NewsAccount January/February 2016 Colorado Society of CPAs
THE EVOLUTION
of the AICPA/CIMA Joint Venture: Better Together for a Brighter Future PAGE 7
Contents Features
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The Evolution of the AICPA/CIMA Joint Venture A conversation with Myriam Madden, FCMA, CGMA, and Paul Stahlin, CPA, CGMA
Tax Season Cometh: What to Expect This Year The holiday decorations are barely put away, and it’s time to prepare for the next big seasonal event: tax season. Here’s a rundown of what’s happening on the state and national levels.
Mark Lasser: Setting His Sights on the Future
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What if your career goal were to become a CPA? What if you’d met all the educational requirements, studied for it, and then lost most of your vision the day before you sat for the CPA exam?
The Demand for Accounting Advisory Services is on the Rise. Are You Ready? Specialized advisory services are projected to grow aggressively — at a 5.7% clip between 2012 and 2017. What could that mean for you?
CPAs in HR: Learning a New Skill Set Human resources is one of the many hats CPAs are often asked to wear. But what do you do when you don’t have a background in HR or the support of a corporate office?
6 Capabilities of Transformational Leaders Increasingly complex demands are being placed on leaders as social change, shifts in the global economy, resource scarcity, and technological advances disrupt long-standing business models.
Departments
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Chair Column Movers & Shakers Classifieds Jan/Feb 2016 • www.cocpa.org •
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Chair Column
NewsAccount A bi-monthly publication of the Colorado Society of Certified Public Accountants Vol. 61, No. 5 January | February 2016
CPAs: We Make a Difference BY STEVE R. CORDER, CPA, CGMA
Board of Directors Steve R. Corder Chair Mark T. Solomon, Vice Chair Tawnya R. Ramirez, Treasurer Sheila M. Balzer, Immediate Past Chair Mary E. Medley, Secretary Directors Victor A. Amaya, Craig A. Arfsten, Christine Benero, Kelly G. Boggs, Ann E. Hinkins, Dan W. Soukup Editorial Board Jack Allgood, Alan D. Bennett, Kay R. Dragon, Georgia Z. Phillips, Lori Anne Reinwald, Laura J. Theiss, Barbara J. Tedesko, R. Stephen Van Meter, Michael D. West Mary E. Medley, President/CEO Natalie G. Rooney, Contributing Writer Blue Ocean Ideas, Design NewsAccount (ISSN #10899952) is published bimonthly by the Colorado Society of Certified Public Accountants, 7887 E. Belleview Ave., Suite 200, Englewood, CO 80111. NewsAccount is published in January, March, May, July, September, and November and reports information, news, and trends in the accounting profession. The Colorado Society of CPAs assumes no liability for readers’ business decisions in reference to advertisements or other information included in this publication. Membership dues include a $9.90 one-year subscription to NewsAccount. Periodical postage paid in Englewood, CO, and additional mailing offices. POSTMASTER: Send address changes to NewsAccount, Colorado Society of Certified Public Accountants 7887 E. Belleview Ave., Suite 200 Englewood, CO 80111 Net press run = 8,550 copies; sales through dealers and carriers, street vendors, and counter sales = 0; paid or requested mail subscription = 8,450; free distribution by mail = 50; free distribution outside the mail = 0; total free distribution = 50; total distribution = 8,500; office use, leftovers, spoiled = 350; returns from news agents = 0; total sum = 8,850; percent paid and/or requested circulation = 99%.
303-773-2877 • 800-523-9082 Fax: 303-773-6344 • cpa-staff@cocpa.org
NewsAccount is available online at www.cocpa.org.
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• NewsAccount • Jan/Feb 2016
Chair Steve Corder, center, and 2015 Everyday Hero and Heroines, from left; Julia A. Taylor, CPA; Marilynne B. Tarrall, CPA; Patricia Ridge, CPA; and Kevin A. Gile, CPA Imagine. It’s a brisk and breezy Wednesday evening in November, at a downtown metropolitan hotel, where 300 or so professionals and friends have gathered for a business event. Picture the guests in typical business attire, the typical reception, the typical banquet meal, the typical program. The 2015 CPAs Make A Difference celebration, Nov. 11, at the Grand Hyatt Downtown Denver, was so much more than any of that – especially “typical.” If you were there, you know it was a memorable evening. If you weren’t there, plan now to attend next year. It’s truly a do-not-miss opportunity to celebrate CPAs, honor those who make a difference in their communities, and welcome newly minted Colorado CPAs into the profession. Chair Steve R. Corder, who emceed the event with COCPA CEO Mary E. Medley, reflects on the experience.
I
’m always proud of our profession, and this year I was especially excited about the opportunity to attend the CPAs Make A Difference event (the Gala, for short) and celebrate the accomplishments of our
firm’s three new CPAs: Molly Clark, CPA, Mychal Porter, CPA, and Casey Barlow, CPA. It was amazing, from my vantage point, to see all those CPAs stand, form a line on either side of the ballroom’s center aisle, cheer, and high-five 82 CPAs, certified since last year’s event, as they joined me on the stage to receive their CPA lapel pins and say the commitment statement. These new CPAs are the future of our profession, and this was their moment to shine! Those with whom I spoke appreciated being honored – consistently commenting that earning the CPA designation was a huge amount of work and that it felt good to be recognized for accomplishing it. It was an all-around, feel-great, be-inspired, clap-and-laugh-alot night. And, we celebrated even more. But first, a little context. The CPAs Make a Difference celebration dates back to 2002, when the accounting
profession was taking its lumps in the shadow of the Enron and Worldcom debacles. It was a difficult time to be a CPA. We knew we were the good guys, acting in the public interest, and conducting ourselves with integrity and objectivity. But it seemed not many others felt that way – especially in Congress and the press. Enter John Hughes, CPA, then the owner of a small firm, who knew CPAs were doing really great things in their communities, even if politicians, regulators, and the media were focusing only on the bad apples poisoning the CPA profession barrel. John suggested holding an event to celebrate the good works CPAs do and help to restore pride within our ranks. CPAs Make a Difference was born, and the Everyday Heroes and Heroines awards were created. That October, we recognized the first seven recipients at a celebration dinner. This past Veterans Day, Nov. 11, we recognized four very special individuals for their good deeds in their communities, nonprofit organizations, churches, clubs, and many, many other worthy organizations: Kevin A. Gile, CPA; Patricia Ridge, CPA; Marilynne B. Tarrall, CPA; and Julia A. Taylor, CPA. Since 2002, 112 individuals and – in a departure from the usual honorees – two CPA firms have been recognized for their service. I am reminded frequently that CPAs aren’t active only through traditional volunteer work. They also are serving in government roles at the local and state levels. During my member visits across Colorado last summer, I met two of the several Colorado CPAs who are former mayors of their respective towns: Sidny Zink, CPA, of Durango and Larry Fetzer, CPA, of Sterling. Both of them wanted to serve and lead their small communities. Let’s face it: CPAs don’t have a lot to gain financially by serving as mayor of a small town. These two and others like them made time in their already busy lives to improve their communities and others’ lives. Another example of a CPA in government is Denver City Auditor Timothy M. O’Brien, CPA, who was elected against all odds in May 2015. He held community meetings, met people face-to-face, and talked with them about their concerns. People knew this CPA cared about them, and they voted him into office. I’m so thankful CPAs here in Colorado are willing to serve others in so many different ways. And, I believe, as individuals and a profession, we should volunteer in our communities and contribute to our profession’s collective reputation as trusted advisors. Yes, we’re routinely asked to be board treasurers – an important role to be sure. And, there is so much more to serving. We can do more than be the person who fills out the tax return for a small nonprofit. Our time, talent, treasure, work, wisdom, wealth – whatever you want to call it – is valuable in many, many ways. Get out there and share it! Our communities need you – a Colorado everyday hero or heroine. s
Commitment to the CPA Profession and Those We Serve As A CPA, I commit myself to acting in the public interest and will conduct myself with integrity, objectivity, and in accordance with the highest ethical standards of the CPA profession. I declare that I will conduct myself in a manner that maintains and enhances my own professional reputation in service to the public, my colleague CPAs, and the CPA profession in Colorado, the U.S., San Luis - Alamosa and across theValley globe.
SAVE THE DATE
CPAs Make a Difference 2016 November 2, 2016
Grand Hyatt Downtown, Denver
Email your comments and questions to Steve Corder at scorder@kcedenver.com. Jan/Feb 2016 • www.cocpa.org •
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Leadership News
May 1, Solomon To Become Chair, Ramirez Tapped for Vice Chair/Chair-elect The Nominating Committee, chaired by COCPA immediate past chair Sheila M. Balzer, CPA, CGMA, presents the following slate for COCPA leadership positions beginning May 1, 2016. The chair and vice chair/chair-elect serve for one year, and the treasurer and directors serve for two years. Watch for the March/April 2016 NewsAccount in which you’ll find biographical information on these nominees. Congratulations to officer nominees Chair Mark T. Solomon, SM Energy Company, Denver; Vice Chair/Chair-elect Tawnya Y. Ramirez, Charter School Growth Fund, Broomfield; and Treasurer Benjamin T. Hrouda, Sage Hospitality, Denver. Steve R. Corder, Kundinger Corder & Engle P.C., Denver, continues on the Board as immediate past chair. COCPA CEO Mary E. Medley is the Board secretary. Directors to begin a two-year term are: Gregory P. Osborn, RubinBrown LLP, Denver; Christopher J. Telli, BKD LLP, Colorado Springs, and Karen F. Turner, University of Northern Colorado, Greeley. Continuing on the Board are Ann E. Hinkins, EKS&H LLLP, Denver; Dan W. Soukup, Soukup Bush & Associates CPAs P.C., Fort Collins; and community member Christine Benero, Mile High United Way, Denver. The Board of Directors thanks for their service the following directors who will complete their terms on April 30, 2016: Victor A. Amaya, ClearPath Accountants LLC, Littleton; Craig A. Arfsten, Prosperion
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Mark T. Solomon, Chair
Financial Advisors, Greenwood Village; and Kelly G. Boggs, Reese Henry & Co., Inc., Aspen. The Nominating Committee presents the following nominees for the Educational Foundation Board of Trustees for a threeyear term: Diego J. Baca, Ernst & Young LLP, Denver; Toby D. Clary, Soukup Bush & Associates CPAs, P.C., Fort Collins, and Audra Dixon, Anton Collins Mitchell LLP, Denver. Currently serving on the Foundation Board are officers William C. Sanden, President, SSA, PC, Colorado Springs; Stephanie E.
Tawnya Ramirez, Vice Chair/Chair-elect
Hernandez, Vice President, KPMG LLP, Denver; and Alicia J. Gelinas, Treasurer, WorldVenture, Littleton, along with Kristine Brands, Regis University, Denver; Brenda M. Clarke, Seigneur Gustafson LLP, Lakewood; David M. Dirks, Metropolitan State University of Denver, Denver; Amy E. King, Kingstree Business Services, Parker; Sharon S. Lassar, University of Denver, Denver; G. Suzanne Lay, Colorado Mesa University, Grand Junction; Allen W. McConnell, University of Northern Colorado, Greeley; Matthew O. Rolland, Hein & Associates LLP, Denver; and Mary E. Medley. Carol J. Cameron serves as executive director of the Foundation. s
Educational Foundation of the COCPA
The Best Day of the Year Supporting Colorado Accounting Students Thanks to 81 generous individual contributors and three matching donors – Kundinger, Corder & Engle, P.C.; Soukup Bush & Associates, CPAs, P.C.; and the Mark J. Smith Family Foundation – Colorado Gives Day 2015, Dec. 8, was a financial success for the Educational Foundation of the COCPA and Colorado accounting students. Individual gifts helped unlock $15,000 in matching funds and contribute $29,000 in total to the Foundation’s coffers for the equivalent of eleven scholarships. If you missed the opportunity to support Colorado accounting students, you don’t have to wait until next year. Donations can be made year-round at www.coloradogives.org/ EFColoradoSocietyCPAs/overview. If you or your organization would be interested in joining Anton Collins Mitchell LLP and Hein & Associates LLP who already have stepped up as matching donors for Colorado Gives Day 2016, please contact Educational Foundation
Executive Director Carol J. Cameron at ccameron@cocpa.org. The Foundation and the scholarship recipients thank you for your support! s Educational Foundation Board of Trustees
William C. Sanden, President, SSA, PC Stephanie E. Hernandez, Vice President, KPMG LLP Alicia J. Gelinas, Treasurer, WorldVenture Kristine Brands, Regis University Brenda M. Clarke, Seigneur Gustafson LLP David M. Dirks, Metropolitan State University of Denver Amy E. King, Kingstree Business Services Sharon S. Lassar, University of Denver G. Suzanne Lay, Colorado Mesa University Allen W. McConnell, University of Northern Colorado Mary E. Medley, Colorado Society of CPAs Matthew O. Rolland, Hein & Associates LLP
I’m here because of my scholarship from the Educational Foundation.
Jan/Feb 2016 • www.cocpa.org •
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CPAs MAKE A DIFFERENCE Nov. 11, 2015, new Colorado CPAs walked the congratulations line; entertainer/musician Jolly Demis provided the laughs; Sheila Balzer, CPA, CGMA, and Michael Weatherwax, CPA, played along; and a great time was had by all.
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AICPA/CIMA Joint Venture
The Evolution of The Joint Venture: Better Together for a Brighter Future A Conversation with Myriam Madden, FCMA, CGMA, and Paul Stahlin, CPA, CGMA BY ASH NOAH, CPA, FCMA, CGMA
The American Institute of CPAs entered into a joint venture in 2011 with the Chartered Institute of Management Accountants (CIMA) – the world’s leading and largest management accounting professional body with more than 227,000 members and students in 179 countries around the world. Together, they launched the CGMA designation to elevate the role of management accountants among employers and deepen resources offered for members who work in business.
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ith over 150,000 CGMA designation holders worldwide and over 50,000 in the U.S., the joint venture has been highly successful. The two organizations would like to evolve this relationship by creating a new association – in addition to the AICPA and CIMA – that would advocate for the public interest with more than 600,000 current and next-generation professionals worldwide. Together, the AICPA and CIMA would significantly enhance advocacy, member employability, and their abilities to advance the accounting profession around the world. I recently had the pleasure of speaking with two of the profession’s leaders to discuss their thoughts on management accounting, the current business environment, the CGMA designation, and the evolution of the joint venture between the AICPA and CIMA. Paul Stahlin, CPA, CGMA, is a current member of the AICPA’s governing Council, an Executive Committee member of CIMA’s Council, and former chairman of the AICPA’s Board of Directors. Myriam Madden, FCMA, CGMA, is the current president of CIMA and a member of the AICPA’s Board of Directors.
Ash Noah: What are the biggest issues impacting the accounting profession today? Myriam Madden: We are living in a volatile, uncertain, complex, and ambiguous world. New technologies and globalization are upending traditional business models and unexpected events, such as the drop in the price of oil, continue to surprise economists. On top of this, the relative shift of geopolitical power from west to east and the influx of huge quantities of data continues. We are clearly navigating a complex environment that is becoming increasingly connected and congested. Paul Stahlin: I agree. The accounting profession is not unlike other professions in that it’s susceptible to external factors and influence. That’s why it’s increasingly important to have the best and brightest people entering into and staying in our profession throughout their careers. Sharply educated individuals with a mixture of technical, leadership, business, and people skills are crucial to the future of the profession.
MM: That’s absolutely right. It’s critical that in this volatile environment we look to constantly refresh our competencies and skills and excel in our customer focus and quality. A somewhat alarming fact, according to The Lean Enterprise: How Corporations Can Innovate Like Startups, is that 87 percent of Fortune 500 companies from 1955 no longer exist today. Sustainable success has never been more challenging. PS: My vision for the future of the profession is for common quality-management principles to be the core of every business. The impact of technology has changed the way of doing business dramatically over the past decade or so. That pace of change will pale in comparison to the change we’ll see in the next five years. Our profession needs not only to be adaptable but also to be able to anticipate potential opportunities and risks. The role of the management accountant will be as the navigator of change within the finance discipline – and ultimately to guide the business. AN: In your opinion, how does the joint venture between the AICPA and CONTINUED ON PAGE 8 Jan/Feb 2016 • www.cocpa.org •
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AICPA/CIMA Joint Venture JOINT VENTURE CONTINUED FROM PAGE 7
CIMA address some of the issues you just described? MM: Together, the AICPA and CIMA have risen to these challenges in a variety of ways. We understand that for business to thrive, we have to think long term. PS: Accountants in business are the translators of how information will impact organizations in the future. They are the providers of the road map to financial success. With that in mind, the AICPA and CIMA have developed the resources and tools members in industry need to perform in a volatile and fast-paced world. For example, the CGMA Competency Framework and the Global Management Accounting Principles equip finance professionals with the tools to be leaders in business, to be better informed, and to be part of decision-making from beginning to end. MM: The Global Management Accounting Principles have been vital to helping organizations make sure they have best practice management accounting functions. In a world where only 0.5 percent of data is analyzed and leaders grapple with risks and opportunities daily, they will prove essential in helping provide and communicate the right information at the right time to drive decisions for better business. PS: In addition to great tools and resources, the joint venture has provided members of both the AICPA and CIMA with a stronger voice in terms of advocacy. Under the current proposal, the new association would have an even more powerful voice, representing more than 600,000 current and future accounting professionals. Additionally, the association would have a greater ability to connect with students and other CGMA prospects around the world. AN: Where do you see the profession of management accounting in the future?
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MM: I believe we will see companies around the world continuing to demand finance professionals who have the relevant technical, business, people, and leadership skills to drive their organizations to sustainable success. Management accountants will drive value using these skills. The importance of good decision-making will continue to advance the need for world-class management accounting functions. PS: I would add that I think we’ll see organizations continuing to put more and more resources toward professional learning and talent development. As technology continues to broaden the role of the finance function, finance professionals will need additional training in ‘soft skills’ such as leadership, strategic thinking, and communication. MM: I agree. This is why the AICPA and CIMA developed the CGMA Competency Framework. It provides individuals and organizations with a structured approach to learning and development – critical in today’s and tomorrow’s business environments. AN: Has the joint venture changed your perceptions on certain issues within the profession? MM: The joint venture has certainly sharpened my global focus in terms of the strategic drivers of both business and the profession. The combined strength of both our organizations has made me consider more the challenges of our swiftly evolving business environment and how we can jointly galvanize all our resources to develop and deliver a winning strategy for our members. PS: The interaction with individuals from all around the globe has produced a diversity in thought bonded by the common language of business. There’s a dedicated effort toward strengthening management accounting via education, resources, and advocacy with the common goal of helping businesses and individuals succeed.
AN: Do you think the joint venture has been successful thus far? How would you describe your experiences working with your partner organization? MM: The biggest learning for me has been that when partnerships are formed between organizations with a similar strategic direction, the possibilities for enhancing the profession and service to our members are significant. I am a member of the AICPA’s Board of Directors so I can confirm that both CIMA and the AICPA are two organizations that have a fierce loyalty to their members and a commitment to excellence and quality in the services they deliver. Serving on the AICPA board and as president of CIMA at this strategic time in the joint venture journey has been an extremely exciting opportunity and one that I have relished. On a personal level, working with people on both sides of the Atlantic who are so passionate about the power of management accounting has been fantastic. Everyone I have worked with has been absolutely committed to our members’ careers, and I am proud to be involved with such a process. PS: It’s been so natural to create an affiliation through the joint venture. The quest to make it better serves as the common language and goal without regard to geography. Passion is not limited to just one organization, and leadership abilities flourish in both. MM: Exactly, Paul. We not only operate across different time zones but also different cultures. Despite this, we are all united in our desire to make the joint venture a success and uphold the regard with which our members are held worldwide. PS: The success in the joint venture has been the advances we have made for our members in terms of common management accounting principles, educational resources, and enhanced advocacy. Our members are just beginning to realize the potential impact of how the global presence will serve us.
AN: Why do you support the AICPA and CIMA’s proposal to evolve the joint venture to create a new association? PS: When the AICPA performed a 10- to 15-year strategic look through Horizons 2025, an extension of the CPA Vision Project, we evaluated the impact of technological advances, demographic shifts in our membership and clients, and evolving our profession to represent the diversity of the world. In the strategic look, we reaffirmed the purpose of the CPA: Making sense of a changing and complex world. The profession has evolved, our clients have evolved, and the world around us has evolved.
What the AICPA and CIMA are proposing is the next logical step in this evolution. The creation of a new association of more than 600,000 accounting professionals will provide a broader platform to strengthen and promote the CPA in the U.S. and globally, as well as grow and promote the entire accounting profession for the next generation.
true value for the organizations in which they work. The deepening of the joint venture accelerates our strategy for greater influence of the management accounting profession. Together, we can promote the profession and build greater market recognition to bring our members the reputation, reach and resources to help them go further. s
MM: For me, the overall aim of deepening the joint venture is to allow us do what we do…better. And, simply put, that is to deliver better services for our members.
To learn more and share your feedback on the AICPA’s proposal for the evolution of the joint venture with CIMA, please visit www.aicpa. org/horizons.
Our goal is to create and support worldleading finance professionals who are respected and in demand, and who create
Ash Noah, CPA, FCMA, CGMA, is AICPA VP of CGMA External Relations. Contact him at anoah@aicpa.org.
May 18, 2016
NOT-FOR-PROFIT CONFERENCE August 19, 2016
WOMEN’S SUMMIT October 20, 2016
GOVERNMENTAL CONFERENCE
SAVE THE DATE 2016 Conferences
October 26, 2016
For details, contact the COCPA at 303-773-2877, 800-523-9082, or go to www.cocpa.org.
November 17, 2016
CPAS IN INDUSTRY CONFERENCE November 14–15, 2016
TECHNOLOGY CONFERENCE ACCOUNTING AND AUDITING CONFERENCE December 13, 2016
SEC AND PCAOB CONFERENCE December 15, 2016
MIX AND MATCH CONFERENCE Date To Be Determined
YOUNG PROFESSIONALS LEADERSHIP SUMMIT
Jan/Feb 2016 • www.cocpa.org •
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AICPA/CIMA Joint Venture
Advancing the Accounting Profession The American Institute of CPAs (AICPA) is proposing to join forces with the Chartered Institute of Management Accountants (CIMA) to create a new accounting association while continuing to operate the membership bodies communities have long trusted. Together the AICPA and CIMA would significantly enhance advocacy, member employability, and member abilities to advance the accounting profession around the world. PROPOSAL HIGHLIGHTS • The proposal is an evolution of the joint venture the American Institute of CPAs and CIMA began in 2011. • The American Institute of CPAs would continue to exist, serve members, grow the pipeline of future CPAs, and promote and protect the CPA. • The American Institute of CPAs would continue to focus on, serve, and seek to enhance quality and competencies in core areas such as audit, financial reporting and tax, along with specialized service areas. • The American Institute of CPAs’ commitment to ethics, quality, and protecting the public interest would remain as strong as it has been for more than 100 years.
• The American Institute of CPAs’ Council would remain unchanged. • In addition, all members of the American Institute of CPAs and CIMA would automatically become members of the Association of International Certified Professional Accountants, which is the name of the existing joint venture. • Dues will not be directly affected by this proposal. They will continue to be adjusted in line with historic norms. • Through the Association, the American Institute of CPAs and CIMA would integrate strategies, management, and operations to advance the entire profession – public and management accounting. • The Association would represent an even stronger voice in advocacy efforts, speaking with the power of more than 600,000 current and next-generation accounting professionals in the U.S. and worldwide. • The integration would create efficiencies to deliver better and more relevant member resources. ABOUT CIMA The Chartered Institute of Management Accountants (CIMA), founded in 1919, is
the world’s leading and largest professional body of management accountants, with over 227,000 members and students operating in 179 countries, working at the heart of business. CIMA members and students work in industry, commerce, government, and not-for-profit organizations. CIMA works closely with employers and sponsors on leading-edge research. BACKGROUND In 2011, the American Institute of CPAs and CIMA formed a joint venture to professionalize management accounting in the U.S. and around the world. In 2012, the organization launched the CGMA designation and set out to provide members with a new level of thought leadership, tools, resources, and recognition. The joint venture has had great success: • 150,000 professionals, including more than 50,000 CPAs in business and industry, are CGMAs. It is the most widely held management accounting designation in the world. • CGMA Competency Framework, based on extensive research with employers, defines the skills management accountants need today and in the future.
WHEREAS, The Colorado Society of CPAs and the AICPA are committed to protecting, promoting, and growing the CPA profession while pursuing efforts to deepen the quality, relevance, and employability of future generations of accountants; now BE IT RESOLVED, provided that the AICPA Council authorizes a membership ballot in connection with its March 2016 Regional Council meetings, and that ballot encompasses a proposal in materially the same form as described to state CPA societies in September and October 2015, which is to join forces with the Chartered Institute of Management Accountants (CIMA) to create a new accounting association that would significantly enhance advocacy and advance the public and management accounting profession in the U.S. and around the world, while preserving the AMERICAN INSTITUTE OF CPAs and CIMA membership bodies and governing Councils, the Colorado Society of CPAs supports the AMERICAN INSTITUTE OF CPAs’ proposal. –Resolution adopted by the COCPA Board of Directors, December 17, 2015 10
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• AICPA | CIMA Competency and Learning website gives members a single destination for all of their skills and development needs. • Global Management Accounting Principles help businesses, large and small, anywhere in the world, put in place effective management accounting practices. WHY NOW? The American Institute of CPAs must act now to preserve the relevance and value of the accounting profession to future generations. Environmental trends are altering the face and expectations of the next generation. Increased complexity is driving the need for more specialized and strategic skills. Organizations with less rigorous credentials are positioning themselves to leverage these trends and tap into this demand.
The accounting landscape is changing. Clients are becoming more and more sophisticated and their expectations from accounting professionals are rising. –JAMIE SUTHERLAND General Manager, U.S. Products & Solutions, Xero
This proposal would allow the American Institute of CPAs and CIMA to integrate operations, strategy, and management to further advance advocacy, achieve economies of scale, and better support accounting professionals. Benefits would include:
• Extend the CPA’s core values of quality, competency, and integrity across the entire accounting profession. • Broader platform to talk with students and graduates about designations, and options within the entire accounting profession. • Accelerated and delivery of relevant resources.
development streamlined and
BENEFITS FOR YOU Advancement World-leading professional support Wherever you are, wherever you work – the Association is with you, promoting the profession and cultivating demand. It would bring the reputation, reach, resources, and rigor to open opportunities – and help you go further with exponentially more ways for you to maximize your career. Advantage Hone your professional edge The Association will provide you with the latest research, market insights, and technology trends to fine-tune your talent throughout your career. It will bring you what you need to prepare – and progress. You’ll know more, do more, be more. Advocacy A stronger voice on behalf of the accounting profession The Association will be a global accounting force representing more than 600,000 current and next-generation professionals. It will be the most powerful advocate for the accounting profession on all issues.
• Creation of the most influential body of professional accountants, building on the strengths of the American Institute of CPAs and CIMA, to make the accounting profession indispensable.
TIMELINE The American Institute of CPAs’ Board of Directors supports the JV evolution and has asked for member feedback. Depending on that feedback, Council could consider authorizing a membership ballot in the spring. CIMA has a similar voting requirement and timeline; its Council supports the direction. s
• Enhanced advocacy, with the voice of more than 600,000 current and nextgeneration professionals, to help shape policies in the public interest.
To learn more, visit aicpa.org/horizons for additional information about the proposal and to share feedback.
PROTECTING, PROMOTING, AND GROWING THE U.S. CPA The CPA designation is widely respected for its core values of quality, competency, and integrity. Those core values are critical in today’s complex and rapidly changing business environment. This proposal would keep them at the hub of the U.S. accounting profession and extend those values throughout the financial system. It fits into a larger portfolio of initiatives by the American Institute of CPAs to protect the CPA designation. Here are a few examples: •
Enhancing Audit Quality
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Future of Practice Monitoring
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Employee Benefit Plan Audit Quality Center
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Governmental Audit Quality Center
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Financial Reporting Center
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Firm Practice Management/ Private Companies Practice Section
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Technical Hotline (for A&A inquiries)
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Tax Section and Tax Advocacy
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Center for Plain English Accounting
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Future of Learning
CPA Pipeline Initiatives •
Start Here, Go Places
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Bank on It Game
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ThisWayToCPA
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The EDGE newsletter
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Accounting Doctoral Scholars Program
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Extra Credit newsletter
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State CPA society pilots
Jan/Feb 2016 • www.cocpa.org •
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Taxation Update
Tax Season Cometh: What to Expect This Year The holiday decorations are barely put away, and it’s time to prepare for the next big seasonal event: tax season. Here’s a rundown of what’s happening on the state and national levels. BY NATALIE ROONEY
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he Colorado Department of Revenue (CDOR) has made a number of significant changes on the Colorado income tax forms for the 2015 tax filing year, all with Colorado taxpayers in mind. “Our efforts are designed to make the experience as easy as possible for taxpayers to navigate,” says Eric Myers, director of CDOR’s Taxpayer Service Division. The following changes are new for this filing season: Taxpayer’s Bill of Rights (TABOR) tax refund: The TABOR refunds are a result of the state exceeding the inflation-pluspopulation-growth cap in fiscal year 2015. As a result, the TABOR refund will appear on the 2015 individual income tax return as the “state Sales Tax Refund.” This affects everyone who was domiciled in Colorado for all of 2015. EITC: A Colorado Earned Income Tax Credit will appear on the individual income
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tax form this year as a result of the TABOR credit. People who claim the federal EITC can receive 10 percent of that credit on their state form. Consumer Use Tax: This tax is due on the purchase of tangible personal property for which the consumer did not pay sales tax. This would apply when purchases were made from an online retailer which has no physical presence in Colorado. In these cases, a use tax should be paid to the state. Taxpayers should gather receipts and total up the use tax owed. Also new this year is the business personal property tax credit, which is a credit for taxes paid to counties and associated with business activity for business personal property. CPAs need to become more familiar with this particular tax credit. A worksheet is available in the 2015 Colorado individual income tax booklet, which is available on the Colorado Taxation website at www.TaxColorado.com.
Smaller credits also available are the: •
Gross Conservation Easement Credit
•
Credit affecting the enterprise zones – a renewable energy tax credit
• Credit for food donation – leftover food donated to hunger relief AMENDED RETURNS SUPPORTING DOCUMENTATION One big change for the coming year impacts the filing of amended returns. The historical practice has been to submit all supporting documentation again when filing an amended return, even if the information hasn’t changed. Myers says this year, if supporting documentation has been provided already and hasn’t changed as the result of an amendment, “we don’t need to see supporting documents again. This will be easier for both the taxpayer and the CPA when preparing returns.” Myers emphasizes that the CDOR still needs all tax schedules, just not the supporting documentation. The Department is continuing to work on
notices. “It has been an iterative process with the COCPA/CDOR joint task force,” Myers says. “We continue to look at, improve, and change language as needed. We’re still working to improve the process.” SMOOTHING OUT THE SEASON Myers says getting documentation from clients is very important to help the filing process. “A lot of our work is associated with estimated payments. If we have the information up front that supports claims and we end up reviewing it, the documentation makes things go more smoothly.” He says delays can occur with estimated payments when unusual circumstances occur, such as a payment made to a different account than usual, or if changes were made to a carryforward credit. “When something doesn’t match, it causes delays in processing.” The CDOR remains concerned and vigilant about fraud. Last year, the Department saw a significant change in the pattern of fraud. Myers says the CDOR may change its review process and augment fraud filters. “Refunds may be delayed as a result of our review of a return, but our goal is to process refunds as quickly as possible,” he says, making sure the correct taxpayer receives it. “We ask for patience. We have to do our due diligence.” If you haven’t downloaded a copy of the CDOR’s 2015 Best Practices document, you can access it on the following web page under “Best Practices – Credits, Subtractions and Filing Tips”: https:// www.colorado.gov/pacific/tax/ income-tax-individual-file. The CDOR remains committed to working with the COCPA on estimated payments and how these payments can be accounted for, Myers says. “We’re looking into a host of different options to make the process smoother,” he adds. The Department is reviewing what other states do and is working to design a process that meets everyone’s needs. Myers said the goal is
to make changes that work for taxpayers, practitioners, and the CDOR. ON THE NATIONAL LEVEL If you summed up the AICPA’s concerns about the coming tax season in one phrase, it would be “taxpayer identity theft,” says Melanie Lauridsen, senior technical manager, AICPA Tax Advocacy. “ID theft has become prevalent,” she says. For last year, as of November 2015, over 100 million Social Security numbers had been stolen. “At the AICPA’s National Tax Conference, speaker James Clifford told us that it’s not if or when your personal information will be stolen,” she says. “Everyone’s information has already been compromised. It’s just when or how someone is going to use that information. That was eye-opening.” ID theft laws vary by state, which means practitioners need to be savvy about laws based on where their clients are located. Some states require a police report to be filed. Some don’t. “It’s making practitioners consider if they want to keep a client who moves to another state,” Lauridsen says. One thing is certain: Once taxpayer ID theft occurs, it take a long time to clean up. THE SCAMS How do thieves obtain taxpayers’ information? Some of their methods are surprisingly low tech, such as dumpster diving for work papers and documents. Thieves are targeting individuals who don’t necessarily have a filing requirement, such as the elderly. “A thief could file under a Social Security number of an elderly person who wouldn’t necessarily file, and it will go undisputed,” Lauridsen says. “They’ll also file under newborns who have died, and their Social Security numbers will never be used, so fraud goes undetected.” It seems obvious not to click on links in a phishing e-mail, but Laurisden says you’d be surprised how often it happens, even with all the publicity about such scams.
Phone scams also continue to abound. Callers, who set up legitimate-looking numbers that appear on caller ID, tell taxpayers they owe money to the IRS and threaten arrest. “There are just so many stories,” Lauridsen says. “You should talk to clients about these issues even though common sense should prevail.” EMPLOYMENT-RELATED ID THEFT Individual taxpayers aren’t the only ones falling victim to taxpayer ID theft. Thieves are targeting companies as well, particularly through payroll processing. The fraudulent processor collects quarterly withholding payments, pockets them, closes up shop, and disappears. Ultimately, the filing company will have to make those payments to the IRS again. If you’re hiring a payroll processor, get recommendations from others first; check out ratings with the Better Business Bureau; and research how long a company has been in business. Many of the fraudulent processors come and go within a few years. Websites now exist where small firms can log in to check the status of quarterly payments. If the payments aren’t posting, it’s a red flag. While it creates extra work to follow up, those 20 minutes could save you money and frustration in the long run, Lauridsen says. HELP FROM THE AICPA The AICPA has taken positions on many different concepts that could help with ID theft. “Some positions may not stop ID theft entirely,” Lauridsen says, “but they may help slow it down.” Expansion of the ID Protection PIN (IP PIN) This is a six-digit number the IRS issues to proven victims of tax return ID theft. Note: It’s not given to ID theft victims. It’s specifically for tax return ID theft. The IP PIN has been proven to deter tax ID theft. The IRS still has to verify who you are to give it to you, which can be a cumbersome process. CONTINUED ON PAGE 14 Jan/Feb 2016 • www.cocpa.org •
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Taxation Update TAX SEASON CONTINUED FROM PAGE 13
The AICPA position: Anyone who requests an IP PIN from the IRS should be granted one. However, it’s costly and takes time to determine who the victim is. In 2013, with all of the filters in place, the IRS still paid out $5.8 billion in fraudulent refunds. As of now, the IRS says giving an IP PIN to everyone outcosts what they pay out in fraud. Until the tables turn, IP PINs are unlikely to be given to everyone. New for the 2015 filing season: Beginning Jan. 1, 2016, if an IP PIN is associated with a tax return, the IRS will no longer accept the return without it. Truncating Identifying Numbers The AICPA also supports the truncation of identifying numbers, such as a Social Security number on a W-2. While the AICPA agrees the IRS needs the ability to connect a number to a person, the Institute points out that a form mailed to a taxpayer, such as a W-2, does not need the full Social Security number. “I know my Social Security number. I don’t need it on my W-2,” Lauridsen says. “If the envelope is ripped open, my Social Security number is exposed.” The same holds for charitable deductions and acknowledgement letters containing Social Security numbers. Proposing Solutions One solution suggested by the AICPA is using the National Directory of New Hires (NDNH) as a check and balance system. The NDNH provides employment and unemployment insurance information that enables state child support agencies to be more effective in locating noncustodial parents and establishing and enforcing child support orders. One of the AICPA positions is for the IRS to have limited access in situations where it believes ID theft is occurring. However, the way the current system was designed grants access to some social services but not the IRS. Congress needs to change the law and say statutorily that the IRS can have access. “That isn’t an easy change,” Lauridsen says. Other ideas include a scannable code for returns that are generated via software on a
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computer versus being filed online. When the return is printed, it includes the code that the IRS scans and then transfers into an electronic return. The IRS filters are applied much more quickly versus manual processing. Quicker processing helps prevent ID theft.
about it. Taxpayers in Florida, Georgia, and Washington, D.C., can get an IP PIN even if they aren’t victims. If you are ever offered an IP PIN, take it.
Multiple refunds going into one account is usually a red flag for fraud. “It sounds strange, but it turns out there are a lot of legitimate reasons for multiple refunds going into one account,” Lauridsen says. And, this is an area ripe for fraud. Now the IRS will issue three refunds electronically into one account. After that, a paper check is mailed. “It doesn’t stop ID theft, but it slows it down,” Lauridsen says.
• Don’t put your personal information online. Thieves can put together a pretty good picture of who you are just by what you put out on social media.
HELPING VICTIMS The AICPA has been championing a single point of contact for victims of ID theft. Until now, victims called into multiple numbers, were put on hold and then transferred, and couldn’t access the information needed. They had to tell their story over and over. Now, all theft issues are housed in one area: the Wage & Investment Division. On average, it takes 44 months for a tax ID theft victim to reclaim his or her ID. Lauridsen advises practitioners and their clients to take measures to protect themselves: • Record retention. Keep what you need to keep, but don’t keep it longer than you need to. • Be aware of technology, which is constantly changing. Know how to keep your data secure. • Never give out your full birthdate and name. Tell vendors to come up with another way to identify you. • Educate your clients and your employees about phishing e-mails. It can happen to anyone. Your entire server could be compromised with one click. • Know about the IP PIN process. If you are an ID tax theft victim, ask
• The Treasury Inspector General for Tax Administration (TIGTA) is your friend and will fight for you to get back your refund.
The AICPA offers many resources at www. aicpa.org, including the Tax Practitioners Toolkit, and an ID checklist. “Educate yourself and your clients, and be aware,” Lauridsen emphasizes. s
WHERE TO REPORT If you or a client is a victim of taxpayer ID theft, take the following steps: Contact the Federal Trade Commission: www.ftc.gov or 1-877-IDTHEFT Contact the IRS Identity Theft Protection Unit: 1-800-908-4490 File an online complaint with the Internet Crime Complaint Center (IC3) at www.ic3.gov. Contact all three credit bureaus. File a police report.
Regulatory News
Position Statement Adopted on Services to Marijuana Industry Clients
T
he Colorado State Board of Accountancy adopted the following position statement at its Dec. 16, 2015, meeting to provide guidance to CPAs who offer professional services to marijuana industry clients. It is the Board’s position that offering to perform or performing professional services for clients in the marijuana industry who are in compliance with Colorado Medical Marijuana Code and the Colorado Retail Marijuana Code is not in itself specifically prohibited by the Accountancy Act codified in Section 2 of Title 12 of the Colorado Revised Statues or the State Board of Accountancy Rules. Certificate holders who choose to provide professional services to the marijuana industry will be held to the professional standards, laws, and rules applicable to all certificate holders for services provided. The Board’s Position Statement should not to be construed: (a) as an endorsement for certificate holders to provide professional services to the marijuana industry; (b) as a statement about the feasibility of meeting applicable professional
standards in providing services to the marijuana industry; or (c) as a statement about marijuana enforcement in any other jurisdiction or by any other local, state, or federal authority.
LICENSE STATUS CHANGES Thinking about retirement? Now working in industry where maintaining your Colorado CPA license in active status may not be necessary? If yes is your answer to either of these questions, or if you’re considering a career move that could affect your license status, here’s what you need to know. Colorado State Board of Accountancy rules which became effective, July 1, 2013, mean you may have a few tasks to complete before making a leap. For specific requirements, go to the State Board website at www. colorado.gov/pacific/dora/Accountancy, and review Chapter 6, Certificate Requirements, Discipline, Maintenance, and Status Changes. Please note: • You must be current with your continuing professional education
(CPE) when you apply for a change to Inactive or Retired Status. Although the rules don’t require you to complete a certain number of hours at a specific time during the two-year CPE reporting cycle, the number of hours needed is calculated based on 10 hours per calendar quarter. Do the math to make sure you’ve done the needed CPE, and keep your certificates of attendance for documentation. • You must complete and submit an application to change your status. You should do so before or after the current renewal period, November 30 of each odd-numbered year through the grace period ending January 31 of the succeeding even-numbered year. The online renewal system doesn’t permit changing your status as part of renewing your license. You’ll find the downloadable application forms on the State Board website under the “Find Applications & Forms” tab on the home page. The COCPA can help you navigate the requirements. For assistance, contact COCPA CEO Mary E. Medley at mmedley@cocpa.org. s
There's Still Time to Renew Your
CPA CERTIFICATE The grace period ends, Jan. 31, 2016. For everything you need to know to renew, go to:
license.cocpa.org Jan/Feb 2016 • www.cocpa.org •
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Hiring Tips
Feeling the Recruiting Pinch? It’s Time to Get Strategic BY ROBBIE GLANTZ, GLANTZ AND ASSOCIATES
U
nless you haven’t had to hire anyone in the last five years, you are well aware of the talent shortage that has had a profound impact in the accounting profession, as well as in other professions and industries. In this candidate-centric market, it is a critical challenge to attract, hire, and retain employees who will be engaged and contribute to organizational success. This challenge can be faced by developing an intentional strategic recruitment strategy. In developing such a strategy, the organization must ask:
they work. Generally, job seekers in today’s market (a large majority being millennials) seek interesting work, career advancement, recognition, and the ability to contribute to civic issues and causes for the betterment of humanity. When employees are engaged, an organization can then build a recruiting culture where each employee acts as a recruiter by speaking well of the organization and encouraging others’ interest in working for the organization. Other factors to consider in the recruitment process include:
•
Who are the people we want to attract?
•
What attracts the people we want?
•
What are we willing to do to attract ideal employees?
• Identifying and targeting passive candidates – those who are not actively seeking employment.
Equally important is understanding the significance of employer branding. This is the process of building your internal and external image as an excellent place to work. It requires an intentional commitment to creating a culture where employees enjoy the work they do and the people with whom
• Making social media work for you. Create and maintain Facebook, LinkedIn, Twitter and Google Plus company profiles. Make it easy for people to learn about your company, and provide potential employees an opportunity to interact and network with your company’s associates.
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• Using a pipeline approach which builds a steady stream of applicants with whom you stay connected.
• Keeping your company website and social identities up to date. Nothing says “we don’t really care” like an out-ofdate website, blog posting, or company profile. • Offering a well-designed employee referral program. This is an inexpensive and highly effective strategy in the hiring process which can lead to quality hiring and retention. • Creating online postings which included a compelling vision for the job. Let applicants know the benefits of working for your organization (work with a mentor, state of the art technology, what opportunities they will have, what they will be doing, learning, and becoming). • Treating each applicant, whether or not a good fit, with respect and fairness. Remember to be considerate of his or her time. s Robbie Glantz is principal and founder of Glantz and Associates, Evergreen, Colo. She teaches CPE courses for the COCPA that help attendees create environments to attract, hire, and retain top talent. Contact her at robbie@ glantzconsulting.com.
Student Profile
Mark Lasser: Setting His Sights on the Future BY NATALIE ROONEY
What if your career goal were to become a CPA? What if you’d met all the educational requirements, studied for it, and then lost most of your vision the day before you sat for the CPA exam? Mark Lasser knows exactly what that’s like. July 5, 2014, was supposed to be the day he sat for the Uniform CPA Examination, and he did. He just couldn’t quite see the questions.
A
graduate student, Mark Lasser was pursuing his MS degree in accounting at the University of Colorado Denver when the first signs of trouble arose. During finals week in December 2013, he woke up one morning, and his right eye seemed to have a spot in it. Neither Mark nor his wife, Stephanie, could see anything in his eye, so he went about his day. But his vision was worse the next day, prompting a trip to the eye doctor. That’s when he received a
devastating diagnosis: Non-Arteritic Anterior Ischemic Optic Neuropathy (NAION), a condition that typically presents suddenly after waking up in the morning. It begins with poor vision in one eye and seems like vision is obscured by a dark shadow. Mark’s doctor explained that the condition results from low blood pressure in the middle of the night, causing a stroke in the optic nerve. The doctor also said there was only a very small likelihood that the other eye would be affected. With his typical positive attitude, Mark wasn’t going to let the blindness in one eye slow him down. “You can work, drive, and still see things with vision in just one eye,” he says. FORGING AHEAD Armed with the diagnosis, Mark continued
with his plans to complete his education and become a CPA. He attended classes, taught classes, and began his internship at a forensic accounting firm. He struggled to work on spreadsheets, covering the affected eye to control the flashes he experienced between his eyes. He was reluctant to admit his condition to his employer. “I still knew my accounting rules better than a lot of people,” he says. “But I was having an awful time formatting the necessary spreadsheets.” On June 28, 2014, the unthinkable happened. Mark woke up and realized he had another spot in his vision – this time in his good eye. “I knew what was happening right away,” he reflects. Unexpectedly losing the vision in his second eye was devastating. Mark had been prepared CONTINUED ON PAGE 18 Jan/Feb 2016 • www.cocpa.org •
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Student Profile LASSER'S STORY CONTINUED FROM PAGE 17
to go through life blind in one eye. Not two. “You think the world is over,” he says. “No one tells you it’s not. Doctors give you your glasses prescription. They’re not trained to tell you you’re going blind.” The progression was swift. “I drove myself to Costco on July Fourth,” he says. “But the next day, I couldn’t drive myself to the exam.” Barely able to make out the text on the computer screen, he missed passing that section of the CPA exam by just one point. Two days later, he could no longer read the words on a computer screen at all. Today, Mark has about five percent of his vision but doesn’t see any definitions. “Everything looks flat to me,” he says. “If stairs don’t have stripes of paint, they look like a trapezoid.” He can find large objects like doorways and chairs. The story doesn’t end here or sadly because of a few things about Mark. For one, he’s a crazy overachiever - in a good way. And that crazy overachieving characteristic has sustained him through some very difficult times. Take learning Braille. Today, people often don’t learn it because many devices exist to assist with reading material. But Mark always loved the feel of a book in his hands. So when it was time to learn Braille, he did it – in six weeks versus the usual nine months. When Stephanie heard that statistic, her response was, “Of course he did.” Because that’s just how Mark has been his entire life: an overachiever with a thirst for knowledge. THE ROAD TO ACCOUNTING Mark Lasser didn’t start his career, or even his education, in accounting. Raised in New Jersey and California, he graduated from Duke University with a degree in public policy. His career began in Los Angeles where, among other things, he worked as a production manager. “In the accounting world, that’s like doing managerial or cost accounting work,” he explains. “It’s like doing flex budgeting every day.”
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After LA, Mark landed a job in the dot com industry. Ultimately, he was headhunted by PricewaterhouseCoopers LLP’s consulting arm in its internet communications and entertainment division, which was eventually sold to IBM. After he and ten thousand of his closest friends were laid off, he took some time to re-evaluate things and ended up in Las Vegas playing poker professionally. “It’s all about the numbers,” he says. When Mark decided he needed a job that would provide health care benefits, he relocated to Colorado Springs for a position with Hewlett Packard. While at HP, he attended online and night classes to earn his MBA, finishing with a 4.0 GPA. After a stint with SmartBrief in Washington, D.C., Mark returned to Colorado and began his path towards a career in accounting. He attended CU Denver, graduating with a 3.987 GPA. “If you round that up two digits, it’s a 4.0,” he laughs. “You have no idea how crazy it made me to have two A minuses on my transcript.” Mark loves every aspect of accounting. “When you start, you think it’s an exact science,” he explains. “Then you realize there’s a lot of subjectivity. I love how difficult it is. I love that accounting can be the difference between a business’s success and failure. Accounting is the single biggest place where a business thrives or dies. Businesses are either doing things that help them through the accounting process or doing things that bankrupt them.”
the verge of graduating with his accounting degree, beginning a new profession, and suddenly blind. It would be enough to make anyone curl up in a ball and quit life, but not Mark. Of course blindness rocked his world. “The first month was devastating. Horrible. I don’t have words to describe how bad it was,” he reflects. He went for counseling. “Part of being an adult is knowing when you need help,” he says. His therapist pointed out that there were many people who wanted to help. One of those was Michael Roberts, one of his professors, who told Mark a mere three weeks after losing his vision that he would finish his degree no matter what. “That was huge for me,” Mark says. “He told me whatever I needed would be handled.” Mark met with a counselor at the Colorado Department of Vocational Rehabilitation to discuss assistance options. What he learned – that there was a 12- to 18-month wait to open a case with the state – didn’t sit well. “I’m not good at waiting,” he says. “My biggest weakness is I’m impatient.” Stephanie threw herself into finding resources for everything she could, such as options for public transit and downloading every available app for blind people. “I had to tell her to slow down,” Mark laughs. Stephanie also arranged for a meeting at the Colorado Center for the Blind. A world-renowned training center located in Littleton, the Center helps students gain independence and build confidence through training.
Mark also loves the stories numbers tell. “When non-accountants see a sheet full of numbers, they sweat. Their pulses quicken. Their hearts race,” he says. “When accounting people see the numbers, we see the patterns, the narrative. When we see a company’s financial reports, we piece together a story, the problems, and the solutions we can apply. We see the story, not the scary.”
During the fall of 2014, Mark moved to the Center to learn how to conquer life’s new challenges. “It helped me understand what it means to be blind and what the future could be,” Mark remembers. He quickly learned that blind people do everything. They are outdoorsmen, attorneys, chefs, Ph.D’s, and even accountants.
LEARNING TO DO DIFFERENTLY Mark found himself in a surreal place: on
Mark started adjusting. While many things were a “pain in the ... to deal with,” he
learned he could go to the movies, attend sporting events, go rock climbing, and travel the city on his own. Through a system of raised rubber dots, he learned to cook (and can make bagels and Bananas Foster from scratch which involves setting the iconic dessert on fire). He also learned to run the dishwasher and do laundry. And of course, he learned Braille, which allowed him to get back to doing one of his favorite things: pick up a copy of Rolling Stone and sit in the sun at Starbucks with his dog and drink his coffee. Just like everyone else. “It’s normalizing,” he says. Now Mark is teaching himself mathematical Braille. Next on his checklist? A second language. THE GRADUATE In January 2015, Mark returned to school, and he received his MS in Accounting in May 2015. At graduation, the CU Denver
Business School recognized him as the Outstanding MS Student. “Of course he was,” Stephanie says.
only he but also people he has met since he went blind have the same opportunities as other people.”
His plan now is to prepare to take the CPA exam, this time with the appropriate tools for the blind, and look for work. “It’s hard to convince people you can do the work as a blind person,” Mark says. “But already people do it. It’s encouraging because people have done it ahead of me. The biggest hurdle will be getting other people to believe in my capabilities.”
There are still occasional bumps in the road. “There were definitely – and there still are – very difficult times,” Stephanie says. “But if this were going to happen to someone, Mark’s a good candidate because he loves to learn so much.” He has embraced all that he can. “He doesn’t do anything halfway,” she adds. “He has to do everything one hundred and fifty percent. Everything he learns, he does with such gusto. It’s amazing.”
Stephanie says she and Mark have a completely different appreciation for what life is like for people with disabilities. “It’s absolutely nothing that either of us ever gave a second thought to,” she says. “For me, it has been great to watch him learn so much and become so passionate about something. He’ll fight tooth and nail so that not
Look forward to the day you open an issue of NewsAccount, and see a photo of Mark Lasser walking toward the stage to receive his CPA lapel pin. Everyone who already knows him already knows he’ll do just that. s
Jan/Feb 2016 • www.cocpa.org •
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AICPA Specialization Credentials
Demand for Accounting Advisory Services is on the Rise. Are You Ready?
I
t may not be surprising that the accounting services industry is projected to grow at 1.8% overall between 2012 and 2017. But it may come as a surprise that specialized advisory services are projected to grow the most aggressively — at a 5.7% clip during that same time. There also is an increasing international demand for expertise in emerging A&A areas. Accounting organizations around the globe are addressing this with specialized resources and advisory service credentials. Here are a few highlights for specific advisory service areas: FORENSIC & VALUATION SERVICE PROFESSIONALS — TRUSTED EXPERTS AROUND THE GLOBE In response to increased market demand for specialized services and a recognition of the rapidly growing forensic accounting and business valuation disciplines, the Accredited in Business Valuation (ABV®) credential was created in 1997, and the Certified in Financial Forensics (CFF®) credential in 2008. The global demand for qualified forensic and valuation specialists continues to grow as courts and other triers of facts not only seek out but also recognize CFF and ABV
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• NewsAccount • Jan/Feb 2016
credential holders as experts in their respective fields.
cessing, or reporting in an ever-changing business environment.
In the 2013 “Top 100 Firms” issue of Accounting Today magazine, it was noted that more than 77% of firms offering business valuation services reported significant growth. In addition, 74% reported growth in litigation support (fifth-largest population), and 65% reported growth in forensic accounting (seventh-largest population).
THE AGING POPULATION & PERSONAL FINANCIAL PLANNING As baby boomers age and retire in record numbers, they are increasingly looking for objective financial guidance and advice to help prepare them for the next stage of their lives. This is triggering a great demand for personal financial planning services and resources. Other factors driving this growth are tax law complexities and an uncertain regulatory, political, and economic environment.
INFORMATION MANAGEMENT & TECHNOLOGY ASSURANCE IN AN INCREASINGLY COMPLEX WORLD Today, many corporate executives and operational managers expect immediate, ondemand financial information, advice, and services. As a result, accounting operations and information management systems are becoming increasingly interdependent. As technology evolves and advances, ensuring the integrity and transparency of financial data and business reporting information becomes a more complex process and more critical than ever. Qualified financial professionals who hold the Certified Information Technology Professional (CITP®) credential are equipped to provide assurance for, or business insight into, financial-related data, pro-
The Personal Financial Specialist (PFS™) credential was created in response to the increased market demand from this growing population segment and rapid growth in the number of financial professionals providing personal financial planning. Building on your expertise with an AICPA advisory service credential makes a strong statement. It sets you apart and gets you noticed. Credentials boost your career potential and credibility. Most of all, an AICPA credential establishes you as an expert. And that can be an invaluable addition to your resume and practice. s Learn more at aicpa.org/aicpacredentials.
COCPA News
Serving the Profession Colorado CPAs Support AICPA Efforts The following COCPA members have been appointed or elected to serve on a variety of AICPA commissions, committees, task forces, panels, groups, and AICPA Council for the 2015-2016 fiscal year. Thanks to all who give their time to the profession. Gregory J. Anton, Chair, Financial Literacy Commission Sheila M. Balzer, Accounting and Review Services Committee and AICPA Council James P. Burton, ASEC & ASB Audit Data Analytic Guide Task Force Steve R. Corder, AICPA Council John J. DeRose, ASB Sustainability Task Force and ASEC Sustainability Assurance & Advisory Task Force Nedra L. Downing, Relations with the Judiciary Subcommittee James D. Ewing, Financial Accounting & Reporting (FAR) Subcommittee Stacey E. Hekkert, PCPS Executive Committee Marc C. Hendrikson, AICPA Council Melissa K. Hooley, Nominations Committee and Chair, Women's Initiatives Executive Committee William G. Lajoie, Peer Review Board, Peer Review Board Education & Communication Task Force, and Practice Monitoring Task Force for Employee Benefit Plans Sharon S. Lassar, Chair, Pre-certification Education Executive Committee Kathryn R. Lockhart, Women's Initiatives Executive Committee Suzanne Lowensohn, Financial Accounting & Reporting (FAR) Subcommittee Patrick A. Lytle, Student Recruitment Committee Claire B. McAuliffe, Practice Advisory Group Amanda D. Proctor, Women's Initiatives Executive Committee Aaron S. Scott Ramsay, Exempt Organizations Taxation Technical Resource Panel Ronald L. Seigneur, FLP Issues Task Force, and National Accreditation Commission James A. Shambo, PFP Thought Leadership Task Force Mark T. Solomon, AICPA Council Scott K. Sprinkle, Chair, Investments Committee David E. Taylor, Individual & Self-Employed Tax Technical Resource Panel Jason R. Waldron, Telecommunications Revenue Recognition Task Force Randy L. Watkins, Government Performance & Accountability Committee Randy S. Watson, Practice Monitoring Task Force for Employee Benefit Plans Sidny K. Zink, Joint Trial Board
N O M I N AT I O N S S O U G H T Deadline May 1, 2016 Emerging Leaders
Women CPAs who — while still on the path to the highest levels of advancement — have made significant contributions to the profession and their communities, demonstrated leadership, been involved with their alma maters or other local colleges and universities, and/or created and implemented unique initiatives.
Leaders of Note
Women CPAs who have attained leadership positions within their organizations, made major or unique contributions to the profession, participated in public and community service, been published, and not only help to improve their workplaces but also mentor others.
To request a nomination form, contact Terry Cervi at tcervi@cocpa.org. S AV E T H E D AT E
August 19, 2016 Jan/Feb 2016 • www.cocpa.org •
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Human Resources
CPAs in HR: Learning a New Skill Set BY NATALIE ROONEY
Human resources is one of the many hats CPAs at smaller firms and organizations are often asked to wear. But what do you do when you don’t have a background in HR or the support of a corporate office?
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hat takes most people by surprise is the complexity of the human resources (HR) function. People tend to think of HR simply as hiring and firing, but there is so much more to it says Debbi Warden, CPA, CGMA, MBA, founder of The Business Manager, Greenwood Village. After 20 years at it, anything she does today at her small firm is “because we used to not do it right.” The hiring process itself has so many complexities, Warden notes. “When you first start hiring people, you step into a whole different sphere.” Small employers tend to do things the way they did when they were an employee somewhere else. “That works as long as something doesn’t rear its ugly head,” she says. A CAUTIONARY TALE Warden learned the hard way that people are not always truthful during the hiring process. She recalls one candidate who listed a degree on the resume. In fact, the candidate had registered to attend a university but never went to classes, let alone graduate. Another individual Warden hired was a felon who had been convicted of a financial crime. The information only came to light when the employee’s probation officer contacted Warden. Ever since, she’s included background and education checks when hiring. Another tool in Warden’s arsenal is the reference check, but it can be tricky. “It’s all about the questions you ask,” she acknowledges. Some companies will provide you with only the minimum information such as employment dates and whether the individual is eligible for rehire. When a former employer is
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willing to provide more, Warden asks questions about what the prospective employee could have done better. She also confirms that the person with whom she speaks actually supervised the work. “Consider people’s time when you call,” Warden advises. “Don’t ask a ton of questions. You’re asking them for a favor.” FINDING THE RIGHT FIT Beyond determining through education, background, and reference checks if the person you’re about to hire is a habitual liar or a criminal offender, Warden has added a few other things to her firm’s hiring pro-
cess, including an assessment tool to identify potential employees’ strengths. She finds it provides awareness of how someone will fit culturally with her organization. Warden also asks candidates to do a skills demonstration. This will reveal if the candidate has the skills in a particular area that were claimed on the resume. If there’s a cultural fit, but the skill set is lacking, you need to decide how much training you’re willing to provide, Warden says. While these extra steps take time and effort, Warden says they’re worth it. “You’ve got to
be able to show your clients you have a process and the people who are working for you are vetted,” she says. “I tell people it’s not easy to get a job here. Even in this market, when it’s hard to hire, we’d rather not hire someone versus bringing in a misfit. In a small firm, especially, one person can change the whole environment” – and not for the better. THE REGULATORY SIDE Doreen Fitzgerald of Davis Flex Spending Solutions, a third party administrator for flexible spending accounts and health savings accounts, including the COCPA’s, says the U.S. Department of Labor and the IRS have ramped up their audit processes. It’s important for CPAs responsible for HR to know and understand the scope of what they’re dealing with. Fitzgerald says fines as a result of audits are coming into play. There are many moving parts to be aware of, including when and how benefits documents are distributed to staff and how pre-tax deductions from an employee’s paycheck are handled. Section 125 plans require employee notifications which employers will be required to produce proof of if they are audited. “People take for granted that employees have been given a copy of the plan, but it isn’t always the case,” Fitzgerald says. Another example: If a company is taking deductions out of employees’ checks on a pre-tax basis for a premium only plan, it may be required to conduct nondiscrimination testing to be sure the plan isn’t biased toward highly compensated employees. “It can throw your plan into discrimination,” Fitzgerald says. “And it’s an issue that can get lost in the shuffle.” Other things to watch out for: If your company has 20 or more employees, you must make sure you’re notifying them and their dependents of their rights to elect COBRA if they are terminated from the group plan. And if a child ages out of the plan, he or she has to be offered COBRA coverage. After
a divorce, the ex-spouse must be offered COBRA coverage. “All these little nuances make HR tricky,” she cautions. “You need to be aware of your legal responsibilities.”
complex. How large an employer are you? Public or private? What state or municipality are you in? The answers lead down different paths.
GETTING CONNECTED If you’re concerned that HR might be more than you can handle, resources are available to help. Both Warden and Fitzgerald sing the praises of Mountain States Employers Council (MSEC), a nonprofit 501(c)(6) employers’ association which has spent the last 76 years helping employers navigate the employer/employee relationship.
MSEC supports small- to medium-sized employers where HR might not be a certain person’s top function, Abbott says. “Sometimes it gets dropped in your lap, and you have to learn to develop the employer/ employee relationship,” he adds. If you don’t work with MSEC, Abbott suggests connecting with a reputable HR law firm and consultant who can help guide you through potential legal issues. “There are so many consequences for employers who occasionally make a human relations mistake and then have to rebuild trust,” he says.
Evan Abbott, director of MSEC’s Organizational Development and Learning Department, says that while there are numerous HR legal issues to be aware of, there are best practices in hiring, onboarding, retention, and employee separation that also are important. “Being a CPA is its own unique, hard-to-earn skill set,” Abbott says. “HR is the same.” These days, HR is becoming more of a strategic matter within an organization. “It’s not just hiring, firing, and paperwork anymore,” Abbott says. “Now companies are looking at how human capital helps them meet the organization’s financial goals. Boards want to see HR be more of a strategic partner.” A good HR person knows the balance between the compliance issues and the people aspects, Abbott says. MSEC has attorneys on staff not only to help members stay out of trouble but also to help them understand the best practices that aren’t just about the checkmark of the law. The 21st century HR person needs to know law, compensation, and benefits – and so much more including talent management, learning and development, leadership, motivation, and communication, Abbott says. “HR today isn’t your 1950s personnel department.” Abbott encourages CPAs tasked with the HR function to educate themselves on the core functions of HR, which can be
Members typically join MSEC for one of three reasons: • They’ve run into a legal issue they don’t know how to handle. MSEC offers members direct access to their employment law resources. Currently, they’re dealing with a lot of issues surrounding the Affordable Care Act (ACA) as employers try to figure out how they fit in the ACA puzzle. MSEC provides resources to advise members. • They want access to the MSEC benchmarking survey. This comprehensive document contains member-only information about benefits, salaries, etc. • They need training and other services. MSEC provides fee-based education and services to members, typically at below-market rates. “If you need it, we probably have a class on it,” Abbott says. A list of courses is available at www.msec.org. Abbott’s key advice to CPAs in HR is to obtain the necessary education. “How many years did it take you to get where you are now?” Abbott asks. “Expect the same kind of journey to become a competent HR professional. You have the CPA skills, and a rich, new set of skills is open to you if you stay on the HR track.” s Jan/Feb 2016 • www.cocpa.org •
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Human Resources
Retention Strategies in Action Here are two examples of how Colorado employers have implemented strategies to reward and invest in their employees. CITY AND COUNTY OF DENVER In 2013, the City and County of Denver began implementing a quarterly rewards and recognition program with four award categories: • Random Acts of Kindness Award: Awarded to employees who take the time to support others with a kind gesture. It could be extra support for a coworker who may be sick, or going out of the way to pick up something to help out with an office event, or giving extra help to a customer.
• Lean on Me Award: Awarded to employees who make the workplace a better place to work. It could be helping to put together resources that help colleagues do their job more efficiently or voluntarily covering workload while a colleague is out. • Everyone Matters Award: Awarded to employees who have shown commitment to serving the public which makes customers feel they received high quality service. It could be delivering paperwork to a customer who is outside in a car or providing a customer with an extra resource to help complete transactions. • The Buck Stops Here Award: Awarded to employees who have made changes in the workplace or work processes resulting in efficiencies which contribute to a more financially sustainable DOF and City. Quarterly award winners receive: • A certificate of appreciation from the CFO • A DOF employee plate to display at his or her work station • An announcement department newsletter
in
the
• The Lean on Me, Everyone Matters, and The Buck Starts Here awardees receive the choice of either $100 or a day off (Administrative Day).
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there,” she says. “As accountants, a day off is probably the nicest thing we can get!” SM ENERGY COMPANY SM Energy’s Finance Department employs more than 100 people and has introduced “SM Academy” to keep employees engaged and working on their development, both personal and professional. SM Academy offers in-house CPE, crossfunctional training, and other opportunities to learn aspects of the energy industry beyond the finance department. Course offerings include both hard and soft skill development such as Excel tips, technical accounting topics, book studies, updates on the energy industry, public speaking, and meeting facilitation, just to name a few. Content for the courses is driven by a steering committee. The courses are listed online for signup and taught by individuals within the organization, leveraging internal knowledge. “It gives our people a chance to talk about topics important to them,” says Alan Bennett, an accounting manager at SM Energy. “This homegrown strategy has been a very successful tool in engaging employees through providing quality in-house, ongoing development opportunities. Employees, especially millennials, have been very receptive.”
• Random Act of Kindness awardees receive a $50 award.
Courses are held in person several times a month and are very well attended. “The program has really grown over the years, and we’re very proud of it,” Bennett says.
Winners are recognized at a quarterly meeting. “It’s a good incentive to be nice to each other and help each other out with teamwork,” says Barbara Tedesko, CPA, CGMA, accounting specialist in the City and County of Denver Controller’s Office. “Everyone needs, wants, and likes recognition or a day off here and
SM Energy also has an active employee referral program. “We’ve had a great deal of success with internal referrals,” Bennett says. “It really helps keep our costs down and tends to yield higher quality candidates.” s
M.J. SMITH & ASSOCIATES OFFERS INSTITUTIONAL INVESTMENT MANAGEMENT SERVICES TO THE INDIVIDUAL INVESTOR It’s no secret that institutional investors apply a lot of intellect to the money they are managing. From corporate pension plans to endowments and foundations, sophisticated investors demand clear and disciplined investment processes created by investment management consultants who work in their clients’ best interests. But we think institutional investors shouldn’t be the only ones to benefit from written investment policy statements, transparent portfolio management costs, avoidance of conflicts of interest and a comprehensive investment monitoring process. That’s why, at M.J. Smith and Associates, we treat individuals the same way we treat institutions – with honesty, integrity, objectivity, and a clear, understandable process. Whether the portfolio is simple or sophisticated, every investor needs a trustworthy advisor. And it’s our pleasure and privilege to be of service. We specialize in: · Serving women in transition (death, divorce, retirement, etc.) · Minimizing the risk of poor investment decisions through providing our clients in-depth education · Integrating tax reduction strategies into clients’ overall financial pictures* · At Preparing the next generation to good stewards of wealth M.J. Smith & associates webeprovide institutional levels of
consulting to the individual investor while proactive · investment Providing low-cost and tax-efficient investment platforms in helping our clients minimize taxes, coordinate their estate planning and quantifying their retirement objectives. Our specialties and services: ·
Serving women in transition
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BARRON’S: February 2015 Mark Smith was recognized by Barron’s (2012 and 2013) as the top independent financial advisor in Colorado and in the top 1% of all advisors in Colorado for the years 2009-2015. Factors included in award ranking: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work.
FINANCIAL TIMES: April 2013 & 2014 Named to the list of the Top 400 Financial Advisors in the U.S. Award selection based on assets under management, asset growth, compliance record, experience, credentials and accessibility.
WEALTH MANAGER: 2007 - 2008 One the top advisory firms serving high net worth clients. Award based on average assets under management per client.
As an Independent firm, we strive to provide our clients with the highest quality of service at the lowest cost. M.J. Smith & Associates is an independent registered investment advisor. Securities offered through RAYMOND JAMES FINANCIAL SERVICES, INC. member FINRA/SIPC. *Raymond James financial advisors do not provide tax advice. You should discuss any tax matters with the appropriate professional.
5613 DTC Parkway, Suite 650, Greenwood Village, CO 80111 | 303.768.0007 | www.mj-smith.com
Management Accounting
6 Capabilities of Transformational Leaders BY SAMANTHA WHITE
This article first appeared in CGMA Magazine. For more articles, sign up for the weekly email update from CGMA Magazine at http://bit.ly/UZ07NC.
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ncreasingly complex demands are being placed on leaders as social change, shifts in the global economy, resource scarcity, and technological advances disrupt long-standing business models. Leaders are being called upon to create new ways of working to meet these challenges and to drive cost reduction without destroying value. Yet less than 10% of senior management have the capabilities and experience required to bring about this type of transformational change, according to a study of 6,000 leaders conducted by Harthill Consulting in collaboration with PricewaterhouseCoopers LLP. It’s not just tenure that counts, and the skill-set needed for successful transformation is different from that needed to excel in the day-today running of a company or to thrive in a crisis. The research describes 52% of current senior management as “achievers.” This type of leader is action- and goal-oriented and wellsuited to managerial roles. He or she is able to juggle managerial duties and market demands, as well as achieve strategic goals efficiently, through his or her team. However, solving direct challenges to business-as-usual calls for a different type of leader with different attributes. The “strategists” who are capable of leading successful transformation in a complex
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business environment possess a multifaceted way of looking at the world, an ability to reflect on and learn from each experience, and the humility to inquire rather than advocate and engage instead of command. Strategists can articulate a vision for the future of an organization while also ensuring it runs effectively in the present. They also create opportunities for others to thrive. THE 6 CAPABILITIES According to the researchers, strategists possess the following capabilities: A fresh perspective. Being able to see a situation from a number of perspectives can generate new approaches and therefore promote innovation and problem-solving. The ability to act on the big and small picture. Leaders must be able to provide vision and direction, as well as get involved in detailed action where necessary. Passionate detachment. Leaders must balance passion for their mission and objectives with the detachment to weigh situations objectively and change course when required. Creative use of power. Whether it be formal, informal, institutional, or personal power, using it wisely builds long-term commitment and trust amongst peers, employees, and other stakeholders.
Positive use of language. Strategist leaders use language with skill and awareness to inspire and influence, with the clear goal of creating positive outcomes. Leading with vulnerability and courage. Effective leaders have the courage to make tough and potentially unpopular decisions. Meanwhile, vulnerability, a characteristic less common amongst leaders, is crucial to enabling others to both take responsibility and give frank, honest feedback. Such leaders are in short supply, and few have emerged over the past decade. Research conducted in 2005 classified 7% of all senior managers as strategists, and the figure for the 2015 survey was 8%. The research also indicates that strategists are often to be found working in consultancy or advisory roles, and may be reluctant to work directly for an organization, particularly if it relies on hierarchical management structures. In this context, organizations need to do more to attract, retain, and develop the type of individuals capable of taking their business forward. DEVELOPING TRANSFORMATIONAL LEADERS Drawing on best practices observed in the study, researchers suggest organizations take the following steps to develop transformational capabilities:
TAKE A HOLISTIC VIEW OF EMPLOYEES Those organizations defined by researchers as strategists demonstrate their concern for their employees’ overall wellbeing with policies such as life coaching or on-site child care. Other approaches include: • Build strategy collectively. Many strategist organizations have defined methods of working collectively on business strategy. The theory is that anyone who shares responsibility for execution of the strategy should get a say in its formulation. • Prioritize reflection. All staff should set time aside for unstructured reflection on a regular basis. • Tone from the top. For strategists to grow and develop at all levels of the organization, senior leaders must also embody these values. s Samantha White, swhite@aicpa.org, is a CGMA Magazine senior editor. Copyright © 2011-2015 American Institute of CPAs. Copyright © 2011-2015 Chartered Institute of Management Accountants. All rights reserved.
• Distribute responsibility. The first step to developing this type of capability is distributing responsibility downwards and outwards, enhancing the organization’s adaptability, resilience, and intelligence as a whole. • Be realistic about the quality of information. Be aware of and acknowledge the limitations of available data. • Build an empowering collective culture. Turn shared aims into behavioral norms across the organization. • Invest in professional development opportunities. To develop transformative leaders, life coaching, action learning, and reflective thinking should be prioritized. • Recruit for transformation. Prioritizing the attributes of transformative leaders right from the recruitment and on-boarding processes helps create the conditions they need to thrive and ensures cultural fit. • Address conflict and failure openly. In successful transformations, there is a culture of experimentation in which failure is seen as a necessary part of the development process. Some companies in the study discuss unsuccessful projects, identifying what went wrong and what lessons can be learned. Other organizations in the study have developed forums in which colleagues can discuss the personal aspects of any conflicts that arise.
Mandated 1095 reporting is here. Are you ready?
HofgardBenefits has been a sponsored vendor and advisor to the COCPA for over 30 years. Our president, Jim Marsh, has been a featured speaker regarding health care legislation at several COCPA events. Our expertise has been hard earned, and we are eager to serve you. For educational resources or questions regarding the 1095 forms contact us at 303‐442‐1000 or email us at jmarsh@hofgard.com.
Jan/Feb 2016 • www.cocpa.org •
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Movers & Shakers CPA Practice Advisor named Melissa K. Hooley, CPA, Partner-in-Charge, Anton Collins Mitchell LLP’s (ACM) Benefit Plan Practice, one of the 2015 Most Powerful Women in Accounting. Hooley is the current Chair of the AICPA Women’s Initiatives Executive Committee (WIEC). Audra Dixon, CPA, joined Anton Collins Mitchell LLP, Denver, in the audit department. In addition, Anton Collins Mitchell LLP expanded its regional footprint to include an office in Laramie, Wyo., through merger with Mader Tschacher Peterson and Co. LLC.
Classifieds Office Space Office available in suite of established tax practitioner. Resource sharing available. Near I-70 and Kipling, Lakewood. 303-422-7139. For Lease Professional Office Suites - Boulder. Located near Foothills Parkway and the Diagonal Hwy. Three (3) spacious suites available at $16 SF/YR, sized 4,209/4,074/3,928 sq. ft. Owneroccupied with open and covered parking. Call or email Marcie Young for details: 720-771-3177, marcieyoungboulder@gmail.com. Office for rent (CPA office for 30 years). Location on 88th Ave near Wadsworth, Arvada/Westminster. Available furnished: 1,165 + 945 sq. ft; $2,400/month. Available December 1; 303-432-1776. Opportunities Available
Colorado Governor John Hickenlooper reappointed Pamela M. Feely, CPA, to the Colorado Fire, Police Pension Association for a four-year term expiring Sept. 1, 2019. Currently, Feely chairs the Audit Committee and serves as Vice Chair. Stelio Elenis, CPA, BKD LLP, Denver, earned the Chartered Financial Analyst (CFA) designation from the CFA Institute.
In Memoriam
We regret the loss of the following COCPA member and extend our sympathy to her family and friends.
Gail E. D. Heinzman Member since 2001 Boulder, Colo.
Here is your opportunity to live and work in the beautiful mountain community of Durango, Colorado, with all the outdoor activities you could want while working in a professionally challenging environment. We are a growing CPA firm specializing in income tax and financial planning services for high net worth individuals/ businesses. We are currently looking for a CPA with 2-10 years of advanced tax experience and some management experience. The potential for future ownership exists for the right candidate. Send resume to Tafoya Barrett and Associates PC, Attn: Cindy Morin, 150 East 9th Street, Suite 300, Durango, CO 81301 or CMorin@ TafoyaBarrett.com. Chadwick, Steinkirchner, Davis & Co, P.C. is a dynamic, professional accounting firm in Grand Junction, Colo. We are looking for degreed accountants to join our tax and audit professionals. Please email your resume with a cover letter to resume@csdcpa.com, fax it to 970-242-4716, or mail it to: CSD & Co, P.C., 225 N 5th St, Suite 401, Grand Junction CO 81501.
Classified Ad Pricing $50 for 0-50 words, $100 for 51-100 words, $200 for 101-200 words, $300 for 201-300 words, $400 for 301-400 words. Contact Jana Coté, jcote@cocpa.org, to place an ad.
"Best course each year, hands down. Wouldn’t miss it."
DON FARMER F E D E R A L TA X U P D AT E
January 13, 2016 • Inverness Hotel & Conference Center, Englewood $420 Members/$600 Nonmembers • 8 Hours CPE
Professional Liability Insurance The following carriers write professional liability insurance for Colorado CPAs. CAMICO is the Colorado Society of CPAs sponsored program, available only to COCPA members. Information on other carriers is provided as well. You must perform your own due diligence with respect to the coverages offered. You may call the listed insurers directly, call the local agent, or contact the insurance professional who handles your business insurance coverages to inquire about these carriers.
CAMICO PROFESSIONAL LIABILITY INSURANCE PROGRAM Insurance Carriers: Great Divide Insurance Co. (a W. R. Berkley Co.) and CAMICO Mutual Insurance Co. 1800 Gateway Drive, Suite 300 | San Mateo, CA 94404 RACHEL PAINTER, AINS Senior Account Executive for Colorado 800-652-1772 ext. 6773 Email: inquiry@camico.com, rpainter@camico.com Visit www.camico.com for quote and company profile
AICPA Program – CNA Insurance Through AON Insurance Services 2711 North Haskell Ave., 8th Floor | Dallas, TX 75204 CATHY WHITLEY 267-282-6292 Email: cathy.whitley@aon.com or www.cpai.com
Great American Insurance Group Through Herbert H. Landy Insurance Agency, Inc. 75 2nd Ave., Suite 410 | Needham, MA 02494 JOHN TORVI 800-336-5422 Fax: 800-344-5422 Email: johnt@landy.com or www.landy.com
CPA Mutual Insurance Company of America Risk Retention Group 4923 NW 43rd St., Suite C | Gainesville, FL 32606 BILL THOMPSON, CPA RPLU 800-272-0290 or 352-240-7884 Fax: 352-240-7896 Email: bthompson@cpamutual.com or www.cpamutual.com
Lloyd’s of London Through RPS Executive Lines 550 W. Van Buren | Chicago, IL 60607 LINDA DEISS 312-294-5475 | 800-776-7475 | Fax: 312-803-2170 Email: Linda_Deiss@rpsins.com or www.rpsins.com
Philadelphia Insurance Company Accountant’s Professional Liability Program Through BILL ROONEY 640 Plaza Drive Suite 200 | Highlands Ranch, CO 80129 303-200-5340 | Direct: 610-538-2199 Email: Bill.Rooney@phly.com or www.ThinkPHLY.com
Argo Pro 101 Hudson, Suite 1201 | Jersey City, NJ 07302 WILLIAM KELLY 732-623-8987 x8987 | Cell 845-537-6151 Email: bkelly@argoprous.com
Philadelphia Insurance Companies, The Hartford, Great American Insurance Company, Travelers, and United States Fire Through The Liability Place, Inc. PO Box 1726 | Carlsbad, CA 92018
BRENT T. EPPLEY 888-786-8318 | 760-720-0110 | Fax: 760-720-0330 Email: brent@liabilityplace.com or www.LiabilityPlace.com
CPA Protector Plan Through Brown & Brown of Colorado, Inc.
Lloyd’s of London Through Betty Harder & Associates, Inc. 84 Chalet Circle | Dawsonville, GA 30534 800-998-1414 | 706-216-6698 Email: bettyharder@windstream.net or www.bettyharder.com
ALEX FRAZIER 2170 S. Parker Rd., Suite 251 | Denver, CO 80231 303-980-6265 afrazier@bbdenver.com or www.bbprotectorplans.com
Jan/Feb 2016 • www.cocpa.org •
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Colorado Society of Certified Public Accountants 7887 E. Belleview Ave., Suite 200 Englewood, CO 80111-6076
Periodicals Postage
SOCIAL SECURITY WINDOW CLOSING (CHOOSE ONE)
MAXIMIZE BENEFITS WEEP WITH REGRET
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