Advisor, Shakespeare Wealth Management Inc.

How do you know how much you will need to cover the cost of care as you age? Learn more about the

seemingly complex topics of longterm care insurance and Medicare. This presentation will provide a better understanding of how these tools may fit into your overall financial plan.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

April 3, 2024 | Open 7:30 a.m. Program 8 – 10 a.m.

Predictive Index Practitioner (BP0403LS)

Alyson McKinster, Manager, Organizational Performance, Wipfli LLP

This session is a unique opportunity for leaders to assess and enhance awareness around leadership styles. Explore how to maximize the strength of teams to achieve the organization’s mission and vision. Plan on lively discussion and exploration of the numerous unique styles of leaders.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

April 19, 2024 | Open 7:30 a.m. Program 8 – 10 a.m.

Strategic Business Advisory & Leadership for CFOs (BP0419LS)

John Minnich, Founder & Executive Advisor, John Minnich LLC

Businesses are experiencing constant change and increasingly recognizing that what happened last year may not have as much relevance to decisions made now. In an everchanging business landscape, it’s important to position yourself as a true business partner in your C-suite.

As the CFO role continues to evolve, best-practice tips on business strategy — including business performance

resources such as strategy pyramids, strategy maps and balanced scorecards — will be shared. Business leadership, including ways to develop a broader skillset, will also be covered.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

May 10, 2024 | Open 7:30 a.m. Program 8 – 10 a.m.

Microsoft Outlook: Learn to Utilize Features to Improve Your Efficiency (BP0510LS)

Timothy Floor, Trainer, New Horizons

Learn and expand your knowledge of Outlook with these learning objectives: Manage your mailbox, manage contacts and manage calendars.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

May 15, 2024 | Open 7:30 a.m. Program 8 – 10 a.m.

Creating Your Best Life (BP0515LS)

Barbara Low, Manager of Talent Management Consulting, Wipfli LLP

Work-life balance is needed now more than ever. If you function on autopilot, this thought-provoking session will provide an opportunity to reflect on your life and take inventory of the things that are working and those that aren’t. Be prepared to reevaluate and question priorities and to develop a plan to achieve your best life.

Registration:

$59 member | $79 nonmember

$45 retired, part-time, unemployed/ leave-of-absence

CPE credit: 2 credits

Law & Employment Series

Free to members, this three-part series will help educate participants on various law and employment topics, including equity compensation, noncompete agreements and an update on changes to employment law and what is coming.

Law & Employment Series Season

Pass (LESP) – Free to members

Conveniently register for all three parts of the Law & Employment Series with the Season Pass, or register for the individual programs separately.

NOTE: Each program is not dependent on attending the preceding program.

Oct. 5 Equity Compensation for LLCs and Partnerships (WS1005LS)

Oct. 12 Noncompetes: End of the Road? (WS1012LS)

Oct. 26 HR Law Update: Recent Changes to Employment Law and What We Can Expect for 2024 (WS1026LS)

Registration for Season Pass: FREE to members | $50 nonmember CPE credit: 3 credits

Oct. 5 | Open 8:30 a.m. Program 9 – 10 a.m.

Equity Compensation for LLCs and Partnerships (WS1005LS)

David Eckhardt, JD, LLM, Attorney, Husch Blackwell LLP

This presentation will discuss the nuances of equity plans in different business organizations.

Registration: FREE to members | $25 nonmember CPE credit: 1 credit

Oct. 12 | Open 8:30 a.m. Program 9 – 10 a.m.

Noncompetes: End of the Road? (WS1012LS)

Scott LeBlanc, JD, BSJ, Partner, Husch Blackwell LLP

This presentation will examine the current state of federal and state regulation of noncompete and similar agreements and discuss whether — and to what extent — we can expect changes in the near future.

Registration: FREE to members | $25 nonmember CPE credit: 1 credit

Oct, 26 | Open 8:30 a.m. Program 9 – 10 a.m.

HR Law Update: Recent Changes to Employment Law and What We Can Expect for 2024 (WS1026LS)

Geoffrey Trotier, JD, Partner, Husch Blackwell LLP

Employment law is constantly changing, affecting and affected by the economy, social movements and our political landscape. We will discuss how our legal landscape has changed in the past year and changes that we expect in the next year.

Registration: FREE to members | $25 nonmember CPE credit: 1 credit

IN-PERSON BREAKFAST PROGRAMS

The Individual Income Tax Update courses will continue to be available in person this year at five separate locations around the state.

Dec. 8 | Open 7:30 a.m. (LCBP12)

Program 8 a.m. – noon

Stoney Creek Hotel & Conference Center, Onalaska

Dec. 15 | Open 7:30 a.m. (NBP12)

Program 8 a.m. – noon

Radisson Hotel & Conference Center, Green Bay

Jan. 5, 2024 | Open 7:30 a.m. (WBP01A)

Program 8 a.m. – noon

WICPA, Waukesha

Jan. 12, 2024 | Open 7:30 a.m. (MBP01)

Program 8 a.m. – noon

Sheraton Madison Hotel, Madison

Jan. 17, 2024 | Open 7:30 a.m. (WBP01B)

Program 8 a.m. – noon

WICPA, Waukesha

Individual Income Tax Update

June F. Norman, CPA, MST, Partner, Hartwig, Norman & Shannon LLP

Join us for a fast-paced and lively session emphasizing practical preparation for the forthcoming tax season. We’ll cover an array of general tax topics concerning individuals, including new and prior legislation affecting the current filing year; planning tips; changes in forms, procedures and filing requirements;

and practical insights for the small tax practitioner. We’ll review all that has happened in the past year so that you leave prepared and motivated for the filing season ahead.

NOTE: The registration fee for this program includes a Master Tax Guide, which will be mailed to each participant’s preferred address on file at no additional cost (please make sure address is current in your My WICPA account before ordering). Estimated to mail early January 2024.

Registration:

$139 member | $189 nonmember

$109 retired, part-time, unemployed/ leave-of-absence

CPE credit: 4 credits

ACCOUNTING & AUDITING

NOTE: All programs will be livestreamed unless otherwise noted.

Sept. 21 | Open 8 a.m.

Program 8:30 a.m. – 4 p.m.

U.S. GAAP Review of New Guidance & Hot Topics (GAAPR)

Wayne Wells, CPA, CFE, Principal, Blankenship CPA Group PLLC

This course is a review of new guidance and hot topics, including pronouncements, exposure drafts and other guidance recently issued by FASB as well as major accounting standards updates, such as revenue recognition, credit losses and leases, and fair value measurement.

Registration:

$369 member | $469 nonmember

$319 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

$30 AICPA member discount

Level of knowledge: Intermediate

CPE credit: 8 credits

Developed by: AICPA

Sept. 25 | Open 8 a.m.

Program 8:30 a.m. – 4 p.m. WICPA Professional Development Center, Waukesha

Compilations, Reviews & Preparations: Engagement

Performance & Annual Update (CRAU)

Joann Noe Cross, CPA, PhD, CMA, CGFM, CGMA, Emerita Professor of Accounting, University of Wisconsin–Oshkosh

This course offers a comprehensive review and hands-on application for performing financial statement preparation, compilation and review engagements. Learn the ins and outs of applying SSARS No. 21, Clarification

and Recodification, as well as the additional guidance related to SSARS engagements through the issuance of SSARS Nos. 22–26 by the ARSC. In addition to SSARS 26, the entire suite of quality management standards is discussed. The course will review recent peer review feedback on SSARS engagements, providing insights on how to successfully apply this guidance. It will bring you up to date on SSARS requirements and guidance and provide you with practical examples and illustrations to help you effectively and efficiently perform these types of engagements. This course will be your go-to reference for training your staff and managing your SSARS No. 21–26 services in compliance with professional, ethical and technical requirements.

Registration: $399 member | $499 nonmember $349 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

Level of knowledge: Update CPE credit: 8 credits

Developed by: Surgent

Oct. 18 | Open 11:30 a.m. Program noon – 1:40 p.m.

Current Audit Environment & ASB Activity (CL2AUD)

Bruce Nunnally, CPA,CGMA,Partner, Carr, Riggs & Ingram LLC

This course is designed to keep you on top of the latest auditing developments. It covers a full array of topics, including current environment and implications for

audit planning, pronouncements and other standard-setting activities affecting audit and attestation engagements. This course will bring practitioners at all levels up to date on the standard setters’ activities and provide examples and illustrations to help apply the guidance in practice.

Registration:

$99 member | $125 nonmember

$89 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate

CPE credit: 2 credits

Developed by: AICPA

Oct. 18 | Open 2 p.m.

Program 2:30 – 4:10 p.m.

Current & Upcoming FASB Issues (CL2ACCT)

Bruce Nunnally, CPA, CGMA, Partner, Carr, Riggs & Ingram LLC

This course will bring practitioners up to date on important accounting matters, including FASB accounting standards updates, broad and narrow issues, current FASB activities and private-company financial reporting. Relevant pronouncements, exposure drafts and other recently issued guidance will also be covered.

Registration:

$99 member | $125 nonmember

$89 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate

CPE credit: 2 credits

Developed by: AICPA

Oct. 24 | Open 8 a.m.

Program 8:30 a.m. – noon

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know (CL4INRR)

Jeanette Bax-Kurtz, CPA, Director of Notfor-Profit & Regulatory Services, Mueller Prost Companies that fall victim to fraud schemes need to reassess internal controls. This course reviews the 18 most prevalent internal controls that should be present—as well as designed and operating effectively—in order to prevent future fraud. These controls are taken from the Association of Certified Fraud Examiners’ “Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse.” We will tie these controls to the 17 internal control principles offered by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), the framework used by virtually all entities and auditors to assess the design and operational effectiveness of internal controls. Lastly, we will consider the impact of the 2020 pandemic on internal controls in the coming era.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate

CPE credit: 4 credits

Developed by: AICPA

Oct. 24 | Open noon

Program 12:30 – 4 p.m.

Conducting a Remote Audit (CL4REMA)

Jeanette Bax-Kurtz, CPA, Director of Notfor-Profit & Regulatory Services, Mueller Prost Remote auditing has become a fact of life. Understanding the considerations for auditing a client remotely should be understood to properly perform the necessary tasks. From vouching

client-prepared documents to steps to perform a remote inventory, this course will discuss the items to focus on and potential techniques to ensure adherence to professional standards.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Beginning CPE credit: 4 credits

Developed by: AICPA

Nov. 13 | Open 8 a.m. Program 8:30 a.m. – noon

Introduction to Forensic Accounting (ITFA)

Douglas P. Stives, CPA, MBA, Professor of Accounting, Monmouth University

As our economy grows more complex, so does the need for forensic accountants, whose services range from expert witness to litigation consultant and bankruptcy trustee. One critical role of the forensic accountant is exposing and examining financial fraud. Technology expands the way companies conduct business, but it also provides more opportunities for those willing to commit fraud. Forensic accountants couple their accounting and investigative skills to explain to clients, courts and jurors how fraudulent schemes occur and the effects they can have. They also provide expert opinions in calculating damages in litigation, administering bankruptcy estates and a host of other services.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Beginning CPE credit: 4 credits

Developed by: Surgent

Nov. 14 | Open 8 a.m.

Program 8:30 a.m. – 4 p.m.

Annual Update for Accountants & Auditors (AUAA)

Bruce A. Shepard, CPA, MBA, Consultant

Bruce Shepard

Keep abreast of the fast-paced changes in accounting and auditing. This comprehensive course covers relevant pronouncements, exposure drafts and other guidance recently issued in the accounting, auditing, review, compilation and preparation engagement arenas. We will sort through the complexities and identify and apply recently issued FASB, PCAOB, ARSC and ASB standards and guidance so you can stay current on the topics impacting the profession.

Registration:

$369 member | $469 nonmember

$319 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

$30 AICPA member discount

Level of knowledge: Update

CPE credit: 8 credits

Developed by: AICPA

Nov. 30 | Open 8 a.m.

Program 8:30 a.m. – noon

Small-Business Accounting, Audit & Attest Update (SMP4)

Jeffrey Lieman, CPA, CFE, President, Lieman Associates LLC

Specifically tailored for practitioners who do not perform audits but provide other attest and nonattest services to small and medium-sized businesses, this course is a comprehensive update covering recently issued accounting, compilation and review standards as well as other professional guidance impacting small and medium-sized business accountants. The course uses practical examples and illustrations to help you understand and apply the material in practice.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Update

CPE credit: 4 credits

Developed by: Surgent

Dec. 11 | Open 8 a.m. Program 8:30 a.m. – noon

Construction Contractors: NonRevenue & Non-Lease Accounting Considerations (CCACT)

Martin J. Birr, CPA, CMA, CIA, MBA, Trustee Lecturer in Accounting, Kelly School of Business at Indiana University

The construction industry is one of the most unique when it comes to being in compliance with the various accounting standards. This course examines the core knowledge necessary to succeed and the key issues impacting construction accounting. Find out what other new developments may mean for you, your company or your clients. The course also explores the relationship between contractors and sureties. With construction comprising such a large— and growing—portion of the economy, it is more important than ever for you to be on top of the very latest in accounting changes for the industry. Note: This course does not address FASB ASC 606, Revenue from Contracts with Customers, or FASB ASC 842, Leases. The AICPA offers a companion course that focuses on revenue and lease accounting for construction contractors. See Contract Accounting and Lease Accounting and Their Impact on Construction Contractors (CCREVL).

Registration: $199 member | $249 nonmember $175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Beginning CPE credit: 4 credits

Developed by: AICPA

CPE Requirement: 80 total CPE credits

Ethics Requirement: 3 Ethics CPE credits

ETHICS

NOTE: All programs will be livestreamed unless otherwise noted.

Sept. 27 | Open 9:30 a.m.

Program 10 – 11:20 a.m.

Independence & Recent Developments in Professional Ethics (CL2IND)

Douglas Warren, CPA, CFF, CFE, CEO, Warren & Tallent CPAs PLLC

This timely update and refresher on the AICPA Code of Professional Conduct includes the conceptual framework and independence provisions for nonattest services, personal independence and other critical matters. It reviews the basic tenets of ethical and professional conduct, including the principles upon which the code rests, and explains why the code is necessary and how it is organized. AICPA members must follow the AICPA code, and many courts and regulatory bodies view the AICPA code as the de facto standard for the accounting profession; therefore, it is imperative to stay current on the rules and apply them properly. Learn the most up-to-date rules through interactive case studies, exercises and illustrative graphics.

NOTE: This course qualifies for 2 credits toward the WICPA membership Ethics CPE requirement.

Registration:

$99 member | $125 nonmember

$89 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Beginning

CPE credit: 2 credits

Developed by: AICPA

Nov. 17 | Open 8 a.m.

Program 8:30 a.m. – noon

Technology & Ethics: Applying CPAs’ Ethical Standards to Our Changing Technology Environment (TAE4)

Carl Shultz, MBA, CPA, CGMA, Managing Director, CFS Consulting LTD While CPAs’ commitment to ethics hasn’t changed, the environment in which CPAs operate has changed significantly over the past decade and will continue to change rapidly. As CPAs adapt to this fast-evolving environment, they need to understand how current ethical standards apply and whether any new ethical guidelines need to be developed or modified to reflect the challenges of our ever-changing and technologically linked world. This course reviews the CPA’s ethical requirements, with a specific focus on how technology impacts them. Explore ethical challenges related to data security and privacy, investigate emerging technologies such as artificial intelligence and blockchain, and discuss how technological advances impact how CPAs provide their services. We will also review recent initiatives of the International Ethics Standards Board for Accountants (IESBA) to update its code to provide guidance for accountants and auditors in navigating the more pressing ethics and independence challenges arising from evolving technologies.

NOTE: This course qualifies for 4 credits toward the WICPA membership Ethics CPE requirement.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate CPE credit: 4 credits

Developed by: Surgent

Nov. 30 | Open noon

Program 12:30 – 4 p.m.

Virtual Update on the AICPA’s New Ethics & Quality Control Standards (UEQ4) Jeffrey Lieman, CPA, CFE, President, Lieman Associates LLC

Quality and ethics are the hallmark characteristics of the accounting profession. It is our responsibility as CPAs to have a firm understanding of our professional responsibilities in these two key areas. Recently enacted and proposed updates to the AICPA Code of Professional Conduct and quality management standards represent significant changes in how we govern ourselves and our firms. This course will cover the details of the enacted and proposed changes to the code, especially those affecting our communication of noncompliance with laws and regulations, and other changes that will impact our independence. We will review the new quality management standards proposed by the AICPA, which will represent a significant change in how firms design and deploy the processes that ensure engagement quality and compliance with the code. This course provides information you need to move forward in this era of great change.

NOTE: This course qualifies for 4 credits toward the WICPA membership Ethics CPE requirement.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Update CPE credit: 4 credits

Developed by: AICPA

Dec. 11 | Open noon

Program 12:30 – 4 p.m.

Ethics & Professional Conduct: Updates & Practical Applications (CL4GRE)

Martin J. Birr, CPA, CMA, CIA, MBA, Trustee Lecturer in Accounting, Kelly School of Business at Indiana University

This course provides a timely update and refresher of the AICPA Code of Professional Conduct, including the conceptual framework and independence provisions for nonattest services, personal independence and

other critical matters. It reviews the basic tenets of ethical and professional conduct, including the principles upon which the code rests and explains why the code is necessary and how it is organized. AICPA members must follow the AICPA code, and many courts and regulatory bodies view the AICPA code as the de facto standard for the accounting profession; therefore, it is imperative to stay current on the rules and apply them properly. Through interactive case studies, exercises and

The missing piece of your marketing puzzle.

illustrative graphics, you will learn the most up-to-date rules.

NOTE: This course qualifies for 4 credits toward the WICPA membership Ethics CPE requirement.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Beginning

CPE credit: 4 credits

Developed by: AICPA

FINANCIAL PLANNING

NOTE: All programs will be livestreamed unless otherwise noted.

Oct. 17 | Open 8 a.m.

Program 8:30 a.m. – noon

Controller/CFO Update: Hot Topics

Facing Today’s Financial Professional (TCF4)

Arthur G. Pulis, MBA, Owner, Pulis & Associates

In today’s rapidly changing world, finance professionals must wear many hats and are often the keys to organizational success. They must have not only proven financial skills for making the best decisions but also skills to motivate, manage and lead people. Being pigeonholed into one area or the other isn’t in anyone’s best interest. This became clear with the advent of the COVID-19 pandemic. We’ll cover the latest issues CFOs and controllers need to know and provide how-to guidance to enable immediate use. The program is focused on organizational success and ways to manage risk and achieve greater productivity.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Update

CPE credit: 4 credits

Developed by: Surgent

Oct. 17 | Open noon

Program 12:30 – 4 p.m.

Gaining a Competitive Advantage: Critical Skills for CFOs & Controllers (GCA4)

Arthur G. Pulis, MBA, Owner, Pulis & Associates

We know change is occurring at an exponential rate in all areas of finance, management and leadership. In this practical, interactive session, we’ll

present a toolkit of ideas to help CFOs, controllers and finance professionals better position their organizations for the future. The course deals with current issues and will continue to be updated as necessary throughout the year. Become the “financial hero” of your organization and make a positive impact on the bottom line.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate

CPE credit: 4 credits

Developed by: Surgent

Nov. 13 | Open 8 a.m.

Program 8:30 – 10:10 a.m.

Employee Stock Options: What Financial Professionals Should Know When Advising Their Clients (WSKT)

Douglas P. Stives, CPA, MBA, Professor of Accounting, Monmouth University Companies often offer stock options as an additional form of compensation to attract and retain the best talent. Used appropriately, stock options can generate significant wealth. Many employees are unfamiliar with how stock options work and that they can be a valuable opportunity to establish and grow their wealth. However, stock options are not without risk, and employees who receive stock options are often unaware of this. Research has shown that over 75% of employees have never exercised their stock options. Almost half of them (48%) say they held off on selling their options for fear of making a mistake. This course provides accounting and financial professionals with a broad overview of employee stock options

and the fundamentals behind them so they can better advise their clients.

$99 member | $125 nonmember

$89 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Beginning

CPE credit: 2 credits

Developed by: Surgent

Nov. 15 | Open 8 a.m.

Program 8:30 a.m. – noon

Advanced Financial Skills (CL4ACCS)

Rebeka J. Mazzone, CPA, CGMA, Adjunct Faculty Instructor, Providence College School of Business

Is your Finance Department seen as a cost center? Are you underutilized and underappreciated? You can change that paradigm and become a value-added, highly sought-after partner in your organization. The traditional cost center is focused on the past, repairing historical financial statements and budget-to-actual analysis. The value-adding Finance Department is focused on the future, helping to guide strategy, protect against risk, implement change effectively and become a trusted organizational adviser.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate

CPE credit: 4 credits

Developed by: AICPA

Seminars

Financial Planning

Nov. 21 | Open 8 a.m.

Program 8:30 a.m. – noon

Employer’s Handbook: Health Care, Retirement & Fringe Benefit Tax Issues (HCR4)

Charles Borek, CPA, MBA, JD, CEO, The Borek Group LLCE

The employer–employee relationship strains both sides in uncertain times, and businesses need CPAs, controllers and other advisors to provide understanding of the complex legal, tax and health care issues associated with all aspects of employment. This course provides in-depth coverage of this critical area. It will be updated and supplemented throughout the year to cover breaking developments.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Beginning

CPE credit: 4 credits

Developed by: Surgent

Dec. 12 | Open 8 a.m.

Program 8:30 a.m. – 4 p.m.

Social Security & Medicare: Planning for You & Your Clients (SSRB)

Curtis J. Quickel, CPA, MBA, Sole Proprietor, Curtis J. Quickel CPA

Social Security seems poised for changes in benefits and eligibility age. The leading edge of the baby boomer generation has already reached retirement age. Financial and tax planners can expect increased demand for strategies that dovetail Social Security with other retirement and estate-planning objectives. This course provides tax and financial planning professionals with both the background information on the Social Security system and the strategies clients will need to deal with Social Security as well as myriad related retirementplanning issues.

Registration:

$369 member | $469 nonmember

$319 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

Level of knowledge: Beginning CPE credit: 8 credits

Developed by: Surgent

Dec. 15 | Open 8 a.m.

Program 8:30 a.m. – 4 p.m

CFO/Controller’s Road Map to Success: Integrated Planning, Forecasting & Budgeting (PLFB)

Arthur G. Pulis, MBA, Owner, Pulis & Associates

It might seem that 2020 showed us planning doesn’t work. But some organizations survived far better than others due to their ability to handle unexpected change. Many organizations spend huge amounts of money and effort on planning, forecasting and budgeting—when all too often the three disciplines are completely separate and disconnected. The pandemic has shown us that the planning process must be far nimbler to enable the organization to shift rapidly. This course is designed to completely integrate the planning process and show how it can move from longrange thinking through medium-term planning and the annual budget to the monthly cash-flow forecast. Participants will learn how to avoid the political pitfalls that can derail accountability and demotivate staff. The course will examine the entire planning process from beginning to end, including the technical tricks and tips for producing a good plan as well as the political aspects of planning.

Registration:

$369 member | $469 nonmember

$319 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate CPE credit: 8 credits

Developed by: Surgent

$50 OFF Conferences

PLUS: Register at least 30 days prior and get an additional wicpa.org/CPEcatalog

Dec. 18 | Open 8 a.m.

Program 8:30 a.m. – 4 p.m.

How to Settle a Client’s Estate (SEAZ)

Don P. Cochran, CPA, JD, Sole Practitioner, Don Paul Cochran, Attorney at Law

Federal estate and gift taxes currently affect few clients, but there are many other issues involved in settling an estate or administering a trust. Clients who are beneficiaries of a trust or estate often turn to their financial advisors to understand the administrative process and its effect on their interests. This course will help you cut through the jargon to understand the legal concepts, communicate a real-world explanation to clients and serve, in some instances, as an advisor to them. After taking this course, practitioners will feel more confident to serve in a fiduciary

capacity. Updated for developments relative to estate taxation.

Registration:

$369 member | $469 nonmember

$319 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

Level of knowledge: Beginning CPE credit: 8 credits

Developed by: Surgent

Dec. 27 | Open 8 a.m. Program 8:30 a.m. – noon

Buying & Selling a Business: Tax & Structuring Overview (SEL4)

John L. Evanich Jr., CPA, Self-Employed CPE Seminar Instructor

One of the major transactions CPA clients are faced with is the purchase

wicpa.org/CPEcatalog

or disposition of a business. To help tax professionals advise those clients, this course offers a comprehensive analysis of the business and tax aspects of buying and selling a business. It is a practical guide to help practitioners and industry CPAs understand structuring techniques. All CPAs, including controllers and executives in industry, should understand how difficult the process of buying and selling a business has become.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate

CPE credit: 4 credits

Developed by: Surgent

CPE Requirement: 80 total CPE credits

Ethics Requirement: 3 Ethics CPE credits

Seminars l Fraud

FRAUD

Sept. 26 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. WICPA Professional Development Center, Waukesha

Assessing the Risk of Fraud in a Financial Statement Audit (ARF8)

Joann Noe Cross, CPA, PhD, CMA, CGFM, CGMA, Emerita Professor of Accounting, University of Wisconsin–Oshkosh

The Association of Certified Fraud Examiners says there is fraud lurking in all businesses, including not-for-profit organizations. It often goes undetected for years, and when uncovered, management and the board may question why an auditor did not identify it. The auditor’s responsibility in a financial statement audit is to assess risk and perform sufficient procedures to obtain reasonable assurance that the financial statements are free from material misstatement due to fraud or error. However, failure to perform an adequate fraud risk assessment and report deficiencies in internal control, such as a lack of segregation of duties, can leave a firm vulnerable. This course will discuss the audit procedures that should be performed in accordance with AU-C §240 as recently amended, best practices in performing fraud risk assessment procedures, when and how to report control deficiencies noted in an audit, and the most frequent types of fraud found in small to mid-sized entities, along with internal controls that could be implemented to help prevent and detect them. We will look at various cyberfraud schemes and how they might be prevented or detected, the use of analytics as fraud risk procedures and assessments of fraud risk in a single audit. This course features case studies.

Registration:

$399 member | $499 nonmember

$349 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

Level of knowledge: Beginning CPE credit: 8 credits

Developed by: Surgent

Oct. 26 | Open 8 a.m. Program 8:30 a.m. – noon

Real-World Frauds Found in Not-forProfits (CL4RFNF)

Anne Marchetti, President, Account-Ability Consulting

Due to the nature of not-for-profit organizations (NFPs), fraud may be more common than it seems. Through a comprehensive learning approach using real-world examples, explanations of audit standards and informative case studies, learn how to recognize red flags of fraud in NFPs, including cyberfraud. This course analyzes several unique frauds that have occurred in the NFP industry.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate CPE credit: 4 credits

Developed by: AICPA

Oct. 26 | Open noon Program 12:30 – 4 p.m.

Real-World Frauds Found in Governments (CL4RFGO)

Anne Marchetti, President, Account-Ability Consulting Frauds in governments are as unique as government entities themselves.

Through a comprehensive learning approach using examples, explanations of audit standards and informative case studies, learn about realworld government fraud, including cyberfraud, and your responsibilities when dealing with government fraud. This course analyzes several unique frauds that have occurred in the government sector.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate CPE credit: 4 credits

Developed by: AICPA

Dec. 8 | Open 8 a.m. Program 8:30 a.m. – 4 p.m.

Winning the Fraud Battle in the Digital Age: Prevention & Detection (CFVV) Frank Gorrell, CPA, MSA, CGMA

The focus of this course is reducing the overall risk of fraud. Instruction will cover the factors that play a role in turning honest employees into fraudsters. Discussion will touch on integrity and ethics as well as how the reactions of people in certain situations may impact the prevalence of fraud.

Registration:

$369 member | $469 nonmember

$319 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

Level of knowledge: Beginning

CPE credit: 8 credits

Developed by: Surgent

NOTE: All programs will be livestreamed unless otherwise noted.

GOVERNMENT & NONPROFIT

NOTE: All programs will be livestreamed unless otherwise noted.

Sept. 28 | Open 8 a.m.

Program 8:30 a.m. – 4 p.m.

Governmental & Not-for-Profit Annual Update (GNAU)

Martin J. Birr, CPA, CMA, CIA, MBA, Trustee Lecturer in Accounting, Kelly School of Business at Indiana University

Change is inevitable and at times overwhelming if you are unprepared. Ensure you are current in governmental and not-for-profit accounting and auditing. This update course is designed to prepare you for the latest accounting and auditing developments affecting governments and not-for-profits and give you the tools to implement the new standards.

Registration:

$369 member | $469 nonmember

$319 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

$30 AICPA member discount

Level of knowledge: Update

CPE credit: 8 credits

Developed by: AICPA

Oct. 23 | Open 8 a.m.

Program 8:30 a.m. – 4 p.m.

A Complete Guide to the Yellow Book (CGYB)

Diane E. Edelstein, CPA, Partner, Maher Duessel

If you work with governments and notfor-profits, a thorough understanding of the Yellow Book is essential. This course will equip you with a comprehensive knowledge of the Yellow Book requirements and increase your confidence and proficiency in performing Yellow Book audits. The course materials utilize a highly illustrative and innovative

format, including over 20 focused exercises on key practice issues.

Registration:

$369 member | $469 nonmember

$319 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

Level of knowledge: Beginning

CPE credit: 8 credits

Developed by: Surgent

Oct. 26 | Open 8 a.m.

Program 8:30 a.m. – noon

Real-World Frauds Found in Not-forProfits (CL4RFNF)

Anne Marchetti, President, Account-Ability Consulting

Due to the nature of not-for-profit organizations (NFPs), fraud may be more common than it seems. Through a comprehensive learning approach using real-world examples, explanations of audit standards and informative case studies, learn how to recognize red flags of fraud in NFPs, including cyberfraud. This course analyzes several unique frauds that have occurred in the NFP industry.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate

CPE credit: 4 credits

Developed by: AICPA

Oct. 26 | Open noon Program 12:30 – 4 p.m

Real-World Frauds Found in Governments (CL4RFGO)

Anne Marchetti, President, Account-Ability Consulting

Frauds in governments are as unique as government entities themselves. Through a comprehensive learning approach using examples, explanations of audit standards and informative case studies, learn about real-world government fraud, including cyberfraud, and your responsibilities when dealing with government fraud. This course analyzes several unique frauds that have occurred in the government sector.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate CPE credit: 4 credits

Developed by: AICPA

Nov. 8 | Open 8 a.m. Program 8:30 – 10:10 a.m.

Found It! Reporting Findings in Yellow Book & Single Audits (FOT2)

Diane E. Edelstein, CPA, Partner, Maher Duessel

When auditors detect findings in Yellow Book and single audits, they do not just communicate them in a letter to management—they report them! In this course, we will examine what types of findings get reported, how they get reported and where they get reported. This course will take you from just checking a box and fulfilling a requirement to developing and delivering findings that make a meaningful difference to your clients.

Registration:

$99 member | $125 nonmember

$89 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Update CPE credit: 2 credits

Developed by: Surgent

Sept. 29 | Open 8 a.m.

Program 8:30 a.m. – 4 p.m.

Form 990: Best Practices for Accurate Preparation (FORM9)

Jeanette Bax-Kurtz, CPA, Director of Notfor-Profit & Regulatory Services, Mueller Prost

In basic terms, Form 990 is the annual federal return that is required to be filed by all types of exempt organizations. The course takes the participant through the basics of Form 990. It covers the complete form and all the accompanying schedules. The course goes line by line through the Form 990 and offers explanations and tips for accurate completion. Participants will gain an understanding of the tax and practical points essential to completion of the Form 990, which has a 12-page core form and 16 schedules.

Registration:

$369 member | $469 nonmember

$319 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

Level of knowledge: Beginning

CPE credit: 8 credits

Developed by: Surgent

Oct. 25 | Open 8 a.m.

Program 8:30 a.m. – 4 p.m.

Courtyard by Marriott La Crosse Downtown/Mississippi Riverfront, La Crosse

Annual Federal Tax Update (PTU)

Bruce Nelson, CPA, MA, Director of SALT, EKS&H LLP

TAXATION

Nov. 21 | Open 8 a.m.

Program 8:30 a.m. – 4 p.m. Radisson Hotel & Conference Center, Green Bay

Annual Federal Tax Update (PTU2)

Brian G. Gosline, CPA, JD, President, Brian G. Gosline P.C.

Nov. 28 | Open 8 a.m.

Program 8:30 a.m. – 4 p.m. WICPA Professional Development Center, Waukesha

Annual Federal Tax Update (PTU3)

William Taylor, CPA, President, Benefit Solutions LTD

Save time and keep current on the latest tax developments. This comprehensive course covers all legislative, judicial and IRS developments of the past year with a focus on implementation and compliance. Discover how to effectively and confidently complete tax planning and compliance engagements. Cover current developments affecting individuals (including those regarding income, deductions and losses, tax calculations, individual credits and filing matters), business entities (including those regarding S corporations and their shareholders, C corporations and partnerships), estates and trusts, retirement plans and more.

Registration:

$399 member | $499 nonmember

$349 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

$30 AICPA member discount

Level of knowledge: Update CPE credit: 8 credits

Developed by: AICPA

Nov. 6 | Open 8 a.m. Program 8:30 a.m. – 4 p.m.

The Complete Guide to Payroll Taxes & 1099 Issues (CGPT)

Curtis J. Quickel, CPA, MBA, Sole Proprietor, Curtis J. Quickel CPA

Employment taxes are often overlooked as an area where more planning may be effective. Payroll taxes have become an increasing burden for the average business, and IRS penalties for noncompliance have risen dramatically in recent years. They have also been subject to employer incentives. The IRS has announced that uncovering noncompliance by employers ranks high on its audit list. This course presents a comprehensive overview of federal payroll taxes, Form 1099 and related compliance issues.

Registration:

$369 member | $469 nonmember

$319 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

Level of knowledge: Beginning CPE credit: 8 credits

Developed by: Surgent

Nov. 10 | Open 8 a.m. Program 8:30 a.m. – noon

Tax Planning for Small Businesses

- Tax Staff Essentials (TPSC)

Daniel W. Bradley, CPA, Principal, Young, Oakes, Brown & Co. P.C.

This course identifies tax-planning strategies for small-business clients through the different life cycles of the business. We will use a case study approach to explore opportunities for businesses and how the tax

NOTE: All programs will be livestreamed unless otherwise noted.

practitioner can continue to add value for their clients. Discussions will include traditional and new planning opportunities as a result of the latest tax legislation and IRS guidance.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate CPE credit: 4 credits

Developed by: AICPA

Nov. 10 | Open noon Program 12:30 – 2:10 p.m.

Working Paper Documentation: Tax Staff Essentials (WPD)

Daniel W. Bradley, CPA, Principal, Young, Oakes, Brown & Co. P.C.

Workpapers support the creation of a tax return. This documentation not only impacts the preparer but is required by the IRS to complete a proper audit of the return. The Internal Revenue Code requires every taxpayer to keep records and statements necessary for the proper administration of the tax laws. The accounting records of a taxpayer must include the regular books of account as well as any working papers that may be necessary to support the entries on the books of account and in the tax return. However, nothing in federal tax law prescribes a specific format for tax return working papers. This course will help you appropriately and adequately prepare, organize and understand workpapers.

Registration: $99 member | $125 nonmember

$89 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Beginning CPE credit: 2 credits

Developed by: AICPA

wicpa.org/CPEcatalog

Nov. 13 | Open noon Program 12:30 – 4 p.m.

Critical Issues Involving Taxation of Construction Contractors (TCC4) Wayne Wells, CPA, CFE, Principal, Blankenship CPA Group PLLC

Many consider taxation of construction contractors to be the most complex area of the Internal Revenue Code. Probably no other industry has so many elections and considerations that need to be considered and made in order to reduce or defer amounts owed. In this course, we will highlight these areas and discuss potential opportunities for practitioners and their clients. We will also discuss the impact of more recent legislation on construction taxation, including changes to net operating losses and the AMT rules. This is a critical presentation tailor-made for CPAs who either work for or represent construction contractors.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate CPE credit: 4 credits

Developed by: Surgent

Nov. 20 | Open 8 a.m. Program 8:30 a.m. – 4 p.m.

The Complete Trust Workshop (TCTW) Dennis P. Riley, CPA, MBA, President, CuttingEdgeCPA.com LLC

The use of trusts will continue to undergo changes in the current year. Clients need to be informed why planning is essential in these changing times. The purpose of this course is to explore the many beneficial sides of trusts, an essential element in estate planning. This course gives insights and practical pointers concerning trusts of every shape and size after tax reform.

Clients will be eager to review their estate plans in light of recent and proposed legislation.

Registration:

$369 member | $469 nonmember

$319 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

Level of knowledge: Intermediate CPE credit: 8 credits

Developed by: Surgent

Dec. 5 | Open 8 a.m. Program 8:30 a.m. – noon

Reviewing Individual Tax Returns: What Are You Missing? (CL4ITRM)

Daniel W. Bradley, CPA, Principal, Young, Oakes, Brown & Co. P.C.

The sheer mass of Internal Revenue Code provisions affecting individual taxpayers presents a considerable challenge for CPAs and tax professionals. These provisions, combined with the potential for input error when utilizing the array of income tax software available, create the potential for a multitude of errors that can occur when preparing your clients’ tax returns. Join us as we discuss the common errors practitioners make on individual tax returns that are often missed by review staff. Sharpen your reviewing skills by examining case studies, discussing issues for which additional information from the client may be warranted and areas of tax law that require additional analysis and information.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate CPE credit: 4 credits

Developed by: AICPA

Dec. 5 | Open noon Program 12:30 – 4 p.m.

Reviewing S Corporation Tax Returns: What Are You Missing? (CL4STRM)

Daniel W. Bradley, CPA, Principal, Young, Oakes, Brown & Co. P.C.

The complexity of S corporation tax law creates a formidable challenge to the tax practitioner for accurate compliance and reporting of their clients’ S corporation activities. We will discuss the common errors practitioners make on S corporation tax returns that are often missed by review staff, sharpen skills for reviewers and examine case studies. We will also address issues in which additional information from the client may be warranted as well as areas of tax law in which proper treatment requires additional analysis and information. Multiple issues will be discussed, including income, deductions, K-1 reporting and more. This course follows a highly illustrative case study format to increase participant comprehension and retention.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate

CPE credit: 4 credits

Developed by: AICPA

Dec. 6 | Open 8 a.m. Program 8:30 a.m. – noon

Reviewing Partnership Tax Returns: What Are You Missing? (CL4PTRM)

Richard Lahijani, Sole Proprietor, JBL Consulting

The partnership section of the Internal Revenue Code is arguably one of the most difficult sections to comprehend. That complexity—and the reliability of tax software to properly handle it—can create many issues for you and your staff when processing your clients’ LLC and

partnership tax returns. We discuss the common errors practitioners make on partnership tax returns that are often missed by review staff. We will help reviewers sharpen skills by examining case studies and discussing issues in which additional information from the client may be warranted and areas of tax law in which proper treatment requires additional analysis and information. We will discuss income, deductions, K-1 reporting and more in a highly illustrative case study format to increase participant comprehension and retention.

Registration:

$199 member | $249 nonmember $175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate

CPE credit: 4 credits

Developed by: AICPA

Dec. 6 | Open noon Program 12:30 – 4 p.m.

Social Security & Medicare: Maximizing Retirement Benefits

(CL4SSM)

Richard Lahijani, Sole Proprietor, JBL Consulting

Our Social Security system provides retirement, disability and survivor benefits to millions of Americans. The long-term future of Social Security and Medicare is uncertain, triggering concerns for many workers who are now paying into the system. Attend this course to learn about the Medicare tax and more. Explore real-world situations and use the tools provided to advise your clients to make optimal decisions regarding Social Security and Medicare.

Registration: $199 member | $249 nonmember $175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate CPE credit: 4 credits

Developed by: AICPA

Dec. 14 | Open 8 a.m. Program 8:30 a.m. – noon

Estate & Trust Primer: Tax Staff Essentials (ETP)

Gregory Carnes, CPA, PhD, Dean of the College of Business and Raburn Eminent Scholar of Accounting, University of North Alabama

Protect your clients’ assets and shield their estates from increased taxation created by the changing tax code. This course will help you understand the tax obligations of trusts and estates and how these obligations affect beneficiaries. The course provides exercises and examples that reflect the calculation and allocation of taxable income and its presentation on the appropriate forms. You will also learn how to prepare federal Form 1041 and the accompanying schedules.

Registration:

$199 member | $249 nonmember $175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate CPE credit: 4 credits

Developed by: AICPA

Dec. 14 | Open noon Program 12:30 – 4 p.m.

IRS Audits: Tax Staff Essentials (IRS)

Gregory Carnes, CPA, PhD, Dean of the College of Business and Raburn Eminent Scholar of Accounting, University of North Alabama

Want to help your clients save money and avoid potential trouble with the IRS? This CPE course explains what may trigger an IRS audit and how to negotiate, settle on appeal, qualify for an IRS collection program and evaluate your clients’ best options for dealing with the IRS. You will learn about IRS audit techniques, how to handle requests and appeal rights so you can represent your clients with confidence.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Intermediate CPE credit: 4 credits

Developed by: AICPA

Dec. 19 | Open 8 a.m. Program 8:30 a.m. – 4 p.m.

opportunities. Continually updated for items regarding tax reform.

Registration:

$369 member | $469 nonmember

$319 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered & paid 30 days prior to program

Level of knowledge: Beginning CPE credit: 8 credits

wicpa.org/CPEcatalog

affecting your business clients or employers, then you should take this enlightening course. You will learn invaluable knowledge, strategies, techniques, innovative tax-planning concepts, income-generating ideas and other planning opportunities available to S corporations, partnerships, LLCs and LLPs. Continually updated to reflect enacted legislation.

TRACK YOUR CPE WITH THE WICPA’S CPE TRACKER

The CPE Tracker is an easy to use tool created to keep track of all your CPE in one convenient location.

• Automatically tracks WICPA formal learning activities

• Add any non-WICPA CPE courses

• Print reports for any reporting period

To get started, visit wicpa.org/cpetracker

TECHNOLOGY

NOTE: All programs will be livestreamed unless otherwise noted.

Nov. 17 | Open noon Program 12:30 – 4 p.m.

Technology Trends & Hot Topics Impacting the Accounting Profession (THT4)

Carl Shultz, CPA, MBA, CGMA, Managing Director, CFS Consulting LTD

From artificial intelligence, robotic process automation and audit data analytics to cloud-based software solutions, our clients’ technology

landscape is rapidly changing. We need to be on the forefront of these changes, including having a firm understanding of the risks associated with the use of these tools. We’ll review these trends, highlight new and emerging products and focus on cybersecurity risks and best practices that will allow accounting professionals to help clients navigate these exciting but challenging times. We will also review the newly issued guidance

on audit evidence found in SAS 142, which guides the use of technology on professional engagements.

Registration:

$199 member | $249 nonmember

$175 retired, part-time, unemployed/ leave-of-absence

Level of knowledge: Beginning CPE credit: 4 credits

Developed by: Surgent

CPE REQUIREMENTS

What are the membership CPE requirements?

a) A minimum of 20 CPE credits annually

b) 80 CPE credits, including 3 ethics credits during each 2-year reporting period and not less than 40 CPE credits from formal learning activities

What is the current CPE compliance period?

Jan. 1, 2022 – Dec. 31, 2023

What is the ethics requirement?

A minimum of 3 ethics credits must be completed during each 2-year compliance period. Ethics credits must be obtained through a formal CPE activity that includes verification of participation.

What counts as “ethics” to meet the requirement?

The type of information that may be covered in a formal creditable ethics presentation may include a broad spectrum of ethics concepts that include but are not limited to Wisconsin CPA regulatory ethics, AICPA professional ethics standards, other regulatory ethics concepts such as tax or securities ethical requirements, and situational or behavioral ethics relating to business decisions and communications that are not the subject of regulations or professional standards.

I joined in the middle of the year. Do I still need to complete the full CPE requirement?

New members who join in the first year of the compliance period are reduced by one-half of the total credits for the compliance period. However,

members must complete a minimum of 40 credits the following year (the second year of the compliance period), including 3 ethics credits.

New members who join in the second year of the compliance period are exempt from the total credit requirement for the compliance period.

Do I need to comply with the membership CPE requirement if I am a student, employed part time, unemployed or retired?

Students do not need to comply with the membership CPE requirement until they move to Affiliate or CPA status. Part-time and unemployed members are required to meet the membership CPE requirement.

Retired members (working less than 1,000 hours per year) who are no longer licensed CPAs are not required to meet the membership CPE requirement.

Is CPE required to renew a Wisconsin CPA license with the Department of Safety and Professional Services (DSPS)?

Yes. Beginning with December 2021 license renewal, all licensed CPAs and those who practice as a CPA must complete CPE requirements to renew their licenses.

Are the WICPA membership CPE requirements the same as DSPS?

Yes, WICPA CPE requirements are the same as those of DSPS; however, CPA license renewal is through Dec. 14 of the second year of the reporting period. In addition, WICPA membership CPE requirements apply to all CPA certificate holders (licensed or inactive) and Affiliate members.

What if I’m a CPA and don’t renew my CPA license with DSPS?

WICPA membership requires continuing education for each compliance period, regardless of whether a CPA license has or has not been renewed. All CPA certificate holders are required to complete the membership requirements for continuing education.

Can I still use “CPA” if I don’t renew my license?

If you do not renew your CPA license with DSPS, you must identify yourself as “CPA inactive certificate holder.”

What learning activities count toward CPE?

Acceptable formats for formal and informal learning activities include all the following:

• Attending, listening to or presenting in-person and online lectures

• Participating in online webinars and webcasts

• Completing self-study courses developed by a vendor

• Researching a course

• Performing independent research

• Listening to podcasts

• Watching videos

• Reading books and articles

• Attending meetings and serving on boards, committees and task forces

• Engaging in learning activities that enhance professional growth and competence

Are CPE activities or providers required to be approved or accredited?

No, neither CPE activities nor providers are required to be approved or accredited by the WICPA or any other organization.

What are the requirements for formal learning activities?

A formal learning activity must meet all the following requirements:

a) Participation can be objectively confirmed by a program sponsor.

b) Materials describing the activity specify the subject matter, prerequisites, advance preparation, format and number of credits awarded.

c) The program sponsor or presenter has the education and experience appropriate for the activity to enhance the competency of participants.

What are the requirements for informal learning activities?

Informal learning activities must document the following:

a) The format of the activity

b) The date(s) on which the learning activity was performed and completed

c) The subject matter of the activity

d) The number of CPE credits claimed for participating in the activity

e) The materials prepared or used by the participant in conjunction with the activity, which may include any of the following:

• The title and author of a book that was read

• A copy of an article that was read, or the title of the article and the name of the publication in which the article appeared

• Minutes from a meeting attended

• A program outline or handouts from an activity attended

• A link to reading, video, audio or any other online learning materials or activities performed or completed

Can I meet my CPE requirement with 100% formal or 100% informal credits?

At least half of required CPE credits must be completed through formal CPE activities. All credits can be acquired through formal learning if desired. Ethics credits must be obtained through a formal CPE activity that includes verification of participation.

How do I calculate CPE credits?

Many formal CPE activities already have a pre-determined number of credits; no additional calculation is needed. Time-based CPE activities must be recorded using a minimum of 5-minute increments; 50 minutes is equivalent to 1 CPE credit.

However, in situations such as attending a college course or program not assigned with a CPE credit value, the following formulas can be used to calculate the number of CPE credits:

• 1 credit semester course = 15 CPE credits

• 1 credit quarter course = 10 CPE credits

• 1 Continuing Education Unit (CEU) = 10 CPE credits

Note: Time for studying or taking an exam does not count toward CPE credits. Additionally, the number of CPE credits that may be claimed by an instructor, discussion leader or speaker for preparation and presentation of a CPA learning activity may not exceed three times the number of credits awarded to individuals attending or participating in the activity. For repeat presentations, CPE credit can be claimed only if it can be demonstrated that the learning activity content was substantially

changed and that such change required significant additional study or research.

How do I calculate CPE credits for informal activities?

For informal learning activities, rather than developing granular rules specifying CPE computation formulas to estimate competency enhancement achieved from every type of learning activity, the WICPA Board decided to adopt a principles-based approach requiring each member to apply professional judgment in computing CPE credits for learning activities.

What are the recordkeeping and reporting requirements?

Each member must keep records of CPE credits earned. Members should maintain detailed supporting records for a period of 5 years following the completion of the learning activity for all CPE credits completed.

Ultimately, the CPE credit claimed is the responsibility of the individual member. Each member may claim credit only for the learning activities he or she fully completed that increased his or her professional competence.

How should members report their CPE credits?

By paying dues, members are verifying that:

a) CPE requirements have been met.

b) Records and documents that support the CPE compliance have been maintained.

c) Records and documents may be audited.

d) Misrepresenting CPE compliance may result in publication of noncompliance and misrepresentation, as well as classification as a member not in good standing. It may also result in termination of WICPA membership as well as reporting

CPE Requirements

misrepresentation to licensing authorities as an “act discreditable to the profession,” which could result in revocation of CPA certificate and license.

Members are encouraged to use the WICPA’s CPE Tracker to record both formal and informal CPE activities since this will simplify the process of recording. Additionally, formal learning activities held by the WICPA will be automatically added, and certain qualifying informal (e.g., committee attendance and board service) activities will automatically be added.

Can I carry forward CPE credits?

A maximum of 40 CPE credits that exceed the minimum number of credits required to satisfy the requirement in the earlier compliance period may be carried forward from one compliance period to the next consecutive compliance period. The carry-forward credits can consist of any combination of formal or informal credits.

Up to 3 ethics credits that exceeded the earlier compliance period ethics requirement may be carried forward to satisfy the compliance period to which they are carried over.

Can I carry back CPE credits?

Credits earned during the first 12 months of a compliance period can be carried back to the immediately preceding compliance period to the extent necessary to satisfy the CPE requirements for such preceding period, provided the carry-back credits are not used to satisfy CPE for more than one compliance period.

Can CPE credits carried forward to the next consecutive compliance period, or CPE credits earned during the first 12 months of a compliance period carried back to the immediately

preceding compliance period, be used to satisfy the CPE requirements for either 12-month period of that compliance period?

Yes. CPE credits that are carried forward or carried back may be used to satisfy the CPE requirement for either 12-month period of the compliance period to which the carry-back or carry-forward occurs, provided the same credits are not used to satisfy the requirements of both 12-month periods.

Can I request a waiver for my CPE requirements?

Non-CPA and nonlicensed CPA members may request a waiver from the WICPA if they have been prohibited from fulfilling the CPE requirements. Requests must be submitted in writing to the CEO of the WICPA and will be reviewed on a case-by-case basis. The WICPA CEO may waive all or a portion of the CPE credits required if exceptional circumstances have prevented meeting the requirements. All licensed CPA members must request a waiver from DSPS and provide documentation of the waiver determination to the WICPA in order for the WICPA to also waive CPE credits.

What are acceptable reasons to request a waiver?

Foreign Residency

The request should include the country of residence, the name of the employer, the member’s principal duties and responsibilities and the reasons foreign residency prohibited fulfilling the CPE requirement.

Health

The request should include the nature of the illness or disability and the reason the illness or disability prohibited fulfilling the CPE requirement.

Military Service

The request should include the principal duties performed, where the member was stationed and the reason military service prohibited fulfilling the CPE requirement.

Other Similar Reasons

The request should include the nature of the hardship and the reason it prohibited fulfilling the CPE requirement.

How does this compare to the CPE requirements of the AICPA and other licensing jurisdictions?

The updated WICPA membership CPE requirements described above are not the same as AICPA membership CPE requirements, Yellow Book CPE requirements, Peer Review CPE requirements, or the CPE requirements of CPA licensing jurisdictions outside Wisconsin that continue to apply the 1970s learning models that generally require 50-minute CPE time increments as well as lecture-based formal learning activities.

In addition, each of the 55 U.S. CPA licensing jurisdictions has its own unique CPE requirements. The only similarity among the jurisdictions is that they all reference the general CPE requirement of 40 CPE credits per year (although reporting periods vary from one to three years) and 1 CPE credit earned for 50 minutes for timebased learning activities. In addition, CPAs performing attest services or government audits may be subject to separate Peer Review or Yellow Book CPE requirements.

Is the WICPA a registered sponsor with the IRS to receive credit related to PTIN (enrolled agent)?

No, the WICPA is not an approved sponsor for CPE for enrolled agents.

TRACK YOUR CPE WITH THE WICPA’S CPE TRACKER

The CPE Tracker is an easyto-use tool created to keep track of all your CPE in one convenient location.

• Automatically tracks WICPA formal learning activities

• Add any non-WICPA CPE courses

• Print reports for any reporting period

To get started, visit wicpa.org/CPEtracker

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