The Washington CPA Magazine Summer 2020 by Washington Society of CPAs

THE

WASHINGTON CPA

Volume 64, Number 1

Strategic Implications of COVID-19 and its aftermath

SUMMER 2020

Learning to Manage Opportunity in the Unknown Overcoming the Unexpected Consequence of Remote Work Nobody Mentions Secure Your Firm Post-COVID-19

THE WASHINGTON CPA SUMMER 2020

CONTENTS

On the Cover Learning to Manage Opportunity in the Unknown 8

www.wscpa.org • memberservices@wscpa.org Tel 425.644.4800 902 140th Ave NE Bellevue, WA 98005-3480

Overcoming the Unexpected Consequence of 10 Remote Work Nobody Mentions Strategic Implications of Covid -19 and Its Aftermath 15

BOARD OF DIRECTORS Jared M. Theis Chair Thomas J. Sulewski Vice Chair Diane Pietrowski Treasurer Andrew Brajcich Secretary Amanda V. O’Rourke Immediate Past Chair Kimberly D. Scott President & CEO

Sara E. Bailey Joyce Lee Aaron R. Dawson Bill Reed Sarah Funk Leslie A. Sesser Lowel J. Krueger Susan L. Thomson Kris Lambright Bonnie Tse CHAPTER BOARD CHAIRS Laurel Cohen Bellingham Area Charles Meyerson Everett Area Darin Johnson Olympia Area Allison McClure Seattle/Bellevue Area Shayna DesJardin Spokane Area Jessica Packer Tacoma Area Anthony Adams Tri-Cities Area Connie Olson Tri-Cities Area Raquel Martinez Yakima Area

Jeanette Kebede Kaitlin Brake

Editor Art Direction

Secure Your Firm Post-Covid-19 18

Spotlights Six Tips to Protect Your Mobile Devices 12 from Cyber Threats 2019-2020 WSCPA Award Winners 24 2020-2021 Washington CPA Foundation 30 Scholarship Winners

Departments WSCPA Statement 4

The Washington CPA is published by the Washington Society of Certified Public Accountants for its members. Views and opinions appearing in this publication are not necessarily endorsed by the Washington Society of CPAs. The products and services advertised in The Washington CPA have not been reviewed or endorsed by the Washington Society of Certified Public Accountants, its board of directors, or staff. The Washington CPA (USPS 009754) is published four times annually by the Washington Society of Certified Public Accountants, 902 140th Avenue NE, Bellevue, WA 98005-3480. $12 of members’ annual dues goes toward a subscription to The Washington CPA.

Advocacy 5 Leadership Lens 6 Upcoming CPE 22 Classified Ads 36

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The Washington CPA Summer 2020

Statement on Racism & Inequality Our nation, our state and our members are reacting to the continued injustices that stem from systemic racism. People are hurt, angry, and scared. Voices are loud right now, asking to be heard, asking for real change. The membership of the WSCPA, and indeed the CPA profession, represents multiple races, cultures, creeds, and ethnicities. We stand in solidarity with all who suffer the hate and destruction of racism. To move forward we need to acknowledge that systems are failing people, specifically Black people. We need to have the courage to uncover and address the underlying issues that perpetuate this dysfunction. We must take a stand to condemn all acts of racism, discrimination, intolerance, injustice, and inequality. As CPAs are leaders and trusted advisers in our communities, the CPA profession must continue to work toward, and to strive to do more in, creating a just and inclusive world. In 2019 I signed the CEO Action for Diversity & Inclusion CEO pledge to demonstrate my commitment to supporting a more inclusive workplace. I encourage you to get involved. Join our new Diversity & Inclusion Resource Group on our private community, WSCPA Connect, to access resources and to add your voice to this essential dialogue.

Kimberly Scott, CAE, is President & CEO of the Washington Society of CPAs and Executive Director of the Washington CPA Foundation. You can contact her at kscott@wscpa.org.

ADVOCACY

Embracing Community and Advocacy Ashley Kittrell Community is a central part of our lives during normal times. In a year filled with uncertainty and constant wondering about what will happen next, it is more important than ever to connect and lean on our communities. WSCPA members have access to a network of thousands of peers; however, limited in-person meetings and events requires creativity in how we connect with each other. We are also flooded with new information, regulations, and changing guidelines every day, both in the profession and in our personal lives. For every question answered, there are three more. We don’t have all the answers, but members do have a space to share questions and (some) answers, concerns, and resources through various groups related to specific practice areas and topics on WSCPA Connect. Specifically, the Business Challenges Resource Group is where you can find COVID-19 specific resources, news, and relevant conversations with members.

We have spent the last few months gathering information and updates, reaching out to state and federal officials, and preparing for the upcoming months of unknown hurdles. Thank you for reaching out to ask that we work together to ensure that the services you provide are considered essential during the statewide stay home order. Thank you for working with us to reach out to state agencies, departments, and elected officials to clarify filing deadlines and address potential unintended consequences. Thank you for keeping us informed and communicating your concerns so that we can advocate on the profession’s behalf. Please continue to reach out to the WSCPA community and share the challenges and concerns you are facing. We will do our best to find the answer, connect you with the right people, and work through the myriad issues the profession is facing.

Ashley Kittrell is the WSCPA Director of Government Affairs. You can reach her at akittrell@wscpa.org.

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Support the CPAPAC Your contribution to the CPAPAC will help build a strong voice and successful future for the CPA profession. Help us ensure a strong political presence in Olympia, represent CPAs across Washington State, and monitor issues that affect profession. Contribute today at WSCPA.ORG/PAC

Print Correction In the spring 2020 issue of The Washington CPA, the Q&A portions of WSCPA Board of Directors nominees Bonnie Tse and Joyce Lee were improperly listed. Here are their correct responses.

Director: Bonnie Tse, CPA, CIA, CISA, PMP

Director: Joyce Lee, CPA, CFP

One of my goals for 2020: Focus energy on things that are impactful and bring joy. I have a tendency to say “yes” to every opportunity and take on a lot of things at the same time. This has helped give clarity to prioritize my time on things that truly matter and let go of things that aren’t important.

I’m currently reading: “When: The Scientific Secrets of Perfect Timing” by Daniel Pink. As someone who used to have to track billable hours in small increments, I find this book about timing/time in general to be fascinating.

The app that I cannot live without: Todoist. It has a simple, easy to use, checklist format and helps me keep track of all the things on my to-do list. I get the satisfaction of checking something off as soon as I complete it - like this bio questionnaire. Check. Done!

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The one piece of technology I cannot figure out: The universal TV remote at home that’s been programmed for all the streaming services and devices. I am smarter than the technology, but why take time to figure it out when I have kids to operate it for me?

The Washington CPA Summer 2020

LEADERSHIP LENS

The New Normal: Professional Cognizance and Responsibility Jared Theis I am honored for the opportunity to be the next chair of the WSCPA. What a time to be stepping in as chair in the midst of a pandemic, an economic recession, and political/social unrest — this wasn’t part of the job description a year ago! I know this year will be challenging in many ways, but I look forward to that challenge and trying to make our Society and CPA profession better each day. As discussed by Professor Margaret O’Mara, our speaker at the 2020 WSCPA Annual Meeting held virtually on June 4, these recent events are historic on many levels and their impact can help us build for the future. Although they are separate events, they are very intertwined in how they impact us and will shape how we move forward — both as people and as a profession.

and the WSCPA as well — our Annual Meeting being an example of how we can adapt and change to virtually conduct events. The WSCPA has done a great job preparing for the technological evolution to adapt quickly, which has positioned them for continued success with providing various forms of online education, more flexible ways to receive updates to be informed, and ultimately help our members stay connected and succeed. Was it easy? Absolutely not. Was it necessary to survive and succeed? I think we all know the answer to that. The AICPA has also realized the impact with the development of the CPA Evolution (www.evolutionofcpa.org) to change the exam and have more focus on information technology for our professionals to learn and bring to the workplace.

Regardless of your political, religious, or other views, we During the past couple months, I’ve been working with a should all agree that racism, police brutality, violence against national group at my firm to help businesses of all shapes and each other, looting, etc., are wrong. Similar to other tragic sizes seek government assistance events that impacted lives in our community, where we banded under the Coronavirus Aid, Relief, and together under #OSOStrong and Economic Security (CARES) Act. This has allowed me the opportunity to #FreemanStrong, we have members connect with many business leaders of our community hurting that we and learn their perspectives. While support with #BlackLivesMatter. The the individual issues may be different, CPA profession also is not immune. I have noticed many common themes We have clients and colleagues in that I am sure you are seeing in your the Black community, and Blacks are disproportionately underrepresented own organizations as well as those in our profession, which is something of your clients. Many are still trying Barry Melancon, CEO of the AICPA, has to understand “How do I make it pointed out many times as a focus of through,” “What’s next for my business,” the organization. I think most of us are and “How do I ensure I am better prepared in the future,” but they’ve also Pictured from left: Barry Melancon, AICPA CEO; Jared Theis, WSCPA Chair; quick to tout that our profession is great recognized that we will be in this “new Tracy Golden, AICPA Vice Chair; Kimberly Scott, WSCPA President & CEO and has provided a successful way of life for ourselves and families. However, normal” going forward. That includes embracing technology and changes to their business dynamic that opportunity does not seem equitable and as available to that three months ago seemed to be a farther off reality than Blacks. We must ask ourselves “why” and identify how we can an immediate need. be more inclusive for African Americans and enable them to achieve success in our profession as well. The pandemic has effectively accelerated the use of technology in our workplaces and will have lasting effects on the way We also need to be cognizant about the impacts to the women business is conducted. I am hearing businesses discuss needing in our profession. The pandemic has disproportionately impacted less real estate space with alternative work arrangements, less women more than men as they still take on the majority of business travel, more focus on necessary costs and flexibility of at-home family demands (whether it is right or wrong is an arrangements. These will undoubtedly change our profession individual family determination). The impact this will have on our

The Washington CPA Summer 2020

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LEADERSHIP LENS profession remains to be seen, but there is concern that it may have a negative effect and could partially unwind many years of efforts to increase the involvement of women in our profession. Currently, 43 percent of the WSCPA membership is women with a slightly higher percentage of women accounting majors at local universities — this number is still disproportionate but is a substantial increase from women being five percent of the membership in 1958. Women are leaders and mentors in many ways that have positively impacted our profession. We need to ensure that we continue to recognize the issues and provide opportunities for women in our profession to be successful.

Jared Theis, CPA, is an Accounting Advisory Director in the Seattle office of KPMG LLP and chair of the WSCPA Board of Directors. You can contact him at jtheis@kpmg.com.

We must remain cognizant of those impacts to continue to progress as a profession, a society, and as people on this great earth. Doing nothing is not the answer, and we need to step up and find ways to be more inclusive and provide a positive influence every day. It starts with acknowledging the issues, having the conversations, and focusing on things we can control — our work ethic, our actions, and our attitude, including toward others. It will take each of us to continue to change and improve our profession to be successful in the future.

Women's Initiative Resource Group Diversity & Inclusion Resource Group Covid-19 Business Challenges Resource Group and more!

Thank you for the opportunity to be your chair. I look forward to another great year.

Check it out: wscpa.org/connect

Join the discussion and find great resources on Connect!

WSCPA Membership Renewal $300 Amazon Gift Card Drawing! CONGRATULATIONS TO OUR FIRST TWO WINNERS

OUR LAST GIFT CARD DRAWING IS SEPTEMBER 1ST!

Katelyn Roberts, CPA

To enter, renew your WSCPA membership by midnight on August 31st.

Gig Harbor, Washington WSCPA member for 7 years. Any idea how you're going to spend your winnings? Nope, no idea what I’m going to spend it on. Maybe something for my new house!

Anita Armour, CPA Bothell, Washington WSCPA member for 27 years. What do you enjoy most about being a CPA? "I enjoy the interaction with clients. We have clients who have been with us 30+ years so you develop relationships with them and enjoy catching up with them each year."

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Thank you to everyone who has entered so far! If you haven't renewed your membership yet, visit wscpa.org today! Questions about renewing or your member benefits? Contact us at memberservices@wscpa.org or 425.644.4800.

The Washington CPA Summer 2020

PROFESSIONAL DEVELOPMENT

Learning to Manage Opportunity in the Unknown Daniel Burrus

We all manage something in our lives. Whether we manage other people, an entire organization, sales or even just ourselves, management is part of our everyday lives and includes careful planning, well-thought-out direction and a sense of control. What happens when we apply that definition of management to the concept of opportunity? What if we were to identify and act upon opportunity much as we arrange and then manage a meeting, a project or some other form of responsibility that takes place each day in our lives? What transformative opportunity does that foster for your organization?

The Washington CPA Summer 2020

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PROFESSIONAL DEVELOPMENT

Take Anticipatory Action, Not Agile Reaction

Become an Opportunity Manager

One element of being a manager is the necessity of reacting to crises. This COVID-19 global pandemic we presently find ourselves in is the perfect example. In the wake of the coronavirus, I’m sure you have had to manage a crisis or two you never before thought plausible, yet somehow you overcome it every day.

Becoming an opportunity manager means first developing an anticipatory mindset. For instance, one of the salient principles of my Anticipatory Organization Learning System is Hard Trends, which are future certainties that you know will impact both you and your organization.

Crisis is a form of change or disruption coming from outside of your organization that greatly impacts the status quo and must be dealt with. That is a perfect description of what the coronavirus pandemic has done to us all, no matter what industry we find ourselves in. However, COVID-19 and other forms of disruption and perceived crises aren’t the problem; the real issue is when your response as a leader is solely reactionary and habitual.

Take a few moments to consider what Hard Trends could drastically affect you, your organization and your industry as we come out of this pandemic. Likewise, think about the possible problems and opportunities that you can foresee those Hard Trends bringing with them for you or your customers. What can you do now to not only pre-solve those problems before they become detrimentally disruptive, but also leverage those Hard Trends into game-changing opportunities?

No matter how agile or clever you are, repeatedly reacting to problems and issues will eventually be a never-ending cycle. This is why change must happen by way of implementing anticipation—allowing you to become an opportunity manager instead of a crisis manager.

What Is an Opportunity Manager? What does it mean to become an opportunity manager instead of a crisis manager? Among other things, it means being anticipatory, paying attention to what I refer to as Hard Trends (projections based on measurable, tangible, and fully predictable facts, events, or objects) shaping your industry and pre-solving problems before they occur. An opportunity manager looks for opportunities, identifies them, acts on them and refines them. An opportunity manager is a positive disruptor. More specifically, here are three attributes of an opportunity manager: 1. You create change rather than having to react to it. Instead of reacting to change, you effectively create change. Rather than reacting to an outside factor, like a nationwide shutdown of nonessential businesses that most business leaders never anticipated, you’re reversing these effects and creating change from inside your organization. 2. You are a positive disruptor. As I mentioned, you create the disruption instead of being disrupted by it. This pandemic has created a “new normal”—so merely waiting for disruption to hit you is a poor choice. New innovation is needed, so creating positive disruption from inside your organization allows you to stay ahead of the innovation curve. 3. You use disruption to your advantage. Not only do you create the change and control the disruption before it disrupts you, but you’re also the anticipatory one who’s leveraging disruption to your advantage. For example, instead of attempting to protect the status quo (as most are doing in reaction to COVID-19), you find ways to use that disruption as an opportunity to innovate, continue to serve customers and possibly even continue to offer said service once the pandemic is over.

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A good example of a Hard Trend is the reality that there will be greater changes in regulation of brick-and-mortar businesses as they reopen into the “new normal” COVID-19 has left us in. For example, the Las Vegas entertainment industry, which makes up nearly all business in lower Nevada and relies on in-person contact much of the time, must reopen safely. An opportunity manager looks at opportunity within the framework of both time and effort. What opportunities are more immediate and mandate less effort, and what opportunities require a longer time frame and greater commitment? For Las Vegas, the immediate opportunities are most pertinent, and an example of an opportunity manager in this case is a local billboard printer who began making custom-fitted plexiglass shields, allowing individuals to play cards at a table while being separated from one another.

In the face of the unknown, it is time to transform your role from a crisis manager to an opportunity manager.

Daniel Burrus is considered one of the world’s leading technology forecasters and disruptive innovation experts. He is a strategic advisor to executives helping them to develop game-changing strategies based on his proven methodologies for capitalizing on technology innovations. He is the author of seven books, including The New York Times bestseller Flash Foresight, and his latest book The Anticipatory Organization. He offers monthly Strategic Deep Dive Webinars through an Anticipatory Leader Membership program. You can contact Daniel at www.Burrus.com | office@burrus.com. Illustration: © iStock/z_wei

The Washington CPA Summer 2020

PROFESSIONAL DEVELOPMENT

Overcoming the Unexpected Consequence of Remote Work Nobody Mentions Donald Altman

Are you working at home more because of COVID-19 and the pandemic? Do you mostly interact with others remotely while working? If so, you may be experiencing a profound impact to your physical and emotional life produced by this drastic change in routines. Research shows that a reduction in our social networks—even those caused by working remotely because of COVID-19—can put you at risk for a health factor that not many people talk about. That health factor is loneliness.

According to research, feelings of isolation and loneliness may be at epidemic proportions. Even before the COVID-19 pandemic, Cigna conducted a survey of more than 20,000 U.S. adults to explore levels of loneliness. The results showed over 50% of adults over 18 year of age were lonely. These persons spent very little quality time engaged in actual face-to-face conversation with another person on a daily basis. On the other hand, persons who engaged in an in-person interaction with another person on a daily basis were significantly more happy—as well as reporting themselves as being healthier. Keep in mind that social isolation is not the only cause of loneliness. It’s also been shown that overworking and burnout can produce feelings of loneliness. First of all, if you’ve been feeling lonely or depressed because of isolation recognize that you are experiencing a normal reaction to a difficult situation. Don’t blame yourself for your feelings. These feelings only mean that your emotional systems are operating as they are supposed to. They are letting you know that you need to find greater balance in your life. Fortunately, there are some good strategies you can employ for countering the effects of loneliness and overwork. Let’s look at how you can use a variety of proven strategies for regaining balance and connection with others. Studies on loneliness show that one key way of positively shifting loneliness is through bringing life balance into focus. This means paying attention to behaviors and life such as getting enough sleep, physical activity, and connections with others. Let’s take a closer look at things you can easily do to short circuit loneliness and increase your energy and wellbeing.

The Washington CPA Summer 2020

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PROFESSIONAL DEVELOPMENT

Here are some simple and proven methods for bringing greater balance into your life and enhancing meaning in your relationships. 1. Invite Structure and Routine into Your Day Working from home inherently lacks structure. This means you need to impose a sense of orderliness and meaning to your experience. Starting your morning with a morning stretch, yoga, or other physical activity, as well as making breakfast, lends structure to your day as well as provides important self-care. Make a point of getting “dressed up” for remote work, in addition to setting a time for starting work and for taking breaks—just as if you were working in an office. If possible, keep your workplace clean and separate from other parts of the house.

2. Recharge with the Big 3: Sleep, Nutrition and Activity If you don’t feel at your best, you won’t connect with others optimally— whether remotely or in person. That’s why sleep, exercise, and eating well are so crucial to maintaining wellbeing. Sleep is vital because it is a time when waste products—through what is called the glymphatic system—get cleansed from the brain. Set a time to go to bed so you can get whatever amount of sleep helps you feel refreshed. Try not to use technology for at least an hour before bedtime because the light from TVs, computer screens and phones actually delays production of melatonin, the sleep hormone that sets your body’s sleep clock. The brain needs protein daily to help the executive thinking, judging, analyzing and decision-making part of the brain work efficiently. If you only drink coffee without having food in the morning, you’ll be increasing the chance of irritability, as well as inability to think clearly. Lastly, plan physical activity into your day, whether it’s walking the dog, working in the garden, or just taking a brisk walk. Activity has been shown to reduce depression, fatigue, and anxiety, as well as being good for enhancing learning.

3. Be Mindful and Grateful with Someone—In-Person Get mindful with someone by having a good, old-fashioned, meaningful conversation face-to-face. If you can’t do this in-person, then share a gratitude or an upbeat story with another. By looking for the positive and sharing it, you spread happiness one person at a time. Use these three steps, and you’ll not only overcome loneliness, but reinvigorate each day with newfound connection, purpose and joy.

Donald Altman, MA, LPC, is an international mindfulness expert, psychotherapist, and awardwinning author of 15 books that have been translated into many languages worldwide. His newest book is Simply Mindful: A 7-Week Course and Personal Handbook for Mindful Living. You can contact Donald at www.mindfulpractices.com. Illustration: © iStock/nadia_bormotova

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The Washington CPA Summer 2020

TECHNOLOGY

Six Tips to Protect Your Mobile Devices from Cyber Threats Christophe Réglat

The Internet of Things (IoT) has made life more convenient in many ways, from webconnected televisions to smart kitchen appliances. The cars we drive are no longer just a vehicle to get us from point A to point B, they are our smartphone, our map, and our personal DJ. As a result, an estimated 200 billion devices will need securing by 2020, according to a cybersecurity report in Entrepreneur magazine. Many of these devices have computer processors onboard and act as a self-contained web server to handle communication and other sophisticated functions. Until we start protecting our mobile and other smart devices the same way we protect our computers, we're inviting increased risk. Particularly with smartphones and tablets, it’s become commonplace to use these smaller mobile devices for both work and pleasure the same as we would a desktop or laptop computer. With the amount of personal and protected data stored on these devices, cybercriminals are taking notice. Consider all of the information contained on your mobile devices. Many apps such as Amazon, PayPal and Venmo provide access to your bank account or credit card information. What’s more, these devices contain direct access to your e-mail, text messages and social media accounts that can be used to steal your identity and trick others into providing their sensitive information, as well. Among the top threats from mobile devices are: • Free mobile apps that perform as advertised, but also send personal – and potentially corporate – data to a remote server, where it is mined by advertisers, or worse, by cybercriminals. • Unsecured Wi-Fi and network spoofing, which is when hackers set up fake Wi-Fi networks in high-traffic public locations such as coffee shops, hotels and airports.

Illustration: © iStock/treety

A survey by cybersecurity software provider Symantec found that three in 10 small- and medium-business owners said employees have lost a company-issued mobile device or had one stolen. Of those, more than 25 percent said the event resulted in a data breach. When it comes to your business, how are you protecting the data on your company’s mobile devices?

Here are six tips to help ensure your mobile devices are secure.

The Washington CPA Summer 2020

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TECHNOLOGY

Use long, complex passwords, instead of the standard four-digit code. A strong password is at least eight characters long and includes a combination of letters, numbers and special characters. For added security, set-up thumbprint or face recognition. Additionally, make sure your device auto-locks when not in use.

Turn off Wi-Fi and Bluetooth when not in use. These platforms are essentially open connections to your phone. Only turn them on when you need to use them.

Only download apps from trusted sources such as the Apple App and Google Play stores. Malicious apps infected with malware are generally found in third-party app stores and often resemble legitimate apps such as games, instant messaging and even antivirus software. Look at the app’s reviews and star rating. Notice when the app was published, and be wary of new apps or ones used by few people. Also, be cautious about using free apps. While it doesn’t cost money to use them, the app does want something in return — access to your personal information. Finally, set-up two-factor authentication, especially for apps that store your bank account or credit card information.

Don’t click on links or attachments in SMS messages from unknown senders. Much like email phishing, “smishing” uses fraudulent text messages to convince people to reveal personal information, such as passwords and credit card numbers. Mobile device users are especially vulnerable to these attacks because the smaller screen makes it harder to spot fake content. “Smishing” scams are on the rise, in part, because they appeal to cyber criminals who can enable geographic targeting; for instance, posing as a local bank or credit union to send messages to nearby mobile phone users. “Smishing” also poses risks to companies because it can trick users into downloading infected files, potentially exposing sensitive data.

Perform regular software updates on your device’s operating system (OS) and all of your apps to patch possible security vulnerabilities that can give malware access to your phone or tablet.

Make sure you have software installed on your mobile device that lets you remotely lock, and if necessary, wipe the data if it’s lost or stolen.

We live in a world where everything in our lives is connected and automated; from the security cameras, thermostats, and even baby monitors in our homes to our medical data and physical activity. Mobile and smart device manufacturers are making strides toward investing in and prioritizing robust security features. But, at the end of the day, the responsibility falls largely on the user to adopt best practices and take the necessary precautions to protect ourselves from the many threats on the mobile landscape. Reprinted with permission, FICPA Florida CPA Today magazine.

Christophe Réglat is president and CEO of Coaxis, a partner program for the WSCPA. Coaxis provides CPA firms with a fully-hosted and managed network solution designed to remove the complexities of federal and industry compliances, curb the demands of maintaining an IT infrastructure, and greatly minimize the threat of cybercrime. For more information, call (850) 391-1022 or email lisa.bryant@coaxissolutions.com.

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The Washington CPA Summer 2020

STRATEGIC IMPLICATIONS OF COVID-19 AND ITS AFTERMATH INTERACTION WITH COMPANIES, EMPLOYEES, AND SUPPLY CHAINS WILL CONTINUE TO CHANGE. A CONSULTANT OFFERS PLANNING ADVICE FOR MOVING FORWARD. David A. J. Axson

In the long term, the effects of the coronavirus pandemic on business remain unclear. In the short term, company leaders have been focused on ensuring the safety of employees and customers, maintaining financial sustainability, and plotting a path to resuming business operations.

Even if that path hasn't been paved completely, it is possible to identify the key strategic questions CFOs and other executives will need to address: H  ow will the nature of interactions with workers, partners, and customers change? H  ow can an organization increase financial and supply chain resilience in times of stress? How should planning and management processes be adapted post-pandemic? www.wscpa.org

The Washington CPA Summer 2020

INNOVATION

Interactions with employees, partners, and customers The shutdown of large segments of the global economy, increased working from home, and social-distancing guidelines have changed the nature of almost every human and commercial interaction. China’s economy went from 6.1 percent growth in 2019 to a 6.8 percent decline in the first quarter of 2020, the first decline since quarterly numbers were first reported in 1992. US retail sales declined 8.7 percent in a single month (March 2020), and overall US unemployment increased fivefold in the five-week period to mid-April. As the economy restarts, companies will need to determine which elements of the behavior changes during the pandemic will become permanent. Will all personal care/service professionals have to use personal protective equipment? Will social-distancing rules be enforced at large gatherings, retail stores, restaurants, and on airplanes? Will enhanced cleaning regimes become a permanent part of standard operating procedures?

economics associated with such investments. Organizations that can successfully demonstrate their ability to adapt to a post-coronavirus world are likely to benefit from increased customer trust and confidence, reduced potential for worker absenteeism, and an enhanced ability to attract and retain employees. However, it will take time to develop a sustainable economic model. The US airline industry took six years to return to pre-9/11 performance levels. For strategic planners, a willingness to envision alternatives and identify measures of success to guide decision-making will be increasingly important.

Supply chain resilience The heavy dependence of global supply chains on China became clear as manufacturing stopped almost overnight, disrupting the flow of goods across the globe. Many organizations went from lean inventory to no inventory in a matter of days. As the virus outbreak moved to Europe and the US, the impact expanded rapidly. The food-processing industry was hurt by shutdowns and absenteeism, and Amazon’s two-day guaranteed delivery became a thing of the past for many deliveries.

One significant impact of the pandemic has been the increase in working from home. In 2018, according to US Census data, 5.3 percent of Americans primarily worked from home. In However, except for a few notable exceptions, such as for April 2020, Global Workplace Analytics estimated that 25 personal protective equipment, ventilators, cleaning supplies, percent to 30 percent of the workforce will be working from and toilet paper, supply chains have coped remarkably well given the scope and scale of the disruption. We home multiple days a week by the end have also seen a number of examples of 2021. If true, organizations will need "For strategic of companies rapidly retooling their to address a number of topics, such as business to address supply shortfalls in planners,a ensuring data and communication security critical areas such as distilleries making across a remote workforce; creating an willingness hand sanitizer and automotive companies environment conducive to collaboration; to envision producing ventilators. establishing policies for funding work-atalternatives and home office set-up and operation; and identify measures Much of this relative success can be assessing the impact of reduced on-site of success to guide attributed to companies working to staff on real estate requirements. create more flexible and responsive decision-making supply chains. It is unlikely that there will More significant than the interactions will be increasingly be a significant move away from global with employees will be changes to important." supply chains. The benefits of relocating the customer engagement model. Will manufacturing operations to cheaper grocery delivery become the norm, labor markets, outsourcing large elements or will shoppers return to stores? One of customer service and back-office work, and investment in supermarket chain in Ohio in the US converted one of its traditional stores to become a delivery fulfilment store only. If technology to reduce fixed and variable costs have been too that becomes normal practice, what are the implications for store significant to abandon. Much more likely is that there will be location strategies? Will companies that have added pick-up increased stress-testing of supply chains and potentially some or delivery options maintain them after the pandemic abates? reduction in the concentration of supply on one company, How will hospitality organizations earn the trust of customers country, or region to create additional flexibility. with their hygiene and virus-prevention policies? Is the reduction in oil consumption and prices simply a temporary aberration The answer is not to abandon lean principles and simply due to reduced economic activity, or could routines such as increase stock levels across the board to provide a cushion working from home continue, triggering an acceleration in the against supply disruptions. By using more granular demand and supply data, focusing on both near-term and long-term decline in the use of carbon-based fuels? signals of market and customer behavior and incorporating At first glance, the implications may seem to be negatives in that rational scenario planning capabilities, organizations can add they increase costs without any commensurate offsets. While resilience and flexibility to already efficient processes. that is true in some cases, it is important to consider the overall (See the sidebar, “Scenario-Planning Checklist”.)

The Washington CPA Summer 2020

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INNOVATION

Planning and management processes “Static”, “detailed”, and “wrong” define the results of most organizations’ planning and budgeting processes. Months of crunching numbers in spreadsheets yields a single, fixed view of the future that has little or no basis in reality and rarely contemplates that the future may not turn out exactly as expected. This is true even in the absence of major global events.

to distribute so much cash to shareholders and then plead for government relief when the unexpected happens?

Since the Great Recession of 2007–2009, organizations have adopted techniques that better accommodate uncertainty and ambiguity: rolling forecasts, driver-based plans, scenario planning, machine learning, and advanced analytics. However, progress has been fragmented and disjointed. Few organizations can boast a holistic, integrated, and dynamic planning and performance management process that fully leverages the increasingly rich datasets that are available. Organizations need to move from piecemeal projects that improve parts of the process to prioritizing an integrated performance management architecture that encompasses five attributes:

Identify scenarios that could have a material impact on your business and could reasonably occur as long-term consequences of the COVID-19 pandemic. Examples to consider could include:

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Integrated. Seamless integration between strategic planning, tactical planning, budgeting, forecasting, and reporting processes. Scenario-based. Consistent use of scenario planning for long-term strategic evaluations and sensitivity analysis for shorter-term analysis. Data driven. Transition from calendar-driven cycles (annual plans, quarterly forecasts, monthly reports) to data-driven cycles that are triggered by changes in market, operational, or financial data at a granular level. Analytic. Use of advanced analytics (artificial intelligence, machine learning, cognitive computing, and the like) to run large-scale simulations at speed to inform decision-making. Collaborative. Collaborative planning that goes beyond finance, beyond cross-functional teams to embrace an organization’s entire economic ecosystem including customers, suppliers, employees, advisers, and regulators.

The bottom line Within days of the pandemic spreading across the globe, corporate cash piles diminished, credit facilities were drawn down, loan and rent payments were missed, and unprecedented government fiscal support was provided. It can be argued that all were prudent and expedient actions given the unprecedented nature of events. However, there should be some questioning of the effectiveness of corporate governance, financing, and shareholder principles in the light of recent events as it relates to cash and capital utilization. From 2017 to 2019, S&P 500 share buybacks exceeded $2 trillion, according to data from Yardeni Research Inc. In the year to March 2019, share buybacks exceeded free cash flow generation for the first time in more than a decade. While the pandemic’s events are clearly unusual, can companies continue

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SCENARIO-PLANNING CHECKLIST

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Work from home increases to almost 40 percent of the workforce with a commensurate reduction in local travel.

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Videoconferencing becomes the norm, reducing business travel and expense by 30 percent and credit card volumes by 20 percent.

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Gatherings of more than 50 people are not feasible until 2022.

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Increased grocery sales and reduced dining out continue well after the pandemic ends.

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Some elements of social distancing become the norm.

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Contactless payment increases; cash usage is almost eliminated to reduce spreading risks; ATM networks disappear.

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Large corporations significantly reduce their dependence upon China or other markets.

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Stress-testing akin to that applied to financial institutions after the financial crisis is instituted across industry sectors where significant weaknesses were exposed.

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Only 50 percent of lost oil demand reappears over the next five years.

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New coronavirus strains emerge in two of the next five years with 80 percent of the impact of COVID-19.

No organization will ever be able to fully prepare for events of the magnitude of COVID-19. Yet it is a certainty, not a probability, that another seismic global economic event will occur in the future. It could be triggered by another virus or a protracted timeline combating the current virus; a communications, power, water, or other system outage; a cyber or biological attack; a climate event; or other natural disaster. The best strategists will be able to model the impact of such events, develop rational mitigation strategies, and, most importantly, position their organization to emerge in a stronger competitive position when growth returns. Consultant and author David A. J. Axson is a retired partner from Accenture, a co-founder of The Hackett Group, and former head of corporate planning at Bank of America. Photo: © Center for Disease Control Photo: © iStock/traffic_analyzer

The Washington CPA Summer 2020

TECHNOLOGY

Secure Your Firm Post-COVID-19 Roman H. Kepczyk

Seemingly overnight, COVID-19 required every CPA firm to operate entirely in a virtual environment. While many firms were already cloud-enabled with functioning remote users, many firms, including an even larger number of firm personnel, were not. Firms rushed to adapt to whatever remote work tools were available without understanding the security risks they were taking on. Of course, hackers took notice and immediately began targeting security weaknesses, begging the question:

Is your firm secure in this post-COVID-19 world where everyone is remote? Now is the time to ensure the firm’s "virtual" IT infrastructure is secure and to educate your personnel on how to function securely in this new environment. Below are security considerations to first discuss and remediate with your IT team, and then to educate all your personnel to protect your firm in this unparalleled time.

When working remotely, your computer is one of the first places to begin protecting your firm. •

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Authorized equipment: Access to the firm’s applications and client data should only be done on firm-designated computers, smartphones, and tablets. Your computer should not be shared with or utilized by family members. This will minimize the risk of malware infections and hacker access. Automatic updates: Mandate automatic updating of applications on work devices, including showing your personnel how to verify these settings, particularly for Microsoft Windows and antivirus/malware applications. Personnel should never load non-firm approved applications or disable installed programs unless specifically directed to do so by a verified IT support person. Screen locking: Access to devices should be automatically blocked by screen locking after a firm-designated period of time (<5 minutes) to protect unauthorized user access and to enforce confidentiality of client data. Put your computer to sleep if you are taking a lunch or exercise break.

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Once technical components are locked down, human error becomes your firm’s most significant security risk, which can be minimized. •

Secure connections add the next layer of firm protection . •

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Identity verification: To connect to the firm’s information applications, you should mandate the use of multi-factor authentication as well as passphrases and/or a password manager to replace antiquated password rules. Passphrases consist of at least three nonsensical words (i.e. lunchgatelight), are unique for each login, and are not to be reused for other applications. Multi-factor or two-factor authentication requires users to verify their identity by typing in a security code that was sent to their “known” phone or email address when they initially attempt to connect to the application. Home internet: Connecting your computer directly to the The Washington CPA Summer 2020

internet router with an ethernet cable and using a VPN is the most secure home connection to access firm resources. If you must use a Wi-Fi connection, first update the router’s firmware, change the default password, and setup both ‘work’ and ‘guest’ access, limiting access to the ‘work’ account. If this cannot be confidentially secured, use the mobile hot spot within your smartphone for internet connectivity. Encrypted file transfer with clients: Mandating the use of a portal or secure email solution instead of transmission of client information via email or USB flash drives will help protect client data confidentiality. All firm personnel must be trained to utilize these tools and to assist clients in using them. Many firms include online video instructions or tutorials on their websites.

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I☐ T policies: Immediately review and update firm IT policies to incorporate the latest remote user and virtual IT security requirements. Review these policies annually to consider the evolution of the firm’s applications to the cloud and adoption of new technologies. Security education: Mandate annual security training for all firm personnel including the latest threats and be sure to record the session for new hires. This training must incorporate the IRS "security six" requirements including an emphasis on evolving phishing and social engineering schemes, as well as how to respond if you suspect a breach. Screen potential hires/contractors: Hackers are notorious for using social engineering skills to con their way into the office to compromise firm workstations and networks. In addition to background checks on all potential employees

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TECHNOLOGY or contractors, if you see someone walking through the office you don’t recognize, introduce yourself and escort them to the person they claim to be visiting. Never leave any unknown contractors unattended as the hack can be as simple as plugging a USB thumb drive into the back of a computer.

The firm’s IT support personnel have additional security components that they must oversee. •

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Independent security review: Your IT personnel did the best job they could setting up your firm’s security, but how much time do they take to keep up with and protect against emerging threats? Unless they are providing security reviews for other businesses, the answer to the question is not enough. Hire an independent third party specializing in security to evaluate and help you protect your firm, particularly for the setup of remote users. Verified backups: Your firm’s top protection against ransomware and natural/man-made disasters is having all firm data and applications backed up and offsite. While cloud providers and application vendors increasingly provide backup capabilities, it is critical the firm’s IT team regularly verify that all internally managed applications and data is properly backed up and, in a format, to be quickly restored and accessible to resume operations.

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Minimize privileges: Access privileges should be set to the minimum level an employee needs to complete work with “administrator” access being provided only when required. Hackers with administrator access have significantly more power to take control of and compromise a firm’s IT infrastructure, so don’t let them have it! Breach response plan: The worst time to figure out how to respond to a security breach is after it happens. Create a response plan now including who is in charge and the steps the firm will take. This plan should be communicated to firm personnel, including what they must do if they suspect a breach. Cybersecurity insurance: Even well-protected firms are not immune to being hacked, so it is imperative that they be protected from the prospect of a breach. Firms should review and update their cybersecurity insurance to take into account remote worker considerations. Data/equipment tracking: In the event of a breach, including a lost or stolen device, the firm must know what data could have been impacted. The firm must document all the locations where data resides within the firm, the cloud, and on remote workstations. All firm devices should also have tracking tags and inventoried annually through proper disposal to verify all client data has been scrubbed.

Illustration: © iStock/ emojoez

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The Washington CPA Summer 2020

TECHNOLOGY

Non-cloud firms continuing to maintain internal networks and local data have additional security considerations. •

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System updates: Updating network components with the latest software patches is one of the most effective tools against hackers trying to take advantage of "known" vulnerabilities. In addition to file server operating systems, the firm’s IT support personnel must also review and update all devices connected to the firm’s network including, firewalls, Wi-Fi routers, printers and IoT peripherals such as alarm systems, video cameras, connected thermostats, etc. Secure on-premise equipment: For firms with individuals connecting to servers and workstations that are physically located in the firm’s office, the firm should turn off the devices when not being utilized and monitor physical access (enhanced alarm systems). With many offices unattended or minimally staffed the risk of theft increases and it is recommended that all on-premise data be encrypted. Firm internet: An increase in remote users connecting to the firm’s servers may slow down internet performance, particularly when virtual private networking software is being utilized. When increasing internet bandwidth or adding a new provider, be sure to verify security protocols are properly configured. Local disk storage: Firms downloading, creating or storing any firm or client information on local hard drives must utilize disk encryption. USB flash drives should not be utilized for transferring or storing files as they can easily be lost, stolen or compromised with malware.

Act on security to make your firm more secure. While there is a cinematic vision of super-sophisticated hackers breaking through multiple layers of security to breach a firm’s cyber defenses, the reality is quite the opposite. Current data breach analysis points to most hackers gaining access through known system vulnerabilities, phishing emails, and social engineering of employees that could be virtually eliminated by following the recommendations listed above.

Roman H. Kepczyk, CPA. CITP, CGMA is Director of Firm Technology Strategy for Right Networks and partners exclusively with accounting firms on production automation, application optimization, and practice transformation.

This tool is an example of the turnkey practice management tools and resources PCPS delivers. PCPS is an add-on firm membership section within the AICPA. A PCPS firm membership, at only $35 per CPA, up to a max of $700 per firm, is a great investment for a broad range of practice management resources. Find out if you are already a PCPS member or register for a virtual tour to learn more at aicpa.org/pcps.

Utilize your Passport Corporate Card to save big on all your tech needs! • • • • • • •

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Upcoming CPE A selection of WSCPA CPE events scheduled August - November are listed. To view the hundreds of course listings and complete details, please visit the CPE & Event Catalog at wscpa.org/cpe.

Bottles Brews & Buds Virtual Conference Webcast, August 5 8 Credits

Now more than ever before, your clients in the brewing, wine making, distilling and cannabis industries need your guidance to navigate new revenue opportunities, rules, and regulations as a result of COVID-19. Join us for the 2020 Bottles, Brews & Buds Virtual Conference as we delve into the unique accounting, tax and business issues that affect these industries.

Farm Tax Virtual Conference Webcast, August 14 8 Credits

Are your farm and ranch clients enjoying every tax advantage they deserve? During the premier CPE event for agribusiness tax professionals, Paul Neiffer will drill down into the latest tax regulations including the CARES Act, other tax-related developments due to the COVID-19 crisis, and the Tax Cuts and Jobs Act (TCJA) and their impact on agricultural taxation.

Women's Leadership Summit Lynnwood, September 8 8 Credits

The 2020 Womenâ&#x20AC;&#x2122;s Leadership Summit is designed to empower the WHOLE leader. Todayâ&#x20AC;&#x2122;s leader knows that they must continue to invest in themselves, developing new skills and practicing self-care. Connect and build your community with other smart and savvy professionals and leaders. This must-attend event is a unique opportunity to gain insight from other women leading the way in your professional community.

The Washington Society of CPAs is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of group-live and group-internet-based continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org For more information regarding refunds, complaints, program cancellations or other policies visit www.wscpa. org/cpe/cpe-policies or call 425.644.4800

The Washington CPA Summer 2020

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EDUCATION AND EVENTS

Online CPE DATE

COURSE TITLE

CREDITS

8/19-20 Partnership Taxation WEBCAST

9/10

CFO Series: Advanced Skills, Made Easy WEBCAST

9/16

Accounting For Financial Instruments: Applying The FASB's Three New Updates WEBCAST

9/16

Accounting For Long-Term Assets: Addressing The Challenging Issues WEBCAST

9/17

ASC 805 Business Combination Accounting: Not Just for the Big Guys WEBCAST

9/17

Applying ASC820: The Basics Of Fair Value Accounting WEBCAST

9/18

Section 199A A to Z - A Comprehensive Approach to the Biggest Tax Break in Decades WEBCAST

9/30

FASB Update for Small and Medium Sized Businesses: A practical Implementation Guide WEBCAST

10/7

Annual Accounting and Auditing Update WEBCAST

10/8

Compilations, Reviews, and New Preparations: Engagement Performance and Annual Update WEBCAST

10/9

Focus On Engagement Quality: How to Avoid Deficiencies in Peer Reviews WEBCAST

10/19

CFO Series: Developing Credibility WEBCAST

10/21

Washington Ethics and New Developments 2020 WEBCAST

10/22

2020 Federal Taxation of Cannabis with Crucial Changes WEBCAST

10/22

Accounting, Audit and Attest Update for Practioners with Small-Business Clients WEBCAST

10/23

Assessing The Risk Of Fraud In A Financial Statement Audit WEBCAST

10/26

Best Practices for Payroll Taxes and 1099 Issues WEBCAST

10/27

Taxation of Corporations WEBCAST

10/28

Construction Industry Conference 2020 WEBCAST

10/29

The Complete Guide to Washington Death Taxation WEBCAST

10/30

Estate Planning: Washington Issues WEBCAST

Live CPE DATE

COURSE TITLE

LOCATION

CREDITS

11/2

Surgent's Advanced Critical Tax Issues For Limited Liability Companies and Partnerships

Spokane

11/3

Securing A Comfortable Retirement in the Age of Spending

Spokane

11/6

2020 Rules, Regulations, and Ethics for CPAs in Washington by Thomas Neill (A WA Requirement)

Bellingham

11/19

Washington Ethics and New Developments 2020

Spokane

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The Washington CPA Summer 2020

WSCPA Award Winners Every year, the WSCPA honors individuals (and one company or firm) that have demonstrated their commitment to supporting the Society and maintaining the CPA's trusted and respected place in Washington State's professional community.

The Washington CPA Summer 2020

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Community Leadership Award For Outstanding, Lifelong Civic and Community Service Pam Cleaver is a partner in the Yakima office of Moss Adams. Pam is passionate about giving back to the community she lives and works in and is one of the most recognizable faces to professionals and organizations in the Yakima Valley. A graduate of Sumner High School and University of Washington, Pam is a native Washingtonian with purple and gold as part of her DNA. Growing up in a small community and working in agriculture from a young age, she learned the value of hard work so becoming a CPA was a natural transition. Pam works with both privately held clients and not-for-profit organizations and while providing audit services is a primary focus, she believes we all must be essential business advisors to our clients. A fun fact about receiving this award is that her career path crossed with that of Vincent Gervais, whom the award was named after, in the ‘90s when they worked together at a local CPA firm. Pam has been in leadership roles and involved in a multitude of community service organizations throughout her career as a CPA over the last 30 years, and her level of dedication has enhanced the community's perception of the CPA profession. She is an active member of Rotary and also serves on various community boards.

Recognizes a WSCPA member whose respected leadership in community organizations has enhanced the image or public perception of CPAs.

“Pam's passion for the CPA profession is rivaled only with her passion of contributing to her community, and she sets a strong example for other CPAs in the profession to give back,” said Hilary Tanneberg, CPA, Assurance Services Senior Manager and Sara Bailey, CPA, Tax Senior Manager, at Moss Adams. Since 2008, Pam has traveled to four continents to build homes with Habitat for Humanity International with a group of friends/Rotarians primarily from Yakima. She has built with bamboo in Myanmar and Nepal and concrete blocks in El Salvador, Colombia and Malawi. These projects ranged from starting from the ground up on a foundation in Argentina to completing a home during a two-week build in Nepal. “It has been a fantastic way to see both the world and different communities,” said Pam. “These experiences have added valuable perspective to someone born and raised in Washington State.”

Outstanding WSCPA Volunteer Leader Award Rachel Roberson is a senior manager and leader of the State and Local Tax Services Department at Berntson Porter & Company in Bellevue. Rachel consults with clients in a broad range of industries on Washington state and local excise tax and on issues involving multi-state income, franchise and sales and use taxes. A WSCPA member since 2010, she has been a member of the Washington State Tax Conference Planning Committee since 2013. During the last year she participated in a WSCPA work group initiative to address the Workforce Education Investment Act that was passed by the Legislature in 2019. “Rachel has demonstrated outstanding commitment and leadership to helping the CPA profession through this work group,”

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For Active Leadership in Advocacy and Dedicated Service to the WSCPA Recognizes an active WSCPA member for outstanding service and dedication and/or innovative and inspirational WSCPA Leadership.

said Ashley Kittrell, WSCPA Director of Government Affairs. “Her knowledge and expertise has been crucial to communicating to legislators the administrative complexities and burdens to small business that this legislation created. Her amiable demeanor and thoughtful explanations to difficult questions throughout this process have been invaluable.” When she’s not working on state taxes, Rachel enjoys cooking, snowboarding, yoga and is currently learning new and interesting ways to fall off a paddleboard.

The Washington CPA Summer 2020

2019-2020 WSCPA AWARDS

Outstanding WSCPA Volunteer Leader Award Darcy Kooiker is a tax partner in Armanino LLP’s Bellevue office. She has been working in state and local tax since 1991, including three years as a Revenue Auditor III at the Washington Department of Revenue (DOR). Darcy specializes in consulting on sales, use and gross receipts taxes and related software compliance platforms for clients in the manufacturing and distribution, technology, construction, not-for-profit, transportation, and services industries. Darcy has chaired or participated in the WSCPA Washington State Tax Conference for more than two decades, assisted with several state tax initiatives, and serves on the WSCPA Government Affairs Committee. Currently she is appointed by the Director of the Washington DOR as a member of its Business Advisory Council. “Darcy’s active involvement in these areas is of great benefit to the WSCPA. She sacrificed a weekend during the final days of the 2019 Legislative Session to provide input and advice to

For Active Leadership in Advocacy and Dedicated Service to the WSCPA Recognizes an active WSCPA member for outstanding service and dedication and/or innovative and inspirational WSCPA Leadership.

the WSCPA. Her passion for the profession is evident as she takes time to participate in work groups, meet with legislators, and advocate for the profession,” said Ashley Kittrell, WSCPA Director of Government Affairs. “Her contributions will have far-reaching and long-lasting outcomes.” As an Adjunct Professor at Gonzaga University, Darcy taught in the Master of Accounting Program. She co-chairs the Seattle Local Luncheon Group of the Institute for Professionals in Taxation and speaks at national and local seminars. For the last 20 years Darcy has filled non-work time with her kids’ activities including multiple soccer games every weekend, selling candy and hotdogs at the booster club’s concession stand, and judging DECA events. Now that both of her kids have graduated her new hobby is riding her CanAm Spyder tricycle.

New Professional Award For Passion, Service, and Commitment to the WSCPA Allison McClure is an audit manager at BDO USA, LLP and an active member of the WSCPA. She has been actively involved on the board of the WSCPA Seattle-Bellevue Area Chapter since 2017 and is the current chapter chair. As a self-described "connector," one of Allison’s favorite ways to build connections is to get people out of the office and working together in their community. Allison and the Seattle-Bellevue Area and Tacoma Area Chapter boards championed an annual service initiative in 2018. These efforts grew into five unique service opportunities hosted statewide by four different chapters during the following year, with more than 240 member service hours contributed to bettering their communities. "Allison is a pleasure to work with. She has a passion for organizing events which makes her a perfect fit for Chair of the Seattle/ Bellevue Chapter," said Roo Mulligan, WSCPA Manager of Member Engagement. "She is reliable, professional and brings a sense of fun to everything she does." Allison also participates in student outreach efforts with the Washington CPA Foundation, is a member of the WSCPA NotFor-Profit Resource Group, and was a presenter at the 2019

The Washington CPA Summer 2020

Recognizes an active WSCPA member who has been a CPA for fewer than ten years for outstanding WSCPA leadership.

Not-For-Profit and Health Care Conference. “Allison commits to what she does, does it well, and is a great representative for younger CPAs and future CPAs to look up to!” said Amanda Schaffer, Audit Associate at BDO USA LLP in Seattle. Allison serves as a career mentor for undergraduate students interested in business and accounting at her alma mater, Pacific Lutheran University, and is an active campus champion as part of recruiting outreach with BDO. When not fearlessly leading an audit, Allison is working toward becoming a pinball wizard and perfecting her chicken pot pie recipe.

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2019-2020 WSCPA AWARDS

Outstanding WSCPA Volunteer Leader Award For Active Leadership in Advocacy and Dedicated Service to the WSCPA Christopher Falco is a founding partner of Falco Sult which started in 1991. He heads the firm's management advisory services and consulting functions and works with clients in a wide range of industries. His specific practice areas include: computer system design and selection; accounting systems design and implementation; strategic business planning and "Part-Time CFO" services; business brokerage; M&A services to middle market companies; consulting on business formation, choice of entity and business succession/ exit planning.

Recognizes an active WSCPA member for outstanding service and dedication and/or innovative and inspirational WSCPA Leadership.

Affairs. “Chris provided valuable input and advice throughout the process.”

In July 2018, Chris was appointed to the State of Washington Department of Revenue’s Business Advisory Council.

In addition to being a WSCPA member, Chris is a member of the AICPA, the International Business Brokers Association, the National Association of Certified Valuation Analysts, Alliance of Merger & Acquisition Advisors and Vistage International. He is on the Board of the Bellevue Chamber of Commerce and The Chamber Foundation, a Trustee for the Eastside Business Alliance.

“Chris played a key role in the work group tasked with working on changes to E2SHB 2158, Workforce Education Investment Act. His realistic approach to the challenges the group faced was of great benefit,” said Ashley Kittrell, WSCPA Director of Government

Outside of work, Chris loves spending time with his family, serving on nonprofit boards and is an avid golfer.

Rising Star Award For Passion, Commitment, and Service to the WSCPA Jessica Packer has been an avid supporter of the WSCPA since her junior year in college at Pacific Lutheran University, where she graduated with a Bachelor of Business Administration degree with a concentration in accounting. Her passion for the profession is easily recognizable in her involvement in chapter board activities, student outreach, and legislative advocacy for the profession. “Jessica is very deserving of this recognition. She began working with the WSCPA during her leadership at Beta Alpha Psi and hosted a Financial Education Symposium at PLU,” said Monette Anderson, WSCPA Director of Membership. “Since then she has been an active volunteer, serving on the Scholarship Review Committee,

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Recognizes a WSCPA member who is in the process of obtaining a CPA License for active WSCPA leadership, dedication, and service.

and sharing her perspective with students via panels, college presentations and scholarship award banquet presentations.” A member of the Tacoma Area Chapter Board since 2016, Jessica is board chair and has supported member engagement in south Puget Sound through the chapter’s networking, student meet-and-greet, and service events. Jessica also has been a strong supporter of WSCPA advocacy by building relationships with legislators in the Tacoma area. Jessica is a contract analyst at CPRS, which is headquartered in Bellevue. When she is not poring over contracts for work, primarily within the oil and gas industry, or studying for the CPA exam in her home office in Puyallup, she enjoys tackling yard and home projects with her husband.

The Washington CPA Summer 2020

2019-2020 WSCPA AWARDS

CEO Award Bea Nahon is a principal at Sweeney Conrad PS in Bellevue, focused on commercial real estate, auto dealers, professional services and high-net-worth clients. “Every once in a while you meet a person that inspires you with their passion, motivates you with their involvement, and mentors you with their wisdom and support. Bea has been that person for me. She has been actively engaged in advocacy for the profession on a local level and national level since I met her almost 20 years ago,” said Kimberly Scott, CAE, WSCPA President & CEO. Bea is past chair of the WSCPA and past member of the AICPA Board of Directors and its governing Council. Currently vicechair of the WSCPA CPAPAC, she has served on and chaired multiple committees and task forces for the WSCPA, AICPA and Washington State Board of Accountancy.

For Leadership and Dedication to the WSCPA and the Accounting Profession in Washington State. Recognizes an individual (or organization) who has made a significant contribution to the success of the profession.

Bea’s extensive community board and committee history includes Hillel at UW, Hopelink and the City of Kirkland, currently serving on its Small Business Relief committee and chairing its “Outside of the Walls” task force for small business resilience. Whether it’s checking out the theater and dining scenes in big cities or relaxing at a resort, Bea loves to travel with her husband. On her bucket list is to see Paris, Greece, Turkey and explore more of Australia and New Zealand.

Chair's Award For extraordinary Commitment and Service. As CFO for the WSCPA Hayden Williams does so much more than “oversee all financial matters” as the WSCPA staff webpage notes. “Hayden has been playing and supporting countless roles that support the success of the WSCPA,” said Amanda O’Rourke, WSCPA Chair for 2019-2020.

Selected by the Chair of the Board of Directors, this award honors a WSCPA member who has provided extraordinary commitment and service to the WSCPA.

thank for helping them to receive their licenses. “From setting the WSCPA up for success with innovative CPE to handling other responsibilities that don’t typically come with a traditional CFO role, the entire board of directors is so grateful for everything that Hayden does for the WSCPA,” said Amanda.

“Though Hayden first came to the WSCPA as CFO in 2006, when I first joined the board six years ago he was Vice President of Education. His job description and accomplishments in that role were varied. You would (and still do) see Hayden diagnosing tech problems at conferences. You may not realize that he led the WSCPA to begin offering CPE webcasts 10 years ago.”

Prior to joining the WSCPA, he was the Director of Finance for the Arizona Society of CPAs and worked in public accounting for five years.

Hayden stepped back into the CFO role in 2016 and now leads the organization’s technology initiatives all while maintaining a clean audit opinion.

Outside of work, Hayden enjoys doing projects around the house, riding his bike, and taking walks with his wife and dogs.

He regularly supports CPA candidates by signing off on experience requirements. More than 100 current CPAs have Hayden to

The Washington CPA Summer 2020

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2019-2020 WSCPA AWARDS

Business of the Year For Many Years and Active Support of the WSCPA Recognizes a company or firm for providing noteworthy support and dedication to the WSCPA and its members.

All CPAs on staff at Werner, O’Meara & Company join the WSCPA and attend in-person CPE events and seminars as much as possible. The firm recognizes the value of deeper learning and networking provided by WSCPA in-person events.

Werner, O’Meara & Company’s history winds all the way back to 1973 with the start of Roger Werner’s accounting career. In 2005 Roger formalized his partnership with Peg O’Meara, and Werner, O’Meara & Company in its current form was born. Though Roger has since retired, his legacy of excellent customer service and top-notch accounting lives on in the fabric of the firm. Currently operated in Lynnwood under the guidance of three partners, Peg O’Meara, Barbara Carney, and Aliina Anton-Erik, Werner, O’Meara & Company continues its focus on valued clients and great customer service.

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One thing that remained constant throughout the evolution of the firm is that Werner, O’Meara & Company encourages associates to become involved in the WSCPA and especially the local chapters. This involvement provides opportunities for leadership, development, and growth that benefits both the firm and its associates. “The leaders and associates of Werner, O'Meara & Company are great ambassadors for the WSCPA and we are grateful for their longtime support and participation. They have been active as leaders in the local chapter for many years and are a pleasure to work with,” said Kimberly Scott, WSCPA President & CEO.

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2020-2021 Scholarship Recipients

Named Scholarships Undergraduate Recipients

Clark Nuber Accounting Scholarship Shiasia Carter Seattle Pacific University

EY Accounting Scholarship Danielle Alday Seattle University

George J Waterman Memorial Scholarship Yi-Hsuan Chiang Washington State University

George J Waterman Memorial Scholarship Levi Collins Washington State University - Vancouver

KPMG Accounting Scholarship Liangchun Chen University of Washington

Moss Adams LLP Accounting Scholarship Samuel McEwan Gonzaga University

PwC Accounting Scholarship Athena Stirbis University of Washington

Rich Jones Accounting Scholarship by Deloitte Mariah Alexander Seattle Pacific University

Roy J Polley Memorial Endowed Scholarship Andrew Reding Gonzaga University

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$5,000

to undergraduate + 5th-year students

$8,000

to masterâ&#x20AC;&#x2122;s students

We are honored to celebrate the 80 accounting students in the state of Washington who recently were selected to receive accounting scholarships. We had many worthy applicants who all demonstrated significant potential for success in the profession. Our selection committee chose the following students for their outstanding GPAs, strong letters of recommendation, and compelling essays. With the support of contributors, individuals, and organizations that support the work of the Foundation, we are privileged to be able to support this promising group of future CPAs.

Roy J Polley Memorial Endowed Scholarship Christian Anderson Washington State University

Roy J Polley Memorial Endowed Scholarship Corra Seekins Central Washington University

Roy J Polley Memorial Endowed Scholarship Jenna Lauer Washington State University

Roy J Polley Memorial Endowed Scholarship Jenna Rogers Gonzaga University

Roy J Polley Memorial Endowed Scholarship Michaela Abraham Gonzaga University

Roy J Polley Memorial Endowed Scholarship Nathan Quinn Washington State University

Roy J Polley Memorial Endowed Scholarship Nicole Given Western Washington University

Roy J Polley Memorial Endowed Scholarship Riley Bergan Whitworth University

Roy J Polley Memorial Endowed Scholarship Tyler Kert Central Washington University www.wscpa.org

Sambataro Family Foundation Shimer Family Foundation TrueBlue Inc Accounting Scholarship Scholarship (on behalf of Deloitte) Accounting Scholarship Natalie Murumbi Davis Castle Calvin Ducolon Seattle University University of Washington University of Washington - Tacoma The Washington CPA Summer 2020

WASHINGTON CPA FOUNDATION

Washington CPA Foundation Accounting Scholarships Undergraduate Recipients

Abigail Matson Washington State University - Vancouver

Amanda Morales-Menchu Washington State University

Amanda Sides University of Washington - Tacoma

Catherine Follett Gonzaga University

Collin Cramer Gonzaga University

Eddy Katynskiy Seattle University

Emily Reid Gonzaga University

Giovanni Flavel Gonzaga University

Hailey Keeline Washington State University - Vancouver

Jacob Ensey Western Washington University

Jaeya Reed Washington State University

Jeffrey Baldwin University of Washington - Bothell

Jessica Garinger Bellevue College

Kaitlyn Bruner Washington State University

Kelsey Menolascina Washington State University

Lina Alsammarraie Bellevue College

The Washington CPA Summer 2020

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WASHINGTON CPA FOUNDATION

Matthew Olson Western Washington University

Melika Shirazi North Seattle College

Nicholas Haynie University of Washington

Patrick Parelius Gonzaga University

Ruby LeClair Western Washington University

Se Kim University of Washington

Shannon Victory Gonzaga University

Thea Pelz Gonzaga University

Yin Deng University of Washington

Yuxin Han University of Washington

For The 2020-2021 Washington CPA Foundation Scholarship Awards

recipients

colleges

$500K awarded

33%

diverse backgrounds

30%

1 generation college students st

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The Washington CPA Summer 2020

WASHINGTON CPA FOUNDATION

Washington CPA Foundation Accounting Scholarships Graduate Recipients

Abigail Reohr Gonzaga University

Alison Campbell University of Washington

Caitlin Bowers Gonzaga University

Candy Stutzke Eastern Washington University

Carlos Jimenez Guiza Seattle University

Christopher Bestauros University of Washington

Debra McGhie Gonzaga University

Diana Tupikova Gonzaga University

Drake Chien University of Washington - Tacoma

Erik Calabaza University of Washington - Tacoma

Erin Fujiwara University of Washington - Bothell

Evan Smith University of Washington

Imane Ayaba University of Washington

Jake McGann Gonzaga University

Jinhua Johnson University of Washington

Kailey Kovach Central Washington University - Lynnwood

The Washington CPA Summer 2020

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WASHINGTON CPA FOUNDATION

Katherine Walter University of Washington

Kathryn Madden University of Washington

Kira Couch Gonzaga University

Lauren Goodrich University of Washington

Marwa Alwattar University of Washington

Nicholas Stagl University of Washington

Nicholas Swallow Gonzaga University

Ocie Tarver Eastern Washington University

Patrick Roy Eastern Washington University

Remi Cook University of Washington

Saran Tiatragul Gonzaga University

Varsha Pandit University of Washington - Bothell

Yoshiko Joiner University of Washington - Tacoma

Yue Zhang Seattle University

Zahra Seyedahmadbana University of Washington

Washington CPA Foundation Accounting Scholarships | Doctorate Recipient “The Foundation recognizes the importance of supporting our state’s college accounting programs, which includes having enough Doctoral/ PhD accounting educators to keep their accreditation. Due to the national shortages of advanced degrees in the profession, and rising retirement levels of educators, the Washington CPA Foundation is proud to continue to support these candidates in our state.”

Michelle Li-Kuehne, CPA University of Wisconsin Whitewater Doctor of Business Administration

- Kimberly Scott, Executive Director, Washington CPA Foundation

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Detailed advertising information is available online at wscpa.org under Resources. Contact Sharon Olene-Marander at smarander@wscpa.org for more information. Mergers & Sales Considering Selling Your Practice? Consider all your options. We do the work. Confidential. We have buyers actively seeking practices. Call Mark Hause at (877) 345-7722 or visit our website at www.accountingpracticesales.com Accounting Practice Sales. We make dreams happen! IBA Sells Privately Held Companies. Do you represent a client who is ready to retire or has taken a company as far as they want to or can? IBA is the Pacific Northwest’s oldest business brokerage (M&A) firm. We are professional negotiators with over 4000 completed transactions. Please contact us if we can be of assistance at (800) 218-4422 or www.ibainc.com

(WA 1144) Bellingham/Ferndale Area: This CPA practice is a full-service practice including attestation services in the professional services rendered. The firm revenue percentages are income tax 54%, auditing 28%, reviews 13%, with the balance being consulting engagements. The practice is filled with many long-term clients, with low turnover, who provide the practice with new client referrals, that include a high number of client’s with multiple engagements involving personal, business, and fiduciary returns. This firm provides excellent net cash flow to the owner and is a great opportunity to move into ownership or expand your existing practice. To assist in the acquisition of the firm, the Seller will finance a significant percentage of the purchase price provided the Buyer makes a sizable down payment and has excellent credit and collateral.

Office Space Office space for Rent - S King/N Pierce Counties. Well located south King/north Pierce counties, Attractive and Reasonable. Contact Mark Freitas at markfccim@gmail.com or 206.947.3313. Situations Wanted CPA/Accountant To Share Office Space (Redmond) Older CPA looking for person with their own clients to share office space in exchange for assisting me in my tax practice. Experience with Pro/Fx CCh tax software needed. Convenient downtown location with ample parking. Opportunity for practice succession in the future. Contact Van Deming at van@demingandassociates.com or 425.883.2441. Volunteer Opportunities The following organizations need a CPA to serve on the board of directors and/or provide other guidance on financial matters. Learn more about these and other organizations that need your help online at wscpa.org under community. Helping Link / Môt Dâu Nôi NARAL Pro-Choice Washington Northwest Justice Project Tilth Alliance Washington CASA Association

(WA 1143) Centralia/Chehalis/Olympia Area: This CPA tax practice is for sale. The firm revenues are 100% income tax preparation providing the opportunity to grow by either adding write up services or continuing the rapid growth experienced in tax services. The profit pf the practice is excellent with approx. 75% pf fees being realized by the owner. In addition, the fees are excellent and allow for this firm to fit nicely into any practice regardless of the size of the firm. The practice is an ideal opportunity for any individual or firm looking to start or expand a firm with little to no changes. (WA 1142) Southwest Washington: This full service CPA practice with a small audit practice is for sale.The firm has focused on client service in all its years. As a result, all of the firm’s clients are the result of client referrals who make up a solid group of clients with little if any turnover. In addition, the firm has a balanced work load through the year to avoid the frantic pace some firms have during tax season. This management approach makes the work year and summertime enjoyable for all concerned. The profitability of this firm is excellent easily being in the highest percentile of comparable sized firms with fee averages well above the norm. This practice fits any number of potential buyers regardless of size and client composition who are looking for a solid and stable firm for a spring board to future growth. (WA 1141) Seattle: This CPA practice is unique in that it provides a wide variety of governmental accounting and attestation services. These services include performance audits, attestation services, and internal control assignments. The firm is filled with many loyal clients with long

term relationship who consistently utilize the professional services of the firm. Reflecting the commitment and desire to provide the best transition possible, the Seller’s are insistent on providing a hands-on transition for the Buyer of this excellent practice. This firm offers a unique opportunity for a ny practitioner or firm to immediately be a force in the arena of governmental accounting services. Any firm with experience working in this field of professional services will have an advantage in acquiring this practice. (WA 1138) Seattle-Financial District: This EA practice is 100% tax services with per return averages of approx. $1,500 per return for all professional services rendered. With the growth of the Seattle metro area, a high percentage of clients have opted to mail in their returns. As a result, the practice uses a home office and an office time share for its facilities. The result is a very reasonable charge for office facility expense. If desired, the office arrangements could be a more traditional in nature with an accompanying increase in monthly obligation for the increased office square footage. All of these qualities in this practice make for an excellent addition to any firm’s client base with excellent average fees that make this an easy decision. (WA 1133) North East Washington/ Stevens County: This CPA firm located in North East Washington is a tax and accounting practice with a small amount of write up during the year. The practice revenues consist of income tax preparation and consulting 97% and write up 3%. The firm’s fee structure is excellent with realization rates that are the equal of any firm regardless of size. The strength of the firm is found in the cash flow to the owner that is well above the norm reflecting the excellent management practices of the Seller. This firm is the perfect fit for a professional looking for an excellent opportunity coupled with a pace and style of life that is not big city. When combined with a Seller who seeks to provide a good transition, this firm provides opportunity that many seek but few find in moving to ownership. (WA 1126) Island County: This well-established enrolled agent practice is for sale. The firm is well balanced with a tax practice that produces 75% of revenue and a write-up practice that generates the balance. The practice is well positioned for future growth due to having a solid staff serving long-term clients. The Seller is retiring but will be available to assist in transition. For any firm looking for a satellite office, an existing practice wishing to branch out, or an individual who has aspirations of getting out on their own, this practice is an excellent choice. The Seller, to assist in the sale, will consider financing the purchase of the practice provided the Buyer makes a substantial down payment and has excellent credit and collateral.

Get Confidential Feedback on Your Financial Statements The WSCPA Financial Statement Review Committee will review redacted financial statements submitted by WSCPA members, provide written comments and suggestions for changes or improvements. Learn more and submit statements at wscpa.org/fsr

The Washington CPA Summer 2020

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Profitable Kitsap County Tax & Accounting Practice: Private Practice Transitions is assisting a client, located in Kitsap County, with the sale of a busy tax and accounting firm. The firm’s service by revenue breakdown is 75% Tax Preparation and Planning, 20% Accounting and 5% Payroll Services. The firm filed 385 tax returns in 2019 and has three (3) staff including the owner. The firm is in a fantastic location, is completely turn-key and ready for new ownership. With average gross revenues over $250,000 the last three years (2017-2019), you don’t want to miss out on this practice with great growth potential. Email “Listing #1111 - Profitable Kitsap County Tax & Accounting Practice” to info@privatepracticetransitions.com or call 253.509.9224. Bellevue Tax & Accounting Practice: Private Practice Transitions is assisting a client, located in Bellevue, Washington with the sale of a busy tax and accounting practice. While tax preparation accounts for about 65% of the firm’s business, 35% comes from accounting services. The firm is centrally located in a well-established, thriving market, and is poised for explosive growth under new ownership. The firm employs seven staff, including the owner, in a fully furnished office. On average, the firm files ~400+ tax returns each year for its clients. With average

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gross revenues just under $500,000 the last two years (2018-2019), you don’t want to miss out on this amazing opportunity. Email “Listing #1107 Bellevue Tax & Accounting Practice” to info@privatepracticetransitions.com or call 253.509.9224. Profitable West Seattle Tax Practice: Private Practice Transitions is assisting a client, located in West Seattle, with the sale of a busy tax and bookkeeping firm. The firm’s service by revenue breakdown is 95% Tax Preparation, 4% Bookkeeping and Ancillary Services, and 1% Other. The firm has over 1,400 active clients and is completely turn-key and ready for new ownership. The firm is centrally located in a well-established, thriving market, and is poised for explosive growth. With average gross revenues over $350,000 in 2018, you don’t want to miss out on this great opportunity. Email info@privatepracticetransitions. com or call 253.509.9224. Highly Profitable Seattle-Based Tax & Audit Practice: Private Practice Transitions is assisting a client in the Seattle area with the sale of a highly profitable, turn-key, private tax and audit practice. The service breakdown by revenue is 43% Tax Planning and Preparation, 35% Audit, 14% Accounting, Bookkeeping and Consulting, and 8% Other. The owners of the Practice also own their building and are open to selling it as part of the transaction, if desired. With last year’s gross revenues of over 2.4M, 10.7% year-overyear growth as compared to the previous year, and approximately 800 active clients, you don't want to miss out on this exciting opportunity. Email info@privatepracticetransitions.com or call 253.509.9224.

Growing South King CountyTax & Bookkeeping Practice: Private Practice Transitions is assisting a client, located in Kent, Washington with the sale of a busy bilingual (English & Spanish) tax and bookkeeping practice. While Tax preparation accounts for approximately 30% of the firm’s business, 50% comes from Payroll, 15% Accounting and Bookkeeping, and 5% other services. The firm is centrally located in a well-established, thriving market, and is poised for explosive growth under new ownership. The firm employs seven (7) staff, including the owner, in a fully furnished office and files over 800 tax returns each year. With 2019 gross revenues over $430,000, you don’t want to miss out on this amazing opportunity. Email “Listing #1102 Growing South King County Tax & Bookkeeping Practice” to info@privatepracticetransitions.com or call 253.509.9224. Profitable South King CountyTax & Bookkeeping Practice: Private Practice Transitions is assisting a client, located in South King County, with the sale of a busy tax and bookkeeping firm. The firm’s service by revenue breakdown is 65% Tax Preparation, 33% Accounting & Bookkeeping and 2% Other. The firm filed approximately 200 tax returns in 2019 and has three staff, including the owner. The firm is completely turn-key and ready for new ownership. The owner is willing to stay on for up to three years to assist with the transition to new ownership. With weighted seller’s discretionary earnings (SDE) of over $268,000, you don’t want to miss out on this great opportunity. Email “Listing #1112 Profitable South King County Tax & Bookkeeping Practice” to info@privatepracticetransitions.com or call 253.509.9224.

The Washington CPA Summer 2020

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The Washington CPA Magazine Summer 2020

Articles inside

Overcoming the Unexpected Consequence of Remote Work Nobody Mentions

Six Tips to Protect Your Mobile Devices from Cyber Threats

Learning to Manage Opportunity in the Unknown

Secure Your Firm Post-Covid

Advocacy

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