The Washington CPA 2023 Summer

WASHINGTON CPA THE

Volume 67, Number 1

RYPTO

Announcing the 2022-2023 WSCPA Award Winners

Keeping Watch: Post-Legislative Session Updates and Ongoing Challenges

SUMMER 2023 Stepping Stones to Licensure

Building relationships. Building your success.

THE WASHINGTON CPA

SUMMER 2023

www.wscpa.org • memberservices@wscpa.org

Tel 425.644.4800

170 120th Ave NE Ste E101 Bellevue, WA 98005

BOARD OF DIRECTORS

Andrew Brajcich Chair

Sarah Funk Vice Chair

Ed Ramos Treasurer

Writu Kakshapati Secretary

Sara Bailey Immediate Past Chair

Kimberly D. Scott President & CEO

Richard Burger Mackey Ursula Perkins

Norman Haugen Bryce Rassilyer

Courtney Hirata Liz Redmond

Jamie Hueners Jillian Robison

Kelly Nelson Joel Williams

CHAPTER BOARD CHAIRS

Charles Meyerson Everett Area

Marcie McAllister Everett Area

TBD Seattle/Bellevue Area

Kairi Roberts Spokane Area

Jessica Packer Tacoma Area

TBD 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.

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, 170 120th Ave NE Ste E101, Bellevue, WA 98005. $12 of members’ annual dues goes toward a subscription to The Washington CPA

Periodicals postage paid at Bellevue, Washington and additional mailing offices.

Cover Graphics

illustrations: © iStock/Olga Kurbatova, © iStock/ filo, © iStock/Enis Aksoy, © iStock/cnythzl

POSTMASTER:

Send address changes to The Washington CPA, c/o WSCPA, 170 120th Ave NE Ste E101, Bellevue, WA 98005.

Stepping Stones to Licensure

2022-2023 WSCPA Award Winners

Valuing Cryptocurrency and Digital Assets

Keeping Watch: Post-Legislative Session Updates and Ongoing Challenges

A correction to The Washington CPA Spring 2023 issue, under the Named Scholarships & Endowments section on page 14, "Joy J. Polley Memorial Endowed Scholarship" should be "Roy J. Polley Memorial Endowed Scholarship".

WSCPA Membership Summit 2023: A Resounding Success

On June 12-13, 2023, WSCPA members from all stages of their careers converged upon Bellevue, Washington, for the inaugural WSCPA Membership Summit. The event proved to be a remarkable platform for networking, knowledge exchange, and celebrating the accounting profession. With a diverse range of sessions and engaging discussions, attendees had the opportunity to deepen their professional insights, earn complimentary CPE credits, and forge lasting connections with like-minded peers.

Educational Highlights

The WSCPA Membership Summit kicked off with a networking reception on the evening of June 12. The following morning more than 200 in-person attendees and 300 online attendees gathered for the WSCPA Annual Meeting. Following an introduction of the newly-appointed WSCPA Board, President & CEO Kimberly Scott, along with WSCPA Chair Andrew Brajcich and Immediate Past Chair Sara Bailey, reviewed the latest happenings affecting the profession, including recent updates made to the WSCPA strategic plan and challenges affecting the growth of the profession. They shared details on potential solutions being discussed at the national level and in Washington state as well.

After saying goodbye to the online attendees at the conclusion of the 2-hour Annual Meeting, a ground-breaking interactive workshop, facilitated by the WSCPA Board of Directors, was held to discuss the issues affecting the accounting profession and its pipeline. During this portion of the program, participants contributed their perspectives and exchanged ideas to address these challenges.

Throughout the day, a multitude of informative sessions captivated participants. Notable topics included "Creating Safe Spaces for Employees to Thrive - Psychological Safety" by Jeannine Brown, "Following the Legislative Trail: A Journey from the Capitol to Your Client" featuring a panel of WSCPA Governmental Affairs Committee members, and "Scaling New Heights: The Latest Technological Advances and Cybersecurity Measures in Accounting" presented by Donny Shimamoto.

Moreover, the event explored thought-provoking subjects such as breakthrough thinking in a competitive world with captivating speaker Bill Stainton, the implications of sustainability and ESG on the role of the CFO with Barry Payne, and emerging business risks to monitor and manage with leaders of the Institute of Internal Auditors.

Photos: © Shelly Oberman Photography

Praise from Attendees

The event received glowing reviews from attendees, who praised the event's content, speakers, format and networking opportunities:

"This was one of the best events I've been to that incorporated interconnected session topics (without being repetitive) and a large amount of interactivity... congratulations to the WSCPA staff on a job well done. Really enjoyable event!"

"... a flawless summit with a robust discussion addressing the issues facing the accounting profession.”

"A very well-organized summit along with inspirational speakers."

"It was a great event for networking and learning!"

"It was one of the best conferences!"

If you couldn’t attend, be sure to catch an upcoming WSCPA conference and be on the lookout for next year’s event!

Call for Nominations: WSCPA Board of Directors

The Board Governance Committee is now accepting nominations for the 2024-2025 Board of Directors. Do you know someone who has been involved with the WSCPA and whose leadership could contribute to the future of the organization? Nominate them to serve on the board!

To submit a nomination, contact Hanh Nguyen, Membership & Governance Administrator at hnguyen@wscpa.org Nominations are due by October 31.

From Wishes to Collective Impact: Engaging in a Community-Driven Accounting Profession

Monette Anderson, CAE

In a world that places much focus and celebration on individual achievement, it’s easy to forget the incredible power that lies within a community. Transformative growth becomes possible when we make connections and share ideas. Early in my career, I had the privilege of working as a Volunteer & Wish Coordinator at the Make-A-Wish Foundation. There, I witnessed firsthand "The Power of a Wish"™ and engaging communities to come together to support children with critical illnesses. "Make-A-Wish" felt like a magic word, and everyone wanted to be a part of igniting hope and joy in the lives of children. It was an experience that left an indelible mark on me. In that work, what resonated with me was the transformative power of a collective effort. Volunteers, donors, community members rallying together. It was in those moments that I realized the immense potential of community-driven endeavors. I was hooked.

Fast forward to my nine years at the WSCPA, and I can confidently say I have found that same sense of community, that same spirit of coming together, within our profession. The WSCPA is a dynamic community of professionals bound by a shared purpose: to uplift and strengthen the accounting profession, while supporting one another on our individual journeys.

At the WSCPA Town Hall on May 11, featuring AICPA and FASB leadership weighing in on the state of the profession, several of our members took the microphone to demonstrate their commitment to our profession. They shared deeply personal stories about their journeys and challenges to enter the profession. It was a compelling reminder that the strength of our community lies in the diversity of our talents, experiences, and perspectives. It was truly inspirational to see the power of our voices when we come together to shape our profession, champion its relevance, and ensure its future prosperity.

This year we have celebrated collective achievements, such as opening exam eligibility rules for CPA candidates to sit for the exam at 120 hours and urging NASBA to recommend a landmark rule change of a 30-month window for the CPA exam. However, there is so much more to do, and our profession has new challenges on the horizon.

Consider the barriers faced by fifth-year candidates, the integration of STEM in accounting, and the imminent disruptions and ethical considerations surrounding AI. These are just a few examples of the issues that require our attention and engagement. By becoming an active member of the WSCPA, you can contribute to the dialogue, lend your expertise, and help shape the future of our profession.

The WSCPA is built on active involvement and collective effort. We believe that every member has a valuable voice and unique contribution to make. Here are a few ways you can start to engage and support a dynamic community of professionals who are dedicated to uplifting and strengthening the accounting profession.

Attend WSCPA Events

Participate in conferences, seminars, and networking events (in person when you can!) to connect with fellow professionals, exchange ideas, and stay updated on industry trends. We have seven more free members’ receptions planned across the state this year. We’d love to see you! Find us and register online at wscpa.org/network

Join Committees or Resource Groups

Contribute your skills and expertise to committees focused on areas of your interest, or help plan engaging and inspiring events, conferences and learning opportunities for your fellow members. Find a group at wscpa.org/resource-group-committees

Volunteer and Mentor

Give back to the community by volunteering for initiatives that support aspiring accountants, such as the scholarship review committee or outreach activities. Engage with WSCPA advocacy efforts, such as delivering CPAPAC checks to your legislator or taking part in Hill Day in January. Support mentorship in our Coffee & Conversations Resource Group on Connect, where members can connect for informational interviews and mini-mentoring sessions right over Zoom (or for coffee if you can make it work!).

JOIN A RESOURCE GROUP

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. Visit wscpa.org/resource-group-committees

Remember that the power of community lies not only in what you personally gain but also in what you contribute and how you help others thrive. Your involvement matters; just as a community has the power to shape a wish, your ideas, experiences, and perspectives can shape the direction of our profession and propel positive change. I look forward to working together to create a stronger and more vibrant community that leaves an indelible mark on our profession.

illustrations: © iStock/Rudzhan Nagiev, © iStock/Tera Vector

Monette Anderson, CAE, is WSCPA Vice President of Member Services & Education. You can contact Monette at manderson@wscpa.org.

"The WSCPA is a dynamic community of professionals bound by a shared purpose: to uplift and strengthen the accounting profession, while supporting one another on our individual journeys."

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

CURRENT PEAK FIRMS

Affinity Group CPAs & Consultants

Alegria & Company PS

Baker Tilly LLC

Brantley Janson Yost & Ellison

Clark & Associates CPA PS

Clark Nuber PS

Cordell Neher & Company PLLC

Dwyer Pemberton & Coulson PC

Eide Bailly LLP

Falco Sult & Co

FBCPA Group PS Inc

Finney Neill & Co PS

Greenwood Ohlund PS

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

Kovarik & Kim PLLC

Larson Gross PLLC

Lodder CPA PLLC

Martin Bircher Thompson PC

McDevitt & Duffy CPAs

Moss Adams LLP

Nicholas Knapton PS

Norris Lutkewitte PLLC

Northwest CPA Group PLLC

Opsahl Dawson PS

Ryan Jorgenson & Limoli PS

Shannon & Associates LLP

Smith & DeKay PS

Starr & Leaf CPA Group PLLC

StraderHallett PS

Sweeney Conrad PS

The Doty Group PS

The Myers Associates PC

Vine Dahlen PLLC

Werner O'Meara & Co PLLC

Willet Zevenbergen & Bennett LLP

Your Financial Solutions LLC

Photo: © iStock/lightphoto

A New Path Forward

Andrew Brajcich, CPA, JD, LLM

Since joining the WSCPA board in 2019, I have learned more about the profession than I had ever imagined would be possible. CPAs are doing incredible work in a variety of capacities across the state and nationwide. As a board member, I often get an up-close look at how we as a profession govern ourselves through various organizations. I have also been a witness to how the Society effectively advocates for students, candidates, and professionals. Look no further than the more than $500,000 in scholarships annually awarded by the Washington CPA Foundation. Without the advocacy efforts of the WSCPA in 2015, those monies raised from CPA license fees would have been gobbled up by the state general fund. More recently, the WSCPA has explored extending the allotted window to pass all four parts of the CPA exam from 18 to 36 months. Working closely with our partners, a wider window looks to soon be a reality. And just this spring, board members met with members of Congress to ask for support of a tax extension safe harbor to ease the seemingly endless busy season for tax professionals.

I am humbled at the opportunity to serve as your Chair this upcoming year. When considering my many distinguished predecessors, the bar is high. Should I accomplish half of what any of them accomplished, it will be a personal victory.

The CPA profession is now at an inflection point. Our actions as a Society the next few years will determine the trajectory of our profession for decades to come. Pipeline issues have persisted. Many ask how we educate aspiring professionals about the many opportunities presented to a CPA during their career. Opportunities to have meaningful impact on business, nonprofits, government, individuals, families, and society. It is on us to change the misperceptions of what we do.

Diversity and inclusion remain a challenge. Last fall we lost a trailblazer in the profession, Elaine Myers, one of the first women to work in the accounting profession in Washington. Despite being CPA-qualified, Elaine was only given receptionist duties as she began her career. She went on to become a partner and spent a lifetime successfully mentoring other women to pursue a CPA credential. The WSCPA posthumously awarded Elaine its Lifetime Achievement Award this year. Let her story be an inspiration for us to increase access to the profession. I believe that if an individual wants to work hard, being a CPA is one of the surest ways to upward mobility.

Studies have shown the 150-hour credit rule has not increased professional competency. That makes sense as the credits can be in any subject matter. The rule is an additional barrier to becoming a CPA. Minnesota became the first state to introduce

a bill that would create an alternative pathway to CPA licensure. If this legislation were to pass, this pathway to licensure would not replace, but be in addition to the current 150-hour rule. You can read more about their process and reasoning at https://www. mncpa.org/involvement/legislative/broadening-pathways-tocpa/. Given the current state of our pipeline and the projected demand for CPAs, I firmly believe all options should be on the table in Washington.

But what about substantial equivalence and mobility? This is something we define as a profession. Currently, there are routes for international candidates with only 120 credit hours to be licensed in the U.S. as substantially equivalent with full mobility privileges to practice in any of the 55 CPA jurisdictions. I fail to see why something similar could not be accomplished for domestic candidates. WSCPA will be keeping members updated on developments related to these topics via our newsletters and on social media.

Last fall OpenAI introduced ChatGPT. While CPAs are no strangers to questions around new technologies making our function obsolete, artificial intelligence (AI) has presented a new angle. To paraphrase AICPA President and CEO Barry Melancon, AI will not replace accountants, however accountants who use AI will replace accountants who do not. Like Excel, Google, data analytics, etc., before it, AI is another tool that will transform how we do business. We must find a way to leverage AI to increase efficiencies and add value to client services by embracing it.

Without a doubt this is a time of change and opportunity. I look forward to working with and for the members, staff, and board of the WSCPA as we forge a new path forward.

Chair of the WSCPA Board of Directors, Andrew Brajcich, CPA, JD. LLM, is the Jud Regis Endowed Chair of Accounting, Graduate Accounting Director, and Professor of Accounting at Gonzaga University. You can contact him at brajcich@gonzaga.edu.

illustrations: © iStock/KrizzDaPaul, © iStock/filo

Finding

Harmony in Your Workspace: Selecting a Plant to Complement Your Accounting Career

You know what qualities and expertise are needed in your accounting field, but did you know there’s a plant species that can actually complement those qualities? We’ve put together a fun list of accounting types and matched them with a common houseplant (or office plant) that is sure to thrive and bloom in your particular environment. Below are just a few of our suggestions. Visit our blog at wscpa.org/planted for the entire list!

Auditor = Bonsai Tree

meticulous, dedicated, precise, careful, attentive, patient, balanced

Both an auditor and a bonsai tree require precision, patience, balance and extreme attention to detail. The auditor must be meticulous with financial records to ensure they are accurate and balanced, while a bonsai tree must be pruned with balance and precision to maintain its shape, health and beauty. Auditors often work on lengthy, complex projects so a bonsai in the office can serve as a reminder to stay focused and committed to the work at hand.

Controller = Monstera

intricate, precise, fast-growing, diligent, hole-y

A monstera plant’s intricate and organized leaf structure mirrors the accounting controller’s need to be precise and accurate in their financial reporting. The monstera has fast-growing, large leaves, while an accounting controller can contribute to a company’s rapid growth by conducting financial analyses and providing insightful recommendations for strategic updates.

Tax Accountant = Aloe Vera

hardy, bright, healing, beneficial

Aloe plants have a reputation for their healing properties and are great to have around for cuts or burns. Tax accountants have a reputation for working long hours during tax season, which can make it important to prioritize self care. Having an aloe plant in the office can be a good reminder to take care of your physical and mental health during these high-stress times.

Bonsai Tree

Monstera

Spotlight on Mental Health

The WSCPA highlighted mental health awareness throughout the month of May as part of our mission to celebrate and include the authentic, whole person. Kimberly Scott, WSCPA President & CEO, sat down with therapist and CPA, Carrie Potter, to discuss steps leaders can take to support their employees' mental health. Topics included how important it is for leaders to set an example from the top and not just allow space for people to be human, but encourage it. Leaders should create a culture in their organizations where every individual feels safe to be whole and authentic no matter their current circumstances. While they don't need to have all of the answers, they can serve as a bridge to resources available in the community. Here are a few exerpts from the interview.

How do we get mental health to be more accepted in the business community?

"Business leaders [need to] start to understand that if we say we value people, we have to value the whole person. And that means a physical body and an emotional component to life. When we ignore those things, there's actually a real cost. Burnout is incredibly expensive." Carrie says she sees this type of burnout especially in her high-achieving professional clients. They go for a long time without dealing with their mental health and are very successful, until they’re not. When the mental “injury” does occur, it can feel like it is coming out of nowhere. “So, if we can allow space for people to deal with those things before they become a real problem, I think that benefits everybody.”

Where is a good place for leaders to start?

Carrie says leaders need to set the tone from the top. Begin by “actually having leaders take time off and talk about it,” including mental health appointments. As a leader, “you don’t have to know all of the answers, you just have to be a bridge” to resources in the community. Creating a psychologically safe culture ensures your organization’s “individuals feel safe to be whole and authentic no matter where they are at.”

Learn more about mental health in the workplace by watching the entire video on the WSCPA blog at wscpa.org/mentalhealth

If you are looking for mental health resources for yourself or your organization, visit the WSCPA's Mental Health Resource Center for CPAs at wscpa.org/cpa-mental-health

Carrie Potter, CPA, is an educator and therapist at Carrie Potter Counseling & Consulting, PLLC. Connect with Carrie at www.carriepottercounseling.com.

illustration: © iStock/Rudzhan Nagiev

Stepping Stones to Licensure

By Monette Anderson, CAE

Education, Exam, and Experience. These three components serve as the essential building blocks for achieving CPA licensure. As someone who has worked with the accounting career program for nine years, I am well-versed in guiding students through this oftenoverwhelming process of meeting these requirements. I know how challenging it can be for students navigating the sea of education evaluation forms, experience affidavit signoffs, and choosing the best review provider. Our end goal, of course, is to set aspiring accountants up for a fulfilling and inspiring career. Let's take a closer look at how the Washington CPA Foundation and the WSCPA support aspiring accountants in these areas.

1. EDUCATION

The first stepping stone is education, which requires 225 quarter hours. Students engage in a comprehensive curriculum that covers various accounting principles, tax regulations, auditing standards, and business ethics. This knowledge equips them to excel in their chosen accounting focus and prepares them for success in the exam.

To support students, the Foundation awarded $556,000 in scholarships to students in Washington state. Our scholarships of $5,000 for junior, senior, and 5th-year students play a vital role in entering the accounting pipeline. Additionally, our $10,000 scholarships for master's students address the challenges of the 5th year and ensure they are well-prepared for the exam. We also introduced $2,000 scholarships for first- and second-year students to encourage early interest in accounting, particularly among first-generation and underrepresented individuals. Generous support from individuals like Bill Reed and Len Hermitage has created additional scholarships for community college students, opening new pathways into the profession.

2. EXAM

The second stepping stone is the examination phase, where candidates must conquer four rigorous exams. These exams cover auditing and attestation, financial accounting and reporting, regulation, and business environment and concepts. They test not only technical knowledge but also critical thinking and problem-solving skills in real-world scenarios. Passing these exams demonstrates a candidate's expertise and readiness to navigate the complexities of the accounting profession.

To support students during this phase, the WSCPA launched the CPA Exam Fireside Chats, providing regular information and a supportive community. Our membership community actively advocated for an extended exam window, resulting in National Association of State Boards of Accountancy (NASBA) recommending a 30-month window, a positive step that benefits future professionals.

3. EXPERIENCE

The final stepping stone is experience, where aspiring CPAs gain a minimum of one year of relevant experience. This practical experience provides invaluable insights into the day-to-day operations of accounting firms, corporate finance departments, or government agencies. It allows candidates to apply their theoretical knowledge, refine their skills, and deepen their understanding of the profession.

The WSCPA recognizes the importance of engaging new professionals through networking, professional development, and mentorship. Our Emerging Leaders Committee ensures that new professionals are actively involved from the early stages of their careers. We are excited to announce our firstever Emerging Leaders Conference, offering student members, scholarship award winners, and working new professionals a platform for leadership development and professional growth.

Through the Foundation's scholarships and the collaborative efforts of the WSCPA and the Foundation, we have witnessed the transformative impact of financial resources on students pursuing their accounting dreams. By investing in the education and development of future CPAs, we directly contribute to the growth and success of our profession.

I encourage you to engage with the Washington CPA Foundation, support our scholarship program, become a reviewer, and find ways to contribute to the accounting profession's growth and success. Whether through mentorship, volunteering, or financial support, everyone can make a difference in shaping the future of the accounting industry. The path to becoming a CPA may be challenging, but with the support of the Washington CPA Foundation and the collaborative efforts of the WSCPA, aspiring accountants can navigate these stepping stones with confidence, knowing they are not alone on their journey.

Anderson, CAE, is Executive Director of the Washington CPA Foundation. You can contact Monette at manderson@wscpa.org.

illustrations: © iStock/yugoro, © iStock/santima.studio

Monette

2022-2023

WSCPA AWARD WINNERS

Elaine Myers

LIFETIME ACHIEVEMENT AWARD

Posthumous Award

For an exemplary career of leadership in the accounting profession and the community

Elaine Myers was one of the first women to graduate with an accounting degree from Gonzaga University. Soon after graduating in 1956, she started working for LeMaster & Daniels in Spokane. She obtained her CPA license in 1994 and started her own firm in 2003. She joined McDirmid, Mikkelsen & Secrest, now Eide Bailly, in 2006 and stayed until her retirement as a tax senior manager in 2018.

"With a passion for numbers and people, Elaine worked tirelessly as an accountant for over 50 years, spearheading a path for women while helping many individuals, families, businesses and charitable organizations. She loved advising her clients and took great satisfaction assisting them with financial decisions. Elaine worked with many clients over generations, and she held a special place in her heart for farmers and nonprofit organizations. Elaine was an influential, dedicated and brilliant woman." —excerpt from Elaine's 2022 obituary

"Elaine was such a personal motivator for me to pass the CPA exam. She always checked up on my studying and I kept studying and ended up passing partially because I didn’t want to disappoint Elaine. She was also very invested in her clients and helping them beyond just tax compliance. She was a friend and confidant to many clients," says Jillian Robison, CPA, OMS Senior Manager, Eide Bailly LLP.

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

Elaine (center) when she began her career at LeMaster & Daniels.

Elaine's granddaughter, best friend and coworkers accept her award.

Greenwood Ohlund, PS BUSINESS OF THE YEAR

For many years of active support of the WSCPA and the profession

Greenwood Ohlund, PS (GO), aims to change the field of accounting by providing traditional CPA services in innovative ways. This five-partner firm, situated just north of downtown Seattle, boasts a team of approximately 30 professionals who operate from remote home offices across the country. Established in 1971 by Dick Greenwood, the firm has remained relevant for 52 years by adapting and flexing to meet the evolving needs of its clients and team.

"Greenwood Ohlund sets a remarkable example of a firm with a strong culture, characterized by engaged staff and leadership," remarks Monette Anderson, CAE, Vice President of Member Services & Education at WSCPA. “As a WSCPA Peak Firm, they actively participate in numerous committee and volunteer roles, demonstrating their deep commitment to our student members through their recruitment and internship programs.”

Moreover, the firm actively takes part in WSCPA educational initiatives and engages with fellow professionals at local events. By participating in forum discussions and strategic planning, Greenwood Ohlund effectively advocates for the professional needs of small firms and contributes to shaping the future of the accounting profession.

Zenaida Fletcher, CPA, MBA, CFP

VOLUNTEER LEADER AWARD

For active leadership and dedicated service to the WSCPA Foundation

Zenaida "Zeny" Fletcher, CPA, CFP, MBA, retired in 2021 as the Controller of the Washington Education Association after overseeing its accounting operations, financial reporting, investments, audit, agency fee, and local treasurer's training for 45 years.

After migrating to the United States in 1974 as a CPA with two bachelor's degrees, Zeny pursued evening classes for a master's degree and took a sabbatical leave for three busy seasons with Deloitte to fulfill the certification requirements to practice as a CPA in the state of Washington.

"Zeny has been an active volunteer with the WSCPA and a dedicated advocate for the profession throughout my 23-year tenure,” said Kimberly Scott, CAE, WSCPA President & CEO. “Her enthusiasm and graciousness are genuine, and she has consistently added value through her involvement with the WSCPA.”

Since 2005, Zeny has served on the WSCPA Not-For-Profit Resource Group. Additionally, she has been a scholarship reviewer since 2018 and joined the Washington CPA Foundation Board in 2019, where she currently serves as a second-term trustee. Zeny’s passion is to participate in campus and student outreach programs and share her professional knowledge with aspiring accounting students.

Zeny has also been an engaged member of the Filipino American Association of CPAs, facilitating relationships and collaboration opportunities between the two organizations.

January 2023 at Skogafoss, one of Iceland's biggest and most beautiful waterfalls.

Greenwood Ohlund received the award at the WSCPA Membership Summit.

photo: © Shelly Oberman Photography

Kelly Nelson, CPA

VOLUNTEER LEADER AWARD

For active leadership and service to the WSCPA

Kelly Nelson, CPA, is the Managing Partner of the Seattle Business Unit at Baker Tilly LLP. Kelly is driven by her passion for fostering an inclusive and supportive work culture that embraces diversity of thought, allowing professionals to be their authentic selves.

During her college years, Kelly received a Washington CPA Foundation scholarship, which enabled her to successfully complete her BA in Business Administration with a concentration in accounting from the University of Washington. While volunteering has provided her with a platform to give back, it is the connections with people and the opportunity for thought leadership that she finds most rewarding.

Kelly actively serves on the WSCPA Board of Directors and holds the position of Chair of the WSCPA Diversity, Equity, and Inclusion Council, where she passionately advocates for the profession.

Kimberly Scott, CAE, WSCPA President & CEO, shared, "Kelly has a leadership style that envelops and values individuals, making them feel valued and excited. Her dedication is evident through her active involvement in volunteering, speaking engagements, and mentoring aspiring CPAs."

Kelly's commitment to both current and future colleagues extends beyond simply keeping doors open; she strives to hold them wide, eliminating barriers and enabling others to achieve remarkable success.

Kairi Roberts, CPA

NEW PROFESSIONAL AWARD

For passion, commitment, and service to the WSCPA

Kairi Roberts, CPA, graduated from Gonzaga University in 2013. She began working for a local Spokane firm where she was an associate for several years. Kairi has been a partner of Anderson Lampe, P.S., since 2020 and specializes in S corporation and partnership taxation. A CPA and WSCPA member since 2018, Kairi is the newly-elected chair of the Spokane Chapter Board and previously served as the Spokane Chapter Events Committee Chair and on the Society's Emerging Leaders Committee.

“Kairi’s commitment to the WSCPA as Chair of the Spokane Chapter Board and past Chair of the Events Committee extends beyond the logistics of event planning. She personally invests herself in fostering an inclusive and welcoming atmosphere, ensuring that everyone feels valued and supported,” said Daniel Fleming, WSCPA Manager of Membership. “Her genuine passion for the success of others shines through in every interaction, as she goes the extra mile to ensure that participants leave with not only new connections, but also a sense of belonging to a larger professional community.”

When Kairi is not working on expanding her tax practice and business development skills, she enjoys spending time with her family and pets.

Kelly with her Bernedoodle, Sasha, who is referred to as the “Managing Pawtner” by some.

Kairi hiking Mt. Spokane with her dog Lana.

Joseph Smith

SPECIAL AWARD

For commitment and support of students and the CPA profession

Joseph (Joe) Smith is an educator at North Seattle Community College. He started his teaching career as a Seattle University adjunct faculty and primarily teaches the principles of financial and managerial accounting series. Prior to teaching, Joe worked in industry and non-profits in positions ranging from staff accountant to controller.

Joe has given countless hours of dedication and leadership to the WSCPA and the Washington CPA Foundation. As an educator, he has worked for years inspiring students and encouraging them to pursue the CPA profession and accounting careers, and encouraging students to apply for Washington CPA Foundation scholarships.

In 2020, Joe joined the Board of the Washington CPA Foundation, where he currently serves as vice president. "He has been an important advisor in helping develop our new associate scholarship program and helping award grants to organizations looking to improve the pipeline of the profession," said Benjamin Warren, WSCPA Manager of Pipeline Initiatives.

Joe is a graduate of both the University of Washington and Seattle University. He lives in North Seattle with his wife Debbie, and they enjoy frequent walks with their dog Luna.

Hanna Fleming

RISING STAR AWARD

For passion, commitment, and service to the WSCPA

Hanna Fleming is an experienced audit associate at Clark Nuber PS in Bellevue, Washington. Hanna serves a variety of not-for-profit and commercial clients and enjoys working on employee benefit plans. Her prior work experience included private industry sales management, and before that she was usually found working with animals.

Hanna graduated cum laude from Eastern Washington University in 2020 and began her membership with the WSCPA in 2021. Upon joining, Hanna has represented her firm at numerous WSCPA hosted events, including Meet the Firm, foundation reception, and volunteer leaders training.

"Hanna has been a standout on the Emerging Leaders Committee, bringing in sponsorships to support student events and engaging at a high level. She brings an eagerness to see other young professionals thrive in the accounting world," said Monette Anderson, CAE, WSCPA Vice President of Member Services & Education and Executive Director of the Washington CPA Foundation.

Just one hour before Hanna received her final passing score for the CPA exams.

Joe and his wife Debbie at the Liberty Bell last summer.

Deedee Oblefias

RISING STAR AWARD

For passion, commitment, and service to the WSCPA

Deedee Oblefias is an accountant at Falco Sult, where she assists businesses and individuals with tax preparation, planning and financial reporting.

Deedee’s volunteer leadership with the WSCPA began when she was at UW Bothell as a leader in BAP. She joined the WSCPA in 2018, and has continued in her volunteerism.

"Deedee’s dedication to serving the WSCPA and its members is evident in her enthusiastic approach. She goes above and beyond to create a welcoming and inclusive environment where new professionals can thrive. Currently serving on the Everett Chapter Board as well as the Emerging Leaders Committee, Deedee is making a significant impact on the professional growth of new talent. By creating spaces for networking and socializing, she plays a pivotal role in shaping the future of the accounting community and ensuring its continued success," said Daniel Fleming, WSCPA Manager of Membership.

Jenny Cravens, CPA, MAC

PRESIDENT'S AWARD

For commitment and passion for the CPA profession

Jenny Cravens, CPA, is a dynamic educator, coach, and consultant dedicated to bridging the gap between the professional realm and the practical realities experienced by individuals and organizations. Her 25 years of leadership experience spans public accounting, healthcare, banking and higher education.

An experienced C-suite executive and corporate board member, Jenny’s technical skills include risk management, finance, governance, ethics, auditing, mergers & acquisitions and banking.

Jenny is currently the P.R. O’Shaughnessy Executive Professor of Accounting at Central Washington University. She is also a Board member and chair of the audit and enterprise risk committees of Confluence Health.

"Although I hadn't had the opportunity to meet Jenny in person until last year, her reputation preceded her. I frequently heard about her inspiring impact on students, and the WSCPA staff have consistently expressed their gratitude for her valuable assistance. Over the past few years, Jenny has also shared her passion for teaching with our members. Her continued involvement with our organization is certain to make a positive and lasting impact," said Kimberly Scott, CAE, WSCPA President & CEO.

Deedee received her US citizenship in April 2022. She moved to the US from the Philippines in 2006.

Jenny doing her favorite activityenjoying nature and the outdoors.

Lowel Krueger, CPA, MBA

CHAIR'S AWARD

For service and commitment to the WSCPA

Lowel Krueger, CPA, MBA, is executive director of the Yakima Housing Authority. He became interested in affordable housing while working as an assistant state auditor for the Washington State Auditor’s Office and was the lead auditor on a number of public housing authority audits.

Lowel earned a B.S. in Accounting from Central Washington University, an MBA from Washington State University and completed the Senior Executives in State and Local Government program from Harvard University’s John F. Kennedy’s School of Government. He began his professional career in accounting with Moss Adams, LLP and became a licensed CPA in 1999.

"When I think about Lowel’s volunteerism on the Board and the CPAPAC, the word steadfast comes to mind. Lowel has been constant in his volunteerism for the WSCPA and in his passion for the profession. He has been very involved from a legislative standpoint and has mentored me and many others in doing Hill Day visits with legislators. He is knowledgeable about the issues facing CPAs in the state and takes every opportunity to talk about those issues with others. Lowel is an engaged volunteer and is willing to listen to different perspectives, share his thoughts and collaborate with others while maintaining a great deal of professionalism and curiosity. It has been an honor to serve alongside Lowel on the Board and the PAC, and my great pleasure to recognize him with the Chair’s award for his years of dedicated service to the CPA profession," said Sara Bailey, CPA, outgoing Chair of the Board.

Lowel with his son and a friend after finishing the approximately 200-mile Hood to Coast relay race last year. Lowel's 12-member team “Running for Shelter” raised over $100,000 that was dedicated to affordable housing.

RYPTO

Kenneth A. Heaslip, CPA, CGMA, MBA, MS, Cullari Carrico LLC

As more companies invest in digital assets, they are looking to CPAs to help them with the accounting treatment — and CPAs are looking for guidance on how to audit such investments. To date, there has been little authoritative guidance on the issue. While the profession awaits formal accounting guidance from the Financial Accounting Standards Board (FASB), the American Institute of CPAs (AICPA) established the Digital Assets Working Group. The Group has issued nonauthoritative guidance for accountants and auditors: a 2020 comprehensive practice aid and subsequent periodic updates. The most recent aid — which can be accessed by AICPA members for free at aicpa.org — was issued Feb. 28, 2023, and is 81 pages long.

On March 23, 2023, the FASB issued a much-anticipated exposure draft proposing standards for the treatment of crypto assets. Comments are due by June 6, 2023, and it is hoped the final standard will be issued by year end.

Accounting Treatment

When the AICPA assessed the accounting treatment, they addressed several questions:

√

What type of asset is a digital asset?

√ Should it be carried at cost or fair value?

√

How should impairments be determined?

While most people consider cryptocurrency to be an investment, there are significant differences between financial instruments and digital assets. The primary difference is that financial instruments are backed by a government or business entity. The entity has revenues, income and net assets that support the instrument’s value. Digital assets do not provide the asset holder with any enforceable rights to, or claims on, underlying goods, services or other assets. For that reason, digital assets are classified as intangibles.

Under Generally Accepted Accounting Principles (GAAP), intangibles are valued at cost, those with a useful life are amortized over its life and they are tested annually for impairment. This has led the AICPA to conclude that digital assets would be treated the same; since there is an indefinite life, they should not be amortized. When impairments are recognized, the asset should be written down and recovery of impairments will not be allowed.

When the FASB took on the digital asset project, it quickly realized that not all digital assets are the same. They decided to limit the project to fungible assets, not address nonfungible ones, and to rename the topic as crypto assets. Fungible is defined as an item that is readily interchangeable with an identical item

at a transparent rate. Under this definition, nonfungible assets such as nonfungible tokens (NFTs) are not within the scope of the exposure draft. For NFTs, accountants should continue to use AICPA guidance. The FASB’s proposal follows the AICPA conclusion that crypto assets should be recorded as indefinitelived intangible assets. However, unlike other intangibles, they will be presented at fair value, limiting the need for impairments.

The FASB proposes that any changes in fair value of crypto assets be recognized in net income. Transaction costs to acquire them would be treated as an expense when incurred unless applicable industry-specific guidance requires capitalization of such costs. Crypto assets must be presented separately from other intangible assets on the balance sheet, and changes in fair value are to be shown separate from other intangibles on the income statement.

The FASB recognizes that there will not be many changes to the statement of cash flows, but if crypto assets are received as noncash consideration in the ordinary course of business and converted immediately into cash, the transaction should be recorded as cash flow from operating activities.

The exposure draft provides for disclosures of the nature of the crypto asset, the presentation of fair value and cost either in the aggregate or individually, depending on the materiality. Any restrictions should be disclosed, and rollforward information will be required. The disclosures should disclose the line item in the income statement where gains and losses are presented. Finally, the disclosures should include the difference between sale price and the cost basis as well as a description of the activities that resulted in the disposition and the method for determining cost basis.

The new standard will apply to all entities, and the implementation date has not been determined. Cumulative-effect adjustments to retained earnings will be necessary as of the beginning of the annual reporting period of adoption.

Auditing Issues

Auditing has unique challenges. The nature of digital assets makes it difficult for an auditor to confirm their existence, value the less-traded assets and determine internal controls. The demise of FTX Trading Ltd. is a perfect example of the risks associated with audits. In that case, entities deposited their cryptocurrencies with FTX for secured holding. FTX regularly reported portfolio status to their depositors. The controls and reporting turned out to be poor and false. FTX comingled depositor assets with that of their own, improperly withdrew the deposits and lost millions of dollars in depositor assets. To date, it has not been determined who took the assets and where they are now. Any confirmations offered by FTX are unreliable. For entities that choose to hold the assets in their own wallets, it is not practical to obtain third-party verification of the assets due to the secrecy of the blockchain method of storing the assets.

The AICPA states that audit risks should be addressed in client acceptance and continuance, risk assessment and processes and controls, laws and regulations and related parties. Their guide is a comprehensive approach for auditors. It consists of the following:

√ Overview

√ Auditor skill sets and competencies

√ Management skill sets and competencies

√ Management integrity and overall business strategy

√ Processes and controls, including information technology

The AICPA document is titled as an aid for auditors, but it also has implications for nonattest services offered by practitioners. Practitioners should evaluate self-review, management participation and advocacy threats before accepting a client.

Auditors need to stay apprised of regulatory, industry, technological or financial reporting developments. In particular, they should identify relevant professional standards that apply to the engagement. The firm should maintain a competent staff at all levels. Risks should be adjusted as new issues are identified, and training should be continuous.

Firms should develop specific procedures that will address the many challenges in digital assets. The procedures should encompass all areas such as identifying policies and procedures, building awareness among firm personnel, communication, training and quality control.

The AICPA practice aid is an excellent tool for any entity with digital assets and firms that service those entities. It is thorough and offers a framework for firm quality control procedures. The document is an important non-authoritative tool. The FASB’s proposed changes will be welcomed by many stakeholders, but until the ASU is issued, the provisions in the draft are not GAAP and should not be implemented.

Learn More

Register for an upcoming CPE webinar to learn more about this important topic. Register at wscpa.org/crypto-cpe.

Accounting for and Auditing Cryptocurrency & Digital Assets WEBINAR

Aug 16, Sep 12, Oct 13, Nov 17, or Dec 11

Prix Fixe: Digital Taxation – Hot Topics WEBINAR

Sep 29

K2’s An Accountant’s Guide to Blockchain and Cryptocurrency WEBCAST

Oct 19

Kenneth A. Heaslip, CPA, CGMA, MBA, MS, is a director at Cullari Carrico LLC, CPAs, managing member of Kenn Heaslip Seminars LLC and a lecturer at Queens College. Kenneth can be reached at kheaslip@comcast.net.

Reprinted with permission of the New Jersey Society of CPAs, njcpa.org.

illustrations: © iStock/Olga Kurbatova, © iStock/filo, © iStock/Enis Aksoy, © iStock/cnythzl

"Firms should develop specific procedures that will address the many challenges in digital assets. The procedures should encompass all areas such as identifying policies and procedures, building awareness among firm personnel, communication, training and quality control."

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2023-2024 Scholarship Recipients

Named Scholarships Undergraduate Recipients

Matthew DesVoigne Accounting Scholarship

Jood Abdulhafez Central Washington University — Lynnwood

KPMG Diversity Accounting Scholarship

Felicia Adesope Washington State University

George J. Waterman Memorial Scholarship Hallie Chen University of Washington

Clark Nuber Accounting Scholarship

Alana Henerlau Pacific Lutheran University

DP&C Black Accounting Scholarship Kat Knight Green River College

George J. Waterman Memorial Scholarship

Jenna Lloyd Whitworth University

Moss Adams Accounting Scholarship

Shyann Nadine Roberto Saint Martin’s University

EY Accounting Scholarship Katie Tuttle Gonzaga University

PwC Accounting Scholarship

Carissa Halili Gonzaga University

Roy J. Polley Memorial Endowed Scholarship

Emily Even Gonzaga University

Roy J. Polley Memorial Endowed Scholarship

Zoie Rodman

Washington State University — Vancouver

Roy J. Polley Memorial Endowed Scholarship

Telmen Amarbayasgalan Whitworth University

Roy J. Polley Memorial Endowed Scholarship

Alanna Angeles Pacific Lutheran University

Roy J. Polley Memorial Endowed Scholarship

Dom Devengenzo Washington State University

Roy J. Polley Memorial Endowed Scholarship

Katie Gordham Washington State University

Roy J. Polley Memorial Endowed Scholarship

Jackson Kembel Washington State University

Roy J. Polley Memorial Endowed Scholarship

Rylan Nunn Western Washington University

Roy J. Polley Memorial Endowed Scholarship

Abby Vance Washington State University

Roy J. Polley Memorial Endowed Scholarship

Annie Wright Gonzaga University

Sambataro Family Foundation Accounting Scholarship

Rachael Jolley

University of Washington — Tacoma

Shimer Family Foundation/ Deloitte Accounting Scholarship

Max Poklonskii

University of Washington — Bothell

Washington CPA Foundation Accounting Scholarships Associate Recipients

Alyssa Badini Skagit Valley College

Jen Bixby North Seattle College

Paige Bremerman West Valley High School

Lauren Caruso Inglemoor High School

Jacie Deebach Tonasket High School

Blakeley Eaton Edmonds Woodway High School

Ashley Gomez Washington State University — Vancouver

Leo Homar Western Washington University

Elsa Jimenez-Mendez Cascadia Community College

Morgan Koch Whitworth University

Lena Le University of Washington

CC Maifeld Skagit Valley College

Jackson McCormick Lynnwood High School

Myah Rice-O'Bryant Spokane Falls Community College

Kayli Short Edmonds College

Pablo Silva Vasquez Oak Harbor High School

Janaye Wilkie Spokane Falls Community College

Jordan Stewart Cascadia Community College

Named Scholarships Associate Recipients

Olympia Chapter Accounting Scholarship

Cameron Kreider Ridgeline High School

Sam L. & Elvera A. Heritage Accounting Scholarship

Tamara Myers South Puget Sound Community College

Bill Reed Family Black Accounting Scholarship

Zoe Mukaba Bellevue College

Bill Reed Family Black Accounting Scholarship

Kyara Simmons North Seattle College

Washington CPA Foundation Accounting Scholarships Undergraduate Recipients

Elijah Hayrynen Whitworth University

Natia Meladze Washington State University — Vancouver

Amanda Nerby University of Washington

Jenae Pusich Western Washington University

Matt Rinard Gonzaga University

Joha Ayupov Whitworth University

Brandon Blazekovic Eastern Washington University

Shan Carpenter University of Washington — Bothell

Justin Conner Whitworth University

Josh Doll Whitworth University

Eva Flanagan Gonzaga University

Levi Franklin-Montes Western Washington University

Dee Geneti Whitworth University

Jake Griffiths University of Washington

Ayushma Shrestha Central Washington University

Harrison Tarbell Western Washington University

Aliz Vo Central Washington University — Lynnwood

Amanda Warren Central Washington University

Collin Weeks Washington State University — Vancouver

Alyssa Welton Washington State University

Washington CPA Foundation Accounting Scholarships Graduate Recipients

Reine Darcy Albite Saint Martin’s University

Rishabh Bansal Seattle University

Saori Braswell Eastern Washington University

Grace Brenner Saint Martin’s University

Evan Campbell University of Washington — Tacoma

Bailee Carr Colorado State University

Meiqing Chen University of Washington — Tacoma

Ethan Davis Gonzaga University

Lexi Deadmarsh Gonzaga University

Leonie Dela Rosa Eastern Washington University

John Den Hartog Western Washington University

Travis Derrick Lewis-Clark State College

Kaylee Florek Saint Martin’s University

Niraj Gaire Seattle University

Althea Ignacio University of Washington — Tacoma

Ala Iurco University of Washington — Bothell

Ronee Jones Central Washington University — Des Moines

Hensen Lam University of Washington

Ben McHorse Gonzaga University

Nenneh Jalloh University of Washington — Tacoma

Washington CPA Foundation Accounting Scholarships Graduate Recipients (continued)

We are honored to celebrate the accounting students in the state of Washington who recently were selected to receive accounting scholarships.

We had many worthy applicants who all demonstrated significant potential for success in the profession. Our selection committee chose the following students for their outstanding GPAs, strong letters of recommendation, and compelling essays. With the support of contributors, individuals, and organizations that support the work of the Foundation, we are privileged to be able to support this promising group of future CPAs with more than $500,000 in scholarships.

$5,000 to each undergraduate + 5th-year student $10,000 to each master’s student $2,000 to each associate student

Julie Moore Gonzaga University

Fanny Musonda Eastern Washington University

Chelsea Marie Ocampo University of Washington

Britney Patrick Saint Martin’s University

Ben Paz Gonzaga University

Jennifer Pope Eastern Washington University

Branigan Roy Gonzaga University

Alexandria Velder Western Washington University

Katrina Wagner Gonzaga University

Nikki Schroeder Gonzaga University

Keeping Watch: Post-Legislative Session Updates and Ongoing Challenges

Mike Nelson

While the 2023 Washington State legislative session ended in April there are still many challenges and changes coming toward the profession in the months ahead. The Department of Revenue (DOR) and Washington State Board of Accountancy (WBOA) are both going through rulemaking.

Capital Gains Tax

The capital gains tax was upheld by the State Supreme Court on March 24. Many taxpayers and their CPAs then had to quickly turn around and remit the tax by the April 17 deadline. While many extensions were granted until October 15, the state collected over $800 million dollars from this new tax.

Ever since the tax was originally signed into law in 2021, the WSCPA advocacy team and CPAs across the state have been warning the legislature and DOR about many issues with the tax as it was written. Given the controversial nature of the litigation around the tax, the legislature did not amend, and DOR did not provide guidance or engage in in-depth rulemaking, to address the common problems practitioners and taxpayers are now facing.

We expect legislation in the 2024 session from DOR to address some of the technical issues that they have previously found in the law. The DOR has also said they will be providing more guidance and engaging in rulemaking throughout the remainder of 2023 and in advance of the next tax season.

In addition to the many administrative and policy considerations that will be hopefully addressed with either legislation or rulemaking, we are continuing to ask that DOR improve the filing software to accept common software that practitioners are using.

Exam Requirement and Window Changes

Many changes to the rules around the CPA exam have come into place and more changes are expected through the start of the new exam in January 2024. At the Washington State Board of Accountancy (WBOA) January meeting, WBOA approved a new rule that lowers the education threshold for students to

take the exam from 150 hours to 120 hours. This new rule went into effect April 1 and already many candidates have started taking the exam earlier than previously allowed.

The new exam as part of CPA Evolution will roll out in January of 2024 with a renewed focus on technology throughout all sections. As part of the transition to the new exam, NASBA proposed, and the WBOA adopted, an extension of the exam window for candidates currently taking the exam, since they will have to finish with a new exam. This extension allows any candidate who has earned credit for any sections as of December 31, 2023, to have a new 18-month window starting on January 1. This means that anyone currently in the exam window has until June 30, 2025, to complete four sections of the exam.

At their April meeting, WBOA opened up the rule for the exam window to consider a permanent expansion. After an initial proposal by NASBA of extending the window to 20-months, NASBA formalized a 30-month window in their model rules. Board members had discussed windows of 36 to 60 months—or even no window—before creating a task force to look at options and present those options or a recommendation at the July meeting in Pasco. At that meeting, the public will be allowed to join the discussion on the exam window by providing comments directly to the WBOA. After receiving comments and feedback at the July meeting, the WBOA will likely propose a specific window length which would again allow the public to join the discussion at their October public comment meeting. Depending on the feedback shared during these meetings, the WBOA could elect to adopt a rule with a specific new window length as early as that October meeting.

The exam window discussion at the WBOA is being held in the context of national conversations around barriers to the profession and options of increasing the pipeline of new CPAs coming into the profession. Future changes and programs both at the state and national level will continue as these conversations continue.

Mike Nelson is the WSCPA Manager of Government Affairs. You can contact Mike at mnelson@wscpa.org.

DIVERSITY EQUITY INCLUSION

Meet the Members!

Chair: Kelly Nelson, CPA

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.

Jasara Big Boy Gribble

Jasara Big Boy Gribble is an enrolled Tribal member of the Oglala Lakota Nation. She recently graduated from University of Washington’s Foster School of Business with a bachelor’s degree in accounting. Jasara focuses on individual and small business tax returns in her position at a local CPA firm. She welcomes the upcoming evolution of the CPA exam in 2024 as an exciting progression for both individuals and the profession. Through her diverse experience, knowledge, and compassion, Jasara strives to make a positive and lasting impact of growth and inclusivity. She secretly enjoys movie and TV references to "boring" accountants. Jasara is known for having a mini-jungle in her home, from cacti to tropical plants.

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

At a networking event for Bellevue College students and alumni, a Running Start high school student asked me why I chose accounting, and specifically tax. After my response, she replied “Wow! Tax sounds fun!” It was a small moment, but I am proud of hopefully inspiring a future accountant.

Do you have any special skills? Hobbies? Hidden talents?

I am a voracious reader! I read an average of 24 books per year, with a penchant for science fiction, contemporary literature, and non-fiction.

Tonia Campbell, CPA

Tonia Campbell, CPA, is an accomplished CFO with 20+ years of financial accounting and operational experience spanning across healthcare, non-profit, and for-profit organizations. Tonia partners with organizations for success to provide CFO services on an interim and fractional basis. She is motivated to live life on purpose and be a positive influence that empowers and inspires others.

Tonia has a heart to serve others and give back to the community. Currently she serves on the Washington State Board of Accountancy, Washington CPA Foundation scholarship review committee, and Pacific Christian Academy Scholarship and Financial Aid committees. She is especially devoted to breaking down long-standing systemic biases, disparities in minority communities and workforce inequities. Tonia enjoys traveling, gardening, and spending time with her family.

How do you think diversity and inclusion positively influence the accounting profession?

1. D&I will increase the pipeline and talent pool.

2. The multiracial population has changed considerably since 2010. It was measured at 9 million people in 2010 and is now 33.8 million people in 2020, a 276% increase.

If you could have a song play every time you enter a room, what would it be? And why?

"Conqueror" by Estelle – it’s a motivator and encourager to overcome challenges.

Joseph Choe, CPA

Joe Choe, CPA, is a tax senior at BDO, LLC where he specializes in passthrough entities. From a Korean family, Joe was the first generation to be born in America and this instilled a sense of empathy and acceptance of different cultures and backgrounds. Witnessing the adversity that immigrant business owners had when starting business in America, created a desire for Joe to specialize in closely held businesses. Joe graduated with a Master of Professional Accounting at the University of Washington.

What’s your favorite task at work? And why?

Recruiting and mentoring others. It’s important to build a strong team of unique individuals that will one day become the leaders in the profession and/or company that you work at. Building and mentoring relationships is the easiest way to reduce employee turnover and create a unified work culture. There’s nothing more satisfying than developing and strengthening others.

Favorite place you’ve traveled to?

Georgia (the country). The country is very beautiful and the people are very friendly. They will go out of their way to welcome and treat tourists nicely. The food is wonderful and who wouldn’t want to visit the country where wine was invented?

Favorite number crunching snack to fuel your accounting brilliance?

Ghost pepper beef jerky. It’s almost unbeatable when working long hours, it gives you a nice refresh and wakes you back up.

Yankuba Faal, CPA

Yankuba Faal, CPA, has been with Assurance Staff, Moss Adams LLP for nearly two years and has over 21 years of experience working in the private enterprise industry prior to joining public accounting. Yankuba is skilled at working with non-profit organizations and community outreach with about 11 years experience in management and leadership. A graduate of Central Washington University and a scholarship recipient of the WSCPA, Yankuba enjoys spending time with family, going to the gym and playing basketball.

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

If you just set your mind to it and tell yourself I can do it, it becomes a possibility.

Do you have any special skills? Hobbies? Hidden talents?

I really love lifting weights. To the surprise of many, I am a completely different person when I am in the gym.

Favorite place you’ve traveled to?

My favorite place to travel is The Gambia (where I was born and raised). It's always a pleasure to be able to visit back home.

Brett Jordan, CPA

Brett Jordan, CPA, is a director of internal audit for Russell Investments, a leading global investment management and solutions partner, with more than 15 years of audit and assurance experience. He leads internal audit’s assurance coverage for the firm’s Asia-Pacific practice and support of the corporate and broker-dealer external audits. His other responsibilities include developing, directing, and performing operational audits of Russell Investment’s global investment management business and operations, assisting management in developing effective compliance and risk management programs.

Brett served as Chair of the Board of Trustees for the Washington CPA Foundation, a member of the WSCPA Board of Directors, and treasurer of the Municipal League of King County. He is an alumni of the 2013 AICPA Leadership Academy. Brett is currently a Board member of The Foundation for Western Washington University and Alumni and serves on the organization’s ADEI committee. Aside from being a CPA, Brett is an Institute of Internal Auditors Certified Internal Auditor (CIA) and Certified Financial Services Auditor (CFSA). He holds a Master of Professional Accounting degree from Seattle University and a Bachelor of Arts in Accounting degree from Western Washington University. In his time outside of the office he likes to build community and workout at his CrossFit gym and explore the outdoors with his partner.

How do you think diversity and inclusion positively influences the accounting profession?

It improves diversity of thought and opinion to enable broader thinking beyond “this is the way we’ve always done things”.

Favorite place you’ve traveled to?

Hobart, Tasmania. Tasmania is a beautiful, fairly untouched island state of Australia.

Kris Lambright, CPA

Kris Lambright, CPA, joined College Spark Washington as CFO in June 2020 after serving seven years as a Trustee for the foundation. College Spark provides grants focused on dismantling racism in the education system. Kris worked with the YWCA Seattle-King-Snohomish from 1999 to 2020, serving as chief financial officer for 15 years. Kris has served on the UW Alumni Associate Board since 2018, currently as Board president. She served as a board member, as well as treasurer, for the WSCPA from 2015-2021. She was recognized by the Puget Sound Business Journal as a 2009 CFO of the Year. A Northwest native, she lives in Seattle with her husband Tim and enjoys hiking, reading, gardening, and watching local sports (Huskies and Mariners in particular!).

How do you think diversity and inclusion positively influences the accounting profession?

We need diversity of thought and perspective to keep the accounting profession vibrant and able to meet the ever-changing challenges to businesses. We must continue to prioritize building a pipeline of diverse accounting candidates. And there also needs to be support and mentoring available to young staff, particularly BIPOC staff, once they enter the workforce so they can be successful and more likely stay in the accounting field.

Is pineapple an acceptable topping on a pizza?

Definitely not! No fruit on pizza!

Favorite place you’ve traveled to?

Australia! Loved the people, the big and small cities, the wine/beer/coffee, and the beaches!

Sheila Lozan, CPA

Sheila Lozan, CPA, Senior Associate Professor at Bellevue College, has 10 years of experience working as an auditor with one of the big four public accounting firms (PricewaterhouseCoopers). Her portfolios of clients consisted of Fortune 500 companies in telecommunications, insurance, global technology, manufacturing, food and general merchandise and retail coffee and snack store industry. Additionally, she is a small business owner with over 14 years of experience working with small businesses, in merchandising, service, and nonprofit, and individuals on accounting and tax needs. She has mentored a small business previously located in Washington now located in California on client relationships. Sheila is the current Program Chair in the Business Administration Transfer Program at Bellevue College. She is the former Program Chair for the American Society of Women Accountants (ASWA) and has Co-Chaired the ASWA annual Fall Tax Seminar at Seattle University in prior years.

Sheila earned a Master of Accounting from University of Southern California and a Bachelor of Arts in Business Administration with a concentration in accounting from Seattle University. Sheila holds an Accounting Advisory board position at Seattle University, and mentors young professionals. In her spare time, Sheila enjoys working in the community and spending time with her family.

How do you think diversity and inclusion positively influence the accounting profession?

Diversity and inclusion positively influence the accounting profession by exposing the profession to different perspectives and personalities. It allows the profession to celebrate differences while working together to educate, consult, and be a valued partner. It will provide a sense of appreciation for the skills and values of all in the profession.

Favorite inclusive book recommendation?

Becoming by Michelle Obama

Gilbert Plascencia, CPA, CFE

Gilbert Plascencia, CPA, CFE, is a senior manager at Alegria & Company, PS, a local accounting firm in Yakima and has been serving a diverse group of clients and industries for 20 years. When he’s not working you can find Gilbert hiking, running, or gardening. He is a certified master gardener and currently serves as treasurer for the Master Gardener Foundations of Yakima County and Washington State.

How do you think diversity and inclusion positively influence the accounting profession?

Diversity brings different points of view and ideas to the accounting profession and increases the profession’s ability to attract and retain great people that represent the communities we serve and live in.

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

Don’t take things personally! This is relevant for both your career and in your personal life.

Favorite place you’ve traveled to?

Six years ago I hiked the Pacific Crest Trail from Mexico to Canada. Best trip I’ve ever taken!

Tasha Repp, CPA

Tasha Repp, CPA, has practiced public accounting since 1997. She provides accounting and auditing services to tribal governments and their related entities, focusing on giving her clients a practical, clear understanding of audit results to help them improve their operations.

Tasha is the national practice leader overseeing all of Moss Adams LLP’s services to tribes, and is a founding member and co-chair of the the Inclusion & Diversity Board. She’s also a designated single audit technical reviewer for the firm.

Tasha serves as a member of the Governmental Accounting Standards Board (GASB)’s Tribal Government Accounting and Financial Reporting working group. She previously served as a member of the Governmental Accounting Standards Advisory Committee (GASAC) to the GASB, as a representative for the Native American Finance Officers Association (NAFOA).

Additionally, Tasha was named by the Profiles In Diversity Journal® as one of the 2021 Native American/Indigenous Leaders Worth Watching. In 2011, she received the National Center for American Indian Enterprise Development's Native American 40 Under 40 Award.

Tasha is an enrolled member of the Samish Indian Nation.

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

My philosophy that comes from my Tribal elders that I have embraced for work is to share what I know and the importance of listening—we have so much we can learn from each other.

If you could have a song play every time you enter a room, what would it be? And why?

"B For My Name" by the Beastie Boys—it’s got a great walk-out beat and I like that it’s instrumental so I can impart my own meaning.

Eaon Roberts, CPA

Eaon Roberts, CPA, has over 17 years of business and industry experience in roles in corporate accounting and consolidations, expense and project accounting, external audit and CFO advisory services. He has broad experience in SEC reporting, technical accounting, project management, controller operations, audit operations and internal controls. He’s held several positions in senior management and controller level with direct reports ranging in accounting experience from staff to mid-level management.

How do you think diversity and inclusion positively influence the accounting profession?

In my experience, D&I can profoundly affect the accounting industry by fostering innovation, improving decision-making processes, enhancing colleague/client relationships, and adapting to global market challenges. By embracing diversity and creating an inclusive culture, the accounting industry can better meet the needs of its clients, drive business success, and contribute to a more equitable and sustainable society.

If you could add one thing to your company’s office, what would it be?

A dedicated space for relaxation and well-being that includes bean bags, plants, natural lighting and other calming elements like a small indoor garden or meditation area that provides employees with an opportunity to recharge, destress and improve their overall well-being.

Do you have any special skills? Hobbies? Hidden talents? Michael Jackson dance impersonation. Some might say I’ve been asked to perform at venues once or twice before.

Wakeya Smith

Wakeya Smith is a seasoned accountant with over 20 years of experience in the field. Currently serving as the accounting manager at T-Mobile, Wakeya plays a vital role in supporting the device protection products for the company. Throughout her career, Wakeya has showcased her expertise in accounting across various sectors, ranging from start-ups to non-profit organizations, as well as, forprofit companies. With a problem-solving mindset, Wakeya tackles challenges head-on, applying her analytical skills and extensive experience to find effective solutions. Her ability to navigate complex financial landscapes has been a key asset in her professional journey.

Wakeya embodies the qualities of a dedicated accountant, combining her extensive experience, passion for learning, investment in others, and problem-solving skills to make a meaningful impact in her field and beyond. Wakeya is an Army veteran who finds joy in traveling, spending time with loved ones, volunteering her time, music and learning new things.

How do you think diversity and inclusion positively influences the accounting profession?

Diversity and inclusion play a crucial role in driving innovation and fostering growth within the accounting profession. By embracing diverse perspectives, ideas, and talents, we create an environment where all voices are heard and valued. It sparks creativity, encourages new ways of thinking, collaboration and fuels innovation. Fostering an inclusive environment encourages continuous learning and growth. When we create a space where ALL talents are welcomed, feels respected and valued, individuals are more likely to share their knowledge and learn from one another where we can collectively benefit from the collective wisdom and experiences of diverse individuals.

Favorite place you’ve traveled to?

Aswan, Egypt. I was fortunate to stay in the Nubian village and learn more about the community.

Upcoming CPE

Office Space

Conference Table and Chairs: Great condition conference table 10 x 4. If interested, I can send a picture. $1,980 or best offer. Contact Cathleen Aiken, accounting@aiken-lawgroup.com, or 206.795.6476.

Office Space Available – Seattle/Northgate: Office space built with two offices and a waiting room, with windows overlooking Northgate Mall. New carpet, new paint. 382 sf at $ 725 / mo + NNN. Convenient parking. Signage available on 5th Ave. Walk to Northgate Light Rail Station and the Mall, Easy Access I-5. Move in special. Call 206.660.4965 for showing.

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.

Vancouver and Snohomish County, WA and Portland, OR Firms for Sale: With over 18 years of experience, Accounting Biz Brokers specializes in the sale of accounting firms and tax practices. Selling your accounting firm is complex. Let us make it simple. For Sale! Vancouver, WA, Gross $500k; Snohomish County, WA, Gross $155k; Portland, OR, Gross $935k. Contact Christy Hudson, Christy@accountingbizbrokers.com, 501.499.4357. Have a client / owner ready to explore the business sale process? Business owners are experts on their business. We are experts on the process of selling a business. Call 206.703.3555 for a confidential, no commitment consultation. Check out resources and learn more at wabusinessbrokers. com. Put our experts to work for you! Contact Ryan Hemmert, info@wabusinessbrokers.com or 206.703.3555.

WSCPA Passport Card

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Find your next adventure at wscpa.org/passport

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Profitable Fresno Tax & Accounting Firm (CA 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.

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.

Successful Cowlitz County Tax & Accounting Practice (WA 1222):

Since the 1970s, this Washington firm has been providing tax and bookkeeping services to both business and individual clients. The current Owners acquired the Practice in 1991. Today, the Practice’s service by revenue breakdown is 43% Individual and Trust Tax Preparation, 23% Business Tax Preparation, 20% Trail Balance Preparation, 6% Payroll and Excise Tax, 5% Consulting, and Other, and 3% Financial Statement Preparation. Including the Owners, the Practice has five (5) staff members serving its ~328 active clients. In 2022, the Practice brought in $526,005 in gross receipts which was a 17.7% YoY increase. Continued growth in 2023 with gross receipts up 11.1% YoY through April! The Practice’s success can largely be attributed to its established name and loyal clients who have grown to trust its services. The Owners would like to continue working part-time/seasonally for agreed-upon compensation through April 2024 to help ensure client retention under new ownership. 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.

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.

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.

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, 30% 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.

Highly Profitable King County Tax & Accounting Practice (WA 1218): Over the past 27 years, 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 63% Tax Prep, 19% Payroll Services, and 18% Accounting & Bookkeeping. Including the Owner, the Practice has eight (8) staff members serving its ~200 active clients. Over the past three (3) years, the Practice has averaged gross revenue of approximately $1,110,903. Year-to-date gross revenue as of May 9, 2023, is $608,055 (Up 7.8% YoY) with year-end 2023 gross revenue anticipated to be slightly higher than 2022. The Practice is highly respected in the community and prides itself on providing top-notch customer service. The Owners and the staff are passionate about taking care of their clients as is evidenced by their proven client retention. The Owner is willing to provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions for an agreed-upon period if desired. To take advantage of this exciting business opportunity, call 253.509.9224 or email info@privatepracticetransitions.com, with "1218 Highly Profitable King County Tax & Accounting Practice" in the subject line.

Photos by Shelly Oberman Photography illustrations: © iStock/felizlife, © iStock/belander