SPRING 2023
www.wscpa.org • memberservices@wscpa.org
Tel 425.644.4800
170 120th Ave NE Ste E101 Bellevue, WA 98005
BOARD OF DIRECTORS
Sara Bailey Chair
Andrew Brajcich Vice Chair Joyce Lee Treasurer
Writu Kakshapati Secretary
Thomas Sulewski Immediate Past Chair
Kimberly D. Scott President & CEO
Sarah Funk Ed Ramos
Norman Haugen Bryce Rassilyer
Courtney Hirata Jillian Robison
Jamie Hueners Bonnie Tse
Lowel Krueger Joel Williams
CHAPTER BOARD CHAIRS
TBD Bellingham Area
Charles Meyerson Everett Area
TBD Olympia Area
Brittany Malidore Seattle/Bellevue Area
Anna Smith 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
Jennifer Johnson 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.
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The Washington CPA is published quarterly by the Washington Society of Certified Public Accountants, 170 120th Ave NE Ste E101, Bellevue, WA 98005.
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Send address changes to The Washington CPA, c/o WSCPA, 170 120th Ave NE Ste E101, Bellevue, WA 98005.
Time to Get Engaged: National Debate Brews on Licensing & CPA Exam Requirements
Dismantling Barriers for Those Who Want to Become CPAs
New Rule: Sit for the CPA Exam at 120 Hours
Peer Review Changes Coming Soon
Washington CPA Foundation Contributors
Dilemmas Employee Retention Credits Pose for CPAs
Meet the WSCPA Board of Directors Nominees
The AI Revolution: How ChatGPT is Redefining the Way We Work
Your
membership includes this free benefit (a $150 value). Access 3,000+ discounts online and in your neighborhood. Great for dining, travel and shopping. Find your next adventure at wscpa.org/passport
WSCPA Membership Summit 2023 | June 13 | Bellevue | 8 CPE credits
Welcome Reception | June 12 | Bellevue
WSCPA Annual Meeting Webcast (Membership Summit Opening Sessions) | June 13 | 2 CPE credits
Join us on June 13 for the inaugural WSCPA Membership Summit! This exclusive, free event is an opportunity to connect with fellow accounting professionals, exchange ideas, and gain valuable insight into the latest happenings affecting the profession.
Throughout this multi-track event, you will have the opportunity to engage with your peers, participate in interactive educational sessions, while earning complimentary CPE.
Don’t miss out on this chance to network with like-minded peers and celebrate the accounting profession. Space is limited, so sign up today and join us for the WSCPA Membership Summit! Visit wscpa.org/summit23
Visit and discover a library of free, downloadable content right at your fingertips. Includes white papers, webinars, product guides, case studies, industry analysis and much more, provided by experts and vendors within the accounting industry.
Check it out at hub.wscpa.org.
Verifyle and the WSCPA have partnered to offer all members access to Verifyle Pro™️, Verifyle’s premium, ultrasecure online file sharing and messaging service (a $108 value) at no cost to WSCPA members
Verifyle is an extremely simple-to-use cloud storage and sharing tool that offers:
• The most powerful encryption technology available on the web (Cellucrypt®️)—each individual item stored or shared in Verifyle is secured with six unique encryption keys
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• Digital signatures capability for requesting clients sign, date and initial documents inside Verifyle
To take advantage of this free benefit: Sign up at verifyle.com/wscpa using the email on your WSCPA member account.
As I sat down to write this column, I planned to write about our return to in-person events and encourage our members to look at the WSCPA’s conferences and other in-person CPE events. We also have a very exciting Membership Summit and annual meeting in June (and it’s free!), with great topics and speakers teed up. These in-person events will provide you with a great opportunity to see old friends in person, share stories with students and new professionals, and network.
As I began to write about being back in person, though, I realized that the message I really want to communicate is to encourage you to be engaged in our profession.
When I started my career, I didn’t have a full understanding of things impacting our profession, the value of a CPA license, the role of the State Board, state society, Association of International Certified Professional Accountants (AICPA) and National Association of State Boards of Accountancy (NASBA). I didn’t have an appreciation of the history of substantial equivalency, reciprocity, and mobility. As I got more involved with the WSCPA, I was quickly able to see how much work goes on behind the scenes to protect and uphold the CPA license, address issues facing the profession, and provide resources to all CPAs. Years later, I recognize the importance of these various bodies and the impact they have on our profession.
In my last column, I wrote about the top five priorities the WSCPA is tackling: pipeline and STEM, fifth-year support; expanding
CPA resources; mentorship—especially focused on women and underrepresented groups; and our Membership Summit. The most significant theme identified was pipeline and staffing issues, and the WSCPA is not alone in identifying those issues. Other state societies across the U.S. are hearing similar messages from their membership. As members in the profession have voiced concerns during the last several years, there have been some responses from states, AICPA and NASBA.
I want to point out two issues that are heating up on the national stage. Why? Because we are all a part of this profession and many of us belong to two key membership associations that work to protect the CPA license—the WSCPA and AICPA. As dues-paying members of these societies, our voices matter. Those of us with boots on the ground have a pulse on the critical issues impacting our profession and we all should feel empowered to have our voices heard. While there are many other topics bubbling up, these two pipeline-related topics have created more attention than some others.
Time to Pass All CPA Exam Sections - On February 15, NASBA released an exposure draft of the Uniform Accountancy Act Rule 5-7 (wscpa.org/uaa23). The draft proposes multiple changes, but notably increases the amount of time that a CPA candidate has to pass all required CPA exam sections from a rolling 18-month period to a rolling 24-month period. This is an improvement, but it doesn’t move the needle far enough. Keep in mind that while NASBA provides a framework for state boards to follow,
Washington State Board of Accountancy (WBOA) ultimately makes the decision on the testing window for candidates in Washington. At the WBOA January board meeting, Kimberly Scott, WSCPA President & CEO, provided public comment requesting WBOA review expanding the exam window to 36 months or longer.
Credit and Experience Requirement - In February, Minnesota introduced two bills, HF 1749 and SF 1660, which would broaden the path to CPA licensure by creating an additional pathway to CPA licensure in Minnesota through a 120-hour education requirement and two years of experience. (You can read more about this here: wscpa.org/newbills.) The AICPA and NASBA responded in letters to Minnesota members and through articles in Journal of Accountancy opposing this legislation.
Let’s all remember how licensing works. Each state or licensing jurisdiction is responsible for determining the requirements to qualify for sitting for the CPA exam and becoming licensed in the state. NASBA serves as a forum for the nation’s 55 State Boards of Accountancy to provide a framework that states can utilize in administering the exam and licensing candidates. They also administer the CPA exam, along with the AICPA and Prometric, and earn revenue for each time a candidate takes an exam. NASBA does not determine licensure requirements—states do. Either through the legislative process or through a rulemaking process. AICPA is a membership association which provides resources and advocacy for the CPA profession and protects the public interest. The AICPA also does not determine licensure requirements. However, the AICPA and NASBA collaboratively created and update the Uniform Accountancy Act.
There are relevant and important arguments on both sides of these issues—far too many to cover in this column. Regardless of which side you are on, I encourage you to feel empowered to have your voice heard and engage with the associations to which you belong. As a member of the WSCPA, we want to hear from you, and will be creating opportunities for you to engage. With conversations heating up at the national level, it is more important than ever to have an engaged membership group.
As we get back to in-person events, consider taking some time to engage with the WSCPA and have your voice heard. If there are topics you or your organization are passionate about, we want to hear from you. If you have questions about what is happening at the national level, stay plugged in and learn how you can make a difference through volunteer opportunities. There are many opportunities to engage and have conversations with others in the profession at the WSCPA’s upcoming in-person conferences and our Membership Summit in June. I hope to see you soon and can’t wait to hear what’s on your mind about the profession.
Sara Bailey, CPA, is a partner at Moss Adams LLP and WSCPA Chair. You can contact Sara at sara.bailey@mossadams.com.
Illustrations: © iStock/Tetiana Lazunova, © iStock/filo
Hayden Williams, CPA, CGMA
For more than 30 years, the WSCPA has administered the Peer Review Program for Washington CPA firms. However, Julie Phipps, Peer Review Administrator for the past 25+ years, is retiring on May 31, 2023. As a result, the WSCPA Board of Directors, staff, and Peer Review Committees determined that the time is right to outsource the administration of the program. Commencing May 1, the Colorado Society of CPAs (COCPA) will administer the Peer Review Program for Washington firms. We are extremely pleased to partner with the COCPA and we will work together to ensure a smooth transition and that you continue to receive the same level of service.
New points of contact
Your new contacts for Peer Review administration questions at the COCPA will be Jill Turner and Sheila Duggan. They can be reached at either peerreview@cocpa.org or 303.800.9190.
• Each year, the WSCPA sends invoices to firms enrolled in the Peer Review Program to cover the operational costs of the program. The Peer Review Annual Administrative fee covers the WSCPA fiscal year of June 1 – May 31.
• COCPA bills its firms in January for the calendar year. Due to the transfer of the administration, COCPA will send Washington firms a pro-rated invoice in June 2023 to cover the cost through December 2023. In January 2024, all firms administered by COCPA will be billed for the full calendar year.
• COCPA annual fees for firms that perform auditing, accounting and/or attest functions:
Sole Practitioners: $450
Firms with 2-5 Professionals: $555
Firms with 6-10 Professionals: $675
Firms with 11-20 Professionals: $900
Firms with 21 or more Professionals: $1,000
Additional Fees: There is a $500 reinstatement fee for firms that have been dropped for peer review non-compliance and an additional $500 for Technical Evaluation Fees for firms referred by the Department of Labor and the Department of Health and Human Services for non-compliance. If you hold an active Washington firm license and issue attest and/or compilation or review engagements, you are required to undergo a peer review at least once every three years. Upon renewal of an active firm license, all firms, except those exempt from Peer Review, must have undergone a peer review within the previous three years. For more information on the Washington State Board of Accountancy Peer Review rules, visit https://acb.wa.gov/ firm-licensing/quality-assurance-review-qar-program.
Other than these changes, all remains the same for your firm’s peer review. In addition, representatives from Washington will continue to serve on the committee that accepts peer reviews. If you have any questions or concerns regarding the transition, please contact Julie at 425.586.1132 or jphipps@wscpa.org (through May 31) or me at 425.586.1134 or hwilliams@wscpa.org.
I cannot leave without saying that it has been a pleasure to serve the WSCPA community for 35 years. I have appreciated the opportunity to work directly with many of you while administering the Peer Review Program for 25 years. You are a passionate group dedicated to bettering the CPA profession. It is with a bit of nervousness, much gratitude, and great anticipation that I retire on May 31.
Thank you.
The Washington State Board of Accountancy is looking for volunteers to serve on the Peer Review Oversight Committee (PROC). Members of this committee are not Board members, but rather serve as voluntary PROC members.
Responsibilities include:
• Monitoring RAB meetings (attend virtually) and preparing a summary of actions taken
• Participating in PROC meetings (held on an as-needed basis, but at least annually; typically held virtually)
• Attending Board meetings as requested, but at least annually (held in person, but can be attended virtually)
Requirements:
• CPA license in Washington and in good standing
• Experience as a peer reviewer
All PROC members are subject to approval by the Board.
For more information, or to volunteer, pl ease contact Jennifer Sciba, Deputy Director of the Washington State Board of Accountancy, at 360.586.0952 or jennifer. sciba@acb.wa.gov.
Martha
Ramirez, CPA
It’s no surprise that pursuing a career in accounting can be expensive and that cost is a considerable barrier to many students. Scholarships and other financial assistance become essential to these students and make a real difference in their overall success. Today, I am proud to be the President of the Washington CPA Foundation Board. It is the Foundation’s mission to strengthen the profession by partnering with donors and providing scholarships to students pursuing an accounting degree. By supporting students as they pursue their degree, we are not only helping them achieve their educational goals, but we are also investing in the future of our profession.
When I was a student, I was fortunate enough to receive one of these scholarships. While the financial support allowed me to pay for my tuition and other expenses, the real benefits were in the connections that I made. As a scholarship recipient, I was granted a student membership to the WSCPA and was able to attend conferences, network with other accounting professionals, and build relationships that I’ve maintained to this day. It’s incredible to look back and see what this path looked like for me—knowing that without the financial support I may not have earned my degree when I did, but I also would have missed out on the networking experiences that allowed me to build confidence and knowledge to prepare me for an accounting career.
As the current board president, I am excited to pay it forward and help the Foundation provide these same opportunities to the next generation of accounting students. This is my first year reviewing scholarship applications and I’m fascinated by the stories applicants have shared. The stories range from heartwarming to inspirational and paint a picture of students who are simply trying to do better for themselves, for their
families, for their futures. Throughout these stories, there is a common thread—a passion for the accounting profession and a desire to succeed in their careers. We get glimpses of the challenges these applicants face in their day-to-day lives and it’s clear that scholarships provide more than just financial support, they provide students the opportunity to achieve their goals and make a difference in their communities.
I mentioned earlier that this is the first year I am reviewing scholarship applications. This is primarily due to the review process taking place during tax season. However, despite the busy season, each year we have a pool of professionals willing to volunteer their time to review scholarship applications. Their commitment and expertise ensure that our scholarships are awarded to students who deserve them, and who will make the most of their educational opportunities. We truly appreciate their dedication to our mission and their willingness to help support the next generation of accounting professionals
Finally, I would like to extend a heartfelt THANK YOU to our named scholarship contributors and endowments, and all those who have made contributions to the Foundation (see page 14). Their continued support makes it possible for us to make a real difference in the lives of students pursuing a career in accounting. If you would like to contribute to the Foundation, you can do so when you renew your WSCPA membership, or at any time by contacting the WSCPA.
illustration: © iStock/SurfUpVector
Monette Anderson, CAE
"Cultivating a culture that fosters diversity and inclusion is a business imperative all firms and employers need to consider. The Association has been working to increase the accounting profession's diversity, making sure we can capture the best minds and the top skills to meet the future needs of our members and their communities."
- Barry C. Melancon, CPA, CGMA, President & CEO, American Institute of CPAsThe Washington CPA Foundation awarded $30,000 in grants to local organizations this year. These organizations all had programs or events designed to improve the diversity of the CPA and accounting pipeline in our state. Washington CPA Foundation awardees meet two important criteria:
1. They serve students in high school and early college and aim to increase awareness of, and access to, the accounting profession, usually before a major is declared.
2. Their goal is to increase underrepresented populations in the field of accounting through programs that encourage students to pursue a career in accounting. Programs are evaluated both on quality of the interaction and quantity of students reached.
Congratulations to this year’s grantees. You can learn more about their programs below.
Accounting Career Awareness Program (ACAP): ACAP is a youth development program serving students of color and those considered underrepresented in the accounting field. ACAP’s signature Residency Week summer program brings students to the University of Washington campus for a week to inspire them to pursue academic and career pathways in public accounting. Grant funds will sponsor several residency week participants, support counselor stipends and speaker fees, and increase outreach for the program. "ACAP is deeply grateful to the Foundation," says ACAP Executive Director Max Savishinsky, "not only for its generous financial support of ACAP, but for being a true partner in support of our mission to foster diversity in accounting."
Saint Martin’s University: Established by Professor Timothy Madeley, MBA, CPA, at South Puget Sound Community College, this embedded tutor program was duplicated at Saint Martin’s
when Prof. Madeley transferred there. As part of his PhD thesis, he has added significant research into this program. Prof. Madeley noticed that students in accounting 200 level classes were experiencing higher no-pass rates, and this margin was even higher for students from underrepresented backgrounds. Since implementing an embedded tutor in those classes, Prof. Madeley has seen impressive improvements in successful outcomes for students of all backgrounds, but particularly students of color.
While the rate of underrepresented students earning a D, F, or W declined seven percent on average, the rate of students earning an A- or better also increased more than 10 percent. We look forward to continuing to work with Prof. Madeley and exploring his program outcomes as he continues his research.
Degrees of Change: Degrees of Change prepares diverse, homegrown leaders to succeed in college and career to create more vibrant, equitable communities. Their career-centered program, Seed Internships, invests in the vibrant future of Pierce and King County by identifying exceptional college students and recent graduates from underrepresented backgrounds, then matching them with top local employers. Internship demand is growing for summer accounting internships in Pierce County, and grant funds will support increased focus and outreach for accounting placements.
Tacoma Community College (TCC) has received a first-time grant award to support a task force that is working to reimagine how accounting and CPA career-bound students can find and stay on their pathway while studying at the college. The task force has identified a series of recommendations and areas for further development, including creating new marketing materials that provide concise information for students about TCC pathways to accounting and CPA careers. The funds will be used to promote information about the wide variety of careers in accounting and CPA career fields, as well as for more outreach to Tacoma high schools about accounting careers and TCC pathways. We are excited about the program's potential to increase awareness among first-generation and underrepresented college students.
We extend our deepest gratitude to our Washington CPA Foundation contributors. As a donor, you are a valued partner. Your contribution enables us to continue our vital work of investing in the future of the accounting community.
As an organization, we remain steadfast in our commitment to promoting awareness and accessibility to the CPA profession, and we are proud that our efforts have yielded positive results. Thanks to the generous support of individual and firm contributors like you, we have been able to provide scholarships to aspiring CPAs and grants to local organizations dedicated to creating a more diverse pipeline of future CPAs.
As we embark on another year of service to our community, we recognize the essential role that each of you play in making our work possible. We look forward to another year of being able to carry out this important work for our profession.
Bill Reed Family Black Accounting Scholarship
Clark Nuber PS
DP&C Black Accounting Scholarship
EY Accounting Scholarship
George J. Waterman Memorial Scholarship
Joy J. Polley Memorial Endowed Scholarship
KPMG Diversity Scholarship
Matthew DesVoigne Accounting Scholarship
Moss Adams Accounting Scholarship
PwC Accounting Scholarship
Rich Jones Accounting Scholarship by Deloitte
Sambataro Family Accounting Scholarship
Shimer Family Foundation/Deloitte Accounting Scholarship
Craig S. Ruthford CPA
Norris Lutkewitte PLLC
Willett Zevenbergen & Bennett
Pat L. Bohan, CPA, CGMA, CGFM
Jacqueline L. Davidson, CPA, CGMA
Sam L. and Elvera A. Heritage Scholarship
Charles N. Ill, CPA, CFA
Richard E. Jones, CPA, CGMA
Richard D. Greaves, CPA
Norman Haugen, CPA, CCIFP
Michelle Kline, CPA
Kris L. Lambright, CPA, CGMA
Kimberly D. Scott, CAE
Dr Andrew M. Brajcich, JD, LLM, CPA
Jolene G. Cox, CPA
Zenaida D. Fletcher, CPA, MBA, CFP
Sarah K. Funk, CPA, CGMA
Courtney Hirata, CPA, MPAcc
Mark A. Hugh, CPA
Lowel J. Krueger, CPA, MBA
Kiu Joyce L. Lee, CPA, CFP
Sandra J. Moss, CPA
Dr Gerhard G. Mueller, PhD
Ursula A. Perkins, CPA
Diane Pietrowski, CPA
Jillian M. Robison, CPA
Leslie A. Sesser, CPA
Thomas J. Sulewski, CPA
Joel H. Williams, CPA
Monette Anderson, CAE
Erica M. Ash, CPA, MBA
John P. Baker, CPA
Allison Benabente, CPA
Jennifer L. Bixel, CPA
Suzanne C. Chaille, CPA
Craig S. Connell, CPA
Anthony J. Cook, CPA
Bonnie L. Curran, CPA
Wesley L. Delaney, CPA
Thomas G. Donaghy, CPA
Christina J. Gehrke, CPA, CIA, CrFA
Merle R. Gilmour, CPA, CFP
Paula A. Henderson, CGFM
H Sonia Huang, CPA
Waylon P. Jones, CPA, CGMA, CFE
Michael J. Kander, CPA,CIA
David E. Katri, CPA,MBA
Michaela D. Kay, CPA
Marcella M. Kulland, CPA
Steven C. Lawrence, CPA
Marla D. Lockhart, CPA, MAFM
Michael J. Mansfield, CPA
Bea L. Nahon, CPA,CGMA
Kristine T. Nelson, CPA, MPAcc
Thomas P. Nicholas, CPA
Bradley W. Orser, CPA
Bradley C. Patton, CPA
Scott T. Petersen, CPA
Candice A. Pfluger, CPA
Daniel A. Powers, CPA
Gordon R. Roland, CPA
Thomas P. Sawatzki, CPA
Morgan L. Schulte, CPA, CMA
Walter R. Smith, CPA
Gary A. Stecher, CPA
Peter J. Stirling, CPA
Michael R. Ammerman, CPA
Alex T. Anderson, CPA
Todd S. Arkley, CPA
Gordon P. Asheim, CPA
Paul B. Assink, CPA
Nicki L. Bailey, CPA
Robert C. Best, CPA, JD
Mr Bruce E. Bixler
Gregg W. Blodgett
Sidney H. Boles, CPA
Robert W. Bowman, CPA
Daniel L. Boyd, CPA
Megan Y. Brady, CPA
Rustin P. Brewer, CPA
David A. Brown
Christine B. Brunner, CPA
Yasmin L. Caldwell, CPA
Devon R. Campbell, CPA
Christopher M. Carlson, CPA, CCIFP
Maria T. Carrion-Ochoa, CPA, CGMA
Rebecca A. Cates, CPA
Otto M. Chase, CPA, CMA
Leanna Christian, CPA
Danny B. Clark, CPA
Jay F. Cramer
Stephen G. Dashiell, CPA
Chris A. Davies, CPA, CMA
Joseph P. Deacon, CPA
Julie A. Devine, CPA
Mary E. Dickinson, CPA
David L. Dierst, CPA
David A. Dorn, CPA
Robert J. Erickson, CPA, JD
Charlotte R. Fairfield, CPA
Evelyn L. Fletcher, CPA
Clifford M. Frederickson, CPA, CGFM
Chris A. Gates, CPA
Robert L. Gerth, CPA
Dr Susan Gill
Richard N. Ginnis, CPA
Bert R. Golla, CPA
George D. Goundry, MBA, ABV, CVA
Alan L. Gray, CPA
Robert B. Gulrajani, CPA, CFP, CGMA, CSA
David R. Harrison, PFS
Michael P. Hart, CPA, MPAC
Wayne E. Hays, MBA
Cecile E. Haw, CPA
Stephen J. Hopps, CPA
Loren D. Hostek, CPA
Flynn X. Huang, CPA
Michael K. Hutchinson, CPA
DeAnn I. Iman
Cindy L. Isaacson, CPA
Kenji Ito, CPA
Kraig A. Jones, CPA
Mr Arthur Y. Kageyama
F M. Kellegrew, CPA, MBA
Jo A. Kelly, CPA
Jennifer S. Korten, CPA
Kahoua M. Koudou
Stroud W. Kunkle, CPA
Rhona H. Kwiram, CPA, CGMA
Irene R. Laible, CPA
Carol M. LaMotte, CPA
Kenneth C. Lewis
Robert B. Loe, CPA, MBA, CFE
Peter L. Madison, CPA
Carrie A. Martin, CPA
Sam S. Martin, CPA, MBA, CFP
James W. McKean, CPA
Bruce I. Mitchell, CPA, MBA
Mr Donald W. Mitchell
Kristina M. Morgan, CPA
Gary E. Mueller, CPA
Dean W. Nelson, CPA
Jordie V. Neth, CPA
Terence V. O'Keefe
Jack B. Person, CPA
Michael C. Plato, CPA
Christina A. Polf, CPA
Lindsey J. Poppe, CPA
Janey L. Repensek, CPA, MBA
David Repp, CPA
James J. Rigos, CPA, JD, CMA
Donald L. Rodman, CPA, MBA
Mr Richard H. Russell
Susan J. Sanders, CPA
John A. Sciuchetti, CPA
Harold G. Shapiro
Jay T. Shilhanek, CPA
Ralph Siegel, CPA
Janis H. Simpson, CPA
Kristin M. Smith, CPA
Marie G. Sweet, CPA
Duy-Linh Ta, CPA
Ronald L. Tilden, CPA, CMA, MBA
Bonnie Tse, CPA, CIA, CISA
Benjamin J. Warren
Sarah E. Whitaker, CPA
Stanley W. Spavold, CPA
Cathy L. St John, CPA
Alyson C. Stage, CPA
Dawn E. Stephens, CPA
Rebecca B. Stevens, CPA
Chris W. Strand, CPA, MSTax, PFS
Linda M. Teachout, CPA
Terry M. Thompson, CPA
Susan L. Thomson, CPA
Mark E. Ulloa, CPA
Nancy L. Voelckers, CPA
Richard A. Volk, CPA
Cathy Wagoner
Dorothy R. Wagsholm, CPA
Valerie J. Weller, CPA
Alan K. Williamson, CPA
Azucena A. Wingard
Aileen G. Zacarias, CPA
Michael S. Zwink
Many CPAs are considering (or have used) contingent fee billing arrangements to assist their clients with obtaining Employee Retention Credits (ERC). Unfortunately, many believe they’re permitted to accept contingent fees for amending their clients’ payroll tax and income tax returns. But CPAs are not permitted to charge contingent fees for amending these returns to obtain these payroll tax credits. Professional standards1 prohibit CPAs from charging contingent fees to prepare original or amended returns.2 Some CPAs erroneously believe these services fit within one of Treasury Circular 230’s or the AICPA Code of Conduct’s exceptions.
Some CPAs believe that the American Rescue Plan’s extension of the statute of limitations (from three to five years) permitting the IRS to consider employers’ ERC eligibility and the propriety of the calculated credit amounts, guarantees “substantive review” by the IRS.3 Although it provides the IRS with more time to consider the eligibility and appropriateness of the credit, the extended period for review does not guarantee the amended returns would receive substantive IRS consideration.
Some CPAs also mistakenly believe they may accept fees for referring clients to “ERC shops” (enterprises that have sprung into existence to profiteer by charging a percentage of the ERC they calculate). These shops’ business models are singularly focused on amending payroll tax returns to maximize the ERC and their fees. So, the combination of the single-service nature of their business models—and the remote possibility that ERC shops will remain in existence when the ERC market evaporates—makes it unlikely that they will be around to defend their positions (if and when the IRS gets around to considering their propriety). This possibility is even less likely with the additional two-year extended window.
Some ERC shops and entities have solicited CPAs for referrals. There are also impediments to CPAs accepting referral fees from these entities. CPAs are prohibited from accepting commissions or referral fees from clients for whom they (1) perform an audit or review of financial statements, (2) compile financial statements
without indicating a lack of independence in the compilation report, or (3) examine prospective financial statements.4 Also, since most ERC referral fee arrangements are contingent upon the amount of the credit obtained, the referral fees paid to CPAs referring their clients to ERC shops would, by extension, be contingent fees. So, it would be unethical (prohibited) to receive such fees if (1) the fees are contingent upon the amount of ERC the employer is to receive, (2) the fees are contingent upon the amount of fees received by the ERC shop, or (3) the CPAs believe the fees they’re to receive from the ERC shop are from a contingent fee arrangement.
CPAs should adopt one of the traditional billing arrangements— either hourly rates or fixed fee arrangements.
While many employers qualify for substantial ERCs, some have been misled into believing they’re entitled to more than they are eligible for. A big reason so many employers (your clients) have erroneously pursued credits (for which they don’t qualify) is because they have been bombarded by solicitations from ERC shops purporting to be able to obtain massive credits and refunds that they don’t qualify for. The IRS has issued alerts5 expressing concern regarding inflated credits being taken by employers misapplying the tax rules to claim inflated ERC. These employers allege that their operations were fully or partially suspended due to a (COVID-19-related) government order when they don’t meet those requirements. Unfortunately, considerable confusion remains as to what qualifies as “suspended operations due to a government order related to COVID-19” or having experienced “a significant decline in gross receipts” [the only two paths to qualify for ERC].
Despite never being engaged by their clients to calculate ERC or amend impacted payroll tax or income tax returns (which could impair their independence6), CPAs still face ERC-related accounting and financial statement reporting dilemmas. CAMICO policyholders face these dilemmas because many of their tax or financial statement clients engaged ERC shops or other professionals to assist them with obtaining ERC. In these instances, CPAs must not subordinate their judgment7 regarding their clients’ eligibility for the credit or the amount they qualify for.
Tax practitioners are prohibited from signing a return or claim for refund they know (or should know) contains a position that lacks a reasonable basis8 or advising these clients to sign
such returns.9 Tax practitioners must advise clients of potential penalties and inform them of all opportunities to avoid penalties10 being imposed by disclosing these positions11 using form 8275 or 8275R. IRC §6662 states that a reasonable basis is a greater than 25% possibility of success that the tax return position would be upheld or sustained if challenged.
Tax practitioners may rely on information provided to them by their clients but must make reasonable inquiries if the information appears incorrect, inconsistent, or incomplete.12 Tax practitioners cannot sign or advise a position on a return that is (1) unreasonable13, (2) a willful attempt to understate liability14 or (3) reckless or intentionally disregards rules and regulations15 Further, when aware a client has not complied with tax laws or has made an error on a submitted tax return, tax practitioners must promptly inform their client of their noncompliance, error, or omission, and advise them of the tax consequences.16
So, tax laws prohibit practitioners from accommodating their clients’ erroneous ERC positions, but, unless authorized by their client or if there is an exception to the Confidential Client Information Rule17, CPAs cannot communicate these concerns to parties other than the client’s representatives.
If CPAs performing financial statement engagements believe ERC regulations were violated, they must consider whether there was noncompliance with laws and regulations (“NOCLAR”) and whether the financial statements are materially misstated.
NOCLAR is the subject of two AICPA Professional Ethics Division Interpretations issued in 2022, entitled Responding to Noncompliance With Laws and Regulations18 , effective June 30, 2023, with early implementation permitted.
One Interpretation impacts CPAs in public practice19 and the other impacts CPAs in industry20. The public practice rules have subtly different requirements for audit and review clients. The differences primarily involve presumptively mandatory requirements CPAs performing audits and reviews should perform and should seek to perform for other clients. From a risk management perspective, CAMICO recommends that policyholders—even when not required to do so – (1) embrace the presumptively mandatory should approach and (2) adopt the NOCLAR Interpretation now. These actions better position CPAs to defend arguments that they should have done more or having to argue that soon to be unethical actions were ethical.
1 ET 1.510.001, Contingent Fee Rule
2 ET 1.510.001, paragraph .02
3 ET 1.510.001, paragraph .03
4 ET 1.520.001, Commissions and Referral Fees Rule
5 IR-2022-183, released October 19, 2022
6 ET 1.295, Nonattest Services Interpretation
7 ET 1.100.001, Integrity and Objectivity Rule and ET 1.130.020 Subordination of Judgment, paragraph .01
If CPAs do not possess the requisite knowledge and experience to assess the reasonableness of their clients’ ERC, they should:
• Consult qualified tax professionals to assess whether receiving the credit is probable (the threshold defined in FASB ASC 450, Contingencies).
• Obtain written client representations acknowledging (a) their clients’ risks from applying for and receiving the credit and (b) that the CPA and CPA firm neither commented on nor provided any assurance regarding whether the client was eligible for the credit.
• If on financial statement engagements, CPAs conclude the receipt of material credits is not probable, or if received, the employer was probably not entitled to receive the credit, the CPA must take steps to appropriately modify the financial statements (disclosing which related accounting policies were adopted and contingencies regarding the credits or deductions), encourage the client to appropriately amend their payroll and income tax returns, modify their report on the financial statements, or withdraw. Possible modifications to the report are numerous and depend upon the financial statement services performed. In such situations, CAMICO recommends modifying the report and adding emphasisof-matter paragraphs referencing disclosures specific to ERC ineligibility and contingencies.
When management has elected to omit substantially all disclosures in compiled or prepared financial statements, and ERC impact or related-contingency are material, CAMICO recommends adding disclosures deemed necessary under a heading “SUPPLEMENTAL INFORMATION – SUBSTANTIALLY ALL DISCLOSURES REQUIRED BY <FINANCIAL REPORTING FRAMEWORK> OMITTED.” Compilation reports would need to be modified to reference the select disclosure(s).
If faced with any of these ERC-related issues, policyholders can contact CAMICO’s Loss Prevention department at 1.800.652.1772 or lp@camico.com.
Graphics: © iStock Visual Generation
11 Treasury Circular 230 §10.34(c)(2)
12 Treasury Circular 230 §10.34(d)
13 §6694(a)(2)
14 §6694(b)(2)(A)
15 §6694(b)(2)(B)
16 Treasury Circular 230 §10.21
17 ET 1.700.001, Confidential Client Information Rule
18 https://us.aicpa.org/content/dam/aicpa/interestareas/professionalethics/ community/exposuredrafts/downloadabledocuments/2021/56175896-
8 Treasury Circular 230 §10.34(a)(1)(i)(A)
9 Treasury Circular 230 §10.34(a)(1)(i)(C)(ii)
10 Treasury Circular 230 §10.34(c)(1)
Identifying barriers can be a challenge. We are well conditioned to maintain the status quo if we personally do not see things as broken or cumbersome. We also tend to insert our own experiences, opinions, and biases in everything we do. It takes conscious thought and practice to notice a potential barrier and dissect it. It can be even more difficult to bring others along with you.
Barriers tend to be built into processes or systems, which leads us to assume they are unchangeable. Often, we do not even notice them at all. Other times, barriers are so obvious that they seem to pop right out and scream at us.
Consider the challenge of how to get more students into the pipeline to become CPAs. To solve this puzzle, we need to understand there are many barriers. Not everyone may be facing the same barriers, and certain barriers may feel unsurmountable to some candidates, yet nonexistent to others. There is no simple solution to removing these barriers, but the path to becoming a CPA would be significantly more accessible if the many changes, small and large, could be addressed. Here are a couple barrier-related items you may have heard or read about recently.
To follow up on an issue that I mentioned in the Winter 2023 issue of The Washington CPA, there is a lot of discussion right now in the profession about the 150-hours of education required to become a CPA. (Also, see related articles in this issue on pages 8 and 20.) Many feel this requirement needs to be reviewed and changed, or at least, alternative paths should be created. It has been identified as a potential barrier to many. However, it seems that everyone discussing this also appreciates substantial equivalency and the mobility it allows in the profession. Due to the complexity of this, many alternatives and many arguments are arising. Expect to hear more about this soon.
Another topic that has been identified as a barrier to some candidates is the requirement to pass all CPA exam sections within an 18-month window. If you were licensed prior to 2004, you had two opportunities per year to sit for the exam and had to take all four parts until you passed at least two. After that, you had 36 months to complete the final parts of the exam. After 2004, when the computerized exam was instituted, you could sit for one part at a time during four windows a year. Once you passed your first section, you had 18 months to finish the other three parts. As time progressed, the exam window was open almost year-round instead of quarterly. For a long time, we all thought of this as a win, as there were so many more opportunities to sit.
What we blatantly missed was that this change did not create more time in anyone’s life. Meaning, candidates still had to study, work, and schedule taking the exam. The burden of this short window was exposed during the pandemic. Most firms and organizations will state that they have staffing shortages, more work than before, and that deadlines run into each other with no break. When the pandemic hit, individuals were working, possibly getting ill or taking care of ill family members, or may have not been able to go to school as well. Priorities changed almost overnight.
During the last few years, it appears that about 1,000 exam candidates nationwide abandoned the exam process after passing three or four parts of the exam. Another 1,200 plus left after passing at least two parts. We can assume that many of these candidates timed out and decided not to reapply for time, which would have required them to pay for another exam section and to take more time to study and leave work.
Our board asked: Why is there a time limit? What does having a time limit do? Does it create a better CPA? If so, how? Does it protect the public? We also learned many other professions that require candidates to meet exam, education, and experience requirements have since dropped their time limits. This has led us to try to expand the time limit for taking the exam in our state. Expanding the window for candidates to complete the exam does not lower any standard, but doing so may be enough to remove a barrier for some amazing future CPAs to join the profession.
When I ask current CPAs about this challenge, some say they were able to meet the requirements and pass the exam, and even if doing so is tough, others can complete the process, too, if they are committed. Perhaps, but why?
As Sara Bailey mentions in her article on page 8, the National Association of State Boards of Accountancy (NASBA) released an exposure draft of the Uniform Accountancy Act Rule 5-7 in mid-February with a due date to respond by April 17. The draft proposes expanding the window to 24 months. When I asked why the window would be only 24 months, NASBA did not provide data to support this choice. I was told that a time limit allows NASBA the opportunity to monitor and push candidates to complete the exam process.
Every state has the authority to set the exam window. It technically and legally has no relevance to substantial equivalency. Granted, there are states that may push back should a candidate, who hasn’t completed the exam within their specific window apply for a license in their state. The Washington State Board of Accountancy will discuss the window during its meeting on April 28. If you or your staff have been encumbered by this barrier, or you are passionate about helping eliminate this barrier, you may be interested in attending.
There are other barriers and when we identify them, we all need to work together to create real change. If you hear someone talk about an issue, pause, ask a few questions to uncover why the barrier exists. If you think it may be an issue worth discussing, let me know.
Kimberly Scott, CAE, is WSCPA President & CEO. You can contact Kimberly at kscott@wscpa.org. Join Kimberly at the WSCPA Membership Summit on June 13 for more updates on the profession. Learn more at wscpa.org/summit23
illustration: © iStock/AnnaFrajtova
illustrations: © iStock/Rudzhan Nagiev, © iStock/venimo, © iStock/Lightcome
Mike Nelson
At its meeting on January 27 in SeaTac, Washington, the Washington State Board of Accountancy (WBOA) adopted a rule that allows candidates in Washington to sit for the CPA exam after having earned 120 semester hours starting on April 1, 2023. This rule change does not modify the 150 hours required to be licensed as a CPA.
During the past year the WBOA has been looking at lowering barriers to entering the profession. Before this rule was adopted, Washington was one of just eight states that still required candidates to complete the full 150 hours of college education before they could start the process of taking the CPA exam.
By allowing candidates to start the process while they are still obtaining their education, they are more likely to pass the exam sessions. Other states that have allowed students to start taking the test while still in school have seen candidates pass the exam at higher rates than states that still require 150 hours to sit for the exam.
“This change will allow candidates in Washington to use the study skills they are actively using as students as they prepare for the exam. It also reduces the struggle many candidates experienced of needing to find time in their post-education careers to study and take the exam,” said Kimberly Scott, President and CEO of the WSCPA.
During the rulemaking process for this change, the WBOA heard from several licensees in Washington who requested they consider modifying the 150 hours required for licensure, arguing that moving the exam-taking requirement was not enough to address the pipeline struggles facing the profession.
At the Jan 27 meeting Scott and others also requested that the WBOA look at further changes to the exam. One such request was to specifically expand the exam window from the current 18-month window to 36-months or longer. The executive team of the WBOA intends to look at how to add that discussion to a future meeting.
Andrew Brajcich, CPA, JD, LLM
Term: 2 years, becomes Immediate Past Chair 2024-2025 Board Service: since 2019
Andrew Brajcich, CPA, JD, LLM, is the Jud Regis Endowed Chair of Accounting, Graduate Accounting Director, and Professor of Accounting at Gonzaga University. His research is focused on international and S corporation taxation and his work has been published in various academic and practitioner outlets. Andrew has been recognized by students as the Graduate Accounting Outstanding Faculty of the Year four times. He has been named one of the 2015 Top 40 Under 40 - Professors Who Inspire by nerdscholar. com and the 2019 American Accounting Association Best Education Paper Award. He enjoys all varieties of skiing, swimming, Larry the cat, Jacques Pépin, Chelsea FC, the San Diego Padres, hand-tied bow ties, and any activity with his sons. He also puts peanut butter on his pancakes (don't knock it till you try it).
What advice would you give to a newly licensed CPA? You are about to embark on an amazing journey. It will be challenging at times. Rewarding at others. You get to help people and business. That’s a privilege. You have a skillset and knowledge base few others are able to obtain. You occupy a unique position of trust. Don’t violate it. Be kind and fair to all. Learn as much as you can. Enjoy the journey.
Do you think zombies should be slow or fast? Why? Either, so long as the ones looking for brains don’t walk right by me.
Vice Chair: Sarah Funk, CPA, CGMA
Term: 3 years, becomes Chair 2024-2025
Board Service: since 2020
Sarah Funk, CPA, CGMA, has more than 20 years of financial, operations, technology and telecommunication experience spanning accounting, budgeting and finance, compliance, audit, system implementations, transaction activities, money transfer services and public accounting. She is a CPA with broad experience including global compliance and internal audit of a publicly traded multi-national telecommunications company. Sarah is an active member of various civic and community revitalization efforts, including Benton City Council. In her free time, Sarah enjoys spending time with her family and being outdoors.
What advice would you give to a newly licensed CPA? Raise your hand, get involved and stay involved in your community and the profession. The opportunities you pursue early on in your career outside of work will accelerate building your leadership tool kit and pave the way to a bright future.
In your opinion, what is the best type of cheese? Havarti. It’s creamy and not overly complex. It’s good alone and also pairs well with other foods.
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, 2023. If a contest for one or more positions develops, an election for those positions will be held at the meeting.
The 2023 Annual Meeting is scheduled for June 13, 2023.
These leaders currently serve on the Board of Directors and will continue serving on the Board.
Term: 1 year | Board Service: since 2022
Ed Ramos, CPA, is a shareholder at DP&C, a local CPA firm in Tacoma, with more than 24 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-forprofit, 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. He enjoys traveling, running, and spending time with his family.
What is one organizational tool that you cannot live without? Outlook – I would not know what to do next without it!
How do you handle stress? I spend some time at least once a week to organize and prioritize my work as much as possible. I know it will not all get done, but visualizing that it’s possible helps.
Term: 1 year | Board Service: since 2021
Writu Kakshapati, CPA, is currently pursuing an MBA at the University of Washington, Foster School of Business with a focus on entrepreneurship. She is also a venture fellow with E8 ventures. Previously, she was an assurance manager at Frost & Co, PLLC. Writu served on the Olympia Chapter board for many years, including serving as the past board chair. She is an active committee member of the CPAPAC. Writu also serves on the board of the Tilth Alliance and is passionate about sustainable food systems. She enjoys spending time outdoors with her three young children, family and friends; reading; and learning new skills.
If you had an unlimited budget, what innovation would you create in the accounting world? Accounting focuses heavily on historical information reporting. We spend a lot of time obtaining, reviewing, verifying and analyzing past data and reporting. I would like to see innovation where accounting information is more real-time with accuracy and high reliability, with it being used to build robust and dynamic prediction models. I believe this would elevate accountants' role as an invaluable advisor in their clients' business decisions.
Can you describe your perfect sandwich? Start with fresh baked apricot walnut sourdough bread, add lots of fresh baby greens and marinated pan-grilled tofu (or any other protein), drizzle of balsamic vinegar glaze, shredded beet and carrot, broccoli sprouts, cucumber, and avocado. Heavenly!
Director: Richard Burger Mackey, CPA, CIA
Term: 3 years
Richard Burger, CPA, CIA, has 19 years of financial, compliance and auditing experience and has demonstrated proficiencies in executing governance, risk, and control design reengineering across a diverse product/service portfolio involving a multitude of business functions. An experienced and trusted advisor, Richard can engage various stakeholders for managing risk governance. Prior to serving as a Senior Program Manager at Microsoft, Richard served as an Audit Manager and Compliance Manager; and previously served the Boeing Company as an Auditor and Senior Analyst. Richard graduated from Seattle University with a Bachelor of Arts in Business Administration and Accounting and completed internal audit graduate coursework at Seattle University. Richard is a CPA and an Institute of Internal Auditors Certified Internal Auditor (CIA).
Tell about a time when you felt like a hero at work. I remember the first time I prepared tax returns for someone outside my immediate family, and I was able to get her a significant tax refund. She had previously hired someone else to prepare her taxes and felt as if they didn’t really take the time to get to know her. I spent time listening to her story and saw her as a person, not just a client with a pile of papers that needed to be processed. Because I took the time to get to know her, I was able to advocate for her best interests. I took that early lesson into my career as an auditor and still remember the importance of storytelling and listening with empathy.
Do you think zombies should be slow or fast? Why? BOTH. Zombies are a great metaphor for the problems we face in life, some are fast moving and others are slow-moving. Zombies in storytelling can tell us a lot about how we face our challenges and make decisions.
Director: Kelly Nelson, CPA
Term: 3 years
Kelly Nelson, CPA, is a managing partner of the Seattle business unit of Baker Tilly. Growing up in a large MexicanAmerican family as Kelly did, with more than 50 first cousins alone, requires certain people and negotiation skills. Understanding what moves or motivates people. Navigating among distinct personalities and multiple generations. And managing sometimes-difficult family dynamics. Given Kelly's love of her family, and a natural empathy combined with a head for business, it's not surprising that she chose to focus her career in support of families. Affluent multi-generational families and family businesses. She demonstrates a rare ability to develop and maintain an overall plan for the family while preserving harmony among family members and across the generations.
Tell about a time when you felt like a hero at work. I felt like a hero when I was first brought onto the compensation committee of an organization and I had the ability to ask the difficult question around gender equity (or shall I say gender inequity) among team members. If professionals are promoted to the same positions within an organization and have substantially similar roles, responsibilities and job assignments, we have an obligation to ensure that they are compensated equally – even if that means that one person receives a higher relative percentage than another individual for that particular compensation cycle.
What trend do you hope makes a comeback? Putting down the phone and enjoying the moments in life. I see too many people setting up the perfect photo or video for social media and not embracing the true magical moment of the experience.
Director: Ursula Perkins, CPA
Term: 3 years
Ursula Perkins, CPA, is a Shareholder at Opsahl Dawson in Vancouver, Washington. She joined the firm in 2010. Ursula is the Trust Department Director and specializes in trust, estate, and individual tax returns. She also has prior experience with other CPA firms and in the banking industry. She is a member of the WSCPA Political Action Committee and serves on the Vancouver Public Schools Foundation Advisory Council. Ursula enjoys camping, quad riding, clamming, fishing, and spending time with her husband, adult children, two granddaughters and family and friends.
What advice would you give to a newly licensed CPA? Be sure that you are passionate about the type of work that you choose. Talk with CPA professionals to learn about their job experiences and day-to-day activities.
What household chore do you put off doing the most and why? Dusting–it seems as if new dust appears right away after you remove the old dust. There is a short window of self-gratification of being dust free!
Director: Elizabeth Redmond, CPA
Term: 3 years
Liz Redmond, CPA, is the Sr. Director of Accounting at Vulcan LLC. Liz graduated magna cum laude in 2009 from the University of Washington’s Foster School of Business with a bachelor’s degree in accounting and information systems. She started her career as an assurance associate with Ernst & Young and served public and private audit clients in the Pacific Northwest and Alaska. Liz joined Vulcan in 2011 and has led accounting and financial reporting functions supporting a range of divisions including commercial real estate, family office, and private foundations. In her down time, Liz enjoys spending time with her family and pandemic pup Junebug, planning summer hikes and camping trips, and coaxing out stubborn blooms in her shady Seattle yard.
How do you handle stress? This has been a real challenge for me all throughout my career. As someone with anxiety, being able to separate work stress from non-work life, self-advocating, building perspective, getting adequate sleep, and staying active is essential. Of course, this all went out the window during the pandemic, but I’m working on rebuilding these habits slowly but surely. Thank you to everyone working to de-stigmatize mental health and wellbeing in the workplace!
These members currently serve on the Board of Directors and will continue serving on the Board.
What is your least favorite word, and why? Nosh. Don’t ask me why, but at some point I could no longer stand it in reference to food or eating. Whenever I see it on a menu, I can’t help but roll my eyes. Maybe it’s because “snacks” is one of my favorite words!
Norman Haugen, CPA, CCIFP
Courtney Hirata, CPA, MPAcc
Jamielyn Hueners, CPA
Bryce Rassilyer, CPA, CFE
Jillian Robison, CPA
To view the thousands of courses and complete details, please visit the CPE & Event Catalog at wscpa.org/cpe.
Governmental Accounting & Auditing Conference
April 25-26, 2023
Bellevue (17 credits) and Webcast (16 credits)
April 25-26
Take flight in your career as a governmental accountant or auditor by attending the WSCPA Governmental Accounting & Auditing Conference! You'll have the opportunity to network, learn from experts in the field, and gain a deeper understanding of the complex issues facing your work today. Topics include single audit, fraud, cybersecurity, and an in person-exclusive Yellow Book bonus session.
Bellevue and Webcast, 8 credits
May 11
Are you a sharp and cunning international tax CPA looking to stay ahead of the pack? Then join us at the WSCPA International Tax Conference, where you'll be surrounded by the best and brightest in the field. This event is the perfect opportunity to sharpen your skills, expand your knowledge, and connect with your peers.
Washington State Tax Conference
Date:
June 1, 2023
Bellevue and Webcast, 8 credits
June 1
Boost your knowledge of Washington State and local tax topics and gain updates from top-level speakers and tax experts. WSTC provides critical new information that every business advisor needs to share with their clients or employer. This conference is a must for state and local tax CPAs and other financial professionals.
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
Join the buzz at the Women’s Leadership Summit! Even busy bees in the accounting world need to take a break and get reinvigorated with new leadership tools. This conference’s sweet lineup of inspiring keynote speakers, workshops, and sessions will equip you with fresh ideas and knowledge to help you be a more effective and empowered leader.
As your professional association, the WSCPA is committed to staying ahead of the curve and exploring the latest trends in the accounting profession. The internet has been buzzing with the latest leap in technology, which has garnered widespread attention. While discussions around Artificial Intelligence (AI) are not new to the accounting world, they have recently been highlighted and brought to the forefront with the launch of OpenAI's ChatGPT in November 2022. The platform achieved an impressive feat by reaching one million users within just five days of launching, surpassing the benchmarks achieved by Facebook, which took 10 months, and Twitter, which took two years. We are all coming to recognize just how significant this development may be for the accounting and financial services profession, and how important it is to monitor its potential impact on our profession. As you navigate this rapidly changing landscape, it's critical to stay informed and understand the implications of new technologies like ChatGPT.
This innovative AI tool has the potential to revolutionize the way CPAs work. With its advanced language processing capabilities, ChatGPT can perform complex calculations and provide realtime responses to tax and financial questions, freeing up CPAs to focus on high-level strategic work. There’s a caveat, for now, and that is that ChatGPT’s training database has only been updated through 2021.
But what does this mean for our profession and you? As the use of chatbots and AI continues to grow, it's important to consider the potential impact on the workforce and job market. On one hand, AI could lead to increased efficiency and profitability for the industry. On the other hand, it could eliminate jobs and disrupt the traditional roles of CPAs.
According to Straits Research, the chatbot market is projected to reach $3.62 billion dollars by 2030, growing at a compound annual growth rate of 23.9 percent. It's up to us to understand this impact and make informed decisions about how to embrace this exciting new technology.
illustrations: © iStock/Yevhenii Dubinko, © iStock/filo, © iStock/Denis Pobytov
All businesses will benefit from using ChatGPT or applications like it in their daily work. I first started hearing about the tool as a resource to write and edit code, so assumed it wasn’t relevant to my day-to-day work, but quickly came to realize the application goes much further than that. Here are a few uses that many are already quickly able to adapt and implement into their work:
• Brainstorm content ideas and create marketing copy.
• Automate customer support and communications.
• Write job descriptions or personalized cover letters based on your experience.
• Automating repetitive tasks such as data entry, invoice processing and report generation.
• Easily and more quickly interpret and summarize data, such as from an earnings report.
• Study for an exam, such as the CPA Exam by breaking down complex concepts and generating practice problems and study timelines.
You may have already joined the more than 100 million users who are already experimenting with ChatGPT, or you may not yet have joined in as one of the 13 million daily visitors to the site. Some find there is a bit of a learning curve to this technology, especially for more advanced tasks, like creating reports. Here are a few tips for using ChatGPT and refining the output that I’ve found to jumpstart my new, and admittingly limited, usage:
1. Build on previous conversation: ChatGPT is designed to be conversational, so you can ask follow-up questions to build a stronger response output. This is the best natural training, as you will quickly learn how to phrase your responses and asks to get more relevant output.
2. Ask it to be an expert: Many find that they get more highlevel output on previous answers by asking the tool to act like an expert. Instead of asking for negotiation tips for an upcoming meeting, asking it to give you negotiation tips as if it were an FBI hostage negotiator, for example, will yield much stronger and more specific responses.
3. Ask it to explain it as if you were a child: Ask the input to simplify data by asking it to explain it to you as if you were 10.
4. Consider third-party plug-ins: If you lack the expertise to generate complex items on your own, there are several companies that offer templates that integrate with OpenAI. For instance, the Personal Growth Company released an AI tool that lets you enter your objective, then plots it into a project plan including individual steps, manageable subtasks, and a color-coded to-do list.
5. Be sure to edit and fact-check the output that is generated. As mentioned previously, the training database hasn’t been updated since 2021, and disclaimers state that it may not always produce accurate information.
The rapid growth of AI technology and its associated services has spurred a growing ethical debate. Some schools have started blocking AI platforms on their computers, and a Princeton student developed a tool called GPTZero to detect AI-generated text (it is not 100% accurate). While some argue that it is wise to embrace the technology and liken it to calculators, others are concerned about its potential ethical implications. For example, it seems clear that using AI to write a 3-page American history assignment with sources would be unethical. But what about using ChatGPT to help formulate a response to a personalized scholarship essay? It’s a question that was raised by our scholarship review team with concerns about students using these services to assist with their essays. Questions like these will continue to be debated as this technology becomes more widespread and accessible. Regardless of the outcome of these discussions, AI is here to stay.
Monette Anderson, CAE, is the WSCPA Director of Membership. You can contact Monette at manderson@wscpa.org. Hear more productivity tips from Monette during the Governmental Accounting & Auditing Conference on April 25 and the WSCPA Membership Summit on June 13. Learn more at wscpa.org.
Monette Anderson, CAE, is the WSCPA Director of Membership. You can contact Monette at manderson@wscpa.org.
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
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FBCPA Group PS Inc
Finney Neill & Co PS
Greenwood Ohlund & Co LLP
Hauser Jones & Sas
Hellam Varon & Co Inc PS
HMA CPA PS
Hunt Jackson PLLC
Hutchinson & Walter PLLC
Jacobson Jarvis & Co PLLC
James Russell PLLC
Johnson & Shute PS
Johnson Stone & Pagano PS
King & Oliason PLLC
Kovarik & Kim PLLC
Larson Gross PLLC
Martin Bircher Thompson PC
McDevitt & Duffy CPAs
Moss Adams LLP
Nicholas Knapton PS
Norris Lutkewitte PLLC
Northwest CPA Group PLLC
Opsahl Dawson PS
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Starr & Leaf CPA Group PLLC
Strader Hallett PS
Sweeney Conrad PS
The Doty Group PS
The Myers Associates PC
Vine Dahlen PLLC
Werner O'Meara & Co PLLC
In March, the WSCPA celebrated International Women’s Day and Women’s History Month by recognizing the contributions women have made to the accounting profession. As part of the Member Exclusive Webinar Series, which provides free CPE to members, Kimberly Scott, WSCPA President & CEO, recently caught up with three amazing women CPAs to learn more about their professional journeys.
The panel discussed a variety of topics, including their journeys into accounting, people who influenced them along the way, finding work/life balance in a demanding profession, overcoming gender obstacles in leadership, the importance of volunteer work and their advice to new accounting professionals. Here’s just a little bit of the advice they received over the years that really guided them in their careers.
Jenny Cravens, CPA, is Executive Professor of Accounting at Central Washington University. Jenny is a “big fan of the accounting profession” and strives to educate and inspire the next generation of accounting leaders.
Bonnie Tse, CPA, CIA, CISA, PMP, CC, is an internal audit manager at T-Mobile. In her spare time, Bonnie serves on the WSCPA Board of Directors, Emerging Leaders Committee and is a Washington CPA Foundation Scholarship Reviewer.
“Say yes to opportunities… A lot of times I found that one opportunity had ripple effects and led to many others. For instance, volunteering with my local chapter of the IIA [Institute of Internal Auditors] led me to a leadership role as an officer, and then it led me to being more involved by creating a mentorship program for students—something that I wish I had when I was a student.”
Learn more about these leaders and their inspiring stories by watching the Member Exclusive: International Women’s DayWomen in Leadership Panel video. Scan the QR code to access the video.
“Check in with yourself…your internal guidance system is inside you. A lot of people that are drawn to accounting are also drawn to following rules and doing what’s expected. We like clear guidance but that doesn’t always work in a career setting. Every single individual is unique and so your solution and your right answer is going to be unique to you. And so, it means gathering advice from multiple sources. Don’t just take one person’s word for anything. Do like you would in an audit; you are looking for evidence and then you are drawing conclusions based on it.”
Kelly Nelson, CPA, is a managing partner of the Seattle business unit of Baker Tilly. Kelly also serves as chair of the WSCPA Diversity Equity & Inclusion Council and is a WSCPA Board of Directors nominee.
“I think some of the best advice I had was from a mentor who said to really listen. When you’re coaching, in a mentorship or sponsorship, listen to the person you are meeting with and what their needs are… You may have a vested interest in [recommending a particular direction] for somebody, but you also have to understand and respect where they are in their life… Make sure you listen to what they’re saying and then figure out what opportunities are best for them, because some of the most rewarding things in your life are going to be when you’re pulling somebody up and watching them flourish. I want to see these people be trailblazers in their own way and do their own thing.”
Habitat for Humanity
Clark County Food Bank
Lydia Place
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.
Brantley Janson Yost & Ellison
Clark Nuber PS
Craig S. Ruthford CPA
Deloitte LLP (Seattle)
EY (Seattle)
Hagen Kurth Perman & Co PS
Hellam Varon & Co Inc PS
Johnson & Shute PS
KPMG LLP (Seattle)
Lodder CPA PLLC
Moss Adams (Consulting Group)
Nicholas Knapton PS
PwC LLP (Seattle)
Starr & Leaf CPA Group PLLC
Sweeney Conrad PS
VWC PS
John P. Baker, CPA
Kai F. Bottomley, CPA
Pat L. Bohan, CPA, CGMA, CGFM
Craig S. Connell, CPA
Anthony J. Cook, CPA
Jolene G. Cox, CPA
Wesley L. Delaney, CPA
Thomas G. Donaghy, CPA
Alfred W. Dunnell, CPA
Joseph R. Forde, CPA
Sarah K. Funk, CPA, CGMA
Merle R. Gilmour, CPA, CFP
Christopher W. Goetz, CPA
Norman Haugen, CPA, CCIFP
Courtney Hirata, CPA, MPAcc
Mark A. Hugh, CPA
Mary E. Joyce, CPA
Michelle Kline, CPA
Lowel J. Krueger, CPA, MBA
Scott M. LaPlant, CPA
Ya J. Liu, CPA
Bea L. Nahon, CPA, CGMA
Kristine T. Nelson, CPA, MPAcc
James Ramborger
Jillian M. Robison, CPA
Keenan A. Roylance, CPA
Keith A. Schmidt, CPA
Jeri L. Self-Merritt, CPA, JD
Walter R. Smith, CPA
Julleen J. Snyder, CPA, CGMA
William K. Sterling, CPA
Dianne J. Stoehr, CPA
Leonard C. Sweet, CPA, ABV
Duy-Linh Ta, CPA
Ronald L. Tilden, CPA, CMA, MBA
Melissa J. Webb, CPA
Cecil R. Whitlock, CPA, MSTax, CSEP
Joel H. Williams, CPA
Randy A. Howard, CPA
Darcy N. Kooiker, CPA
Thomas P. Nicholas, CPA
Bradley W. Orser, CPA
Bradley C. Patton, CPA
Ursula A. Perkins, CPA
Scott T. Petersen, CPA
Diane Pietrowski, CPA
Todd S. Arkley, CPA
Gordon P. Asheim, CPA
Robert C. Best, CPA, JD
Sidney H. Boles, CPA
Brady W. Borel, CPA
Daniel L. Boyd, CPA
Dr Andrew M. Brajcich, JD, LLM, CPA
David A. Brown
Christine B. Brunner, CPA
Jerome P. Burnett, CPA
Christopher M. Carlson, CPA, CCIFP
Rebecca A. Cates, CPA
Danny B. Clark, CPA
Jay F. Cramer
Vicky M. Dalton, CPA, CGFM
Alan R. Dance, CPA
Stephen G. Dashiell, CPA
Chris A. Davies, CPA, CMA
Joseph P. Deacon, CPA
Daniel D. Dekay, CPA
Mary E. Dickinson, CPA
Robert J. Erickson, CPA, JD
Randall W. Faber, CPA
Zenaida D. Fletcher, CPA, MBA, CFP
Chris A. Gates, CPA
Robert L. Gerth, CPA
Richard N. Ginnis, CPA
Bert R. Golla, CPA
Rick H. Graham, CPA
William J. Graham, CPA
Alan L. Gray, CPA
Vaughn S. Hagen, CPA
Monty L. Harmon, CPA, CFF
Penny L. Harris, CPA
David R. Harrison, PFS
Teresa A. Herrin, CPA
Loren D. Hostek, CPA
Flynn X. Huang, CPA
Michael K. Hutchinson, CPA
Cindy L. Isaacson, CPA
Waylon P. Jones, CPA, CGMA, CFE
Mr Arthur Y. Kageyama
Ryan N. Kidd, CPA
Jennifer S. Korten, CPA
Benjamin M. Kostick, CPA
Stroud W. Kunkle, CPA
Irene R. Laible, CPA
Kiu Joyce L. Lee, CPA, CFP
Kwang M. Lee, CPA
Kenneth C. Lewis
Lucy L. Liu, CPA, CGMA
Peter L. Madison, CPA
Bruce I. Mitchell, CPA, MBA
Mr Donald W. Mitchell
Gary E. Mueller, CPA
Terence V. O'Keefe
Douglas M. Oord, CPA
Jack B. Person, CPA
Valerie A. Pickens, CPA, CIA
Michael C. Plato, CPA
James J. Rigos, CPA, JD, CMA
Donald L. Rodman, CPA, MBA
Keenan A. Roylance, CPA
Keenan A. Roylance, CPA
Susan J. Sanders, CPA
Thomas P. Sawatzki, CPA
Daniel J. Schroeder, CPA
Kevin R. Sell, CPA
Leslie A. Sesser, CPA
Harold G. Shapiro
Jay T. Shilhanek, CPA
Ralph Siegel, CPA
William J. Smith, CPA, CFE, CIA
Stanley W. Spavold, CPA
Richard J. Stohr
Jon T. Stromberg, CPA
Thomas J. Sulewski, CPA
Linda M. Teachout, CPA
Terry M. Thompson, CPA
Susan L. Thomson, CPA
Bonnie Tse, CPA, CIA, CISA
Mark E. Ulloa, CPA
Dorothy R. Wagsholm, CPA
William L. Wells
Carol A. Woo, CPA
Aileen G. Zacarias, CPA
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
Andrew Brajcich
Tanuja Chohan
Kelsey Elwess
Dani Espinda
Daniel Fleming
Sarah Funk
Norm Haugen
Mark Hawkins
Writu Kakshapati
Dyanna Kelty
Darcy Kooiker
Lowel Krueger
Craig Lanes
Daniel LeFree
Moses Man
Pete Miller
Bea Nahon
Tom Neill
Kimberly Nelson
Jessica Packer
Cody Parrish
Ursula Perkins
Rachel Roberson
Jillian Robison
Gosha Sarna
Leslie Sesser
Bill Simer
Julleen Snyder
Jared Theise
Suzi Thomson
Bonnie Tse
Robert Underhill
Richard Whittemore
Joel Williams
Clifford M. Frederickson, CPA, CGFM
Stanley Habib
Kahoua M. Koudou
Robert B. Loe, CPA, MBA, CFE
Kristina M. Morgan, CPA
Stacie Smith, CPA
Richard A. Volk, CPA
FBCPA Group PS, Inc. is excited to announce that as of January 1, 2023, Catherine E. Budinger, CPA is now a Principal of the Firm. Catherine has practiced public accounting since 2012. Catherine works with individuals and businesses focusing on tax compliance. She specializes in tax planning, tax research, and various specialty areas such as foreign and international tax reporting, state income tax compliance, and general business credit calculations.
Interested in using your CPA skills to make an impact in your local community? WSCPA has a list of volunteer opportunities for you to check out!
• League of Education Voters Foundation
• United Way of King County
• Backpack Brigade
• South Park Senior Citizens
• Legal Counsel for Youth and Children
• Sound Child Care Solution
Find or submit an opportunity at: wscpa.org/volunteer-opportunities
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Learn more at: wscpa.org/job-board
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.
Vancouver/Snohomish County and Portland, OR Firms for Sale: Selling or Buying a Firm in 2023? Accounting Biz Brokers has been selling firms for over 18 years. Selling your firm is complex. We can make it simple. Contact us today for a FREE market analysis! Current Listings: Vancouver, WA $500k Snohomish County, WA $140k Portland, OR $935k. Kathy@AccountingBizBrokers.com, www.AccountingBizBrokers.com. 866.260.2793
Learn more at: wscpa.org/classifieds or contact Sharon Olene-Marander at smarander@wscpa.org
Engage with CPAs who share your interests by participating in one of the many resource groups or committees, which are open to WSCPA members. These groups provide a space for you to share your insights and stay aware of developments affecting your specific practice area. Topics include international tax, not-for-profit, sole practitioners, student outreach and more.
Visit wscpa.org/resource-group-committees
Profitable
1215): Established in 2012, this Certified Public Accounting practice has established a strong, longterm presence in the greater Fresno area. Since its inception, the Practice has offered a wide range of tax and accounting services to both business and individual clients. The Practice’s service by revenue breakdown is 37% Tax Preparation and Planning, 37% Accounting & Auditing, and 26% Consulting, Forensic & Valuation. Including the Owners, the Practice has twelve (12) staff members serving its ~477 active clients. Over the past three (3) years, the Practice has averaged gross revenues of approximately $1,978,397 (2020-2022). This Practice is poised for growth and increased revenue under new ownership. To take advantage of this exciting business opportunity, call 253.509.9224 or email info@privatepracticetransitions.com.
Lucrative South Puget Sound Tax and Accounting Firm (WA 1204): For nearly 40 years, this Washington CPA firm has offered a wide range of services to both business and individual clients. The Practice has a diverse, loyal, and growing client base of ~2,236 active clients. The Practice is full-service and excels at tax preparation and planning, business advice and consulting, providing bookkeeping, accounting, and financial statements, as well as business valuation and personal financial planning. In 2022, the Practice experienced 3.21% year-over-year growth with gross revenues of $3,679,648. Additionally, the Practice has nineteen (19) staff, including the Owners who are willing to continue employment and/or provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions for an agreed-upon period, if desired. To learn more, call 253.509.9224 or email info@privatepracticetransitions.com.
Profitable Snohomish County Tax & Accounting Practice (WA 1210): Established in 1971, this practice located in the Seattle Metropolitan Area has offered a wide range of tax and accounting services to both business and individual clients. In 2021, the Practice had ~1,900 clients representing 3,467 total tax returns. The Practice’s service by revenue breakdown is 50% Individual Tax Preparation and Planning, 23% Business Tax Preparation and Planning, 20% CIRA Audits, 2% Condo Tax, 2% Reviews and Compilations, 2% Bookkeeping, and 1% Other. Over the past three (3) years, the Practice has averaged gross revenues of approximately $2,864,358 (2019-2021). Through October 2022, the trailing twelve months’ (TTM) gross revenues were $3,468,317. The Practice’s success is in large part due to the dedicated and seasoned staff who are highly skilled with a strong focus on customer service. The Practice has sixteen (16) staff including the Owners, who are willing to provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions for
an agreed-upon period. Additionally, one owner would like to remain on as an employee posttransition, if desired by the new owner. If you are a strong leader with experience leading a team, this is the business for you. For more information, call 253.509.9224 or, send an email to info@ privatepracticetransitions.com.
Profitable Portland Tax & Accounting Firm Ready for New Owner (OR 1213): Established in 1990, this tax and accounting practice located in the southwest suburbs of Portland has offered a wide range of tax services to both business and individual clients as well as audit services to housing and employee benefit clients. The Practice’s service by revenue breakdown is 37% Housing Project Audits, 30% Tax Preparation, Planning, and Consultation, 24% Benefit Plans, 8% Payroll Audits, and 1% Non-Housing Audits. Including the Practice’s five (5) Partners, the Practice has seventeen (17) staff members serving its ~1,080 active clients. Over the past three (3) years, the Practice has averaged gross revenues of approximately $2,545,327 (2019-2021). To take advantage of this exciting business opportunity, call 253.509.9224 or email info@privatepracticetransitions.com.
Highly Rated Methow Valley Tax & Accounting Firm (WA 1205): Over the past 39+ years, this Washington tax and accounting firm has offered tax and bookkeeping services to both business and individual clients in Winthrop and surrounding areas. As of June 2022, the Practice has approximately ~662 active clients and has seen great client retention as is evidenced by the increase in client counts year-over-year. The Practice’s service by revenue breakdown is 72% Tax Preparation & Consulting, and 28% Bookkeeping. In 2021 the Practice brought in $597,220 in gross receipts which was a 12.6% YoY increase! Including the Owner, the Practice has seven (7) loyal staff members. The Owner is willing to stay on part-time for up to two (2) to three (3) years if desired. To take advantage of this “turnkey” business opportunity, call us at 253.509.9224 or send an email to info@ privatepracticetransitions.com, with “1205 Highly Rated Methow Valley Tax & Accounting Firm” in the subject line.
Successful Pierce County Bookkeeping & Tax Firm (WA 1214): For over 40 years, this Washington Practice has offered bookkeeping and accounting services to both business and individual clients. The Practice’s service by revenue breakdown is 65% Bookkeeping, 20% Income Tax Services, and 5% Other. As of October 2022, the Practice has ~500 total clients. Over the past three (3) years, the Practice has averaged gross revenues of approximately $621,953 (2019-2021). The Practice’s success is in large part due to the dedicated and highly skilled staff with a strong focus on customer service. The Practice has five (5) loyal staff members including the Owners. With loyal staff and many word-of-mouth referrals, the Practice is poised for growth and increased revenue under new ownership. To learn more about this exciting business opportunity, call 253.509.9224 or, email info@privatepracticetransitions.com.
Considering the sale or purchase of a private practice? As the preeminent provider of business brokerage and consulting services in the Northwest, we work exclusively with owners of professional practices in the legal, healthcare, financial services, and tech industries. Need to prepare your practice
for sale? Looking for a business valuation? Ready to sell your practice for top dollar? Let our team guide you through this life-changing transition. Call us at 253.509.9224 or visit our website to learn more about our services and top-notch team waiting to help you: PrivatePracticeTransitions.com.
Profitable King County Tax & Accounting Firm (WA 1212): Over the past 26+ years, this Seattle Practice has offered a wide range of tax and estate services to both business and individual clients. The Practice’s service by revenue breakdown is 45% Individual Tax Preparation and Planning, 20% Business Tax Preparation and Planning, 27% Trust & Estates Tax Preparation and Planning, 4% Reviews & Compilations, 2% Bookkeeping, and 2% Other. Including the Owners, the Practice has five (5) staff members serving its ~850 active clients. Over the past two (2) years, the Practice has averaged impressive gross revenues of approximately $1,825,000 (2021-2022). The Practice’s success is in large part due to the dedicated and seasoned staff who are highly skilled with a strong focus on customer service. This Practice is poised for growth and increased revenue under new ownership. To take advantage of this exciting business opportunity, call 253.509.9224 or, email info@privatepracticetransitions.com, with "1212 Profitable King County Tax & Accounting Practice" in the subject line.
Successful Lincoln County Tax & Accounting Practice (OR 1216): Since 2001, this Oregon tax and accounting firm has offered a wide range of services to both business and individual clients. The Practice’s service by revenue breakdown is 70% Tax Preparation and 30% Accounting & Payroll. The Practice currently has five (5) staff members serving its ~750 active clients. Over the past three (3) years, the Practice has averaged gross revenues of approximately $501,021 (20202022). The Practice’s success is in large part due to the dedicated staff who are highly skilled with a strong focus on customer service. For more information, call 253.509.9224 or email info@ privatepracticetransitions.com.
Virtual-Ready Lewis County Tax & Accounting Practice (WA 1221): Established in 2000, this Washington Practice has offered a wide range of tax and accounting services to both business and individual clients. The Practice’s service by revenue breakdown is 53.2% Consulting, 22.8% Individual Taxes, 9.5% Corporate Taxes, 6.5% Write-up, 4.6% Estate Taxes, 2.3% Audit Protection and 1.1% State Taxes. Including the Owner, the Practice has two (2) staff members serving its ~320 active clients. The Practice has experienced year-over-year growth each of the last three years with an incredible 13.2% YoY growth from 2021 to 2022. The Practice is known for providing high-quality tax and accounting services and receives a lot of word-of-mouth referrals from happy clients. Additionally, the Practice is nearly 100% virtual, so a new owner can take the book of business over from anywhere! To learn more about this exciting business opportunity, call us at 253.509.9224 or email info@privatepracticetransitions.com, with "1221 Virtual-Ready Lewis County Tax & Accounting Practice" in the subject line.
