COCPA NewsAccount - November/December 2020 by Colorado Society of Certified Public Accountants

NEWSACCOUNT COLORADO SOCIETY OF CPAs • NOVEMBER/DECEMBER 2020

PUTTING ASIDE OUR FEAR:

Unintended Consequences of the CARES Act and the IRS Shutdown PAGE 9

Denver Before and During COVID-19: A Tale of Two Cities and a CPA’s Leadership PAGE 12

Learning in a Virtual World: What Can You Expect? PAGE 31

Courageous Conversations on DE&I

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NewsAccount | November/December 2020

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Contents Features 9

Unintended Consequences of the CARES Act and the IRS Shutdown Tax practitioners have been on the front lines, dealing with the good, the bad, and the ugly of the CARES Act, the IRS shutdown, and the aftermath.

Denver Before and During COVID-19: A Tale of Two Cities and a CPA’s Leadership In 2019, U.S. News & World Report named Denver the second-best U.S. city in which to live. Denver was hot. And then, suddenly, it wasn’t. Read how Lori Davis, CPA, led the city’s efforts to recover.

Homelessness and COVID-19: The Public Health Crisis Within a Public Health Crisis What happens when there’s a stay-at-home or safer-at-home order, and you don’t have a home in which to stay? It’s just one of many issues facing Colorado’s homeless and the organizations working to help.

31 Departments 2

Putting Aside Our Fear: Courageous Conversations on DE&I Starting conversations about diversity, equity, and inclusion can feel awkward. Yet, we all play a part in changing the narrative and how we treat each other. Now is the time to act. Leadership During a Crisis: What Your Team Needs From You Now Now is the time to step back, be flexible, agile, creative, and supportive of your people. Mike Bearup, CPA, offers practical tips for leading in unusual times.

Mental Health: A Foundation for Supporting Others in the Workplace This third article in our series highlights the importance of supporting each other’s mental health in a progressive approach to professional development.

Learning in a Virtual World: What Can You Expect? Because online, virtual continuing education can be expected to dominate the marketplace for the foreseeable future, organizations are finding new ways to engage attendees.

Chair Column Movers & Shakers, In Memoriam, Classified Ads

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November/December 2020 | www.cocpa.org

CHAIR COLUMN

NEWSACCOUNT

A bimonthly publication of the Colorado Society of Certified Public Accountants Vol. 66, No. 4 November/December 2020

Officers

Sharon S. Lassar, Chair Randy L. Watkins, Vice Chair Peter J. Derschang, Treasurer Benjamin T. Hrouda, Immediate Past Chair Mary E. Medley, Secretary

Directors

Jim Brendel, Toby Clary, Audra Dixon, Renny Fagan, Mary-Margaret Henke, Kelly Kozeliski

Editorial Board

Jack Allgood, Steve Corder, Georgia Z. Phillips, Lori Anne Reinwald, Laura J. Theiss, Barbara J. Tedesko, Steve Van Meter, Michael D. West, Charlie Wright Mary E. Medley, President/CEO, Editor Natalie G. Rooney, Contributing Writer Ariana Cassard, 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 $12.00 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 = 5,794 copies; sales through dealers and carriers, street vendors, and counter sales = 0; paid or requested mail subscription = 5,736; free distribution by mail = 0; free distribution outside the mail = 20; total free distribution = 20; total distribution = 5,756; office use, leftovers, spoiled = 38; returns from news agents = 0; total sum = 5,794; percent paid and/or requested circulation = 99%. 303-773-2877 • 800-523-9082 Fax: 303-773-6344

NewsAccount is available online at www.cocpa.org.

What’s Keeping CPAs Busy These Days? BY SHARON S. LASSAR, PHD, CPA (FLORIDA)

There’s never a dull moment for our profession, is there? It looks like 2020 will keep on giving right into 2021. THE CARES ACT: ASSISTING, ANALYZING, AMENDING CPAs were busier than ever this fall as the Oct. 15 filing extension deadline approached. Provisions in the CARES Act had practitioners strategizing with clients and reviewing 2018 and 2019 tax filings to determine if there were a tax benefit to filing amended returns after the reinstatement of net operating loss (NOL) carrybacks and changes to Qualified Improvement Property (QIP). The NOL provision allows corporations that had losses in 2018, 2019, and 2020 to carry those losses back five years, an option that had been eliminated by the Tax Cuts and Jobs Act (TCJA). Additionally, the NOL can offset 100% of taxable income, rather than 80% of taxable income as enacted by the TCJA. Thanks to the CARES Act temporary provisions, if taxpayers had losses in 2018, 2019, or 2020 they can carry them back five years and receive an immediate refund, putting badly needed cash back into businesses’ coffers. The provision on QIP is particularly important for taxpayers in the real estate, restaurant, retail, and hospitality businesses which have been hit so hard this year. QIP encompasses any improvements made to the interior of a commercial real estate property if that improvement is placed in service after the building was first placed in service and, as added by the CARES Act, is “made by the taxpayer.” When the Tax Cuts and Jobs Act was drafted in 2017, Congress intended QIP to have a 15-year recovery period, making it eligible for the first-year bonus depreciation deduction for assets with a cost recovery period of 20 years or less. However, due to a drafting error, no recovery period was assigned to QIP so it defaulted to a 39-year recovery period based on regular depreciation rules. The end result was that QIP wasn’t eligible for bonus depreciation.

The CARES Act provides the “fix” taxpayers had been looking for: assigning a 15-year cost recovery period to QIP, retroactively. Now QIP is eligible for bonus depreciation, offering significant tax reduction opportunities. There’s a wrinkle for Colorado taxpayers: The CARES Act provisions weren’t adopted - in fact they were disallowed by passage of Colorado House Bill 20-1420. So, for now, Colorado treatment is different from the federal law for taxable income calculations. Taxpayers need to consider carefully the various provisions and the Federal/Colorado interaction to determine the best strategy for their purposes. Between amending and refiling, and as forgiveness applications for Paycheck Protection Program loans move forward, our profession continues to have plenty of job security as the calendar rolls into 2021. THE LONG VIEW STARTS NOW: THE SHIFTING TIDES OF SUSTAINABILITY Sustainability has been a corporate buzzword for years, but now we’re seeing a dramatic shift in how corporations consider environmental, social, and governance (ESG) criteria - a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights. In August 2019, the Business Roundtable (BRT), an association of CEOs of America’s leading companies, updated its Principles of Corporate Governance to redefine the purpose of a corporation “to promote an

economy that serves all Americans.” CEOs have put an end to Milton Friedman’s 1970s doctrine: A company has no social responsibility to the public or society; its only responsibility is to its shareholders. This is an incredible turn of events. Why is this important to us as a profession? We are looking at a new era of stakeholder capitalism. Investors are demanding disclosures about ESG, and major companies, stan-

Investors who view financial accounting as stable are looking for new reporting modes that integrate disclosures around environmental risk and climate change which are harder to quantify. The recent move by the Big Four to partner with the World Economic Forum to release a common set of global metrics is a step toward uniform disclosures that investors and regulators can rely on in the future.

We are looking at a new era of stakeholder capitalism. Investors are demanding disclosures about ESG, and major companies, standard setters, and regulators are responding to the demand. dard setters, and regulators are responding to the demand. Over the past year, there have been additional milestones that demonstrate this shifting tide: • December 2019: Accountancy Europe set out an approach for a non-financial standards board (NFSB) under the International Financial Reporting Standards (IFRS) Foundation. • April 2020: The International Monetary Fund (IMF) argued for the importance of developing global mandatory disclosures on climate change risks to sustain financial stability. • September 2020: In conjunction with Climate Week and a year after changing the focus of a corporation’s purpose, the World Economic Forum and the Big Four accounting firms published a white paper defining common metrics for sustainable value creation. The initiative seeks to improve the ways companies measure and demonstrate their contributions towards creating more prosperous, fulfilled societies and a more sustainable relationship with our planet. ACCOUNTING CONTINUES TO EVOLVE To those outside of our profession, financial reporting models may appear relatively mature. They don’t understand that new accounting methods are constantly being adopted. Current Expected Credit Losses (CECL), a credit loss accounting standard that FASB issued in 2016, is just one example. Companies outside financial services are struggling with CECL as receivables from their customers are threatened by the pandemic.

The ESG metrics are organized around the four principles of governance, planet, people, and prosperity. The metrics and disclosures aim to align the existing standards to enable companies to collectively report nonfinancial disclosures. Past efforts to create sustainability disclosures haven’t been successful; the myriad choices for ESG reporting gave companies too much leeway in deciding what to report. This made it difficult to compare ESG disclosures from different companies. This is why the metrics document developed by the Big Four and the World Economic Forum is so important. Investors have been asking for these disclosures for more than a decade without any agreement on what should be disclosed and how. Until now. Accounting standards will continue to evolve as we are tasked to address these issues. INTEGRATED REPORTING: ESG ENVIRONMENTAL, SOCIAL, AND GOVERNANCE How does the profession measure and attest on these non-financial elements? Approximately 2,300 companies already issue reports on sustainability, and we will see that number continue to grow. Morningstar reported 23 new fund launches by mid-2020 after inflows set a new record last year. Capgemini found 27 percent of wealthy individuals plan to allocate 40 percent of their portfolio to sustainable companies. They also find sustainability efforts have boosted consumer loyalty, brand value, and revenue. BlackRock recently reported that the world’s largest asset manager had identified 244 companies that “are making insufficient progress

integrating climate risk into their business models or disclosures.” Nearly 80 percent of those companies were placed “on watch,” a classification that BlackRock uses to tell those management teams that they have 12 to 18 months to meet its climate expectations or risk facing voting action next year. For the remaining 53 companies, BlackRock took several material actions against management. The interest in ESG criteria has accelerated as companies navigate the pandemic and the social unrest we have seen this year. Investors are watching to determine: • Which companies are performing best in regard to employee, community, environmental, and consumer interests, and why? • What does a company’s performance in the time of the pandemic and rapidly rising concerns about racial and income inequality indicate about the seriousness and durability of its commitment to stakeholder interests and its corporate purpose? The tide continues to grow: • The Business Roundtable issued a statement earlier this year in favor of market-based methods to reduce carbon emissions, demonstrating the increased interest and awareness that these ESG initiatives will have financial costs associated with them. Companies now seem willing to bear those costs. • A group of five international sustainability accounting standard-setters have issued the Statement of Intent to Work Together Towards Comprehensive Corporate Reporting. • Unilever PLC is investing €1 billion to eliminate fossil fuels from its cleaning products by 2030, cutting the carbon emissions created by the chemicals used in making the products. • Chief sustainability officers (CSO) are becoming fixtures in companies of note as climate change and inequality increasingly dominate global attention. Between 2004 and 2014, the number of S&P 500 companies that have a CSO increased from 25 to 90. ESG issues are increasingly taking center stage in corporate elections around the world and will continue to grow in importance. As a profession, we will need to be aware and involved as we lead our clients and organizations through this new frontier. Email Sharon Lassar at slassar@du.edu.

November/December 2020 | www.cocpa.org

AT THE COCPA

It’s All About Who You Know Celebrating Terry Cervi Ask anyone who knows Terry Cervi what she’s about, and you can expect a consistent answer: People. Ask Terry herself, and she’ll put a fine point on the answer: Relationships. For 32 years, come December 18, 2020, Terry has developed, nourished, and nurtured the connections she makes in her executive assistant role with the COCPA and in her personal life, as well. On December 31, she’ll share that gift in new ways, yet to be discovered.

s Terry retiring, you ask? She doesn’t want to say that word because she says it sounds old, and she’s not! She’s moving on. She welcomes your good wishes - but leave the flowery retirement cards in the card rack. WHERE IT ALL BEGAN Born in Denver, Terry grew up in Canon City, Colorado, and graduated from St. Scholastica Academy. Because her dad ran the local mortuary for Catholic families, she occasionally enjoyed the opportunity to cruise around town in the family hearse. She studied at Adams State College in Alamosa before marrying and returning to Denver where she pursued a banking career. Another move this time to Fort Morgan, Colorado - took her in a new direction. She became the executive director of the Fort Morgan Chamber of Commerce. Then, as the saying goes, it’s all about who you know. Through her chamber work, she’d gotten to know Andrea Weelans who had become the COCPA Member Services Director after her career with the Lakewood chamber. SAYING YES TO THE COCPA As Terry recalls, “I’d moved back to Denver, again, when Andrea called me. She needed a temporary assistant because hers was about to take maternity leave. I needed a job, so I said, ‘Sure.’” That temporary opportunity became permanent when another COCPA employee retired, and Terry moved fulltime into the membership department. Then, Terry and her family moved back to Canon City. Remote work and telecommuting were barely “things” back then, however it wasn’t long before Terry and the COCPA had figured out how to make it work, albeit using a land line and dial-up.

Roll forward, and another return to Denver meshed with the opportunity to become CEO Mary Medley’s executive assistant. By the time Terry accepted the role, she’d worked in membership, CPE (briefly), and Quality Review which became Peer Review every area except accounting. MEMORABLE MOMENTS Terry has worked in every COCPA office since the organization moved to the Denver Tech Center from downtown Denver. She says those early years at the first Belleview Avenue location, across from what is now FirstBank DTC, were real adventures such as the building lockdown when the bank next door was robbed and watching from the Board Room windows as a tornado moved across the Front Range. She cites creation of the Leadership Council and the Blueprint Committee/2020 Committee strategic planning efforts as pivotal initiatives, “back in the day.”

colleague Alicia Gelinas, COCPA CFO, puts it, “Terry is Your App for That - whatever that is.” And, she loves to execute an idea. Give her a theme or an opportunity to be creative, and she’s on it. But, don’t ask her to draw it. “I’m creative, not artistic.” We’re going to miss both these qualities, along with her many others. WHAT TERRY WANTS YOU TO KNOW Terry is embracing Leigh Standley’s words as she looks to January 1, 2021, and beyond: “Faith is believing that one of two things will happen. There will be something solid for you to land on, or you will be taught to fly.” She calls it the Power of Not Knowing. “Earlier this year, the universe told me it’s time to move on to my next adventure. Not knowing what it is - I’m OK with that. Don’t forget me. I’m still here so call me if you need me.” Whether over a cup of coffee, a giant glass of iced tea, or an excellent red wine, count on Terry to stay in touch. This high WOO, in

Terry says everything hinges on the relationships she’s built and all the COCPA members who’ve turned into friends. WHAT TERRY KNOWS FOR SURE In reflecting on her three+ decades with the COCPA, Terry says everything hinges on the relationships she’s built and all the COCPA members who’ve turned into friends. She recalls a conversation she had with Michael Bearup, KPMG Denver office managing partner. “We recognized that CPAs are adept, smart - even brilliant technically. But, clients connect with their CPAs because of the relationships that are created.” Terry loves to attend a networking event or meet a new person and find out his or her story. Then, she can connect the individual and the COCPA - making the parts fit. As

NewsAccount | November/December 2020

Strengthsfinder terms, isn’t into a Zoom screen full of smiling faces and clapping hands. So, look forward to an in-person party some day to celebrate all she is and has been to so many and for the COCPA. In the meantime, seize the opportunity to thank Terry for all she’s done. Email, call, or send a note - just please don’t send a flowery retirement card. You can reach Terry Cervi at terry@cocpa.org; 303-741-8610, or at COCPA, 7887 East Belleview Ave, Ste 200, Englewood CO 80111-6076.

Tuesday, December 8 is Colorado Gives Day. Established CPAs can make a difference for aspiring CPAs by giving to the Educational Foundation. Your dollars provide scholarship support for highly qualified accounting students at Colorado colleges and universities. Invest in the future of the CPA profession in Colorado.

Every dollar you give will - Deloitte LLP - KPMG LLP be MULTIPLIED thanks - Mark J. Smith to our matching donors: Family Foundation

- SingerLewak LLP

To learn more and donate, go to

give.cocpa.org.

You can donate on Dec. 8, or you can schedule your donation now, to be processed on Dec. 8.

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PHILANTHROPY

ReFUND Colorado: A New Way to Support Colorado Nonprofits BY NATALIE ROONEY

In 1977, Colorado became the first state to allow taxpayers to donate to nonprofits and charitable causes via their state tax returns. Now, Colorado is leading the way again by becoming the first state to allow taxpayers to write-in the nonprofit of their choice when they donate their tax refund via their state tax return. With more than $1 billion in refunds going to almost two million Colorado taxpayers, eligible nonprofits have a powerful new fundraising tool available to them. PREP AND LAUNCH On Jan. 1, 2020, thanks to a law spearheaded by the Colorado Nonprofit Association (CNA), Colorado taxpayers saw “Donate to a Colorado Nonprofit Fund” on the 2019 Voluntary Contributions Schedule. To donate, taxpayers must enter the name and 11-digit Secretary of State registration number for the registered charitable organization of their choosing. To educate nonprofit organizations about this new opportunity to receive donations, CNA launched a marketing campaign called ReFUND Colorado. More than 5,000 nonprofit organizations registered with the Colorado Secretary of State received a letter outlining the program, and CNA held more than 30 educational workshops and webinars attended by 600 organizations. To qualify to receive charitable donations through the new program, organizations had to have been eligible to receive donations for at least five years and be in good standing with the state as of Sept. 1, 2019. CNA also raised awareness of the new program with its community partners such as the COCPA, United Way, and other business groups. Fundraising helped create and launch an ad campaign that began running in January 2020. READY, SET, DONATE Donations began coming in steadily during January and February. Then, right as the filing season was ramping up, and when nonprofits would have been making their biggest appeals to donors, COVID-19 hit. “COVID totally changed everything,” says CNA President and CEO Renny Fagan. “Nonprofit organizations were busy reorganizing their operations, prioritizing donor communications, and people were experiencing unemployment during that critical March and April timeframe. All of those factors had an impact on the first year of the ReFUND Colorado campaign.” Despite the challenges of COVID-19 and an extended filing season, some Coloradans still chose to donate through the Donate to a Colorado Nonprofit Fund option. The Colorado Department of Revenue distributed donations received as of June 30, 2020. Funds received after June 30, 2020 will go into next year’s distribution.

NewsAccount | November/December 2020

821 donors donated

$70,882 to

456

nonprofit organizations

As of June 30, 2020: • 821 donors donated $70,882 to 456 nonprofit organizations • Average donation: $155 • Average per donor donation: $86 Fagan says the statistics for Donate to a Colorado Nonprofit compare favorably to other named checkoffs on the Voluntary Contributions Schedule. “There is still a lot of opportunity out there for nonprofits.” THE 2020 FILING SEASON The law that created Donate to a Colorado Nonprofit has no expiration. “Year one was a way to test the program,” Fagan says. “We

learned a few things that we can adjust for the next filing year. Preliminary responses from nonprofits indicate that everyone saw this last filing season as unique. We know it’s an option that donors want to use. And, It will take years to build up the program. Now, we have another opportunity to do more public outreach. ” Fagan says CPAs play an important role in the success of Donate to a Colorado Nonprofit. “They can support their communities by asking their clients whether they want to make a donation to any of the organizations on the voluntary contribution list. To give specifically to the Donate to a Colorado Nonprofit Fund, the organization has to be named, and the Secretary of State registration number has to be included on the return. That’s an important differentiator between Donate to a Colorado Nonprofit and other organizations listed on the schedule.” To make it easier for CPAs and clients to find a nonprofit’s registration number, CNA and the Department of Revenue created easy look up tables. Users can simply type in the name of the organization to which they’d like to donate to get the registration number. “It’s not a complex or time-consuming process, but those two pieces of information are needed to make an effective donation,” Fagan explains. “If

the registration number isn’t on the form, the donation is invalid, so CPAs’ awareness of this issue for their clients is an important part of the process.” VITAL SUPPORT As COVID-19 continues to create challenges for nonprofit funding, Fagan says the important work that nonprofits do has been magnified. “The Donate to a Colorado Nonprofit Fund option is an opportunity for everyone who has an income tax refund to support an eligible nonprofit they care about,” he emphasizes. You can view the 2019 Voluntary Contributions Schedule at www. colorado.gov/pacific/sites/default/files/DR0104CH_2019.pdf. CPAs and their clients can search for eligible nonprofits at www.refundwhatmatters.org. The Department of Revenue charity lookup tool can be found on the income tax page at coloradononprofit.dor.state.co.us.

November/December 2020 | www.cocpa.org

M.J. Smith & Associates is proud to now be part of Mercer Advisors.

Mercer Advisors is one of the largest independent wealth management firms in the U.S., with over $20.5B in assets under management. Established in 1985, Mercer Advisors provides locally based comprehensive financial planning services including investment management, estate and tax planning, retirement planning and distribution, and corporate trustee services. Mark Smith founded M.J. Smith & Associates over 35 years ago; he has been serving the community and supporting practicing CPAs and their clients ever since. Now as part of Mercer Advisors, Mark and his team will continue to serve you and your clients with an expanded offering and commitment to helping your clients realize their dream of Economic FreedomTM. Mark J. Smith, CFP®, CPA/PFS, CIMA® Client Advisor and Branch Manager 5613 DTC Parkway, Suite 650, Greenwood Village, Colorado 80111 303.768.0007 | mark.smith@merceradvisors.com Company data as of July 31, 2020. “Client Assets Managed” includes assets gained from recent acquisitions where the advisory agreements have been properly assigned to Mercer Global Advisors, but the custodial accounts have yet to be transferred and/or the accounts have yet to be migrated to our portfolio management system. Mercer Global Advisors Inc. is registered with the Securities and Exchange Commission and delivers all investment-related services. Mercer Advisors Inc. is the parent company of Mercer Global Advisors Inc. and is not involved with investment services. ©2020 Mercer Advisors Inc. All rights reserved.

FEDERAL TAXATION

Oops! That Wasn’t Supposed to Happen Unintended Consequences of the CARES Act and the IRS Shutdown BY NATALIE ROONEY

The Coronavirus Aid, Relief, and Economic Security Act (CARES) is a $2.2 trillion economic stimulus bill passed by Congress and signed into law by President Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic.

he spending primarily includes $300 billion in one-time cash payments to individual Americans, $260 billion in increased unemployment benefits, the creation of the Paycheck Protection Program (PPP) that provided forgivable loans to small businesses with an initial $350 billion in funding (later increased to $669 billion by subsequent legislation), $500 billion in aid for large corporations, and $339.8 billion to state and local governments. The legislation created the largest economic stimulus package in U.S. history. While American taxpayers needed, and received, rapid relief in the wake of mass layoffs and shutdowns, rushed legislation is rarely without problems, and the CARES Act proved to be no exception.

Tax practitioners have been on the front lines, dealing with the good, the bad, and the ugly of the CARES Act, the IRS shutdown, and the aftermath. “It was an understandably hurried bill to help the population, and I applaud it,” says Toby Clary, CPA, CVA, Shareholder at Soukup, Bush & Associates, Fort Collins. “But when you’re writing comprehensive laws, they need to be thorough. Areas that were vague or not well thought out have proven to be confusing for clients. Heck, it’s even confusing for us, and we read this stuff all the time.” Tax practitioners have been on the front lines, dealing with the good, the bad, and the ugly of the CARES Act, the IRS shutdown, and the aftermath.

TAX YEAR IN REVIEW AND 2020 PLANNING Join Toby Clary, CPA, CVA, for the virtual course which will be held on seven dates between Nov. 12 and Dec. 18. Register online at cocpa.org/Tax-Review.

CONTINUED ON PAGE 10 November/December 2020 | www.cocpa.org

FEDERAL TAXATION CONTINUED FROM PAGE 9 CARES ACT CONSEQUENCES MIA EIPs The Economic Impact Payments (EIP), worth up to $1,200 per individual and $2,400 per couple, were welcome relief for taxpayers, but many people never received them - for many reasons. The most common reason: EIP money was based on the taxpayer’s 2018 return. If income levels changed, eligibility might have changed as well, meaning that some individuals made more in 2018 than in 2019 and should have received an EIP. The National Taxpayer Advocate outlined additional reasons why EIP payments were never received: • Eligible individuals who used the NonFiler Tool and claimed at least one qualifying child but did not receive the qualifying child portion of the EIP • Eligible individuals who filed Form 8379, Injured Spouse Allocation (or can complete and return the Form 8379) and did not receive their EIP • Eligible individuals whose EIP was based on a 2018 or 2019 tax return where the IRS adjusted the return for a math error that negatively impacted the original amount of the EIP (e.g., Qualifying Child, Adjusted Gross Income, filing status) • Eligible individuals who were victims of identity theft and did not receive an EIP or did not receive the correct EIP amount: The IRS has said it will adjust the EIP once the identity theft issue is resolved. • Eligible individuals who did not receive an EIP because they filed a joint return with a deceased or incarcerated spouse and their EIP payment was not issued, was returned, or was canceled: The IRS is recalculating the EIP and will issue it only to the non-deceased/non-incarcerated spouse. The IRS has said that those who did not receive the funds will need to claim a credit on their 2020 return, but the National Taxpayer Advocate took umbrage at that suggestion, saying that Congress created the CARES Act to provide financial relief and boost spending and is thus urging the IRS to send the money to eligible taxpayers rather than use the 2020 tax credit option. Some recipients were mailed a prepaid EIP debit card which came in an unmarked envelope from MetaBank, N.A., a bank many had never heard of, and therefore assumed it was a scam. They threw the cards away or destroyed them. 10

Back to Work? No Thanks! Small businesses found themselves in a bit of a hiring crisis when they found their normal hourly wage couldn’t compete with the $600 a week people were receiving from the federal government. The amount works out to about $15 an hour, which is higher than what employers pay workers in many parts of the country. Bottom line: Why would someone return to work and make less money than they do staying home? Businesses which already were short of qualified workers were caught in the crosshairs of the two popular government programs the Payroll Protection Program (PPP) which provided forgivable loans to keep people on the payroll and the extra unemployment money that provided incentive to not have people on the payroll. In an effort to address this conundrum, the Small Business Administration updated its guidance, allowing businesses to have their loans forgiven even if laid-off employees decline rehiring offers. Clary says right now, most of his clients aren’t concerned about PPP loan forgiveness. The bigger questions are: Will it be taxable? And when? In 2020? Or in 2021 if they don’t apply for forgiveness until then? “There are still a lot of questions,” he says. “No one wants a big tax bill ever and certainly not when they’re barely scraping by.” Clients ask if Clary thinks there will be another stimulus package. If so, will they qualify? Will it be taxed? “Those are the questions on businesses’ minds right now,” he says. At press time, additional stimulus funding was in question. THE IMPACT OF THE IRS CLOSURE Lost in Space: Where’s My Refund? Late refunds were the norm this season. Even after reopening, IRS had to get through a backlog of 4.7 million pieces of mail. Dave Taylor, CPA, Tax Partner at BDO USA LLP, tells of a client who owns a group of beauty salons that had to close during COVID-19 restrictions. Taylor had e-filed the salon owner’s return in early March, but the IRS shutdown occurred before the return was processed, leaving the $63,000 refund in limbo. “Normally, I could call a practitioner priority phone number to

NewsAccount | November/December 2020

check the refund status, but that was closed,” Taylor says. The Taxpayer Advocate office, another typical means of problem resolution, also was closed. He eventually reached an IRS employee in May. The client’s return was stuck in a sort of IRS black hole after being flagged by the computer system. Human review of the return was required. Under normal circumstances, that would have happened within six weeks, and Taylor would have had the ability to track the return through the entire process.

The client’s return was stuck in a sort of IRS black hole after being flagged by the computer system. Human review of the return was required. With no one to contact and the automated systems endlessly showing “pending” status, the client was desperate for his refund to keep his closed businesses afloat. He applied for and received PPP funds to help fill the void. The six weeks had just expired in May when Taylor finally reached an IRS employee who was able to issue a directive for someone to either look at the return within the next five days or issue the refund. Taylor’s client finally did receive his refund along with a nominal amount of interest. “Ultimately it was a good outcome, but the refund arrived much later than expected. It made for some tense moments,” Taylor says. One of Clary’s clients, a commercial landlord, was awaiting a $1 million refund. Tenants had stopped paying rent, but the landlord still had to make his payments. Without the SBA deferrals on 7A loan payments, the client wouldn’t have been able to make his debt finance payments. The loan deferral allowed the landlord to keep employees on staff.

Tenants began paying again. The refund finally arrived, but it took a long time. “It was a stressful time for everyone,” Clary says. Notice: Payment Due In March, IRS computers produced payment due notices that sat around for months during the shutdown. When the notices hit the U.S. Postal Service in June and July, they were still displaying a response date of March 30. Understandably, taxpayers were nervous when they began receiving the notices and had missed an IRS deadline. Rather than reprint the notices, the IRS inserted a “we’re so sorry” message in each envelope, informing taxpayers they now had 30 days from receipt of the notice to respond. Another hiccup occurred alongside the July 15 extension date. Taylor’s firm had five or six clients whose payment was never associated

with the return. After receiving notices of non-payment, clients had to submit copies of their cancelled checks to resolve the matter. Taxpayers who submitted payments in response to IRS notices in March also found themselves in receipt of IRS notices claiming they owed money. Payments were stuck in the stack of millions of pieces of mail that hadn’t been processed before the automated notices were sent. Clary says the notices created a lot of undue stress and anxiety. “I’ve personally received one of these notices, and I deal with these issues daily for clients. I know how stressful this can be. Clients panic when they receive notices from the IRS. They wonder if their payment has been applied somewhere else. We told people to bring us the notices, and we would make it right.”

Clary says he knows the IRS is doing the best it can. “The Service employs a lot of great people, and they’re not out to get anyone,” he says. “But the perception is you do not want to run afoul of the IRS. The last thing anyone needs right now is more stress, and the IRS created a lot of it.” Taylor says there is a strong push for the IRS to upgrade its technology so that a future shutdown won’t cripple operations. Just like the pandemic, how that plays out remains to be seen. CDOR ISSUES REVISED CARES ACT SPECIAL GUIDANCE Go to www.colorado.gov/pacific/ tax/fyi-publications-income-tax to read the CARES Act Tax Law Changes and Colorado Impact.

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THE ECONOMY

Denver Before and During COVID-19: A Tale of Two Cities and a CPA’s Leadership BY NATALIE ROONEY

In February 2020, Denver was buzzing. The Mile High City had recovered impressively after the Great Recession – more strongly than many of its peers. Multiple Top 10 lists named Denver for metrics like GDP, household income, growth of workforce, and unemployment rate (a low 2.8 percent back then).

n 2019, U.S. News & World Report named Denver the second-best U.S. city in which to live. In 2019, Forbes ranked Denver fourth on its list of Best Places For Business And Careers. Last year, also, Denver ranked near the top of LendingTree’s Magnify Money naming the best cities for working women. Denver’s tech sector was booming, and Fortune 500 companies such as VF Corporation, which includes brands such as North Face, JanSport, Smartwool, and Western Union, relocated to take advantage of a young, well-educated workforce. “Our success in attracting companies such as VF Corp, Western Union, Checkr, Wix, and Marqeta, to name a few, is thanks to the collaborative entrepreneurial ecosystem that Denver offers, our healthy lifestyle, and a top-notch global transportation hub in Denver International Airport, but also to

an alignment of cultural values,” says Eric Hiraga, Denver Economic Development & Opportunity (DEDO) Executive Director. “These big company relocations and expansions fulfill our desire to attract firms that are global leaders in their respective industries, as well as in terms of their commitment to environmental and social responsibility, diversity, equity, and strong grassroots community enrichment.” Denver was hot. And then suddenly, it wasn’t. STAY AT HOME On March 12, Denver Mayor Michael B. Hancock issued an emergency declaration discouraging large gatherings from taking place within the City and County of Denver to protect public health and safety and mitigate the potential spread of COVID-19. An explicit stay-at-home order went into effect on March 24. “It was obvious we were going

NewsAccount | November/December 2020

to enter a severe economic crisis on top of the public health crisis,” says Hiraga. Hiraga and DEDO staff met with Hancock and his cabinet to begin working with the private and nonprofit sectors to learn and understand directly from the industries themselves how they were being impacted, the barriers they were facing, and how the city could provide urgently needed relief. The decision was made to create the Economic Relief & Recovery Council (ERRC). The advisory group provides strategic recommendations to the mayor and Denver’s executive leadership on how to mitigate and prevent further negative impacts of COVID19, as well as accelerate future growth in the Denver economy and businesses through an equitable lens. “Our first priority was to work with the mayor to identify a strong leader who could guide a multidisciplinary council and lead the effort,” says Hiraga.

much as three times a day in the earliest and most critical days of Denver’s shutdown.

that best fit the needs of businesses and employees.

A PHASED APPROACH Davis says the ERRC’s efforts to help businesses focuses on three different phases for economic relief and recovery:*

• Better understand the long-term socioeconomic impacts of the COVID-19 impact, and strategize targeted relief to build stronger businesses and communities.

Phase 1: Urgent Relief Efforts – March 2020 ongoing • Provide immediate support to the most vulnerable businesses and employees with existing resources. • Identify regional and federal relief resources available for Denver’s small businesses. • Assess the impact on the workforce and need for re-skilling/retraining. • Create a roadmap to identify the most urgent needs among businesses. • Eliminate red tape to create more efficient regulatory review. • Identify where the city can fill social service gaps. • Collaborate with regional and federal partners. • Collect and analyze data to better understand the localized impacts of COVID-19. That strong leader turned out to be COCPA member Lori Davis, CPA, managing partner of Grant Thornton’s (GT) Denver office. Hancock was familiar with Davis through her involvement with the community and various leadership roles. “When we looked at her experience at Grant Thornton and beyond, and the industries she worked in such as insurance, real estate, energy, tax, and hospitality, we knew she had the skills and understanding to lead such a complex effort,” Hiraga says.

Phase 2: Stabilization – April 2020 - ongoing • Develop business stabilization strategies with a focus on resiliency and equity to support small businesses and industries most impacted. • Explore more robust and long-lasting re-training and re-skilling efforts for those portions of the workforce most affected by the COVID-19 crisis. • Offer new, affordable technical services to build and maintain the health and resiliency of small businesses. • Contingency planning for another economic/public health emergency. • Leveraging new Coronavirus Relief Fund dollars and other federal support.

The ERRC team began meeting virtually, sometimes as much as three times a day in the earliest and most critical days. In early April, Davis’s phone rang. Mayor Hancock asked Davis to meet with DEDO staff and hear about the vision. Davis accepted the opportunity, and the ERRC team began meeting virtually, sometimes as

• Focus on city infrastructure projects and counter-cyclical investments to improve public infrastructure. • Continue to analyze data collected from the small business community to inform development of tools and resources

*Source: COVID-19 Economic Relief— Progress Report: AUGUST 2020

Phase 3: Recovery – August 2020 - ongoing • Develop strategies to drive traffic back to businesses as the economy reopens. • Collaborate with partners on how to safely get people back to work. • Develop long-term, sustainable economic recovery strategies in response to anticipated recessionary trends throughout the local, national, and global economies. • May include modernizing infrastructure, assisting companies with supply chain challenges, creating additional shovel-ready jobs, and informing the creation of longer-term workforce development programs and partnerships to meet industry needs. • Continue to enact affordable housing strategies. • Continue to develop and implement Good Jobs strategies with local employers and industry partners. • Take into consideration the structural economic and social changes brought on by the COVID-19 crisis. Develop new knowledge about resiliency in both industry and in the macroeconomic atmosphere, and apply it to build out a new, long-term economic development strategy that will meet the new needs of employers and employees. Five ERRC committees were quickly established: 1. REACH - Restaurant, Entertainment, Arts, Culture, Hospitality. These groups had the most urgent need for relief. 2. Construction and Development 3. Small and Medium Businesses/Back in Business (includes Microbusiness and Buy Local Subcommittees) 4. Large Employers and Anchor Institutions (includes Digital Divide, Quality Jobs, and Cyclovia Subcommittees) 5. Strategic Partners The Strategic Partners Committee, composed of members from nonprofit organizations and business improvement districts, ensures that decision-making processes and CONTINUED ON PAGE 14

November/December 2020 | www.cocpa.org

THE ECONOMY CONTINUED FROM PAGE 13 practices consider and implement opportunities for diversity of vendors and participants, equity and inclusion throughout all programming, and access for all participants.

“We wanted to be sure we were using an equity lens and not leaving anyone behind.” “We wanted to be sure we were using an equity lens and not leaving anyone behind,” Davis says. “It was helpful in making sure we included everyone in our recommendations.” In all, 120 people participated on the committees and subcommittees which included two representatives from every city agency. For the first few months, the ERRC met with Hancock weekly to provide a progress report. Subcommittees submitted recommendations based on what they were hearing their constituents needed. City agencies helped navigate the process for any approvals or regulatory issues, explaining what needed to happen at the city level. “If the ideas and recommendations we were submitting needed action from several city agencies or were overly complex, we worked with the city’s leadership to help expedite the process,” Davis says. “They weren’t crazy ideas. It was about getting in front of the city, explaining what the timing needed to be, and encouraging the agencies to examine how we could speed things along. They were very willing to work with us and were so supportive.” GETTING RESULTS The ERRC held town hall meetings with restaurants, microbusinesses, gyms and studios, music venues, cultural nonprofits, financial institutions, and grocers to determine their needs. One of the most urgent efforts focused on patio expansions for restaurants. Davis said various city agencies worked together practically around the clock to approve 318 expansions in just 45 days. The approvals included nine street closures and two communal dining areas. “That’s unheard of,” Davis says. “Normally the process involves many agencies to get approval and conduct inspections, so to have these approvals happen so quickly was 14

WHAT’S HAPPENING WITH THE RIVER MILE? NewsAccount contributing writer Natalie Rooney checked in with Rhys Duggan, president and CEO of Revesco Properties and the developer of The River Mile, a new urban district centered around the South Platte River. It is being designed to transform a mile-long stretch of the river into a “social catalyst” with homes, restaurants, retail, and entertainment offerings that open up to the river. Duggan says COVID-19 hasn’t really impacted the project with the exception of not being able to open Elitch Gardens this summer. The River Mile will sit on the current Elitch Gardens site. So essentially, it has been business as usual for The River Mile. Duggan continues to work with the City and County of Denver on the infrastructure master plan. The river design documents are 60 percent complete for the renovation of the one mile stretch of river. “That’s what I like about this project,” Duggan says. “It’s such a long-term time horizon project that the ups and downs in the market don’t affect us much. Dips are just part of the timeline.”

a huge help to Denver’s restaurant industry. We were doing a lot of work around processes.” Other urgent relief programs, as of August 2020 (with additional funds forthcoming), included: Nonprofit Emergency Relief Fund Grants • $2 million total • ~200 grants to be awarded in three tranches • Grants up to $15,000 per organization Small Business Emergency Relief Fund Grants • $7.3 million • ~1,000 grants awarded up to $7,500 per business

NewsAccount | November/December 2020

PPE Kits for Small Businesses/Nonprofits • 4,000+ free kits provided • $1.5 million Business Loan Deferments • 14 Deferments • $30,000 in monthly payments deferred on current small business loans Virtual Workforce Services • Helped 4,000 individuals, 1,000 businesses through 160 events in March— June through virtual job fairs and one-on-one coaching Venue, Concert Hall, Event Reopening Guidelines • Developed with industry input to provide guidance on how to safely reopen various event spaces

Late Fee and Penalties Waived by the City • Waived 100% of interest associated with the late payment of property taxes through Oct. 1, 2020, following the state legislature’s passage of House Bill 20-1421 • Extended the 2020 Personal Property Declaration filing deadline for businesses • Waived the 15 percent penalty for late payment of February, March, and April sales, use, and occupational privilege taxes Davis says the money Denver received from the Coronavirus Aid, Relief, and Economic Security (CARES) Act helped fund the grants and was distributed with the help of the ERRC’s Strategic Partners Committee. Of the more than 1,000 grants totaling $7.3 million, 65 percent went to minority and women-owned businesses, and 80 percent of which employed 10 or fewer people. “We could really focus on the smaller businesses that were hurting and needed money,” she says. TRENDING UP If you look at urban centers and downtowns across the U.S., Hiraga says all of them are facing similar challenges. Downtowns serve as a focal point for office buildings, entertainment, shopping, dining, culture, and sports, so naturally, COVID-19 impacted downtowns more severely than suburbs or rural areas. While challenges remain, things are trending in the right direction for Denver. April pedestrian counts along the 16th Street Mall and the business district were down 85 percent. That number has since rebounded slightly to 75 percent, but urban centers around the country also are experiencing civil unrest which Hiraga says is contributing to the reduced levels of downtown foot traffic. Hotel occupancy was at a low of 10 percent in April but bumped up to 28 percent in June. Open Table data shows continued improvement. Denver’s unemployment rate, which was 13.2 percent in April, dropped to 8.8 percent by July. “We’re seeing a steady recovery and stabilization,” Hiraga says. “It’s encouraging to be trending in the right direction. We’ve made the most of our resources as we work with the city’s finance department to deploy federal COVID relief funds to Denver’s small businesses.”

A recent report from Moody’s Analytics highlighted the cities that are best positioned to recover from the coronavirus pandemic. Denver is in the top 10 once again along with Boise, ID; Durham, NC; Madison, WI; Provo, UT; Raleigh, NC; Salt Lake City, UT; San Jose, CA; Tucson, AZ; and Washington, DC. WHAT WE’VE LEARNED For the next three years, DEDO is focusing its efforts on: • Inclusive, equitable recovery and growth • Good jobs and green jobs strategies • Workforce training and retraining • Business attraction and retention DEDO also is studying whether some of the

The ERRC is working with the Denver Downtown Partnership to encourage people to safely come and enjoy downtown Denver. Many companies are still without a structured plan to transition back to in-person office work which means downtown businesses will continue to struggle. “It’s critical to get people back out there whether it’s to restaurants or retail,” Davis says. A CPA MAKING A DIFFERENCE The DEDO team says the ERRC has benefited tremendously from the CPA skill set Davis brings to the table. “Her leadership and management skills, public speaking confidence, business expertise in many different sectors, knowledge of systems, and communication skills are invaluable,” Hiraga says. “She

“We’ve taken away some of the barriers and challenges and are seeing that virtual hearings and meetings do work.” streamlined processes that helped businesses get back on their feet should be made permanent, beyond the current COVID-19 environment. The migration toward virtual public meetings and judicial hearings is just one example of a COVID-era function that might have staying power. “There are benefits for citizens who want to participate but can’t attend in person at city hall or a local rec center,” Hiraga says. “We’ve taken away some of the barriers and challenges and are seeing that virtual hearings and meetings do work.” Regulatory changes also may be made permanent. The City of Denver has been studying improvements to its Prompt Pay system to speed up payments to city construction contractors. In terms of efficiencies and improvements, Hiraga points to how the pandemic pulled city agencies together to work collaboratively and partner with the ERRC to successfully learn what the private and nonprofit sectors needed. “There will be systems and relationships that last long beyond this crisis,” he says. There’s no defined timeframe for the ERRC’s continued operations. Hancock originally considered an 18-month timespan. “The first four to five months were pretty intense, but meetings are ongoing,” Davis says. “We’re shifting to the mid- and longer-range efforts knowing that if things go haywire, we might have to shift back to urgent relief.”

brought a lot to us.” DEDO spokesperson Leesly Leon says Davis also brings a “lens of diversity, equity, and inclusion” to the ERRC. “She is always mindful of how recommendations, policies, and procedures benefit everybody,” Leon says. “She thinks about the microbusinesses and neighborhoods that make up the diverse fabric of our community and demonstrates her commitment to providing everybody with the opportunity to find a job, get a home, and build a future here with us.” “We are grateful for Lori’s strategic leadership as chair of the city’s Economic Relief & Recovery Council,” says Mayor Michael B. Hancock. “This was a huge undertaking, and she has led with grace and the courage we need to find solutions to the immense challenges our business community has been facing due to Covid-19. Her contributions, and those of the entire ERRC, will have a lasting effect on Denver. We look forward to continuing our partnership.” For her part, Davis says she has learned a lot. “It was intense work, but because I wasn’t traveling, I had the capacity to take on the role. It was my way of giving back to the community and doing my part.”

November/December 2020 | www.cocpa.org

COMMUNITY ISSUES

Homelessness and COVID-19: The Public Health Crisis Within a Public Health Crisis BY NATALIE ROONEY

NewsAccount | November/December 2020

A recent analysis by Columbia University projects a 40-45 percent increase in homelessness due to the COVID-19 pandemic and resulting recession. But what happens when there’s a stay-athome order, and you don’t have a home in which to stay? That question is just one of the many issues facing Colorado’s homeless population and the organizations working to provide support before, during, and, some day, after COVID-19.

athy Alderman is Chief Communications and Public Policy Officer for the Colorado Coalition for the Homeless (CCH) in Denver. CCH primarily serves Denver with a range of programs to improve the health, well-being, and stability of the homeless population. As a statewide organization, it also works to obtain federal resources for Colorado’s 54 counties outside of the Front Range. Census data put the number of people experiencing homelessness in Colorado at 10,000, but Alderman says that number is greatly underestimated. Department of Education data show that 26,000 students are homeless, moving amongst family members for shelter. Alderman estimates the number of homeless in Colorado is much closer to 30,000. Britta Fisher, Chief Housing Officer for the City and County of Denver’s Department of Housing Stability (HOST), says most sheltering systems are designed to serve as overnight emergency shelter. People would spend the night in a shelter and spend their days elsewhere.

Physical distancing immediately rendered 1,200 beds – 56 percent of supply – unusable. Once COVID-19 hit, people had nowhere else to go. In addition, physical distancing immediately rendered 1,200 beds – 56 percent of supply – unusable. “COVID is damaging to our sheltering system,” she says. “It was a huge, quick hit.” The HOST team met daily with public health officials to come up with alternatives. Auxiliary shelters at the Denver Coliseum and the National Western Complex were set up in a matter of weeks so that the same number of people could be served. The city also contracted with hotels and motels to rent rooms for the most at-risk population – over age 65 and/or having underlying health conditions. “We needed to get them out of the congregate settings,” Fisher says. Approximately 800 rooms in Denver are available - and nearly 1,600 statewide. The hotels are reimbursed with funds from FEMA. National Guard troops were called in to provide support for the sheltering mission, setting up the 1,000 new beds and helping with logistics at hotels and motels because there wasn’t enough staff to

cover the many locations. Facilities that were normally overnight only locations were converted to around-the-clock models so people could shelter in place per Gov. Polis’s executive orders. “It was a huge collaborative effort that required actual troops on the ground,” Fisher says. The increase in outdoor camping is easily noticed in the state’s metro areas. “It tells us more people are entering the cycle of homelessness because of a job loss or the end of unemployment benefits,” Alderman explains. Testing has taken place at various Denver encampments, and the number of COVID-19 cases at these locations has remained low. In comparison, the positivity rate at shelters started at 20 percent and is now 7 percent. “That was enlightening,” Alderman says. But that’s not to say encampments are the answer to COVID-19 because of the many other risks associated with living outside like violence and criminal activity, weather, and a lack of access to restrooms and sanitation. While the CDC moratorium on evictions may slow a spike in homelessness, it may just be kicking the can down the road until the moratorium expires Dec. 31. In addition, the moratorium doesn’t cancel rent nor does it come with additional dollars to pay current and back rent. BEYOND DENVER METRO Grand Junction is home to HomewardBound, the only year-round homeless center between Denver and Salt Lake City. Although the organization recently opened a second facility, Pathways Family Shelter for families and women, the combination of COVID-19 and the summer wildfires, not only in Colorado, but also in California and Oregon, pushed up demand for services. In addition to finding places to house people, HomewardBound makes a concerted effort to help people who are in jeopardy of losing their existing housing to stay where they are, explains Clarita Inman, Housing and Support Services Coordinator. “It’s more difficult to rehouse people than to maintain them where they are, so there was an increased need for those types of services beyond just increasing our capacity.” Inman says the pandemic impacted people even if they didn’t have COVID-19 themselves because of the reduction in services by other agencies for things like health care and regular mental health services. “The reduction in mental health care services has been its own crisis,” she says. “There was suddenly a lack of places people could go during the day just to be inside, sit down, and have a meal. Most of us get a break from wearing our masks when we go home, but now people have to wear masks in the shelters they’re calling home. That takes a toll on mental health. There’s no safe space.” CONTINUED ON PAGE 18 November/December 2020 | www.cocpa.org

COMMUNITY ISSUES CONTINUED FROM PAGE 17 Judy McNeilsmith, Program Services Director at La Puente Home in Alamosa, says homelessness in rural areas isn’t as visible as it is in urban areas where people are on the streets and in parks. “Folks here are typically couch surfing, but when everything shut down, they had nowhere to go to get warm, drink a cup of coffee, or do any of the things they’d need to do if they were living outside. That pushed folks to be more visible.” La Puente Home works with individuals to get them back on their feet. Typically, individuals or families stay in the congregate facility for 30 days while they work with a case manager. COVID changed all of that, causing La Puente to go into a holding pattern. No new people came in, and the people who were already there stayed on. “We don’t want folks to leave if they don’t have a place to go,” McNeilsmith says. They continue to operate at less than half capacity. Alamosa has a homeless population that is living outside. City and county medical ROONEY and law enforcement communities have come BY NATALIE together to help in every way possible, realizing it’s not safe to move people during the pandemic. People at the encampment do have access to public restroom facilities. “It’s not ideal for the long term,” McNeilsmith says. “We would rather get people into housing, but it’s a first step.” In Durango, Housing Solutions for the Southwest serves five rural counties with a population between 90,000 and 100,000, says Brigid Korce, Program and Development Director and HUD Certified Housing Counselor. She explains that the area saw a lot more camping over the summer by people experiencing homelessness. “Southwest Colorado has some great shelter providers, but some people say they feel safer outside rather than moving into a congregate setting,” she says. “We’ve been trying to increase our outreach to move people into permanent housing as cold weather comes, but we are waiting on additional resources.” Korce says organizations in the southwest corner of Colorado have made significant investment in homeless prevention, using state and federal funds and support from foundations. “Many more middle income families are looking to us for assistance, and those who have struggled seem to have larger, more difficult housing needs at this time. We’re doing everything we can to keep every household housed during this pandemic,” she says. “Even if someone’s housing instability or inability to afford rent isn’t directly due to COVID-19, it’s more crucial now to help them; we cannot afford to let homelessness increase.” The need for housing intersects with every other type of service. Housing Solutions for the Southwest provides specialized housing assistance to many domestic violence and sexual assault survivors as well as crime victims. Korce says the organization is seeing an increasing need for individuals experiencing these traumas. “A bright light shines on how inequity shows up in the lives of those we serve, especially through limited access to the Internet and a phone,” Korce explains. “As many social, health and education resources have moved to online platforms or by phone, the need for telephone and internet is more important than ever. Many of those we work with have struggled to meet communication needs, and this impacts their ability to access assistance, unemployment, healthcare, and education options.” STATE AND FEDERAL FUNDING AND ASSISTANCE The Colorado Department of Local Affairs (DOLA) Division of Housing (DOH) has been working closely with the Colorado Department of Public Health and Environment (CDPHE) as well as other state, city, 18

NewsAccount | November/December 2020

county, and federal partners to develop and implement a coordinated COVID-19 response. Colorado’s DOH received $30 million from the federal government’s state disaster fund and the CARES Act. The first $3 million was distributed to 18 different organizations to help with housing across the state. Then $10 million was distributed by executive order for rental assistance to ensure people could stay in their homes, says Natriece Bryant, Deputy Executive Director for the Colorado Department of Local Affairs. During Colorado’s abbreviated 2020 legislative session, legislators passed House Bill 20-1410 which created the Property Owner Preservation Program (POP) for landlords and the Emergency Housing Assistance Program (EHAP) for renters, with $19.65 million allocated to the program. “Property owners have to pay their mortgage regardless of whether their renters paid,” Bryant says. “The legislation allows property owners to keep their mortgages paid and their units open to renters.” Under the programs, landlords and property owners can seek payment for eligible tenants in arrears who have experienced financial need since March 1, 2020, and have not received other pandemic-related housing assistance from the state. Bryant says so far, POP assistance has helped 3,400 households to stay in their homes. EHAP has helped 978 households. The DOH also created the MODEL Repayment Agreement for Tenants and Landlords to help landlords and tenants create an agreement for payment of rent. “It gives renters and tenants the ability to have tough legal discussions,” Bryant says. The materials have been translated into the top five languages spoken in Colorado: English, Spanish, Somali, Vietnamese, and Chinese.

“Even if someone’s housing instability or inability to afford rent isn’t directly due to COVID-19, it’s more crucial now to help them; we cannot afford to let homelessness increase.” The POP and EHAP applications and the MODEL Repayment Agreement for Tenants and Landlords can be found on the DOH Eviction and Foreclosure Prevention website at cdola.colorado.gov/housing-covid19-eviction along with other resources for Coloradans who need help in meeting their housing financial obligations. In the Office of Housing Stability, Fisher says they are still finding ways to use funds. CARES Act dollars were helpful, as were nearly $100 million from the City of Denver. “So many people swiveled to meet the urgent needs and then worked, on the back of the house side, to make it all align,” Fisher says. “We’re

really grateful to have creative, mission-driven organizations that were willing to say, ‘OK, we’re going to figure out contract amendments later. Right now, we need to do what needs to be done.’ We were able to align the dollars and contracts - and serve people first.” In Grand Junction, HomewardBound Development Director Jesse Redmond says the organization saw an increase in donations from individuals and also received funding from government entities and private foundations. “Individual giving increased in March through May, and then funding from the state helped with food insecurity and hunger needs,” he says. Local foundations partnered with the City of Grand Junction and allocated $50,000 to HomewardBound in the early days of the quarantine. As the pandemic drags on, Alderman at CCH worries that people who donated in the beginning may begin to be impacted personally. Across the board, donations went up in the early days, then stabilized, and are now not as robust as they were. “It’s not surprising, but this is something all nonprofits have to think about and budget around,” she says.

time. That weighs heavily on my mind.” On top of the COVID housing issues, Housing Solutions for Southwest Colorado had other projects in process, such as a 40-unit housing development for those who have been homeless and are at 30% of the Area Median Income or below. “You begin to be concerned about fundraising for other projects that are in the pipeline and making those a reality when resources have been diverted to COVID.” Korce says the hardest thing is not knowing where this virus will take us, how it will impact people, and where they’ll be as an organization. “When you work at a nonprofit, you rely on working ahead and strategizing. That’s hard to do right now.” Demand is outpacing availability in Grand Junction as well, especially as temperatures drop. The new shelter for women and families is already filling up. Redmond says HomewardBound is working on the long-term issue of homelessness one individual and family at a time rather than trying to fix homelessness itself. “We’re focusing on each person who comes in and what is needed,” he says. “That’s where real long-term change comes from – helping people receive the services, education, and support they need to get into their home, stay there, feel confident, and be a contributing member of society. It’s comprehensive support achieved at each individual’s own pace and level.” THE BIG PUZZLE So many dedicated organizations across Colorado are working together to address the combined crises of homelessness and COVID-19. Local communities have pulled together, but Alderman says more needs to happen at the state level to manage the public health crisis within the public health crisis. With limited state funding sources, communities are reliant on the federal government to come up with another package of resources. “That will be the critical issue as the members of Congress return to work,” Alderman says. “Can they come together and help people who are struggling through no fault of their own? The homelessness services system was never well funded, and now with increased numbers and new complications with space and different levels of clinical care, an already overburdened system is spread even thinner.”

WHAT WILL WINTER BRING? Even with a new Denver shelter opening in December, Alderman fears it still won’t be enough as long as shelters must operate at reduced capacities. Ideally, she would like to bring on more hotel and motel rooms, but the organization doesn’t have enough staff to send to those sites. “We need to work with the city and other agencies to find staffing and services resources so we can bring more spaces online,” she says. Korce is concerned about being able to move quickly enough to meet the growing need for housing in the southwest. “We don’t have enough affordable apartments, and sometimes there’s a wait for state and federal resources,” she says. “Our state and federal funders are working to get these resources to rural communities, but it just takes

It all makes for a complex puzzle that needs to be put together while managing the crisis. “Operating in this environment has made these months the busiest and most stressful of my career,” Alderman says. “People talk about what COVID has done to our economy, people’s jobs, and homelessness, but homelessness was already a crisis. We’ve been in crisis mode for far too many years. How will we manage this? If I sound anxious, it’s because we’re getting through the COVID response the best we can while trying to address homelessness itself. If homelessness triples or quadruples, I don’t know how we’ll manage.”

November/December 2020 | www.cocpa.org

DIVERSITY, EQUITY & INCLUSION

Putting Aside Our Fear: Courageous Conversations on DE&I BY NATALIE ROONEY

Feeling awkward about starting conversations on diversity, equity, and inclusion at your organization? Crystal Cooke, AICPA Director of Diversity & Inclusion, offers accounting professionals some advice about how to put fear aside and just do it. EDUCATING EACH OTHER Let’s immediately address the elephant in the room: Starting conversations about diversity, equity, and inclusion (DE&I) can feel awkward. Everyone seems to feel afraid they’ll upset someone or say the wrong thing, says Crystal Cooke, AICPA Director of Diversity & Inclusion. That’s why she wholeheartedly believes in the concept of “suspending our right to be offended” so that everyone embarking on such conversations knows upfront that they have a safe place to ask questions. “If you’re not sure about what to say, we’ll help you – no harm, no foul. People need to know they have someone they can talk to,” she says. Cooke is open and direct, and she wants you to ask questions – lots and lots of questions. In her role, Cooke says much of her time is spent just talking and answering questions about DE&I, which she loves. “How can we grow and learn if we don’t share across cultures?” she asks. It’s all of our responsibility to educate each other. If you preface a question with curiosity and show that you’re trying to learn rather than say something inappropriate, you’ll get a positive response. 20

Show you genuinely care, want to understand, and are asking for help. How can anyone turn that away?” Not asking a question or addressing an issue because the subject matter might feel awkward or uncomfortable is something we all need to address, Cooke adds. “If we don’t, how will anything change? When we learn to share all of these nuggets of wisdom, that’s when we will move the needle. Then these types of discussions will become more common.” CREATING PSYCHOLOGICAL SAFETY Leaders, of course, need to be involved and lead DE&I efforts by example, but the effort needs to happen from the bottom up, as well. Cooke says CEOs frequently believe their organizations are diverse and inclusive, but discussions with associates tell a completely different story. “There can be a big disconnect,” she says. “CEOs can sing their company policies from the rooftops, but if the message isn’t trickling down to managers and staff, policies just aren’t effective.” A concept called the “frozen middle” describes managers who don’t understand

NewsAccount | November/December 2020

how to make people feel included. The result is unintentionally excluding individuals. Staff don’t know who to approach for guidance because the CEO says they’re an inclusive organization. Managers need guidance on how to implement this. To combat the frozen middle, Cooke says CEOs and senior leaders need to require inclusivity training that teaches people how to be good managers and have important conversations with staff. “You have to create that environment,” she says. Cooke is quick to point out simple ways to encourage inclusivity. With her own team, she starts off weekly meetings by letting people talk and get to know each other via a question of the week. Questions can be as simple as discussing the number of siblings you have. The key: It’s nothing related to work. “It’s just a way for us to talk and learn about each other,” Cooke says. “When you learn things about each other, you trust each other more and feel safe talking to each other. You’re building an environment so when something goes wrong, you can speak more comfortably.”

This concept of “psychological safety” is gaining traction in the business community. “In the past, I’ve seen managers who weren’t inclusive,” Cooke reflects. “It’s often not their fault. They weren’t trained in how to do it.” For that very reason, leaders need to roll out these concepts and provide the necessary training to demonstrate leadership’s commitment to inclusion throughout the organization. “In the end, people don’t leave organizations because of their CEO,” Cooke says. “They leave because of their manager and the team they interact with every day.” ON THE LEADING EDGE PwC Chairman Tim Ryan has been a vocal leader for DE&I initiatives. He co-founded CEO Action for Diversity & Inclusion, which is a coalition of CEOs with the goal of collectively taking measurable action in advancing diversity, equity, and inclusion in the workplace. The CEO Action for Diversity & Inclusion includes a pledge and core commitments: • Continue to make our workplaces trusting places to have complex, and sometimes difficult, conversations about diversity and inclusion.

• Implement and expand unconscious bias education. • Share best—and unsuccessful—practices. • Create and share strategic inclusion and diversity plans with our board of directors. More than 1,300 CEOs representing more than 85 industries and touching 13 million+ employees have signed the pledge including more than 60 accounting firms and organizations. Companies recognize that signing the pledge is the first of many important steps toward meaningful change. Those who sign receive free access to resources such as videos and PowerPoint presentations with embedded talking points and facilitator guides for having courageous conversations about DI. Cooke says companies are asking how to handle conversations about racial inequities. What should they say and do? Should they be silent? CEO Action for Diversity & Inclusion provides resources to help navigate that. Ryan also provides guidance on this topic himself. Earlier in 2020, he reached out to every CEO who had signed the pledge with the following suggestions to consider in light of recent, racially charged events in the U.S.:

“When you learn things about each other, you trust each other more and feel safe talking to each other. You’re building an environment so when something goes wrong, you can speak more comfortably.”

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• Reach out and communicate with your employees. Now is an important time to reaffirm our commitment to diversity and inclusion and to denounce racism. • Keep diversity and inclusion at the top of the agenda. As we work to reimagine our businesses and workplaces in the wake of the pandemic, we must make sure we don’t pull back on our focus on diversity and inclusion. • Pull together your communities to have conversations of understanding. While we can’t be together in person, we must be intentional in having these conversations virtually – whether to give voice to the fears and frustrations many are feeling or to offer support. Please consider holding conversations of understanding in your organizations in the coming weeks. “Ryan’s action steps are aimed at helping to remove the fear around these discussions and encourage engagement,” Cooke says. “It goes back to how hard it is to talk about these issues. CEO Action for Diversity & Inclusion educates and shares guidance around how we all can talk about it.” Association of International Certified Professional Accountants President and CEO Barry Melancon has signed the pledge and is committed to doing more than just signing. The AICPA National Commission on Diversity and Inclusion held a forum in late October on courageous conversations to further share insights on how to have meaningful discussions around these difficult topics. EVERYONE HAS A ROLE Even if you’re not currently in a leadership role, you can have an impact on DE&I at your organization. Lead by example, and show people what they should be doing. “If you see something, say something,” Cooke encourages. “Stand up for people. Have their backs. The power of influence is amazing. Tim Ryan talks about using his privilege, but we all have privilege in different situations. Let’s use that privilege for good.” The CEO Action for Diversity & Inclusion includes a component for individuals to sign called the I ACT ON pledge, a personal pledge that any individual can take to help drive inclusive behavior in everyday life. COCPA CEO Mary E. Medley has signed it. “It demonstrates your commitment to take action in support of making our workplaces more inclusive. It’s checking biases at the door, speaking up for others, and doing your part,” she says. CONTINUED ON PAGE 22

November/December 2020 | www.cocpa.org

DIVERSITY, EQUITY & INCLUSION CONTINUED FROM PAGE 21 “We can’t expect our leaders and DE&I professionals to do all the work,” Cooke says. “We all play a part in changing the narrative and how we treat each other. The I ACT ON pledge is a great way to incorporate staff in helping to create an inclusive workplace.” DIVERSITY BEYOND HIRING The saying goes that diversity is being invited to the party; equity is being on the party planning committee; and inclusion is everyone being able to dance at the party and incorporating music from all backgrounds. While Cooke says that this tends to oversimplify DE&I, it reinforces that diversity doesn’t end with hiring. “Someone is in the door. Now what?” she asks. “How do you include them, make them feel valued and part of the team, and make sure they’re not being left behind? Being a contributing part of the team is critical. It’s a sense of belonging. Now that someone is in, does he have a voice? Who speaks on her behalf if there are minorities in your organization but none in leadership?” Organizations also should hold themselves accountable by performing engagement surveys with staff and evaluating things like promotions and hiring to ensure that they are done in an unbiased way. No one person should be making hiring decisions, Cooke says. “Hiring should be done in a way that doesn’t incorporate the biases we all have. We need to make sure we’re being well rounded.” When it comes to retention, research shows that some people of color leave an organization because they don’t feel they’re part of the team. “When there are social events, is everyone included? Are you doing things that everyone likes?” Cooke says. “Does everyone on the team have the opportunity to contribute and voice what interests them? That speaks to inclusivity. People don’t seem to be receiving inclusivity training,” Cooke says. “I never had it until I sought it on my own. I’ve learned that it’s an important aspect of leadership.” “DE&I is more than checking a box,” Cooke continues. “While hiring a DE&I professional to guide an organization is a positive step, each person in an organization still has a role. Success in this space comes from a combination of things beyond hiring.” AICPA DE&I RESOURCES The AICPA offers online DE&I resources on its Diversity and Inclusion Initiatives web

Organizations also should hold themselves accountable by performing engagement surveys with staff and evaluating things like promotions and hiring to ensure that they are done in an unbiased way. pages at www.aicpa.org/career/diversityinitiatives.html. If you’re wondering how to begin, a first step is to gain leadership buy-in on the business case for diversity, equity, and inclusion. Is there alignment on what DE&I means and that it’s important? “These are first steps for everyone,” Cooke says. “No one can grow and advance in this space without determining where they are now and setting a benchmark.” The Accounting Inclusion Maturity Model is an online assessment that firms and accounting-related organizations can use to measure their DE&I progress. It measures 13 competencies in four core areas, including: • Workplace - Is leadership held accountable? - Do you have a strategic plan for DE&I? - Is training required for staff? • Workforce - Are you hiring diverse candidates? - Are practices in place to remove biases? - Do you have benefits that support everyone? • Marketplace - Are you advertising in a way that people know DE&I is one of your company values?

The tool measures organizations on a spectrum from aspiring (beginners in this journey) to optimizing (at the top of your DE&I game). And you can meet with Cooke to understand your results. “Most organizations aren’t yet optimizing, but if you are, that’s great. Make sure you stay there!” The assessment tool also shows how your organization stacks up. You can see how everyone else who has completed the assessment is moving along so you don’t get left behind. Cooke emphasizes, “Everyone’s journey is different, but it helps to understand how you compare to others who are walking the same path.” Cooke says once you’ve assessed your current status, use your results to guide you through the development of a DE&I strategic plan. “It’s important to think beyond 2020,” she says. “How are you going to show your staff that this isn’t just lip service and efforts won’t fall off the radar? This tool will help you start your journey towards developing a thoughtful approach your staff will appreciate.” While 2020 has brought about many challenges, Cooke emphasizes now is the time for organizations to take action and move forward. “We don’t want to be in this same place five years from now.”

- Does your website show DE&I is one of your company values? - Do you represent the communities you serve? • Supplier and Community - Are your vendors diverse? - Does your staff have the opportunity to give to diverse organizations? The assessment questions are available for download at www.aicpainclusion.com/ cache/secure/AssessmentQuestions.pdf.

NewsAccount | November/December 2020

To learn more and to sign the I ACT ON pledge, visit ceoaction.com.

I pledge today to act on supporting inclusion.

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HUMAN RESOURCES

Leadership During a Crisis: What Your Team Needs From You Now BY NATALIE ROONEY

This isn’t an easy time to be a leader. Everything is uncertain. Employers are trying to figure out what’s next after more than eight months of disruptions from COVID-19 while employees are continuing to balance working from home, sometimes in less-than-ideal circumstances. What do teams need from their leaders as we continue to navigate through uncertain times, look ahead to 2021, and consider what a return to the office might look like? Mike Bearup, CPA, Denver Office Managing Partner, KPMG LLP, shares his insights on leading through a crisis. COMMUNICATION IS KEY Right now, it’s important for leaders to pay particular attention to how they’re messaging and communicating with their people. It’s challenging, but not impossible, to find a way to be confident and realistic. “You really have to paint a vision for your people to show what it looks like as we go through this together and what it will look like when we’re able to get back together in person,” says Mike Bearup, CPA, Denver Office Managing Partner at KPMG LLP. He’s focused on presenting positive, confident messaging that’s appropriately balanced with realism. He admits that can be challenging at times. “We’re being hit with all of these things at once,” Bearup says. “There’s a pandemic that we don’t seem to be able to put back in its box and move past; an economic crisis that’s impacting our families, friends, and favorite businesses; and a social and political situation that’s creating even more anxiety. There can be things we’re grateful we’re learning, but this is a tragedy. And people are hurting.” BE AUTHENTIC Dealing with stress and fatigue isn’t new, but what is new is that we seem to be dealing with both of these factors, and more, at the same time. It all has come together in a perfect storm. Bearup says that’s why it’s so important to find that balance of confidence and empathy. “Now is the time we’re seeing authentic leaders really find their voice, to authentically work with their people and lead them through,” he says. “It’s critical to be confident, realistic, and authentic – and to acknowledge the challenges.” Being authentic means showing your own vulnerability. During one of his weekly emails to his team, Bearup admitted he just wasn’t feeling it. “I was grumpy when I was writing, and I acknowledged that I was being a grump,” he says. “And then I received all of these comments from people telling me it was nice to know I’m a grump, too, sometimes.” MANAGE EXPECTATIONS & EMBRACE CHANGE Another aspect of effective leadership is managing expectations. Bearup says KPMG’s Denver office is part of the pilot program to gradually reopen the firm’s offices across the country. While he’s

NewsAccount | November/December 2020

excited and says the selection speaks volumes about the Denver team and its culture, he recognizes it’s important to manage the team’s expectations. “Office life isn’t going to be what people stepped out of on March 10th,” he says. “They’re going to come back into a changed environment. I want to provide hope that we’re working our way through this and describe how employees can get back into the office in a safe way, but make it clear it won’t be the same. Painting a path forward is critical as we follow that fine line between hope and pessimism.” To help find the balance, Bearup says he is encouraging his team to embrace change and acknowledge that even when we all do get back to something that looks “normal,” it will be different. Amidst the change and uncertainty, Bearup says there are things to celebrate, like how well the firm has serviced its clients in a completely remote environment. Going forward, work models might be hybrid – some days in the office, some days at home – and not just because of the firm’s policies, as client expectations have changed as well. “Do our clients really want us in their offices and down the hall, or have they changed their expectations?” Bearup asks. “Everyone is considering how they’ll use real estate moving forward. And it’s clear we’ll work and travel differently. What does that mean for how we deliver our work and the required technology? There’s a return to something that looks normal, but it’s happening slowly. When we get through this, there will be a lot of positive change. New opportunities will have opened up and some better ways of serving clients. I’m asking employees to embrace the changes and lean into them.” MEET PEOPLE WHERE THEY ARE Bearup says it’s so important for leadership to let their teams know they should ask for exactly what they need and do it courageously. Homes have become workplaces that can’t always be relied upon to function like workplaces. Parents may have to help kids with virtual education. Health issues may arise at any time. “Give your employees permission to reach out and explain how their world is changing,” Bearup says. “Meet people where they are. Be flexible and creative in a way you never had to be before because you may have a key employee who suddenly may not be available at a critical time.”

Now is the time to step back, be flexible, agile, creative, and incredibly supportive of people in challenging situations, Bearup emphasizes. “It would be a big mistake to assume someone is always going to be available from eight in the morning to five in the evening. We’re encouraging our people to block out time when they need it. Maybe they need to help their third grader with spelling for an hour. Tell your team: Block your calendar, and don’t accept meetings during that time.” TAKE CARE OF YOURSELF FIRST COVID-19 isn’t going to be over in three months. Or six months. “We’re going to be living with the implications of this for a long time, so we need to find ways to manage through those implications,” Bearup says. He advises leaders to give themselves a break and acknowledge that this is hard. Even if you’re younger and have a sense of invincibility, it’s important to understand that you need to take care of yourself first, so you have something to give back to your team. “By doing so, you’re serving as a powerful role model,” Bearup says. “You’re leading in ways you don’t even know you’re leading. You’re modeling behavior that says it’s important to take time away and recharge.” ENGAGEMENT: MORE IMPORTANT THAN EVER Remote work has brought two things to the forefront: It’s important to stay engaged, and there are some really creative ways to do just that.

In the midst of the pandemic, organizations are dealing with how to successfully onboard new hires. How do you provide that critical engagement right now? “So much of what we learn in our profession comes through being together in person,” Bearup says. “Now we have to do that virtually. We’re encouraging our people to double down on helping new employees feel accepted, excited, and part of the KPMG family because they’re joining us at an incredibly challenging time. We need to be sure they’re engaged and on board.” Bearup says new ways of connecting have been one of the things he actually has enjoyed about remote work. He and 25 others at KPMG are in a book club that meets for an hour each week. “I’ve met some amazing people,” he says. “It’s likely we would have never had this opportunity in the office because between client engagements and driving downtown, a one-hour meeting would have required three hours.” The book club discussions have generated great conversations and built relationships across the firm. “It’s been powerful,” Bearup says. “The pandemic has shown us there are new ways and new channels to engage.” Other team members have taken virtual walks together – out and about in nature, wearing their ear buds and talking. “It’s been interesting to see the different ways people have found to stay connected,” Bearup says. “That is so important right now.” How are you working and leading through these unprecedented times? Contact Mary E. Medley, mary@cocpa.org, to share your story for a future NewsAccount article.

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HUMAN RESOURCES

Mental Health: A Foundation for Supporting Others in the Workplace

BY LISA HACKARD, CPA CONTRIBUTING AUTHORS: KRISTI GENETTI, CPA, DANIKA GREINER, CPA, AND EMILY MAYO, CPA

This article is the third in a series addressing mental health in the workplace. In the July/ August 2020 NewsAccount, Lisa Hackard shared her story and the events that led her to become a passionate promoter of mental health. In the September/October NewsAccount, she discussed mental health as a foundation for achievement. In this article, Hackard is joined by KPMG professionals Kristi Genetti, Danika Greiner, and Emily Mayo who share their stories in their own words, illustrating the important role that supporting each other’s mental health plays as part of a progressive approach to professional development.

s the global pandemic continues, we’re learning the fundamental importance of prioritizing physical health. As CPAs, our leadership has never been as multifaceted as it is today as we guide clients, colleagues, family, and friends through the dynamic challenges we’re facing. In the September/October 2020 NewsAccount, we explored ways to care for our well-being and mental health. In this article, we delve into the critical role each of us plays in supporting others through the stories of three talented, courageous professionals from KPMG LLP, each of whom shines as a leader and role model – living our KPMG core values of Together, For Better. Their stories bring to life moments that matter, where colleagues helped turn a difficult experience into one that strengthened relationships, fostered courage and commitment, and bolstered a foundation of achievement by supporting each other’s mental health. KRISTI – INVISIBLE ILLNESSES The year 2018 blindsided me. Starting my audit career at KPMG was supposed to be filled with excitement and joy. Instead, I went from picture perfect health with an able body to barely being able to do simple tasks on my own due to new, concerning, and confusing physical ailments. I struggled 26

“While they couldn’t possibly understand what I was experiencing, they gave me the support I needed by adjusting my assignments and due dates to meet our project goals, while allowing me the flexibility I needed.” to drive, focus, sleep, and exercise, not to mention study for the daunting CPA exam. As you can imagine, my mental health took a big hit, too. The team I was assigned to quickly became my friends and mentors. While they couldn’t possibly understand what I was experiencing, they supported me by adjusting my

NewsAccount | November/December 2020

assignments and due dates to meet our project goals, while allowing me the flexibility I needed. They reminded me that my health is the most important thing of all. This ongoing support and advocacy - especially from managers and partners - was not only what I needed, it’s also what we all need from our colleagues and the profession.

“10 SPECIALISTS; 100 APPOINTMENTS; 2 WEEKS AT THE MAYO CLINIC; 22 YEARS OLD” It is frustrating and difficult to live in a culture with social stigmas and a common reluctance to acknowledge things without physical proof. Many believe that if something is not seen by the human eye, it must not be true or shouldn’t be taken seriously. At times, I was afraid to share what was going on because I didn’t want to look illequipped for my assignments - or less able to succeed than my peers in a competitive environment. I constantly found myself wishing I had a broken leg or arm to show people something truly was wrong. Eventually, I received a definitive diagnosis: POTS (Postural Orthostatic Tachycardia Syndrome) and overall Dysautonomia (meaning my autonomic nervous system isn’t always on my side). My symptoms include irregular blood pressure and heartbeat (which can fluctuate within a 50 beats-per-minute range, even while sitting), fatigue, memory fog, trouble concentrating, insomnia, anxiety over day-to-day activities, and more. I was surprised how many doctors and others have personally experienced or are struggling to figure out these complex “invisible illnesses.” Invisible illness is an umbrella term covering anything we can’t ‘see,’ including cancer, diabetes, addiction, depression, and more. Simply put, it can be the inability to explain or show someone the ailment or disease that one is battling. I learned that many invisible illnesses are tied to, or can lead to, mental health concerns including anxiety, depression, and immense frustration - all of which can make it challenging to persevere and thrive at work. I am so thankful for my amazing friends and family who consistently reminded me to smile through it all. With the support added from my KPMG family, they’re now part of the group which was instrumental in helping me through the challenging times. I know I wouldn’t be able to continue in this career without the understanding and advocacy that I experience at work each day. Although my journey isn’t over, I’ve learned that taking the time to say “here’s my story” has a ripple effect. It makes everyone a little better and braver and reminds me that professional connections can also be personal connections. When it comes down to it, we each have our own battles; some are more visible than others.

EMILY - GRACE IN THE AUDIT ROOM As an accomplished collegiate swimmer, I spent 16 years chasing the black line at the bottom of the pool. Hard work, long hours, and many, many tears led me to swim four years at the D1 level in college and to seek a continued challenge post-grad, which I found in my career at KPMG. I was accustomed to challenges and sought them out. However, thriving on challenge can make it hard to speak up when you need help.

lot harder in practice, especially as a staff associate. I’m comfortable now as a senior associate, speaking up in much less stressful circumstances, and I believe the more we encourage and empower others to speak up and give them the opportunities to do so, the stronger each of us, our teams, and our organizations will be. Day in and day out we do challenging work. Struggles can be something significant like my dad’s surgery, or they can be more

“Thriving on challenge can make it hard to speak up when you need help.” After taking some vacation time as a staff associate, I felt antsy to get back to the office. Standing in line to board a plane home, I learned that my dad had been diagnosed with a tumor in his heart. Surgery would be routine, and he was expected to make a full recovery. I flew home, went to bed, and the next morning I went to work. I cried sporadically and decided to tell my team right away, so they would know why I might not be my usual, smiley self that day. When I pulled my team together, I couldn’t even begin to talk before starting to cry. I will never forget how one of my team members pulled me aside to tell me how important it was to go to the hospital and be with my father. Thankfully, my dad was (and still is) totally fine. I took an extra week off as he recovered. During that time, members of my team checked in on me, never once saying a word about work, paving the way for me to be fully ready to plug back in when I returned. I know the additional time away would have been allowed if I’d asked, but my team insisted I take care of myself and my dad first. They handled the project deliverables while I was out. Being an advocate for others should be part of everyone’s job description. If I had pulled a muscle in college, a week out of the pool would’ve been a no brainer. Shouldn’t we treat strains on mental health the same way? We start our careers ready to be challenged. So, when the challenge comes, it feels like what we anticipated, but no one tells us what “too much” feels like. We are told to speak up and ask for what we need, but that is a

common, such as working from home and having a dog that will not stop barking. The more we prepare ourselves and our colleagues to acknowledge our struggles, and to accept, embrace, and support each other as we work through them, the better our workplaces and profession will be. DANIKA - THE BLURRED LINES OF PERSONAL AND PROFESSIONAL LIFE In the fall of 2018, I was faced with the sudden passing of my little brother. The closeness of our relationship, coupled with the element of total shock, made the tragedy a hard reality to accept. I felt as if I were expected to return to work within weeks. As much as I wanted to hide, I knew I had to resume life – one day at a time. I also knew there would be setbacks along the way. What I didn’t know was how my colleagues would react to seeing me back in the office. Or scarier yet, I wondered what I would do when the inevitable wave of sadness rolled in without warning while I was at work. Before my return, I was introduced to Lisa Hackard via email, and she wrote me a warm note with just enough detail to let me know that she actually did know what I was going through. Our stories had surprising similarities, with both of us losing our brothers to suicide. Lisa offered to meet me for breakfast the morning of my return to work. While I struggled to say much that day, Lisa listened and provided an honest recounting of her experience returning to work after her own tragedy – the good, the bad, and the ugly. But as I looked at her that morning, I could see that she was strong, and I felt a glimmer CONTINUED ON PAGE 28

November/December 2020 | www.cocpa.org

HUMAN RESOURCES CONTINUED FROM PAGE 27 of hope that I would find my own confidence and strength to forge ahead. Over the past two years, I have continued to turn to Lisa for support and guidance. She has never hesitated to blur the line between personal and professional mentorship. Grief is a unique experience for every individual. The trajectory it takes is not linear. Rather, the journey tends to be quite tumultuous, unpredictable, and certainly uncomfortable for others to watch. When a colleague goes through a challenging time such as losing a loved one, it is tough to know how to react when you see her or him back at work for the first time. It is hard to know what to say over the next few weeks. And, it continues to be tough to know whether to acknowledge the tragedy months

“ We are all human, and certainly empathy has a meaningful place in the professional sphere.” or even years down the road. In fact, it can be awkward for both parties because while you want to do and say the right thing, you have no clue what that is. My suggestion: Let vulnerability in those moments be okay. There is no perfect script on how to support or mentor a colleague through a state of sadness and loss. But, we are all human, and certainly empathy has a meaningful place in the professional sphere. A CALL TO ACTION As Danika, Emily, and Kristi illustrate through their stories, we all can be part of moments that matter for each other. Having seen each of them navigate their respective challenges and draw on a variety of resources for strength, I have seen them develop resiliency, empathy, patience, fortitude, and adaptability – many of the skills so valuable in the workplace and in our profession. These qualities are particularly important now, as news headlines continue to highlight the myriad external pressures we face while fulfilling our professional responsibil28

ities. These include caregiving, education, isolation, financial constraints, relationships, colder temperatures driving us indoors, health matters, and more. Let’s remember, though, how challenges also bring opportunities. With every interaction – video or voice call, email, or text – we have an opportunity to consider how others are doing. Listen to their tone of voice, notice the words they choose, watch their behaviors, and observe their demeanors. Above all, ask: “How are you today?” and truly listen to the response. We’re accountants, not experts in mental health, but we’re all human beings and can always help each other to remember that we’re not alone. These times are not hard because we’re doing anything wrong. These times are hard simply because they are hard. We’re upholding the tenets of our profession, the fabric of our organizational cultures, and our core values – and we’re doing so during an extended global pandemic, navigating through dynamic changes without a roadmap to follow. Let’s help ease the pressure by building and strengthening the systemic supports within our organizations and profession, as we individually strive to make a difference for each other. Kristi Genetti, Denver, is a first year Senior Associate in KPMG’s Audit practice, primarily serving telecom clients. She grew up in Connecticut and attended the University of Denver. Having three siblings, Kristi always has appreciated a sense of mentorship and camaraderie. She enjoys mentoring interns and being a transitional coach for new hires, working with campus recruiting, and developing personal mentor relationships. Kristi enjoys travelling, exploring the great outdoors, spending time with friends and family, and keeping up with her crazy Golden Retriever puppy she brought home in March. Danika Greiner is a Director in KPMG’s Accounting Advisory Services group, Denver. She focuses on providing technical accounting support to her clients across various industries and primarily in healthcare and life sciences. Danika also enjoys her role in campus recruiting and is an active alumna at her alma mater, the University of Denver. She is passionate about mentorship, not only from a career perspective, but also from a personal wellness perspective as she recognizes the two are interdependent.

NewsAccount | November/December 2020

Lisa Hackard, Denver, is an Audit Partner with KPMG LLP and the National Chair of KPMG’s Abilities in Motion Business Resource Group, which raises awareness of, and supports, people with disabilities and those who are caregivers for people with disabilities. Lisa envisions a time when we’re just as comfortable talking about mental health as we are talking about physical health, recognizing the importance of mental health as a fundamental part of professional and personal achievement. Emily Mayo, with the Denver office, is a Senior Associate in KPMG’s Audit practice, primarily serving telecom clients. She also enjoys mentoring interns and new hires as they transition into the workforce, which is a natural progression from mentoring new students on the swim team at her alma mater, Villanova University. Emily is almost a Colorado native and enjoys as many of the 300 days of sunshine as possible with her family, boyfriend, and dog.

MENTAL HEALTH SUPPORT RESOURCES For information and assistance with mental health needs, these organizations can help: Suicide Crisis Line: National Suicide Prevention Lifeline 1-800-273-TALK (8255) www.suicidepreventionlifeline.org Colorado Crisis Services 1-844-493-TALK (8255) coloradocrisisservices.org

FINANCIAL LITERACY

Doing Great Things Through DECA BY NATALIE ROONEY

The COCPA Financial Literacy Committee has long worked in conjunction with the American Institute of CPAs and partner organizations to develop programs that promote financial literacy to those in need. During the 2019-2020 school year, the committee took on a new project: working with DECA students at Eaglecrest High School in the Cherry Creek School District.

ver the course of nearly 75 years, DECA (formerly known as Distributive Education Clubs of America) has impacted the lives of more than 10 million students, educators, school administrators, and business professionals. Its programs and activities are designed to prepare emerging leaders and entrepreneurs for the real world.

Eaglecrest DECA teacher Neathery Manucci is an alumnus of the school and a former DECA student herself. After graduating from college with a degree in marketing and working for several nonprofit organizations, she earned her teaching license and returned to her alma mater to give back through the courses that were so influential in her own education.

DECA Inc. is a 501(c)(3) not-for-profit student organization with more than 225,000 members in all 50 United States, Canada, Guam, Puerto Rico, and Germany.

Manucci’s 180 DECA students take elective courses in accounting, marketing, personal finance, business law, entrepreneurship, and social media for business to prepare for future careers in finance, marketing, hospitality, management, and entrepreneurship. They build key leadership skills such as goal setting, consensus building, and project management. Many of the courses apply toward college credit at Aurora Community College. Students also learn interview and presentation skills, how to dress professionally, and are introduced to business terms and concepts which Manucci says gives them an advantage when they head off to college. BRINGING REAL LIFE IN THE CLASSROOM Part of the DECA curriculum includes participating in conferences and competitions around the state and the country. At competitions, students are evaluated on both a written component, such as an exam or report, and an interactive component. Industry professionals serve as judges. Last fall, Manucci reached out to the COCPA Financial Literacy Committee hoping to connect with accounting professionals who could bring their real-world experience into the classroom to share with second-year DECA students and help them prepare for competition. Some students are new to the financial component concepts while others are already operating their own businesses and need advanced assistance. Regardless, Manucci says she wanted students to gain a better understanding of the financial implications behind their business ideas. Financial Literacy Committee Chair Kate Ferreira, CPA, Director at RGP and Founder of OpHaus, says the best part about getting involved with the DECA program was working with the students themselves. “We conducted a series of classroom sessions to talk through the components to create an Excel-based financial model and then took them through creating income statements, statement of owner’s equity, and balance sheets,” she says. “We wanted to give them that financial perspective.” Committee members worked with 12 different groups of two and three students depending on the project. “Our volunteers loved being in the classroom,” Ferreira says. “It was energizing to be around these CONTINUED ON PAGE 30 November/December 2020 | www.cocpa.org

FINANCIAL LITERACY CONTINUED FROM PAGE 29 kids who wanted to create these businesses. They had great questions and were really dialed in. The ideas of financial statements are abstract, yet the students are so willing because of the entrepreneurial format.” The connections forged between COCPA members and students went beyond the numbers and business advice. One student, whose mother had recently passed away, was struggling. But when it came to his DECA classes and interacting with COCPA members, Manucci says he realized that learning wasn’t a waste of time. “Someone took the time to work with him until he could say he understood it,” she says. “I was able to share with the group that he had a positive day after a lot of not-so-nice days. It was so encouraging to see him want to learn.” STAYING CONNECTED Second year students are able to continue working on the business concepts they developed during their first year in DECA, provided they show improvements and changes over the year. “They don’t have to start over every year,” Manucci explains. “They benefit from the hard work they put in the year before.” Of the 12 groups, six went on to the state competition. Of those six, two qualified for nationals, which ultimately was cancelled because of COVID-19. A group of two young women won their category with the business growth plan they created for their thriving gourmet popcorn business. “They were the only females in their category, and they won,” Manucci says. “It was exciting.”

“It was energizing to be around these kids who wanted to create these businesses. They had great questions and were really dialed in.” This school year is, of course, a bit different, but Manucci, Ferreira, and the Financial Literacy Committee are determined to stay connected. They are considering pre-recorded instructional sessions and videoconferencing options, just as the real world is operating in this pandemic environment. To show their gratitude, Manucci and her students honored Ferreira with the Friends of DECA award. “It meant so much, Ferreira says. “We’re all looking forward to this year and are committed to bringing that same energy, even if it’s virtually.” Email Mary E. Medley, mary@cocpa.org, if you’re interested in volunteering with the COCPA Financial Literacy Committee and DECA.

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Jeffrey Mitch, CPA, CGMA Internal Audit Manager, American Eagle Outfitters Inc.

NewsAccount | November/December 2020

CONTINUING PROFESSIONAL EDUCATION

Learning in a Virtual World: What Can You Expect? BY NATALIE ROONEY

How organizations deliver continuing professional education (CPE) already was changing in exciting new ways before COVID-19 forced the move to 100 percent virtual delivery in March 2020. What’s on the horizon for CPE at the COCPA now, and how are instructors changing to engage participants? COCPA COO and Chief Learning Officer Rebecca Campbell, CAE, shares new developments in virtual learning during the pandemic and beyond. GOING VIRTUAL There’s more to virtual teaching than turning on a camera and talking, says Rebecca Campbell, CAE, COCPA COO and Chief Learning Officer. And there’s more to virtual learning than just sitting in front of a computer. Typically, the CPE “busy season” runs from October 15 to December 20. But this year, COVID-19 created demand for information and training in the spring, on everything from the Paycheck Protection Program (PPP), insurance, banking, and economic updates to more personal topics such as mental wellness. Campbell estimates the COCPA added 85 new courses attended by 1,744 members in April, May, and July. Forty percent of the programs were offered free of charge. “We were rolling out program after program,” she notes. And, because online, virtual CPE will continue to dominate the marketplace for the foreseeable future, organizations are finding new ways to engage attendees, even remotely. At your next virtual conference, you might join a breakout “room” for yoga or to play video games. The conference may be run by an emcee and provide access to online exhibitor booths. “You will take a break for lunch, and do something fun,” Campbell says. “Virtual events are going to be with us, so we need to keep thinking innovatively.” ENGAGING DIFFERENTLY Campbell says even the most seasoned CPE instructors are adjusting their presentation styles to succeed in the online world. “You can’t just stand there and talk,” she says. “Instructors are going to have to adapt and embrace new methods to engage people online.”

Don Farmer, CPA, has traveled the country teaching tax CPE for “forever - I’m old!” he laughs. A sense of humor has been integral to Farmer’s style, and that’s one thing he hasn’t changed since the move to virtual delivery. He is known for the hilarious cartoons included in his presentations, but he admits it’s a bit disconcerting because now he can’t hear anyone laugh. “When I did my first seminar nearly forty years ago, I was so serious,” Farmer says. “Even the front row was nodding off by two o’clock.” A chance encounter with a business traveler who spilled the contents of his briefcase full of funny cartoons led Farmer to begin curating his own collection. “Clean humor is the key,” he says. “It invigorates everybody, brings you together, refreshes your brain, and gets you going again.” Even though he’s not sure if anyone is laughing in cyberspace (although attendees often message to say they are, in fact, laughing from afar), Farmer continues to rely on his trademark humor to keep his classes engaging in this virtual environment. What has changed is how he is using technology. Pre-COVID, Farmer used an overhead projector and slides for the in-person CPE courses. He has always liked the spontaneity of being able to switch out slides and change things up on the fly. “I cover the required material, but I like to read the room. If anyone is falling asleep, I can put up something funny and re-engage them.” So, it was a big deal for Farmer not only to switch to the virtual environment but also to create his first PowerPoint presentation and deliver it virtually. “I have always said I’d never do a PowerPoint, and now I truly have learned never to say never,” he says. There were some hiccups, no surprise. He created

his first presentation and then lost all of his outline notes the night before the virtual event. But he figured out how to retrieve an older version of the document from an email, and all went well. “Now I save every two seconds,” he says. There was another “little” technological hitch the next day during Farmer’s virtual

SUCCEEDING AT VIRTUAL CPE Distractions during remote learning are plentiful: background noise, people walking through your space, kids homeschooling. Kurt Oestriecher offers these recommendations for making the most of your virtual learning experience: • Treat the virtual class just as you would if you were going to attend it in person. • “Attend” where you have the least distractions. • Close your door, turn off your email, and engage just as if you were sitting in a classroom. • Avoid multitasking. “I call that ‘doing a bunch of things wrong all at the same time,’” Oestriecher says. “Recognize that at this moment, learning is your priority. If you lose focus, you might miss something important.” • Keep some “live” CPE on your agenda – when the opportunity once again is possible.

CONTINUED ON PAGE 32 November/December 2020 | www.cocpa.org

CONTINUING PROFESSIONAL EDUCATION CONTINUED FROM PAGE 31 course. While 1,400 attendees anxiously awaited the latest and greatest information on the CARES Act, the webcast vendor’s server crashed. “I didn’t know if I should start or wait or what,” he recalls. Ultimately, he recorded the presentation with no one viewing it at all – talk about zero audience feedback – and everyone was able to view the program on demand. “Everything worked out fine, and I can chuckle about it now, but those were some tense moments,” he says. Kurt Oestriecher, CPA, is another frequent COCPA CPE instructor. He has two full time jobs: his practice, Oestriecher and Company CPAs, and traveling the U.S. teaching CPE. He one hundred percent wishes he could be teaching in person. He has always enjoyed the interaction, the informality, and letting the class flow, but he acknowledges there are ways to make online CPE a great experience for attendees. Oestriecher says one challenge is handling questions in an online environment. An attendee might post “what does that mean?” but it’s unclear to what he or she is referring. Oestriecher has found that if he draws attention to potential questions before they arise by using teasers like, “Here’s a question you might have because I did as well,” learners get a heads up that important information is coming. “It helps them anticipate where the difficulties and questions are. They still can ask questions, but this tells their minds to pay attention.” KEEPING AN EYE ON QUALITY As people become more comfortable in a virtual world, Campbell says we will see a proliferation of online education vendors. “It’s easy for them to enter the market, so we’re expecting more competition.” Campbell adds that it can actually be quite expensive to invest in the technology to deliver virtual CPE effectively. “There’s a misconception that if everything is online, it should be cheaper. It’s true that there are no meals, room rental, or AV costs. But people want a great learning experience, and that costs more. It will be interesting to see where this all lands and if that higher-level experience is more important to attendees or if they’re OK just watching someone on a screen.” Oestriecher recommends researching the quality of the provider and the instructor. “Don’t go for the cheapest CPE. This could quickly become a race to the bottom, like cheap airline tickets,” he cautions. “Don’t fall for that.” 32

CPE BITES Another developing shift is in the length of CPE courses. Over the years, people have been drawn to the eight-hour CPE event to knock out more hours in one day. But research shows that people retain information better when they learn it in shorter segments. “We’ll see what people prefer. We’re experimenting with different options,” Campbell says. Oestriecher anticipates shorter days as well. “Eight hours online is too long,” he says. “Everyone loses focus, and online learning just isn’t conducive to eight hours. Even I’m exhausted by mid-afternoon.” He says

the old way of doing things and see the new possibilities. We’re intentionally letting go of ‘how we used to do it’ and freeing ourselves to be creative.” Campbell chairs the American Society of Association Executives Professional Development Committee and has been leading discussions on the change in delivering CPE. Through this work, she’s bringing fresh ideas to the COCPA CPE program, and she isn’t settling for throwing an event online and hoping for the best. Campbell wants a great experience for COCPA members so they’re excited to come back again, whether in person or online.

“We’re intentionally letting go of ‘how we used to do it’ and freeing ourselves to be creative.” shorter days allow people to earn some CPE credit and have the rest of their day to catch up with email and work. “People will get used to smaller bites of CPE.” Campbell says there has been a surprising decline in self-study CPE. “It seems if people are going to be online, they’d rather do it in real time, with others, than alone and with a test involved,” she says. “We’re continuing to study who prefers what mode of learning.” INNOVATION AND INGENUITY The COCPA CPE team is constantly researching trends, looking for new ideas, and seeking out best practices used by other organizations on the state and national levels. “It’s important to continuously talk about innovation and brainstorm ideas,” Campbell says. “It can be hard to get out of

NewsAccount | November/December 2020

For his part, Farmer says he’s committed to doing everything he can to make virtual CPE as interesting and meaningful as possible. He’s also experimenting with having a camera operator film him so he can stand up and move around as if he were in a classroom. “At least I’ll have one person to tell jokes to,” he quips. “This old dog is learning new tricks, but the most important thing I want everyone to know is that I will pick the best darn cartoons I can find.” Campbell says, “The pandemic has shown us we can work from home, outside, or wherever. And, we can learn from anywhere while an instructor teaches us from anywhere. This will continue to change how people want to meet their CPE requirements. It’s all good on the learning horizon.”

MOVERS & SHAKERS MATT LEACH Dalby, Wendland & Co., P.C., Grand Junction, named Matt Leach as the firm’s new Administrator. He can be reached at mleach@dalbycpa.com or 970-243-1921.

HAYNIE & COMPANY Inside Public Accounting recognized Haynie & Company, with offices in Colorado, Arizona, Idaho, Nevada, Texas, and Utah, as both a Top 200 Firm for 2020 and a 2020 Fastest-Growing Firm.

TAX STUDY GROUPS Boulder/Longmont Tax Study Group VIRTUAL ONLY

Wednesday, Nov. 18, and Wednesday, Dec. 16 For more information, contact Lynn M. Mitton, CPA, MT, MPA, 303-499-7445, or email lynn@flewellingcpa.com.

Denver Tax Study Group VIRTUAL ONLY

Tuesday, Dec. 8

CLASSIFIEDS OPPORTUNITIES AVAILABLE Denver Tech Center firm is looking for an experienced tax CPA to take over most tax return reviews and a small amount of tax prep. Ideal position for a seasoned tax professional who wants to continue to work but transition to a better work/life balance. Ideal candidate would be able to work 35-40 hours a week, Feb-April. Non-tax season availability is flexible around meeting the firm needs and the candidate’s goals. Candidate will help with tax research and staff knowledge growth. Combination of remote and in-office work expected but flexible. Firm uses Lacerte. Position can be W2 or 1099. Compensation commensurate with experience. Please email your inquiries to advertising@cocpa.org (Box #84809). PRACTICES FOR SALE, PURCHASE, OR MERGER Selling your firm is complex! ACCOUNTING BIZ BROKERS can help! We have been selling CPA firms for over 15 years, and we know how to simplify the process. We have a large database of active buyers. We work with industry specific lenders ready to assist buyers with financing. Contact us today to receive a free market analysis or to start the sales process. Current Listings: Englewood Gross $310k (new); Greeley Gross $255k (new); Boulder Gross $177k (new); Mesa County Gross $120k; Central Mountains CPA Firm Gross $117k. Kathy Brents, CPA, CBI, at 866-260-2793 or Kathy@AccountingBizBrokers.com, or visit our website at www.AccountingBizBrokers.com. CPA Firms or Partners. We represent a number of quality CPA firms and sole practitioners who are looking to merge, acquire, or sell their practices to other CPA firms. Locations are in the Metro Denver, Boulder, Colorado Springs, and Evergreen areas. This is an opportunity to ensure your future as well as help your clients by expanding your services to them. Why settle when you can select? Established in 1939. For further information, please contact Phil Rubeck at D&R Associates of Colorado, 720-446-7020, or email dandrassociatesofco@aol.com.

IN MEMORIAM We extend our sympathy to the families, colleagues, and friends of the following former COCPA members: John B. Knezovich Fort Collins, Colorado

Vincent A. Zarlengo Denver, Colorado

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