The Washington CPA 2022 Spring by Washington Society of CPAs

THE

WASHINGTON CPA

Volume 65, Number 4

5 Ways to Address Talent Constraints SPRING 2022

Inclusion and Diversity in the World of Professional Services and Accounting Meet the Nominees for the 2022-2023 WSCPA Board of Directors

THE WASHINGTON CPA SPRING 2022

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

BOARD OF DIRECTORS Thomas J. Sulewski Chair Sara E. Bailey Vice Chair Joyce Lee Treasurer Andrew Brajcich Secretary Jared M. Theis Immediate Past Chair Kimberly D. Scott President & CEO Aaron R. Dawson Lowel Krueger Sarah Funk Diane Pietrowski Norm Haugen Bryce Rassilyer Courtney Hirata Leslie Sesser Writu Kakshapti Bonnie Tse CHAPTER BOARD CHAIRS TBD Bellingham Area TBD Everett Area Darin Johnson Olympia Area Brittany Malidore Seattle/Bellevue Area Tara Lambert Spokane Area Jessica Packer Tacoma Area Anthony Adams Tri-Cities Area Connie Olson Tri-Cities Area Canada Segura Yakima Area Wade Helms Yakima Area

MAGAZINE PRODUCTION Jeanette Kebede Editor Kaitlin Brake Art Direction 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 is published quarterly 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.

CONTENTS

On the Cover Inclusion and Diversity in the World of 18 Professional Services and Accounting 5 Ways to Address Talent Constraints 21 Meet the Nominees for the 2022-2023 24 WSCPA Board of Directors

Spotlights CPA Evolution Will Impact Today's 14 Interns. How Can Firms Prepare? Continuing Education: A Vital 16 Component of an Accountant's Professional Development Toolkit Embracing Changes with Agility 38

Departments Membership News 4 Leadership Lens 6 Washington CPA Foundation 12 Upcoming CPE 28 WSCPA Peak Firms 33 Advocacy 34 Classified Ads 36

Periodicals postage paid at Bellevue, Washington and additional mailing offices. Cover Graphics Illustration: © iStock/wowomnom

@WashingtonCPAs POSTMASTER: Send address changes to The Washington CPA, c/o WSCPA, 902 140th Avenue NE, Bellevue, WA 98005-3480.

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The Washington CPA Spring 2022

MEMBERSHIP NEWS

Join Us for the WSCPA Annual Meeting June 9 | 2:30-4:30pm PDT Live in Bothell & Webcast | 1 CPE Credit Join your professional colleagues for the WSCPA Annual Meeting! Meet the incoming board members, earn an hour of CPE, and reconnect with your peers during a networking reception. Let’s imagine the future of the profession during the CPE portion of the program, which will feature TED-style presentations on creating more equitable workplaces, building your hybrid workforce, and accounting pipeline challenges and successes.

Find a CPA - Free WSCPA Resource! Enroll your firm in the Find a CPA directory! Help prospective clients find your firm through an easy, interactive, and searchable directory, at no charge to your organization. Explore the directory at wscpa.org/find-a-cpa

Looking for Your Next Big Break? Peruse the WSCPA Job Board. Looking for talent? The WSCPA Job Board receives hundreds of visitors a month, all looking for new and exciting career opportunities. Post your opening and be seen by some of Washington's finest finance professionals. Learn more at wscpa.org/job-board

Member Admonishment Under the automatic disciplinary provisions of the AICPA’s bylaws, L. Dana Leslie of North Bend, Washington, was admonished by both the AICPA and the Washington Society of CPAs, effective August 18, 2021. This action is based on the Public Company Accounting Oversight Board’s (PCAOB) Release No. 105-2020-019. Details regarding the PCAOB’s Order can be found at WSCPA.ORG/PCAOB.

The Washington CPA Spring 2022

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MEMBERSHIP NEWS

Share Your Skills! Check Out the Volunteer Board.

Utilize your Passport Corporate Card to save big in 2022!

The WSCPA volunteer board is a complimentary service for bona fide not-for-profit organizations in need of pro bono work by a CPA or looking for CPAs to serve on their boards of directors.

• • •

Learn more at wscpa.org/volunteer

Visit wscpa.org/passport for more discounts.

Hawaiian Airlines: Save 5% off coach round trip fares. Rover: $25 off your first stay. Total Wine & More: Save 15% on 750ml and 1.5L Wine. Save 10% on Beer Singles.

New Member Benefit! Coming June 2022! Your membership will include free access to Verifyle Pro™️, an ultra-secure online file sharing and messaging service. More details coming soon!

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The Washington CPA Spring 2022

LEADERSHIP LENS

Building Memories &

s e r tu n e v d A w e N

The older I get, the more sentimental I become about tangible things from my past. When I stumble across a birthday card from my grandmother at the back of a dresser drawer, a water polo ball from my kids’ high school days, or a serving platter gifted from a friend at our wedding, they all trigger good memories of days gone by. While some of those events happened multiple decades ago, the memories are still crisp like yesterday. They make me pause, reflect, and smile. Such is the case for the memories I have of the WSCPA building in Bellevue. If you are a “vintage” CPA, like me, you probably remember attending staff training seminars in the large learning center rooms with bright-eyed staff accountants from a variety of firms from across the entire state. Those trainings were a launching site for happy hours at the Lake Bellevue Café and

The Washington CPA Spring 2022

other watering holes in the area after a long day of learning. I met peers at those sessions that I have kept in touch with my entire career. I learned to cross reference, write tick marks, and address audit assertions—all by hand! In the years that followed, I remember Saturday morning review courses being packed to the walls with soon to be CPAs who had recently completed their exams but were focused now on the ethics exam as their final hurdle to licensure. As a licensed CPA, I then came to realize the importance of continuing education requirements and the value of specialization and planning. Registering for a variety of WSCPA courses expanded my vision of what a CPA can be and sharpened my technical focus. And in some cases (usually in late December), my course selection was more of a reflection of last-minute heroics to accumulate my hours just before the reporting deadline.

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LEADERSHIP LENS

The WSCPA building was a gathering place. It was a place for scholarship receptions for up-and-coming recruits. It was a destination for past chair socials for those that built our profession. It was a venue for board meetings and committee collaborations. It was a homebase for a dedicated staff to serve the membership. There were meals and snacks and laughs and cheers in those rooms over many years.

But times change.

And one thing we know about our profession and our leadership is that we are committed to changing with them. Tremendous work has been done by board members and staff to position the society for the future—work that started years ago by building and executing on a strategic plan purposefully designed to evolve us forward. How we learn and the way education is delivered has changed. The WSCPA was in front of those changes and has built remote learning platforms that are effective and pioneering amongst the rest of the country. Those efforts paid off during the pandemic and continue to do

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so in a new normal of remote learning and collaboration. Those hallowed halls of the WSCPA building that trigger those great memories for so many of us are no longer buzzing with activity. That buzzing has shifted to Zoom and Teams and electronic engagement with a broader scale and more efficient reach. With an aging structure and a real estate market at a peak, the time was right to take a new step forward for the membership and to leverage an otherwise under-utilized asset to build new memories for future generations of professionals. (Read more about the decision to sell the building on the next page.) I have toured the new home for the WSCPA and I could not be more excited for our future. It is an appropriate reflection of the modern image, services, and collaborative interactions our profession delivers, and our members deserve. During the next few months, we will say goodbye to a building. We will pause, reflect, and smile about the memories it triggers. And then we will jump forward to new adventures ahead and look forward to gathering again to celebrate a bright future. Tom Sulewski, CPA, is the shareholder in charge of the audit department for Clark Nuber PS and WSCPA Chair. You can contact Tom at tsulewski@clarknuber.com. Photos L to R: 2018 Board of Directors 2018 WSCPA Office Exterior © Katrina Shelby Photography 2012 Small Firm Career Fair 2017 SAGE Strategy Event © Lincoln + Lucy Photography

The Washington CPA Spring 2022

LEADERSHIP LENS

WSCPA Building Sells Quickly:

What 's Next?

In February I announced that after 40 years the WSCPA would be selling its 9,000 square-foot building. (All members should have received an email. If you did not, you can read about this news on the WSCPA blog.) The day the building went up for sale offers starting coming in. We accepted an offer and the building sold at the end of February. Many of you had responded to my email in February, stating even though you agreed it was time to sell, that you have fond memories of your days spent in the building, attending classes or committee meetings. There is still time for you to say goodbye to the building before the end of June, when we will be moving. I hope you can join us at an upcoming event. As the building was put on the market, we were actively looking for a new home. We evaluated various properties against a long list of requirements based on member, volunteer, staff and leadership’s requests for our new home. Ultimately, we found a place that matched almost every requirement on our list, and absolutely matched every critical one.

UPCOMING EVENTS April 25-26 Governmental Accounting & Auditing Conference Webcast & LARS* - WSCPA Building (*Live Audience, Remote Speakers)

WSCPA.ORG/GAAC22

May 26 Foundation Circle Reception WSCPA Building Washington CPA Foundation contributors

The new location is still in Bellevue, is more convenient to the freeway, has ample free parking and is still close to a bus route. We will be sharing even more details about the location soon. We plan to hold an open house and networking events at the new location this summer and fall. Please watch the Present Value newsletter and blog for updates and opportunities to visit the new location—the home of Washington CPAs.

Kimberly Scott, CAE, is WSCPA President & CEO. You can contact Kimberly at kscott@wscpa.org.

The Washington CPA Spring 2022

in our Leadership Circle and scholarship reviewers will meet recent scholarship recipients.

WSCPA.ORG/RECEPTION22

June 24 Seattle/Bellevue Area Chapter Movie Night on the Lawn WSCPA.ORG/MOVIE22

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LEADERSHIP LENS

2018 Small Firm Career Fair © Stevie Rotella Photography

2018 Interior WSCPA Office © Katrina Shelby Photography

2018 Exterior WSCPA Office © Katrina Shelby Photography

2017 Foundation Reception © Lincoln + Lucy Photography

2019 Foundation Reception © Lincoln + Lucy Photography

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2018 Interior WSCPA Office © Katrina Shelby Photography

2021 Small Firm Career Fair

2018 Exterior WSCPA Office © Katrina Shelby Photography

2018 Reimagine with Barry Melancon

The Washington CPA Spring 2022

Thank you for being a WSCPA member! Don't miss out on all the wonderful things planned as the WSCPA begins another new exciting chapter.

Renew your membership today by visiting wscpa.org/dues

WSCPA Membership Renewal $300 VISA Gift Card Drawing! We’re giving away THREE $300 Visa Gift Cards!

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

Questions about renewing or your member benefits? Contact us at memberservices@wscpa.org or 425.644.4800.

WASHINGTON CPA FOUNDATION

Thank you to this year’s Washington CPA Foundation contributors who are our most valued stakeholders in allowing us to do the work of investing in our future accounting community. The Foundation continues to focus on initiatives promoting awareness and access to the CPA profession. The support of individual and firm contributors allows us to provide scholarships for future CPAs and grants to local organizations invested in diversifying the CPA pipeline. Thank you for your dedication and commitment to this important work. These contributors donated to the Washington CPA Foundation between March 2021 and February 2022.

NAMED SCHOLARSHIPS & $5,000+ ENDOWMENTS

FIRM CONTRIBUTIONS College Spark Washington

Telgenhoff & Oetgen PS

Eide Bailly LLP

Vine Dahlen PLLC

Hunt Jackson PLLC

SENIOR EXECUTIVES CIRCLE $1,000-$2,500 Pat L. Bohan, CPA, CGMA, CGFM Christopher W. Hesse, CPA Stu & Jackie Davidson

EXECUTIVES CIRCLE

$500-$999

Sara E. Bailey, CPA

Richard D. Greaves, CPA

Dr Andrew M. Brajcich, CPA, JD, LLM

Charles N. Ill, CPA, CFA

Weldon T. Burton, CPA

Richard E. Jones, CPA, CGMA

Jolene G. Cox, CPA

Kris L. Lambright, CPA, CGMA

Aaron R. Dawson, CPA

Daniel A. Powers, CPA

Christina J. Gehrke, CPA, CIA, CrFA

David D. Schelert, CPA

Bill Reed Family Black Accounting Scholarship Clark Nuber Accounting Scholarship DP&C Black Accounting Scholarship EY Accounting Scholarship

LEADERS CIRCLE

George J. Waterman Memorial Scholarship

$250-$499

KPMG Diversity Scholarship

Kai F. Bottomley, CPA

Ya J. Liu, CPA

Matthew DesVoigne Accounting Scholarship

Robert J. Fleming, CPA

Sandra J. Moss, CPA

Moss Adams Accounting Scholarship

Zenaida D. Fletcher, CPA, MBA, CFP

Dr Gerhard G. Mueller, PhD

PwC Accounting Scholarship

Sarah K. Funk, CPA, CGMA

Thomas G. Neill, CPA, CGMA

Rich Jones Accounting Scholarship by Deloitte

Charles E. Hallett IV, CPA, CGMA

Ursula A. Perkins, CPA

Roy J Polley Memorial Endowed Scholarship

Courtney Hirata, CPA, MPAcc

Diane Pietrowski, CPA

Sambataro Family Accounting Scholarship

Mark A. Hugh, CPA

Jillian M. Robison, CPA

Shimer Family Foundation/Deloitte Accounting Scholarship

Writu Kakshapati, CPA, CGMA

Kathleen K. Smith, CPA

TrueBlue Accounting Scholarship

Lowel J. Krueger, CPA, MBA

Leslie A. Sesser, CPA

Kiu Joyce L. Lee, CPA, CFP

Thomas J. Sulewski, CPA

Glenn M. Light

The Washington CPA Spring 2022

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WASHINGTON CPA FOUNDATION

SENIOR CONTRIBUTORS

$100-$249

Jessica R. Allen, CPA

Craig S. Connell, CPA

Loren D. Hostek, CPA

Aldryth N. O'Hara, CPA

Alex T. Anderson, CPA

Gordon R. Craig, CPA, CFE, CIA

H S. Huang, CPA

Candice A. Pfluger, CPA

Monette Anderson

Bonnie L. Curran, CPA

Waylon P. Jones, CPA, CGMA, CFE

Orchideh Raisdanai

Erica M. Ash, CPA, MBA

Stephen G. Dashiell, CPA

Michael J. Kander, CPA, CIA

Christopher J. Rieke, CPA

Abby M. Bailey, CPA, CFE

Wesley L. Delaney, CPA

David E. Katri, CPA, MBA

Frederick W. Schlect, CPA

Brant J. Baker, CPA

Thomas G. Donaghy, CPA

Bethany Kaufman

Morgan L. Schulte, CPA, CMA

Carol J. Bezy, CPA, MBA, CFFA

Shari S. Elsoe, CPA, CGMA, MBA

Michelle Kline, CPA

Rebecca B. Stevens, CPA

Bruce E. Bixler

Chris A. Gates, CPA

Darcy N. Kooiker, CPA

Duy-Linh Ta, CPA

David A. Brown

M R. Gilmour, CPA, CFP

Elizabeth D. Masnari, CPA, CISA

Harold G. Thompson, CPA

Tammy Brown

Dean A. Granholm, CPA, CGMA

Kristine T. Nelson, CPA, MPAcc

Benjamin J. Warren

Suzanne C. Chaille, CPA

Mary H. Hawkins, CPA, MSTax

Jordie V. Neth, CPA

Joel H. Williams, CPA

SUPPORTING CONTRIBUTORS

$1-$99

Hisham Abdus-Salam

David L. Dierst, CPA

Stroud W. Kunkle, CPA

Thomas P. Sawatzki, CPA

Lydia I. Ahn, CPA

Rachel Ervin, CPA

Frank J. Kuntz, CPA

John A. Sciuchetti, CPA

Cindy J. Alm

Glenn G. Everitt Jr, CPA

Irene R. Laible, CPA

Martin F. Seiler, CPA

Michael R. Ammerman, CPA

Randy A. Farrell, CPA

Carol M. LaMotte, CPA

Harold G. Shapiro

Benjamin D. Anderson, CPA

Leon F. Ficker, CPA

Kwang M. Lee, CPA

Jay T. Shilhanek, CPA

Daren C. Anderson, CPA

Evelyn L. Fletcher, CPA

Jessica J. Lustig, CPA

Ralph Siegel

Laurie J. Anderson, CPA

Maria-Elena Garcia-Zapata,

John F. Lynch, CPA

Janis H. Simpson, CPA

Moses S. Man, CPA

John R. Skeen, CPA

Carol S. Appleton, CPA, CGMA

CPA, CGMA

Todd S. Arkley, CPA

Joe P. Gates, CPA, CITP

Michael J. Mansfield, CPA

Paul H. Smart, CPA

Stephanie C. Artino, CPA

Robert L. Gerth

Carrie A. Martin, CPA

Walter R. Smith, CPA

Gordon P. Asheim, CPA

Dr Susan Gill

Sam S. Martin, CPA, MBA, CFP

William J. Smith, CPA, CFE, CIA

Mark A. Avitt, CPA

Michael J. Gillespie, CPA, MBA

Juston Y. Masuda, CPA

Terry D. Sodders, CPA

John P. Baker, CPA

Richard N. Ginnis, CPA

Debra McGhie

Stanley W. Spavold, CPA

Lynda J. Baker

Bert R. Golla, CPA

James W. McKean, CPA

Douglas D. Springer, CPA, PFS

Robert C. Best, CPA, JD

William F. Gould

Bruce I. Mitchell, CPA, MBA

Cathy L. St John, CPA

Brian R. Bircher, CPA, MBA

Alan L. Gray, CPA

Donald W. Mitchell

Chris W. Strand, CPA, MSTax, PFS

Gregg W. Blodgett

Gerald L. Greer, CPA

Bea L. Nahon, CPA, CGMA

Carol M. Taniguchi, CPA

Sidney H. Boles, CPA

Robert B. Gulrajani, CPA, CGMA, CEA

Thomas P. Nicholas, CPA

Peter D. Taylor, CPA

Robert W. Bowman, CPA

Vaughn S. Hagen, CPA

Terence V. O'Keefe

Linda M. Teachout, CPA

Brian R. Bronk, CPA

David R. Harrison, PFS

Bradley W. Orser, CPA

Tedros T. Teklemichael, CPA, ACCA

Christine B. Brunner, CPA

Cecile E. Haw, CPA

John I. Payne, CPA, CTP

Susan L. Thomson, CPA

David O. Burt, CPA

Paula A. Henderson, CGFM

Hwan J. Perreault, CPA

Mark E. Ulloa, CPA

Debra L. Carlson

Jacqueline J. Henry, CPA

Jack B. Person, CPA

Susanne W. Vickerman, CPA, MSTax

Maria T. Carrion-Ochoa, CPA, CGMA

William D. Hood

Scott T. Petersen, CPA

Robert G. Villbrandt, CPA

Rebecca A. Cates, CPA

Stephen J. Hopps, CPA

Sharon K. Philpott, CPA

Richard A. Volk, CPA

Barbara R. Charbonneaux, CPA

Paul V. Hughes, CGMA, MBA

Michael C. Plato, CPA

Dorothy R. Wagsholm, CPA

Joseph h. Choe, CPA

Michael K. Hutchinson, CPA

Christina A. Polf, CPA

Catherine B. Wandell, CPA

Michele M. Cloutier, CPA, MBA, CGA

Hitoshi Inoue, CPA

Varonica S. Ragan, CPA

Donald G. Watts, CPA

Alton R. Cogert, CPA, CGMA, CFA

Cindy L. Isaacson, CPA

Leslie H. Redd III, CPA

Dennis O. Webb, CPA, MA

Robert M. Cole Jr, CPA, CGMA, MA

Kraig A. Jones, CPA

Margo D. Reich, CPA

Valerie J. Weller, CPA

Elizabeth F. Copstead, CPA

Ernest A. Jonson Jr, CPA, ABV

Lonnie L. Rich, CPA, CFE, FCPA

Nikole A. Wells, CPA

Jay F. Cramer

Arthur Y. Kageyama

James J. Rigos, CPA, JD, CMA

William L. Wells

Tamara W. Czuleger, CPA

Jo A. Kelly, CPA

Scott D. Rodgers, CPA, MSTax

Alan K. Williamson, CPA

Chris A. Davies, CPA, CMA

Taehoon Kim, CPA

Donald L. Rodman, CPA, MBA

Azucena A. Wingard

Joseph P. Deacon, CPA

Nicholas R. Knapton, CPA, JD, PFS, CFF

Harvey J. Rothschild III, CPA, MBA

Natalie Wittrock

Brenda L. Dean, CPA,CIA

Kristin L. Knopf, CPA, CGMA, MBA

Richard H. Russell

Aileen G. Zacarias, CPA

Matthew E. DesVoigne, CPA

Kahoua M. Koudou

Craig S. Ruthford, CPA

Billie Devore, CPA

Marcella M. Kulland, CPA

Susan J. Sanders, CPA

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The Washington CPA Spring 2022

Photo: © iStock/PeopleImages

CPA EVOLUTION

CPA Evolution will impact today’s interns. How can firms prepare? Carl Mayes

For the past few years, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have collaborated with stakeholders to reimagine CPA licensure through the joint CPA Evolution initiative, an effort to transform the CPA licensure model. The organizations have now reached the critical implementation phase of this initiative, which addresses the rapidly changing skills and competencies required of a 21st Century CPA. Many of the students slated for spring and summer 2022 internships will sit for the new, CPA Evolution-aligned CPA Exam, which is expected to launch in early 2024. This has implications for firms in a variety of areas, from recruiting considerations to engagement with academia. The time to start plotting out your firm’s strategy is now. CPA Evolution will bring about some of the most substantive changes to licensure in decades, including a new Core + Disciplines licensure model, increased coverage in areas like information systems and data analytics, and the addition of personal financial planning. But what does it all mean for your firm? Here are some top considerations to aid your hiring and recruitment strategies.

The Washington CPA Spring 2022

Students are more interested in pursuing CPA under the new licensure model In a fall 2021 AICPA-NASBA survey of accounting students, 85 percent of respondents indicated the new approach to licensure either increases their interest in pursuing CPA or keeps their interest at a very high level. In discussion groups with students, common themes surrounded their heightened interest in areas like data analytics, cybersecurity and information privacy, all of which are expected to be addressed in the new CPA Exam based upon preliminary practice analysis research. This may represent an opportunity for firms when recruiting new staff. In addition to highlighting the earnings power of CPAs and the impact they can have on society, consider discussing the impending changes to the licensure model and how they reflect the exciting work firms are doing in emerging areas. For students interested in technology, there has never been a better time to pursue CPA.

Universities are changing their curricula to incorporate emerging topics In another fall 2021 pulse survey, the AICPA and NASBA asked accounting faculty about their plans relative to CPA Evolution.

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CPA EVOLUTION Here’s what they heard: •

88 percent of respondents indicated their accounting program will be making curriculum changes based on CPA Evolution

•

81 percent said they expect to make curricular changes by fall 2022

To inform hiring decisions, firms may want to reach out to the universities they recruit from to determine what, if any, curriculum changes are being made. Practitioners may also consider aiding the academic community in the transition, as nearly half of the faculty that won’t be making curriculum changes cited challenges in finding qualified personnel to teach emerging topics. Subject matter experts at your firm might consider serving as guest lecturers or adjunct professors to ensure the next generation of CPAs has the skills and competencies they need to be successful.

Many accounting program graduates will have different skillsets As academic programs evolve, students are expected to pursue learning tracks aligned with their interests. In a 2020 AICPA-NASBA survey of students, •

54 percent of respondents indicated they plan to pursue the Business Analysis and Reporting discipline,

•

24 percent plan to pursue Information Systems and Controls, and

•

22 percent plan to take Tax Compliance and Planning.

11 or more personnel indicated that if accounting programs were aligned with CPA Evolution, their hiring of new graduates from accounting programs would likely increase, accounting program graduates would be considered more valuable than they are today, or both. Firm leaders may want to engage with the firm’s HR team to consider how CPA Evolution will impact their approach to talent acquisition moving forward.

Next steps The AICPA is currently conducting a practice analysis to determine the knowledge and skills required of newly licensed CPAs that should be assessed in the CPA Evolution aligned Exam. An associated CPA Exam Blueprint, which will detail content eligible for testing in each of the Core and Discipline sections, is expected to be issued for public comment in mid-2022 and published in final form in early 2023, with the launch of the new CPA Exam planned for January 2024. As CPA Evolution continues to progress, please check back for updates at EvolutionofCPA.org. If you have any questions, please reach out to the AICPA and NASBA at Feedback@EvolutionofCPA. org. To learn about the AICPA’s practice analysis, visit www. aicpa.org/resources/toolkit/cpa-exam-practice-analysis.

Carl Mayes is AICPA Senior Director – Audit & Accounting Quality. You can contact Carl at carl. mayes@aicpa-cima.com.

To pass these disciplines, students will need more knowledge and skills in the related subject matter, and firms will be the beneficiaries. In fact, in an April 2021 AICPA-NASBA survey of firm hiring directors, 83 percent of respondents from firms with

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The Washington CPA Spring 2022

PROFESSIONAL DEVELOPMENT

Continuing Education: A Vital Component of an Accountant’s Professional Development Toolkit Jessica E. McClain There has been a seismic shift in the role of accountants; they now need to have broader knowledge and expertise beyond the traditional financial competencies. Gone are the days of accountants only reporting on historical financial information. Now they must navigate the complexity of today’s business landscape of regulatory changes, client needs, technological advancements, employee expectations, investor interests and customer demands. Today’s accountants need to continuously adapt, evolve and improve to keep up with business’ accelerated pace of change. Continuing education is a tool accounting professionals can equip themselves with to build a future-ready career. CPAs should not view continuing education as a check-the-box compliance requirement but as a critical component of their professional development toolkit to make them more informed, engaged, strategic and value-driven professionals.

Evolution of the Accountant’s Role Today’s clients view accountants as business partners who provide strategic guidance in navigating complex business problems. Clients are experiencing a broad spectrum

The Washington CPA Spring 2022

of challenges and risks, including increased scrutiny from regulators and investors; the pandemic’s impact on the supply chain; environmental, social and governance (ESG) issues; and cybersecurity. Additionally, revenue recognition, leases and goodwill impairment are just some of the recent accounting standard updates organizations have implemented. Accountants must remain abreast of these challenges, risks and changes and understand the resulting impact on their organizations and clients. The Financial Accounting Standards Board, the Association of International Certified Professional Accountants, accounting firms and state accounting societies offer free and low-cost training that provides timely guidance and resources to navigate these ever-evolving changes organizations and clients face.

Digital Disruption Another vital topic for CPAs to remain informed about is cybersecurity, especially in today’s hybrid work environment. Furthermore, digital disruption exploded because of the pandemic. This disruption has completely changed how many accounting firms and their clients and accounting functions operate. Thus, the need to improve one’s digital

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PROFESSIONAL DEVELOPMENT

competency is crucial. CPAs can now immerse themselves in a wide range of technology-related topics to increase future-ready competencies. Learning higher-level skills such as robotics process automation, data analytics and business intelligence can help accountants perform better professionally, enhance client service and help their accounting function operate efficiently and effectively.

Change Your Career Trajectory Continuing education can help with exploring new career opportunities and career transitions. For example, the explosion of ESG has created new career opportunities for accounting professionals, including ESG reporting, investing and assurance services. In recent years, another specialty area that has grown is nonprofit accounting. There is a plethora of conferences and webinars that provide up-to-date information on trends, challenges and legislation focused on specific industries.

Human Skills in the Post-COVID-19 Workplace The pandemic has reshaped the definition of leadership. It showed that employees could be resilient, agile and thrive in the face of uncertainty. Additionally, the pandemic created the

need for even certified and experienced accounting professionals to strengthen these skills to navigate the emotional and personal impact of the pandemic on employees. To succeed in this new world of work and build high-performing teams, skills such as critical thinking, collaboration and creativity will be needed. Training and webinars on managing hybrid teams, communication, leadership, and diversity, equity and inclusion can help accounting professionals improve their human skills in this new era of work. It is essential for accountants to be continuous learners and intentionally devote time to learning as part of their professional development journey. Continuing education is critical to professional success, and with the many flexible options available, accountants can easily make continuing education a part of their professional development toolkit. Jessica McClain, CPA, CISA, PMP, CITP, CGFM, is the chief financial officer at Girl Scouts of Nation’s Capital and can be reached at jessica.e.mcclain@outlook.com. Reprinted with permission of the New Jersey Society of CPAs, njcpa.org Graphics: © iStock/elenabs

The WSCPA has a variety of CPE options. Check out the catalog at WSCPA.ORG/CPE

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The Washington CPA Spring 2022

DIVERSITY, EQUITY, & INCLUSION

Inclusion and Diversity in the World of Professional Services and Accounting Bill Bradshaw The conversation around diversity, equity and inclusion (DEI) should be at the forefront of all discussions at all levels within organizations to align with and create an innovative and sustainable future. Whether age, race, religion, gender identity or sexual orientation, a diverse and inclusive culture allows the synthesis of various lenses to work in unison to meet the organization’s strategic priorities. In professional service firms, specifically accounting – defining and crafting DEI goals and initiatives is critical in fostering a diverse and inclusive culture. THREE KEY AREAS OF A DEI STRATEGY When you examine your DEI framework, it’s imperative that you focus on three specific areas to avoid unwanted pitfalls along your journey. 1.

Assess your organization’s strategic priority. This step is pinnacle and sets the foundation for the framework of your DEI strategy – ask yourself, what critical areas of your business are you looking to impact by implementing a DEI strategy (i.e., workforce, workplace, marketplace/community).

Engage your stakeholders. Accessing the groundswell from your current team members is imperative to gathering and implementing DEI initiatives. Buy-in from the top-down and bottom-up garners champions who will advocate and carry out these initiatives.

Define varying DEI definitions and language. Whether spoken or written, how you communicate should amplify your DEI priorities and embody an inclusive tone. Think of how this will shape internal outreach tools and communication around your organization’s DEI strategy.

Graphics: © iStock/antishock

As you move through your DEI journey, don’t forget to analyze internal workforce trends, such as recruitment, advancement, development, and retention. These themes will help shape objectives and metrics that support your workforce goals, such as creating Employee Resource Groups (ERGs).

Find tools and discussion on moving forward diversity and inclusion within the accounting profession in the Diversity & Inclusion Resource Group in WSCPA Connect. wscpa.org/connect-dei 18

The Washington CPA Spring 2022

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Photo: © iStock/xavierarnau

ESTABLISHING EMPLOYEE RESOURCE GROUPS (ERGS) ERGs can assist in building cultural awareness, education and serve as a safe space for team members within your organization. They can also help leaders identify organizational policy and process gaps, creating opportunities to enhance company culture, benefits, and retention. Similar to creating an organization-wide DEI strategy, it is essential to develop a solid ERG approach. Identify leaders who are invested in the purpose and mission of your DEI strategy and identify with a cohort of individuals that are representative of your organization’s talent. They will be the ones who help lead your DEI initiatives at all levels. Remember, representation and allyship are lockstep in creating the most successful ERGs. H oweve r, n o t o n l y s h o u l d yo u r organization’s DEI initiatives have an internal impact, but they should also reach the margins of your surrounding community. Think about how your organization engages with diverse clients, utilizes benchmarking tools to measure being a “Best Place to Work,” engages with diverse suppliers, and supports and gives back to your local communities.

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MEASURING DEI INITIATIVES Lastly, create key performance indicators (KPIs) to measure the success and effectiveness of your organization’s DEI initiatives. KPIs help identify what works, what needs tweaking and how to continue moving the strategy forward. People often refer to inclusion as being invited to dance. At Withum, we want all of our team members to dance every day to their own music as #OneWithum. We realize the true fabric of our culture is rooted in our people and the unique perspectives and experiences they bring to work daily. And by embracing that perspective, we’re able to create immense opportunities for our people, clients and communities.

Bill Bradshaw is Director of Inclusion and Diversity with Withum. You can contact Bill at bbradshaw@ withum.com.

PRACTICE MANAGEMENT

5 Ways to Address Talent Constraints

Graphics: © iStock/wowomnom

Arianna Campbell

The Great Resignation has been a hot topic of discussion in firms around the country. People are leaving their current jobs — not just for other firms, but for other careers. Unfortunately, this isn’t a short-term problem. Many of the talent issues we’ve been dealing with for years will continue, and new ones will come up as people decide to work differently. So it’s more important than ever to focus on increasing our ability to get work done with limited resources.

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Right now, your firm is likely feeling those limits acutely. Talent is more limited than it has been in the past, and the problem will likely worsen before it gets better. Enrollment in accounting programs1 is down, many accounting majors aren’t pursuing CPA2 licenses, and employees across the board are burnt out3. For these reasons, it’s more important than ever to look for ways to serve our talent better and help them complete tasks and achieve their goals without piling on more stress. Here are five ways to do just that.

The Washington CPA Spring 2022

PRACTICE MANAGEMENT

Automation Spending hours every day or week on manual, repetitive tasks is demotivating for talented professionals. These tasks should be handled by technology. When you leverage technology to automate these processes, tasks that used to take up the bulk of your days can be handled in minutes. You can ignore the possibilities and watch your competitors steal clients, hire away your talent and surpass you. Or you can embrace these tools, viewing them as an essential partner that eliminates some of the day-to-day monotony and frees up people to work where their unique human abilities are needed.

Outsourcing Outsourcing — whether via traditional offshoring of tax preparation or hiring freelancers — allows your people to work at their best and highest use. And it’s not just for large firms with big budgets. Supporting your team with outsourced services makes sense for firms of all sizes. The key to being successful with outsourcing is to commit. Deciding you’re going to outsource a handful of returns or a small amount of marketing or IT tasks and projects typically isn’t worth the time and effort. But when you commit to outsourcing hundreds of tax returns or all content marketing efforts for your firm, you’ll see real results. Those results will give you the confidence to continue.

Process improvement Both automation and outsourcing depend on having standardized and efficient processes. It’s tough to automate or outsource a task when there are 18 different ways to do it, and bottlenecks can drag down even the top performers.

Delegation Delegating work is another way to help people perform at their highest and best level, but it doesn’t come naturally to everyone. You need to train your people to give responsibility and authority. Delegation should also help the person you’re delegating to grow. We call this “win-win delegation,” and it follows an eight-step process: 1.

Stop doing the work yourself

Select the project you want to delegate and the person you want to delegate to

Sell it and gain buy-in

Show them how to do it

Watch and coach them as they do it

Let it go

Follow up and provide feedback

Reward and celebrate

When you improve your firm’s processes — for traditional engagements like tax and audit as well as billing, client and employee onboarding and advisory work — your people will have more capacity to take on higher-level work.

The Washington CPA Spring 2022

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PRACTICE MANAGEMENT

Client filtering One major source of employee burnout is working with clients who aren’t aligned with the firm’s growth goals. For example, if you’re telling your team you want to grow the firm and become more advisory, but you’re continuing to work on small individual tax returns with no related business, people feel like they aren’t helping the firm achieve its strategic plan. Determine your ideal client and the criteria your firm will use for client filtering. Then start saying no to new clients and referring existing clients elsewhere if they don’t fit the mold. This will involve some tough decisions, but the result will be happier employees and a more profitable firm.4

We often think of our capacity to get work done — both individually and as a firm — as fixed. We tell ourselves there are only so many hours in the day. While that’s true, time isn’t the only capacity limiting our ability to accomplish our goals. In the past, you may have avoided automation, outsourcing, process improvement, delegation and client filtering because you had enough internal team members to handle the workload. But the realities of hiring and retention are putting more pressure on people to try strategies they should have already been doing. To maintain a competitive advantage, you have to figure this stuff out. So don’t just choose one or two of these strategies. Build a strategy that includes all five, and you’ll be able to take your firm to a much higher level.

As Shareholder and Consultant for Boomer Consulting, Inc., Arianna Campbell helps accounting firms challenge the status quo by leading process improvement initiatives that result in increased profitability and client satisfaction. She also facilitates the development and cultivation of future firm leaders in The P3 Leadership Academy™ Academy. You can contact Arianna at arianna. campbell@boomer.com.

1 https://us.aicpa.org/content/dam/aicpa/interestareas/accountingeducation/ newsandpublications/downloadabledocuments/2019-trends-report.pdf 2 https://www.icpas.org/docs/default-source/default-document-library/ information/professional-issues/2021-cpa-pipeline-report-decoding-the-decline. pdf 3 https://www.indeed.com/lead/preventing-employee-burnout-report 4 Check out our Guide to Client Filtering at https://www.boomer.com/guideclient-filtering if you need help in this area.

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The Washington CPA Spring 2022

BOARD OF DIRECTORS

for the 2022-2023 WSCPA Board of Directors! Meet the Incoming Chair: Sara Bailey, CPA Term: 1 year, becomes Immediate Past Chair 2023-2024 Board Service: since 2019

Sara Bailey, CPA, is a Tax Partner at Moss Adams, LLP. She has practiced public accounting since 2011. Sara serves as a business and tax advisor to food, beverage, and agribusiness companies focusing on tax planning and compliance, transition planning, entity structuring, and long-term strategic solutions. Prior to her career in public accounting, Sara spent four years in the U.S. Army as a Blackhawk mechanic. Sara received her accounting degree from Central Washington University, MBA from Indiana University, and Master of Agriculture Economics from Purdue University.

Vice Chair: Andrew Brajcich, CPA, JD, LLM Term: 1 year, becomes Chair 2023-2024 | Board Service: since 2019

Andrew Brajcich, CPA, JD, LLM, is the Director of Graduate Accounting and an Associate Professor of Accounting at Gonzaga University. He has been thrice recognized by students as the Graduate Accounting Outstanding Faculty of the Year and currently serves on the American Institute of CPAs S Corporation Technical Resource Panel. When not reading the Internal Revenue Code, he enjoys all varieties of skiing on snow, cycling, Chelsea FC, hand-tied bow ties, and any activity with his sons. He puts peanut butter on his pancakes (don't knock it till you try it). His inspiration is Ted Lasso (Season 1 only).

What's the best career advice you've ever heard? Your first managers will be the most important. They will set the tone for how you view the profession and how to manage a team. Choose wisely.

What’s the career highlight you’re most proud of? The most rewarding times in my career have been seeing those who I’ve coached, mentored, and worked alongside of grow in their roles, responsibilities, and positions. I enjoy seeing those “light bulb” moments when a concept clicks with people and they understand a difficult project we are tackling together. I also love to see others take on new and exciting responsibilities and get promoted. It’s very rewarding to know the time and energy I’ve put into developing someone has helped them and played a small role in helping them be successful in their own career journey.

What advice would you give to a newly licensed CPA? Network and learn as much as you can your first few years.

Do you have a go-to productivity trick? What is it? Working out. And loose leaf yerba matte. The real stuff. Not the stuff that comes in a tea bag.

If you could add one thing to your company’s office, what would it be? Locker room so employees can pedal to work, run at lunch, etc.

Is cereal soup? Why or why not? I can honestly say I didn’t even realize this question was up for debate until now. But now that I’m aware of the controversy – NO! Of course cereal is not soup! Cereal is cereal. Soup has a base made from meat or vegetables and it has been cooked.

The Washington CPA Spring 2022

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BOARD OF DIRECTORS

In accordance with Article VI of the bylaws, all nominees will be declared elected by the secretary at the annual meeting unless other nominations, supported by at least one percent of membership, are received by April 1, 2022. If a contest for one or more positions develops, an election for those positions will be held at the meeting. The 2022 Annual Meeting is scheduled for June 9, 2022.

Secretary: Writu Kakshapati, CPA, CGMA

Treasurer: Joyce Lee, CPA, CFP®

Term: 1 year | Board Service: since 2021

Term: 1 year | Board Service: since 2020

Writu Kakshapati, CPA, CGMA, is an assurance manager at Frost & Co, PLLC. She has been with the firm since February 2014. Her responsibilities include managing audit, review, and compilation projects. Writu has been an active member of the Olympia Area Chapter of the WSCPA for many years, joining the chapter board in 2015, and serving as chair in 2018-2019. Writu is also a member of the CPAPAC Committee and has volunteered with the WSCPA financial literacy program in the past. Her past board experience includes serving on the board of a Seattlebased non-profit organization which combats human trafficking. Her hobbies include outdoor activities, reading and learning new skills. Writu is also currently enrolled in the evening MBA program at the University of Washington, Foster School of Business.

What do you enjoy most about working in the accounting profession? The versatility of having a foundation in accounting is truly exciting. I love to learn new things and this profession offers plenty of opportunities to learn.

Is cereal soup? Why or why not? Let's look at the definitions of cereal and soup. Based on my credible research from Wikipedia, cereal is any grass cultivated for the edible components of its grain. The cereals most cultivated are wheat, rice, rye, oats, barley, corn, and sorghum. Now lets look into what is a soup. Again for consistency, researching from the same credible source, soup is a primarily liquid food, generally served warm or hot (but may be cool or cold), that is made by combining ingredients of meat or vegetables with stock, milk, or water. Based on the definitions above, it appears that cereal could be part of a soup if they are included as an ingredient of the soup. However, depending on various regions of the planet, the likelihood of including cereals in soup could range from probable, reasonably possible to remote.

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Joyce Lee, CPA, CFP®, is Executive Director of Finance of Vulcan, which was co-founded by philanthropists Jody Allen and the late Paul G. Allen. Joyce oversees all aspects of Vulcan’s finance operations and is responsible for developing and executing financial strategies to support future growth and development. Prior to joining Vulcan, Joyce was the Chief Financial Officer of Marguerite Casey Foundation, where she was responsible for the Foundation’s operations and investment portfolio. Joyce started her career in public accounting and was a principal at Clark Nuber P.S. She holds a bachelor’s degree in accounting from Western Washington University and an Executive Master of Public Administration degree from University of Washington. Joyce and her husband are proud parents of two teens and a rescue pup.

What do you enjoy about working in the accounting profession? I think accountants have the superpower of being able to tell stories with numbers, which is pretty amazing. I love being able to demystify complex financial information for non-accountants and help with decision-making and achieving impact.

If you could add one thing to your company’s office, what would it be? Ice cream! Ice cream makes everything better, including accounting.

What are you reading currently? Atlas of the Heart by Brene Brown and State of Terror by Hillary Clinton and Louise Penny. I tend to alternate between reading fiction and nonfiction.

The Washington CPA Spring 2022

BOARD OF DIRECTORS

Director: Jamielyn (Jamie) Hueners, CPA

Director: Ed Ramos, CPA

Term: 3 years

Jamie Hueners, CPA, is an Audit Senior Manager with Deloitte & Touche LLP. She has 10 years of experience working with public and private companies primarily in the consumer business industry. In addition to executing external financial statement audits, she also enjoys assisting companies in working through complex accounting issues, ranging from pre-IPO matters to the adoption of new accounting standards. She holds a B.B.A. in Accounting from Gonzaga University and currently resides in Seattle. In her personal time, she loves traveling and spending time with her husband, toddler, and Golden Retriever.

Ed Ramos, CPA, a shareholder at DP&C, a local CPA firm in Tacoma, has more than 23 years of public accounting experience. He attended Wilson High School, Highline Community College, and transferred to Eastern Oregon University. His practice primarily focuses on auditing and accounting for various organizations in the not-for-profit, construction, electric co-op, and employee benefit plan industries. Ed co-founded and served as the past treasurer for the Seattle Chapter of the Association of Latino Professionals in Finance and Accounting (ALPFA). He has served on various non-profit boards as a treasurer or finance committee member, including the WSCPA Foundation Board of Trustees and Grants Committee. Ed is an alumni of the 2011 AICPA Leadership Academy and previously served on the AICPA National Commission on Diversity and Inclusion. Ed is currently a board member at MultiCare Health Foundation. Ed enjoys traveling, running, and spending time with his family.

What do you enjoy about working in the accounting profession? I love that accounting isn’t as black-and-white as most people think. Many times, you have to navigate through the grayness which keeps it interesting.

If you could add one thing to your company’s office, what would it be? I would add a pickle station. I love pickles.

Is cereal soup? Why or why not? No! While controversial, I believe soup should be hot and savory.

What's the best Halloween costume you've ever had? When I was pregnant with my son, I (with my pregnant belly) was Pac-Man and my audit team were the ghosts.

What’s the career highlight you’re most proud of? My career highlight is when I joined the AICPA National Commission of Diversity and Inclusion. It was a humbling experience where I had the opportunity to work with firm leaders across the country including working side by side with AICPA leadership. It gave me a new appreciation and renewed passion for our accounting profession.

What do you enjoy most about working in the accounting profession? I enjoy helping clients navigate through various challenges and helping them understand the story behind the numbers on their financial statements.

Is cereal soup? Why or why not?

REMAINING ON THE BOARD These members currently serve on the Board of Directors and will continue serving on the Board.

Chair:

Directors:

Sara Bailey, CPA

Sarah Funk, CPA, CGMA Norman Haugen, CPA, CCIFP Courtney Hirata, CPA, MPAcc Lowel Krueger, CPA, MBA Bryce Rassilyer, CPA, CFE Bonnie Tse, CPA, CIA, CISA, PM

Immediate Past Chair: Thomas Sulewski, CPA

President & CEO:

Cereal is not soup. I think technically cereal is only what comes out of the box with no liquid. So you could eat cereal with no milk as I used to do in college and it was still considered cereal. Soup has to have some liquid. For example if you had bean soup with no liquid, you're just eating beans, not soup.

Kimberly Scott, CAE

The Washington CPA Spring 2022

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BOARD OF DIRECTORS

Director: Jillian Robison, CPA

Director: Joel Williams, CPA

Term: 3 years

Jillian Robison, CPA, is currently a Senior Manager on the Eide Bailly National Outsourced and Managed Services (OMS) Team. She organizes training for the firmwide OMS department and helps on complex client issues. Through her years as a CPA, she has volunteered on boards, run committees and met many amazing people. As someone who loves to learn, Jillian most appreciates how being a CPA, and the experience that has afforded her, allows her to volunteer in the community. Jillian has been active in the WSCPA, serving on the Spokane Area Chapter Board for a number of years, participating in Hill Day, serving as a Key Contact and a scholarship reviewer for the Washington CPA Foundation. Jillian has two wonderful children, Brooke (8) and Lachlan (6). She has been married to her high school sweetheart for more than 11 years.

You must prioritize what is important or someone else will. Also, if everything is important nothing is. Figure out what you want to do and need to do to get there and move in that direction.

Joel Williams, CPA, is a Senior Manager in KPMG’s Seattle Global Mobility Services practice. He has more than 20 years of experience in assisting clients with global mobility issues, both with US citizens working abroad and foreign nationals working in the US. Joel spent five years working abroad in the Middle East and the UK, so he has first-hand knowledge of the concerns facing globally mobile employees. Joel is responsible for identifying and delivering technology solutions for multi-national organizations to help them manage their globally mobile employee populations more effectively. Joel has deep knowledge of global mobility matters and has advised clients on tax and social security issues for individuals working all over the globe. Joel also has key insight into what matters most to the employees themselves, as he had overall responsibility for the global tax consultation process for a major technology client.

Do you have a go-to productivity trick? What is it?

What’s the career highlight you’re most proud of?

Place the big rocks first. The little rocks can fill in after the big rocks are placed. Basically, know what is important and what will move the needle the most and do that. Emails and other things can wait.

I was awarded the KPMG African American Network Member of the Year a few years ago. That reflected my efforts in helping to create a Seattle chapter of our African American Network as well as the mentoring that I had done with staff. There are hundreds of members within the network, and I was very proud to have won the award.

What's the best career advice you've ever heard?

Is cereal soup? Why or why not? No. Per the Oxford dictionary soup is “a liquid dish, typically made by boiling meat, fish, or vegetables, etc., in stock or water.” I don’t eat my cereal hot or with any meat, fish, or veggies, usually.

Do you have any special skills? Hobbies? My husband and I race Model Ts. We usually do the one national race per year, each June in Montana. I have won twice. My husband recently got his private pilot license as well (thanks COVID for the downtime), so we have done some family plane rides, which have been a fun new hobby!

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Do you have a go-to productivity trick? What is it? Take a break. I know I can’t properly focus on something for more than 90 minutes. So, I have to get up and walk around after no more than 90 minutes. Once I clear my head after a short break, then I can get back after it.

If you could add one thing to your company’s office, what would it be? We need someone to walk around giving massages. After looking at a screen for hours, it would be great to get a quick neck and shoulder massage.

What's the best Halloween costume you've ever had? My mother made a Mickey Mouse costume for me when I was a kid. Thankfully, there are no pictures!

The Washington CPA Spring 2022

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

International Tax Conference

In Person in Bothell & Webcast — Thursday, May 12 8 Credits Commerce constantly seeks new territory, and so should your understanding of international tax. The International Tax Conference will highlight the new laws, rules and trends affecting your international tax practice. Join us in person to get the practical information you need to know to help your clients soar!

Women's Leadership Summit

In Person in Bellevue & Webcast — Thursday, June 2 8 Credits Gather and reconnect at the Women’s Leadership Summit! Join your colleagues for a celebration as we invest in restoring connections and welcome new and future leaders into the pack. On the hunt for new insights to apply to your career? Prepare to be equipped with new leadership tools and confidence to lead and energize those around you. At this popular conference you'll hear inspiring advice from renowned speakers from around the country. Come celebrate with us as we empower women, empower others at this very special day of learning and reconnecting. Whether you participate in person or via webcast, there is a place for you!

Washington State Tax Conference

In Person in Bothell & Webcast — Wednesday, June 8 8 Credits No need to struggle through the choppy waters of state and local tax. Boost your knowledge of Washington State and local tax topics at the Washington State Tax Conference! Noted speakers and tax experts will distill the critical new information and tax trends for 2022 that every business advisor needs to share with their clients or employer. CPAs in SALT and other financial professionals can’t afford to miss this conference. Join us in person or via webcast. Register today!

The Washington CPA Spring 2022

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EDUCATION AND EVENTS

Online CPE COURSE TITLE

CREDITS

5/5

CFO Series: Numbers Rule the World Part 1 WEBCAST

5/11

Member Exclusive: Economic Update WEBINAR

5/12

CFO Series: Numbers Rule the World Part 2 WEBCAST

5/12

International Tax Conference 2022 WEBCAST (Also available in person in Bothell)

5/13

Prix Fixe: WSTC Preview: Washington Tax Audits WEBINAR

5/17

Washington Taxation for Service Businesses WEBCAST

5/19

CFO Series: Preparing For Growth Part 1 WEBCAST

5/20

Prix Fixe: Ethical Dilemmas and War Stories - What Would You Do? WEBINAR

5/23

Fringe Benefit Planning for 2020 and Beyond WEBCAST

5/24

Washington Sales Tax WEBCAST

5/24

Employee Benefit and Retirement Planning: Pension and Deferred Compensation Tools WEBCAST

5/26

CFO Series: Preparing For Growth Part 2 WEBCAST

5/27

Prix Fixe: Getting Ahead of the Tech Curve WEBINAR

6/2

Women's Leadership Summit 2022 WEBCAST (Also available in person in Bellevue)

6/8

2022 Washington State CPA Ethics by Jim Rigos WEBCAST

6/8

Washington State Tax Conference 2022 WEBCAST (Also available in person in Bothell)

6/9

WSCPA Annual Meeting 2022 WEBCAST (Also available in person in Bothell)

6/13

Estate Planning for 2022 and Beyond WEBCAST

6/14

The Complete Guide to Estate Administrations WEBCAST

6/17

Prix Fixe: CPE and CPE Audits: A Survival Guide WEBINAR

6/22

Change: Embrace & Enjoy - It Is Inevitable WEBINAR

6/23

Assessing the Risk of Fraud In a Financial Statement Audit WEBCAST

6/24

Washington Ethics and New Developments 2022 WEBCAST

6/24

Prix Fixe: Women's Leadership Summit Recap WEBINAR

6/29

Effective Workpaper Techniques: Building a Better Workpaper WEBCAST

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

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The Washington CPA Spring 2022

EDUCATION AND EVENTS

Online CPE DATE

COURSE TITLE

7/1

Forensic Accounting: When the Office Is A Crime Scene Webinar

7/8

Prix Fixe: R&D Taxes WEBINAR

7/13

Member Exclusive: Cryptocurrency: What You Need to Know WEBINAR

7/15

Prix Fixe: Data Security and Cyber Liability Issues for CPAs WEBINAR

7/19

Advanced Audits of 401(k) Plans: Best Practices and Current Developments WEBCAST

7/19

Understanding the Basic Techniques of Financial Planning WEBCAST

7/22

Prix Fixe: Put the Go in Goal Setting WEBINAR

7/27

Social Security and Medicare: Planning for You and Your Clients WEBCAST

7/29

Prix Fixe: How Non-Techies Can Understand Ransomware Risks WEBINAR

8/4

Farm Tax Conference 2022 WEBCAST (Also available in person in Kennewick)

8/5

Washington Ethics and New Developments 2022 WEBCAST

8/5

Prix Fixe: Create a Winning & Inclusive Firm Culture: From a Firm Named Top 100 Places to Work WEBINAR

8/10

Advanced Topics in a Single Audit WEBCAST

8/10

Member Exclusive: Accounting for DEI in Your ESG Reporting WEBINAR

8/11

Creating and Installing Technology Measures WEBCAST

8/12

How Fraud Can Affect Smaller Organizations WEBCAST

8/18

Planning and Strategy Formulation for Your Organization's Financial Success WEBCAST

8/18

Understanding Specific Risks in the Small and Medium-Sized Organization WEBCAST

8/19

Prix Fixe: Data-Driven Insights WEBINAR

8/26

Prix Fixe: Mergers and Acquisitions WEBINAR

8/31

Washington Ethics and New Developments 2022 WEBCAST

8/31

Member Exclusive: 8 Mistakes Accounting Firms Make and How to Avoid Them WEBINAR

Member Exclusive CPE Series Wednesdays, 12-1 pm

CREDITS

15 FREE one-hour webinars on a variety of topics held throughout the year. Explore the course list wscpa.org/exclusive22 30

The Washington CPA Spring 2022

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Coming Soon To A Computer Near You! “THE #1 CPE SERIES IN WASHINGTON”

Don’t let the curtain drop before signing up for this featured collection of Prix Fixe CPE. A winning line up of CPE programs that are convenient, concise, and instructional. Every seat is the best seat in the house at the WSCPA Prix Fixe Series!

Selection of Courses Dates and topics may be subject to change.

6.17.22

CPE and CPE Audits: A Survival Guide

7.15.22

Data Security and Cyber Liability Issues for CPAs

7.22.22

Put the Go in Goal Setting

7.29.22

How Non-Techies Can Understand Ransomware Risks

For a complete listing of Prix Fixe courses & to register visit: WSCPA.ORG/PRIXFIXECPE22

8.5.22

Create a Winning & Inclusive Firm Culture: From a Firm Named Top 100 Places to Work

9.9.22

A CPA's Guide to Avoiding Trouble

10.7.22 12.16.22 1.6.23 1.27.23 2.3.23 2.17.23 3.3.23 3.24.23

An Introduction to 179D: Energy Efficient Building Tax Deduction Should You Manage Your Investments Yourself or Hire a Professional? Federal Tax Update Make Technology Your Secret Sauce Engagement Letters, Disengagement Letters and More Improving the Appearance, Functionality and Design of Your Home Office or Hybrid Workspace The Top Liability Issues Facing the CPA Profession Today Market Your Practice Year Round

PEAK FIRMS

WSCPA PEAK FIRMS The WSCPA Peak Firm program recognizes and awards special benefits to firms that sign up 100% of their eligible staff for WSCPA membership. Being a Peak Firm establishes you as a leader in the profession and provides an array of discounts and benefits. Learn more and enroll your firm at wscpa.org/peak-enroll

NEW PEAK FIRMS

Alegria & Company PS

King & Oliason PLLC

Bader Martin PS

Kovarik & Kim PLLC

Brantley Janson Yost & Ellison

Larson Gross PLLC

Clark & Associates CPA PS

Martin Bircher Thompson PC

Clark Nuber PS

McDevitt & Duffy CPAs

Dwyer Pemberton & Coulson PC

Moss Adams LLP

Eide Bailly LLP

Nicholas Knapton PS

Falco Sult & Co

Norris Lutkewitte PLLC

FBCPA Group PS Inc

Opsahl Dawson PS

Finney Neill & Co PS

Ryan Jorgenson & Limoli PS

Greenwood Ohlund & Co LLP

Shannon & Associates LLP

Hauser Jones & Sas

Smith & DeKay PS

Hellam Varon & Co Inc PS

Starr & Leaf CPA Group PLLC

HMA CPA PS

Sweeney Conrad PS

Hunt Jackson PLLC

The Doty Group PS

Hutchinson & Walter PLLC

The Myers Associates PC

Jacobson Jarvis & Co PLLC

Vine Dahlen PLLC

Johnson Stone & Pagano PS

Werner O'Meara & Co PLLC

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CURRENT PEAK FIRMS

The Washington CPA Spring 2022

CPAPAC CONTRIBUTORS

Thank You Contributors With your generous contribution to the Certified Public Accountants PAC we have continued to provide a strong voice for the profession and develop vital relationships with legislators. As the only professional association advocating for CPAs in Olympia, your contribution ensures that the profession has a seat at the table as legislation moves forward. As a profession of many tax policy experts we have also provided a valuable resource to legislators as they consider the implantation and impacts of various tax proposals. These contributors donated to the CPAPAC between March 2021 and February 2022.

FIRMS Deloitte LLP (Seattle) EY (Seattle) Hagen Kurth Perman & Co PS Hellam Varon & Co Inc PS KPMG LLP (Seattle) Moss Adams (Consulting Group) Sweeney Conrad PS The Myers Associates PC VWC PS

AMBASSADORS CLUB ($500+)

Christopher W. Hesse, CPA David D. Schelert, CPA Kelly A. Keller, CPA

The Washington CPA Spring 2022

ADVOCATES CLUB ($100-$499)

Abby M. Bailey, CPA, CFE Pat L. Bohan, CPA, CGMA, CGFM Dr Andrew M. Brajcich, CPA, JD, LLM David A. Brown Jonathan Burks, CPA Craig S. Connell, CPA Anthony J. Cook, CPA Jolene G. Cox, CPA Stephen G. Dashiell, CPA Wesley L. Delaney, CPA Thomas G. Donaghy, CPA Alfred W. Dunnell, CPA Chris A. Gates, CPA Christina J. Gehrke, CPA, CIA, CrFA M R. Gilmour, CPA, CFP Michele L. Godvin, CPA Dean A. Granholm, CPA, CGMA Celia L. Griffin, CPA, CDFA James M. Hooper, CPA Michael J. Howisey, CPA H S. Huang, CPA Nicole M. Hughes, CPA Ryan N. Kidd, CPA Michelle Kline, CPA Darcy N. Kooiker, CPA Lowel J. Krueger, CPA, MBA Chris C. Lewis, CPA Bea L. Nahon, CPA, CGMA Kristine T. Nelson, CPA, MPAcc Jill Pavlus, CPA Ursula A. Perkins, CPA James R. Ramborger, CPA

Christopher C. Seel, CPA Kevin R. Sell, CPA Leslie A. Sesser, CPA Harold G. Shapiro William J. Smith, CPA, CFE, CIA Julleen J. Snyder, CPA, CGMA William K. Sterling, CPA Duy-Linh Ta, CPA Harold G. Thompson, CPA Dennis C. Wolff Jr, CPA Cheryl K. Woods, CPA, CGMA Ashley Giles Stephen B. Gillin, CPA John Clements Christopher J. Hugo, CPA, MS Sandra A. Wight, CPA Sara E. Bailey, CPA Sarah K. Funk, CPA, CGMA Mark A. Hugh, CPA Diane Pietrowski, CPA Jillian M. Robison, CPA Robert F. Woods, CPA Michael P. Bentley, CPA Michael J. Bursiek, CPA Jennifer C. Civitts, CPA David C. Heselton, CPA Carl A. Mackleit, CPA Chad C. Miller, CPA Josh E. Mock, CPA Alena S. Shafer, CPA Matthew A. Taggart, CPA Christian Tinder

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CPAPAC CONTRIBUTORS

CPAPAC MEMBER ($50-$99)

Gordon R. Craig, CPA, CFE, CIA Benjamin D. Anderson, CPA Laurie J. Anderson, CPA Gordon P. Asheim, CPA Mark A. Avitt, CPA Nicki L. Bailey, CPA John P. Baker, CPA Robert C. Best, CPA, JD Jeffrey J. Bogdanovich, CPA, PFS Adele B. Bolson, CPA Christine B. Brunner, CPA Jerome P. Burnett, CPA Christopher M. Carlson, CPA, CCIFP Rebecca A. Cates, CPA Danny B. Clark, CPA Robert M. Cole Jr, CPA, CGMA, MA Michael D. Cone, CPA Jay F. Cramer Chris A. Davies, CPA, CMA Candace Davis Joseph P. Deacon, CPA Daniel D. Dekay, CPA Billie Devore, CPA Leon F. Ficker, CPA Zenaida D. Fletcher, CPA, MBA, CFP Mr Robert L. Gerth Christopher W. Goetz, CPA Rick H. Graham, CPA William J. Graham, CPA Alan L. Gray, CPA David D. Green, CPA, PFS, AEP Vaughn S. Hagen, CPA Monty L. Harmon, CPA, CFF Penny L. Harris, CPA Teresa A. Herrin, CPA Donald J. Hess, CPA Courtney Hirata, CPA, MPAcc John R. Hodder, CPA Raymon G. Holmdahl, CPA Mr William D. Hood Stephen J. Hopps, CPA Navzer R. Hormazdi, CPA, MSTax, MT Michael K. Hutchinson, CPA Waylon P. Jones, CPA, CGMA, CFE Mr Arthur Y. Kageyama Writu Kakshapati, CPA, CGMA Brian D. Kennett, CPA, ABV Stroud W. Kunkle, CPA Frank J. Kuntz, CPA, PS Irene R. Laible, CPA Jeff E. Leary, CPA, CFP Kiu Joyce L. Lee, CPA, CFP Kwang M. Lee, CPA Ya J. Liu, CPA Jessica J. Lustig, CPA John F. Lynch, CPA Moses S. Man, CPA Kimberly S. Martin, CPA Sam S. Martin, CPA, MBA, CFP Juston Y. Masuda, CPA Jeffrey A. May, CPA

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Bruce I. Mitchell, CPA, MBA Mr Donald W. Mitchell Mark J. Morrissette, CPA Gary E. Mueller, CPA Thomas P. Nicholas, CPA Gary W. Nystul, CPA, CFE Terence V. O'Keefe Paul E. Olmsted, CPA Connie S. Olson, CPA Douglas M. Oord, CPA Bradley W. Orser, CPA Jack B. Person, CPA Valerie A. Pickens, CPA, CIA Michael C. Plato, CPA Christopher J. Rieke, CPA James J. Rigos, CPA, JD, CMA Scott D. Rodgers, CPA, MSTax Donald L. Rodman, CPA, MBA Keenan A. Roylance, CPA Craig S. Ruthford, CPA Susan J. Sanders, CPA Daniel J. Schroeder, CPA Martin F. Seiler, CPA Jay T. Shilhanek, CPA Janis H. Simpson, CPA John R. Skeen, CPA Walter R. Smith, CPA Douglas D. Springer, CPA, PFS Alyson C. Stage, CPA Charity B. Stegmeier, CPA, MHA Rebecca B. Stevens, CPA Thomas J. Sulewski, CPA Peter D. Taylor, CPA Linda M. Teachout, CPA Terry M. Thompson, CPA Susan L. Thomson, CPA Mark E. Ulloa, CPA Susanne W. Vickerman, CPA, MSTax Robert G. Villbrandt, CPA Dorothy R. Wagsholm, CPA Donald G. Watts, CPA Dennis O. Webb, CPA, MA Joel H. Williams, CPA Natalie Wittrock Carol A. Woo, CPA Aileen G. Zacarias, CPA

CONTRIBUTORS ($1-$49) Kahoua M. Koudou Matthew E. DesVoigne, CPA Ralph Siegel Richard A. Volk, CPA Eleanor E. Gittelman, CPA Bert R. Golla, CPA David R. Harrison, PFS Kristin L. Knopf, CPA, CGMA, MBA

SPECIAL THANKS TO OUR ADVOCACY VOLUNTEERS We’d like to extend a special thank you to these individuals who went above and beyond to assist with PAC and Hill Day efforts.

Carmen Aguiar Sara Bailey Moriah Banasick Richard Burger Mackey Dani Espinda Sarah Funk Mark Hawkins Christopher Hesse Writu Kakshapati Darcy Kooiker Lowel Krueger Craig Landes Joyce Lee Moses Man Pete Miller Carrie Munson Bea Nahon Tomas Neill Kimberly Nelson Jessica Packer Cody Parrish Ursula Perkins Rachel Roberson Jillian Robison Leslie Sesser Julleen Snyder Tom Sulewski Jared Theis Ed Thomas Susie Thomson Robert Underhill Greg White Joel Williams

The Washington CPA Spring 2022

CLASSIFIED ADS

Northern Oregon Tax Practice Ready for New Owner (OR 1188): Established in 1991, this northern Oregon tax and accounting Practice has provided tax preparation and planning, and other accounting services to both business and individual clients within the community. The Practice’s success can largely be attributed to its established name and loyal clients who have grown to trust the services it provides. The Practice’s service by revenue breakdown is 93.7% Tax Preparation, 3.7% Payroll, and 2.6% General Accounting & Bookkeeping. As of December 2021, the Practice has approximately 625 active clients. Over the past three (3) years, the Practice has averaged gross revenue of approximately $391,797 (2019-2021). The Practice has two (2) full-time staff, including the owner who is willing to stay on part-time for up to one (1) year, if desired. If you are experienced in running a business or have the drive and commitment to learn how to run a successful tax and accounting practice, this is the opportunity for you. To take the next step call us at 253.509.9224 or, send an email to info@privatepracticetransitions. com, with “1188 Northern *Oregon Tax Practice Ready for New Owner”* in the subject line.

Profitable South King County Tax and Accounting Practice for Sale: Established in 1985, this south King County tax and accounting firm has become well-known for its integrity, service, and reputation for going above and beyond for each client. The Practice’s service by revenue breakdown is 59% Tax, 24% Controller Services, 13% Bookkeeping, 2% Financial, and 2% Other. As of November 2021, the Practice has approximately 413 active clients comprised of ~80% individuals and ~20% businesses. Over the past three years (2018-2020), the Practice has averaged gross revenue of approximately $475,000. The Practice employs three (3) full-time employees and two (2) part-time/seasonal employees, including the Owner, who is willing to provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions for an agreed-upon period up to one (1) year, if desired. The Practice is stable, profitable, and poised for growth under new ownership. To take the next step towards this exciting business opportunity, call us at 253.509.9224 or email info@privatepracticetransitions.com, with “1180 Profitable South King County Tax and Accounting Practice for Sale” in the subject line.

Clackamas County CPA Firm Selling 30% Ownership (OR 1178): Established in 1954, this CPA Practice has provided tax preparation and planning, and other accounting services to countless clients with a service by revenue breakdown of 35% Business Tax Preparation & Planning, 30% Individual Tax Preparation & Planning, 23% Bookkeeping and Payroll Services, 6% Estate Work, 3% Financial Statements and 3% Advisory. The Practice is owned by three partners, one of which is looking to retire. The remaining two Partners will stay on as 35% owners each, and they are looking for a third Partner to buy in at 30% ownership. The Firm is primarily located within Clackamas County, with small portions extending into neighboring Multnomah and Washington counties. The Practice is known for doing quality work and as such, has a great reputation within the community. Because of this, the Practice receives a lot of word-of-mouth referrals and has incredibly high client retention. As of September 2021, the Practice has already exceeded 2020 revenues with year-to-date gross revenues over $1,015,000. The retiring partner is willing to stay on as a consultant through the end of 2022 if desired. With impressive gross revenues and over 1,030 active clients, this is a great opportunity for any buyer looking to buy-in to an already thriving business. For more information on this listing, call us at 253.509.9224 or email info@privatepracticetransitions.com, with “1178 Clackamas County CPA Firm Selling 30% Ownership" in the subject line.

Successful King County Tax and Accounting Firm: Established in 2003, this King County tax and accounting firm is highly respected in the community and prides itself on providing top-notch personalized customer service. The Practice’s service by revenue breakdown is 68% Tax Services, 26% Accounting Services, 3% General and 3% Consulting Services. As of September 2021, the Practice has approximately 804 active clients and four dedicated staff. Over the past three (3) years, the Practice has averaged gross revenue of approximately $979,355 (2019-2021). Additionally, the Practice has experienced year-over-year (YoY) growth each of the last three years! The Owner is willing to provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions for one to two tax seasons to ensure the new owner’s return on investment is realized. With impressive revenues, stellar SDE, and YOY growth, this is one opportunity you don’t want to miss. If interested, call us at 253.509.9224 or email info@privatepracticetransitions.com, with "1174 Successful King County Tax and Accounting Firm" in the subject line.

The Washington CPA Spring 2022

Successful Tax and Accounting Firm in SoughtAfter Clark County, WA: For over 29 years, this Clark County, Washington tax and accounting firm has offered a wide range of tax and accounting services to both business and individual clients. The Practice’s service by revenue breakdown

is 58.8% Tax Prep and 42.8% Accounting. The Practice has experienced year-over-year growth each of the last two years with an incredible 19.6% increase from 2018-2019 and a 6.7% increase from 2019-2020 even amidst the pandemic. Of its ~548 active clients, it is estimated that 95% will remain with the Practice after transition to new ownership. Including the owners, the Practice has five experienced and dedicated staff members. The owners are willing to provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions for an agreed-upon period up to one year to ensure the new owner’s return on investment is realized. To take advantage of this opportunity, call us at 253.509.9224 or email info@privatepracticetransitions.com, with "1166 Successful Tax and Accounting Firm in SoughtAfter Clark County, WA” in the subject line. King County Tax and Accounting Firm with Incredibly High SDE: For over 28 years, this King County tax and accounting firm has provided tax, accounting, and financial services to countless clients. The Practice’s service by revenue breakdown is 74% Tax, 20% Accounting, and 6% Financial and Consulting. The Practice is known for its incredible staff of six (6) who continually deliver excellent customer service to its ~1500 active clients. As a result, the Practice has a very strong client base and receives many word-ofmouth referrals. The Practice has an incredibly high percentage of seller’s discretionary earnings (SDE) torevenue (57%) which makes this a lucrative opportunity for any buyer. The weighted projected gross revenues are over $1M with over $575,000 in SDE. The Owners are willing to provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions through one (1) tax season to ensure the new owner’s return on investment is realized. For more information, call us at 253.509.9224 or email info@privatepracticetransitions.com, with "1170 King County Tax and Accounting Firm with Incredibly High SDE” in the subject line. Profitable King County Tax and Accounting Firm: Established in 2009, this tax and accounting firm is a one-stop-shop for all tax and accounting services. The Practice owes its success to its established name, loyal clients, and collaborative staff amenable to helping the Practice continue to thrive. The Practice’s service by revenue breakdown is 86% Tax Preparation, 26% Bookkeeping, 9% Managerial Accounting, and 5% Other. Of its ~2,424 active clients, ~500 are business client groups and ~1,924 are a mixture of high-net-worth individuals, young professionals, investors, and community leaders. The Practice has incredible workflow efficiency, is entirely paperless, uses cloud-based software, and has an efficient remote working environment. With a great reputation and such a robust client base, this is an excellent opportunity for any buyer. If interested, call us at 253.509.9224 or email info@privatepracticetransitions.com, with "1155 Profitable King County Tax and Accounting Firm" in the subject line. Kitsap County Tax and Accounting Firm: Established in 1979, this Washington tax and accounting firm is highly respected in the greater Kitsap County community. The Practice has developed good long-standing relationships with local law firms that have proven to be terrific referral sources. The Practice’s service by revenue

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CLASSIFIED ADS breakdown is 80% Tax Preparation and Planning, and 20% Accounting and Bookkeeping. In 2021, the Practice brought in approximately $820K in gross receipts. The Practice has nine loyal staff members proudly serving its 1,222 active clients. The Owner is willing to provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions for one to two tax seasons to ensure the new owner’s return on investment is realized. With dedicated staff and proven YoY growth, this is one opportunity you don’t want to miss. If interested, call us at 253.509.9224 or email info@privatepracticetransitions.com, with "1150 Kitsap County Tax and Accounting Firm" in the subject line. CPA Turnkey Opportunity in Oregon-Idaho Treasure Valley (OR 1136): Private Practice Transitions is assisting in the sale of a longestablished, highly profitable CPA firm located in the Western Treasure Valley of Oregon and Idaho. The firm’s two largest revenue streams are from Income Tax Preparation (48%) and Bookkeeping/Payroll (32%). The rest is made up of Management Advisory, Reviews, and Compilations. The Practice has shown increasing revenues year-over-year even during the COVID-19 pandemic. With average gross revenues (2019-2021) of ~$515,000 and ~430 active clients, the firm is poised to have another successful year. The practice operates from a ~2,999 sq. ft. office building which could be part of the package deal. There are currently four staff including the owner who is willing to provide transition assistance for up to a year to help ensure the new owner’s success. With an established clientele, seasoned staff, and well-regarded reputation, this firm is a turnkey opportunity for the right buyer. For more information, call us at 253.509.9224 or email info@privatepracticetransitions.com, with "1136 CPA Turnkey Opportunity in Oregon-Idaho Treasure Valley" in the subject line. Trusted Seattle Tax and Accounting Firm: Established in 1977, this Washington tax and accounting firm has built an outstanding reputation due to its integrity, service, and the personal attention that is paid to each client. The Practice’s service by revenue breakdown is 94% Tax Preparation, 3% Consulting, 2% Financial Statement Review and 1% Bookkeeping. In 2020, the Practice reached an impressive gross revenue of $694,920. Of its ~550 active clients, it is estimated that 95% will remain with the Practice after transition to new ownership. The owner is willing to provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions for an agreed-upon period of up to two (2) years to ensure the current clientele is happy and well taken care of and the new owner’s return on investment is realized. Additionally, there are four (4) loyal staff members who are amenable to helping the Practice continue to thrive. With dedicated staff and proven YoY growth, this is one opportunity you don’t want to miss. If interested, call us at 253.509.9224 or email info@privatepracticetransitions.com, with "1135 Trusted Seattle Tax and Accounting Firm" in the subject line.

ADVERTISE WITH THE WSCPA!

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. Arivva Children’s Campaign Fund Ecologists Without Boarders Environmental Works Grassroot Projects Jubilee Women’s Center Legal Counsel for Youth and Children Operation Nightwatch People’s Memorial Association South Park Senior Citizens

Check out the WSCPA's new and improved Volunteer Board! wscpa.org/volunteer-board

Office Space Office Space Available - Seattle/Northgate: Office suites available from 280 sf to 875 sf, fully built. Full length windows overlooking Northgate Mall and creek. On site free parking for clients. Signage available on 5th Ave. Near Northgate Light Rail Station and easy access I-5. We offer best rent rate and move-in incentive. Call (206) 660-4965 for showing.

Detailed advertising information is available online: wscpa.org/classifieds Contact Sharon Olene-Marander at smarander@wscpa.org for more information.

Mergers & Sales 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 4200 completed transactions. Please contact us if we can be of assistance at 425.454.3052, 509.907.9406, or www.ibainc.com. Accounting Practice Exchange - free weekly buyer email alert service: The Accounting Practice Exchange is the online marketplace for CPA practices. Get the latest opportunities available in Washington via our free weekly email alert service. Sign up for it here: www. accountingpracticeexchange.com Bellingham Tax Practice for Sale: Bellingham tax practice for sale, annual revenue $200,000, all tax, mostly small business. Owner willing to assist with transition/handoff, office building also available for purchase if desired. My main concern is finding the right person to take over my practice and continue providing excellent service to my clients. Owner financing available with down payment. Lots of growth potential, I am turning away new clients literally every day. Turn key accounting practice available to the right buyer. Contact Scott Davis at scott@scottdaviscpa.com. Have a client / owner ready to explore the business sale process? Contact Washington Business Brokers for results! You are an expert on your business. We are experts on the process of selling a business. Expect results, market knowledge, and transaction expertise. 100% confidential. No upfront fees - pay only at closing. Call 937-344-8750 or visit wabusinessbrokers.com for more info. Put us to work for you! Established South Snohomish County Practice: C.P.A. looking to transition a $150,000 practice to new owner. My primary goal is to be sure my clients will be treated well. Most are small business. We only prepare about 70 returns a year including business returns. Contact Terry Campbell at terry@ businesscpa.cc.

Visit the WSCPA Job Board! Job seekers, peruse the listings and find your next career opportunity. Looking for talent? The WSCPA Job Board receives hundreds of visitors a month. Post your opening and be seen by some of Washington's finest finance professionals. Learn more at wscpa.org/job-board.

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The Washington CPA Spring 2022

MEMBERSHIP

EMBRACING CHANGES WITH AGILITY Monette Anderson

When pondering agility, I tend to have flashbacks to one of my first nonprofit roles coordinating volunteers for Wags for Wishes. This multi-day event was a fundraiser aimed at bringing several canine competitors together for a good cause. The canine agility competition was the largest event, and our staff would bemusedly watch the dog handlers weave their way through jumps, tunnels, weave poles, A-frames, and seesaws (sans canines) while practicing the commands and hand positions they’d use to coach their pooch to victory. It’s difficult to not draw parallels between an obstacle course and leading through a pandemic, and the tools at our disposal aren’t all that different in theory: plan a course, stay one step ahead, build trust, communicate direction, and guide others through obstacles as quickly as possible.

to set priorities and disseminate information swiftly to members. Most recently, we’ve been working to keep you updated on the capital gains and long-term care tax and helping to navigate and advocate around issues with IRS communication and backlogs.

HAVE CLEAR OBJECTIVES Agility and planning may seem like an oxymoron, but success lies in the sweet spot in the middle. Having objectives allows you the flexibility to prioritize for new tasks, projects, or opportunities. I like to think of vision like a scaffolding, as opposed to a completed blueprint. This leaves room for synchronicity and opportunity. It allows us to better evaluate whether new opportunities (and/ or risks) align with long-term objectives. Our biggest objective year over year is to serve you, our members. Different years may offer new challenges or opportunities to find the best way to do that—from updating technology one year to offering more pop-up CPE programs to address new tax legislation.

HIRE FOR CULTURAL FIT Having the right people at your firm or organization, especially in a remote or hybrid environment, remains a top priority for firms, and has only become more challenging with the staffing crunch. WSCPA hosted a Meet the Firm Fair last fall to connect employers to students and new professionals and is planning to continue holding similar events and more networking opportunities to engage with new professionals. Also, the WSCPA job board is online and ready to connect you to candidates.

PREPARE FOR THE UNEXPECTED

When thinking of the organizations and companies that have survived and thrived during COVID, practicing agility is usually the most common attribute of success. Here, I’ve compiled a few of my top tips for remaining agile, and how the WSCPA is providing resources to guide you through obstacles even when facing a blind cross or a reverse flow pivot (just a little agility insider lingo).

SET PRIORITIES

Do you operate on just-in-time planning or just-in-case planning? While this philosophy comes from inventory management principles, it’s a great analogy to apply to leadership. The WSCPA aims to help accounting and finance professionals and offer resources for every stage of your career. Students and CPA candidates can sign up for mini-mentoring sessions in the Coffee & Conversations Resource Group and get advice on passing the CPA exam with Fireside

Embracing change means reprioritizing work (sometimes constantly) based on new information and changing outcomes. These shifts are often a result of market swings, new technologies, or regulatory changes or requirements. The last few years, WSCPA has monitored and sifted through a record number of changes in the legislative landscape

The Washington CPA Spring 2022

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Chats. Those hitting their golden years can take advantage of resources and CPE around retirement and continuity and succession planning. At last year’s WSCPA Annual Meeting, Patrick Hardy joined us to share disaster preparedness and crisis communication tips. In the winter issue of The Washington CPA magazine, you could find a new comprehensive checklist for dealing with ransomware attacks. Our Coronavirus and Mental Health Resource Centers are still providing updated information on managing the pandemic. Through these resources and our Connect community, the WSCPA is here to help you plan for the unexpected.

DON’T BE AFRAID TO CHANGE COURSE A few years ago, at a year-end accounting banquet, a keynote speaker shared Amazon’s cultural values. One concept that stuck with me from that presentation is the idea of “fail fast, fail often.” Amazon launches new ideas often, but also is quick to shutter initiatives that have early indications of failure (sorry to those who were early adopters of Fire Phones). Many companies quickly learned that the old way of doing business wasn’t going to cut it in our new pandemic world, and WSCPA was among them. So that you could still attend events, WSCPA adapted to a virtual event business model and is now working on plans to reopen. We look forward to being back to in-person events and serving members in a new and improved building this year! We’re also thrilled to bring back new professional focused networking events in 2022.

TEAMWORK In January, you received a one-question survey that asked if you’d recommend the WSCPA to a friend or colleague. If you responded and sent in feedback, you likely received a personal response from me or someone on the WSCPA Member Services Team. I read and appreciate every piece of feedback. Thank you to those that took the time to respond, and if you have feedback to share, I am always available to listen. Teamwork is also critical to agility, and you are key in helping us create valuable member benefits and a stronger community.

EMBRACE LIFELONG LEARNING Getting your required CPE credits can feel more like a chore than an opportunity. Asking questions, remaining open to feedback, and getting to why allow us to continue to adapt to a world that is changing faster than ever. Professional development continues to be one of our core objectives to serve you. WSCPA is excited to offer hybrid conferences this year to enable you to network with other professionals, while engaging in timely and specialized educational updates. Although earning the credits you need to submit to the State Board may be your primary objective in taking CPE, lifelong learning also brings opportunities to grow professionally and personally. We’ve also added a few extra credits to your free Member Exclusive webinar lineup this year to help you get closer to your annual CPE requirement.

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Monette Anderson is the WSCPA Director of Membership. You can contact Monette at manderson@wscpa.org.

The Washington CPA Spring 2022

Periodicals postage paid at Bellevue WA and additional mailing offices 902 140th Ave NE Bellevue WA 98005-3480

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Reconnect in person at WSCPA spring conferences Learn More & Register Today at WSCPA.ORG/NATURE International Tax Conference 8 Credits | May 12

Women's Leadership Summit 8 Credits | June 2

Washington State Tax Conference 8 Credits | June 8