February 2017

Newsletter from the Iowa Society of CPAs, your primaryCPA source for profession-related information Power your membership

nformation is power. When you purchase or invest in some- thing you want or need, being informed about it helps you update your understand how to get the most out of it. You joined ISCPA MEMBER PROFILE Ito invest in yourself, your career and your company. But are you • stay connected when it matters getting the information you need to get the most out of your • select publications and interests membership? • discover benefits and opportunities

If you opt out, you drop out use your If you opted out of any ISCPA emails in the past, did you know CPE TRACKER you opted out of all email communications? This includes: • record development and expertise • see progress and accomplishments • A digital version of your monthly Iowa CPA newsletter • stay covered in case of an audit • Public Practice and Business & Industry E-ssentials e-news • Take 5 legislative bulletins and updates visit our • News about upcoming events, programs, free education, CAREER CENTER new benefits, discounts and more • advertise internships to students • post firm or company job openings Customize your communications • find your ideal job The ISCPA website allows you to update your member profile and customize your communications experience. Subscribe to join the the publications you want, access the member directory, man- FIND A CPA DIRECTORY age your username and password for the website, check out • help people in your community find committees and volunteer opportunities, and tell us which areas you of expertise or interest you have. • add your areas of expertise Updating your profile will also allow us to inform you about the • publicize your firm most popular benefit of ISCPA membership: News about op- portunities to meet and get to know other members of all gen- volunteer for erations and industries while building relationships and ideas COMMITTEES | TASK FORCES | PANELS with experts, leaders and peers. • sustain and advance your profession • educate students about CPA careers Take ownership of your personal interests and professional ca- • connect with and learn from other reer and get the full power of your membership. You’ve earned members it. Now make sure you and your firm or company are making the most of it. access the MEMBER DIRECTORY Establish an accurate profile, tell us more about you and what • access our database of members you want. Visit www.iacpa.org/membership and get started. • connect with thousands of CPAs and financial professionals

Iowa Society of CPAs...Advancing the professional success of our members Diverse CPAbilities: A D&I conversation

By Bruce Schmiedlin, ISCPA Diversity and Inclusion Task Force This is the second article in was nonexistent; men hugged Diverse CPAbilities, a series fea- each other and women were Mexico turing stories of equity, diversity always greeted with a kiss on both Being here almost felt like home and inclusion challenges, and suc- cheeks. There was a good amount due to many work visits from 1991 cesses in the profession across of street crime in the country, and to 2005. I knew the language, member workplaces and commu- although our race gave us a sort food and culture. I was accepted nities. of status, it made us a target — we by everyone at work and of- When you consider diversity and were robbed at knife point shortly ten visited their homes. Around inclusive practices in a profession- before penalties were increased town, I was treated like a gringo al environment, many of us relate for crimes against tourists. based on my complexion, but it to someone from a foreign Before arriving, I knew two people that changed the instant I spoke country working in the United in the office where I worked – one Spanish. States. This story takes a differ- of whom spoke English. Although ent spin. I have worked in a dozen my co-workers were extremely Today in Iowa countries outside of the United friendly and welcoming, we felt Because I understand the chal- States over the years. Here is my very isolated. We had little contact lenges of obtaining professional perspective from three of them with family as we had the choice services in one’s own language, and what it was like to feel differ- of expensive phone calls or snail I offer all my services in both ent in an unfamiliar culture. mail back then. Our mail was co- English and Spanish. Penetrating ordinated with scheduled courier the Hispanic market has taken Brazil packets and my company periodi- awhile, but it’s coming along. cally sent us our personal mail. We quickly experienced what Building trust in a relationship it was like to be in the minority based society is very different when my wife Jackie and I moved Japan from the transactional society here as newlyweds in 1991. We My first trip working here was in in which most of us live. I try to were tall and white, living in a 1988. I spent four months alone in use race as a secondary attribute country of mostly mid to dark a hotel, sleeping diagonally on the when describing someone un- complexions and smaller builds. I bed and squatting down to see in less I’m dealing with emergency spoke very little Portuguese, our the mirror. Personal space was six responders. I’m around children a cultural knowledge was limited feet and the depth of one’s bow lot and am trying to teach them and it was hard to find clothes or was important. I taught elders to see something besides race. shoes that fit us. Personal space basic accounting skills through in- I vigorously encourage youth to terpreters in a society that reveres study another language. When I Issue No. 2017-02 age. Though it was an extremely encounter a challenging conversa- closed society, I was invited to visit tion about minorities, I point out Published eleven times per year someone’s home – a rare honor. I that I lived as a minority in other by the Iowa Society of Certified ordered food by pointing or using countries and know what it feels Public Accountants (ISCPA). Send pictures and ate with chopsticks. like. That usually changes the address changes, advertising in- conversation for the better very In 2002, I commuted to Japan quiries and all correspondence to: quickly. 1415 28th St., Ste. 450 monthly as interim head of finance West Des Moines, IA 50266-1419 with a staff who spoke no English. Email: [email protected] I dealt with significant racial con- Bruce Schmiedlin flict because my predecessor had is a CPA and princi- hired a Chinese national. Per their pal of Bruce Tax & culture, my staff would not go CPA in Grimes. He home until after I left. The young- has been an ISCPA er generation was nearly a foot member since Website: www.iacpa.org taller, so facilities fit me better. 2010, and also or, contact the ISCPA office: Thanks to advances in technology, serves on the ISCPA Financial Lit- 515-223-8161/800-659-6375 I was able to email my family while eracy Committee. Bruce serves on Cover photo by Jim Heemstra riding the train to work. the board of directors at Disability Inner urban bridge, Des Moines Rights Iowa and is a commissioner with the Boy Scouts of America. 2 | Iowa CPA | February 2017 www.iacpa.org Key persons still Subscribe needed to our e are still looking for members to serve as legislative key per- sons to the following legislators and districts: publications!

WName District Party Hometown ake sure you’re getting all the latest news from Tod R. Bowman Sen Dist 29 Democrat Maquoketa your Society by sign- Kevin Kinney Sen Dist 39 Democrat Oxford ingM up for the following ISCPA House Dist 8 Republican Garner publications: Jane Bloomingdale House Dist 51 Republican Northwood Wesley C. Breckenridge House Dist 29 Democrat Newton Iowa CPA newsletter House Dist 32 Democrat Des Moines Your go-to resource for news Ashley Hinson House Dist 67 Republican Marion on the profession in Iowa, fea- turing technical articles, upcom- Charles C. Holz House Dist 5 Republican Le Mars ing member events, updates Timothy H. Kacena House Dist 14 Democrat Sioux City from your Society, advice on House Dist 73 Republican Wilton issues at the forefront of the Jerry Kearns House Dist 83 Democrat Keokuk industry and more in print or David Kerr House Dist 88 Republican Morning Sun digital format. House Dist 57 Republican Peosta Andy McKean House Dist 58 Republican Anamosa Public Practice E-News A bimonthly e-news for mem- House Dist 33 Democrat Des Moines bers in public accounting with House Dist 21 Republican Griswold resources to succeed and lead, House Dist 77 Democrat North Liberty including a strategic partner- Ken Rizer House Dist 68 Republican Cedar Rapids ship with Bill Reeb, a CPA firm Kirsten Running-Marquardt House Dist 69 Democrat Cedar Rapids consultant based in Austin, Tex. Mike Sexton House Dist 10 Republican Rockwell City Vacant - Special Election House Dist 89 Business & Industry 1/31/2017 E-ssentials House Dist 98 Democrat Clinton A monthly e-news for members If you know any of the legislators listed above, or would like an op- in business and industry with portunity to establish a relationship with them, please contact Cindy the latest topics related to ac- Adams at [email protected]. Thank you to the members who currently counting, finance, management, volunteer as key persons in their community. View the list of volunteers technology, innovation, person- at www.iacpa.org/kpv. al development and leadership. ISCPA will provide you with the resources, training and support you need to serve as a legislative key person. We encourage up-and-coming CPAs Take 5 to take an interest in this area. Be a leader in your profession and commu- A members-only email briefing nity and take an active part in legislative issues affecting the profession! that provides updates on legis- lative and regulatory issues of Thank you to these companies interest to accounting profes- sionals throughout the legisla- for joining the 100% Membership tive session. Commitment program. To subscribe, visit www.iacpa. City of Des Moines org/news/publications and City of West Des Moines click on the orange “VISIT YOUR MEMBER DASHBOARD” Learn more at www.iacpa.org/ tab on the right side of the membership/hundred-percent- page. membership-commitment www.iacpa.org Iowa CPA | February 2017 | 3 Making it easier for taxpayers to claim Iowa capital gains

By Jim Langeness, ISCPA Taxation Committee, and Maggie Simonson

lthough the Iowa capital certain entity changes, due to the There are two different exclusions gains deduction for indi- pass-through nature of the entity of net capital gains for taxpayers vidual taxpayers has not for federal income tax purposes, who receive greater than half of changed,A the Iowa Department the taxpayer will be said to have their gross income from farming of Revenue (IDR) is making im- held it for the sum of the years or ranching: 1) from the sale of provements to the process for it passed through to him or her cattle or horses held for at least Iowa taxpayers to claim the de- despite the entity change. As 24 months for breeding, draft, duction. This article will provide the holding period requirements dairy or sporting purposes and a basic summary of the types of of IRC §1223 apply after Jan. 1, 2) from the sale of other breed- capital gains that qualify for the 2006, it is important to pay care- ing livestock held for at least 12 deduction while simplifying the ful attention to instances when months. Livestock includes hogs, requirements to claim the deduc- the receipt of property would donkeys, sheep and other mam- tion and inform you of updates cause the holding period to start mals but not poultry, various to the process of claiming the over. Installment sales may also birds, fish or reptiles. Ownership deduction. be eligible for the deduction, but is also determined on a post it does not apply to sales by C flow-through basis so long as Summary corporations, except for liquida- qualifications are met. Sales by a tions as discussed later. C corporation are not eligible for Iowa Code §422.7(21) provides the deduction. a deduction or exclusion for net Similarly, net capital gains on the capital gains when certain cri- sale of assets of a business by a Net capital gains on the sale of teria are met for Iowa individual taxpayer who held the business timber held by a taxpayer for income tax purposes for sales of for at least 10 years and materi- more than a year may be ex- the following: ally participated in accordance cluded from the taxpayer’s net • real property used in a non- with IRC §469(h) for at least 10 income. There are various addi- farm business years may also be excluded from tional rules regarding the types of • all or substantially all of the net income. In order to be ex- timber that qualify and the timing assets of a business cluded, the owner must either sell of the recognition of the gain. • real property used in a farm substantially all of the tangible Ownership is determined on a business personal property or the service post flow-through basis. Sales of • certain cattle, horses or other of the business. Here, substantial- timber by a C corporation do not breeding livestock ly all means at least 90 percent of qualify for the deduction. • timber the fair market value of the tan- When a corporation liquidates its • assets in a corporation being gible personal property and ser- assets, the net capital gains from liquidated vice of the business on the date the sales of the assets reported • employer securities to a quali- of the sale. Services of the busi- by shareholders who are individu- fied Iowa ESOP ness mean intangible assets used als who meet the time of owner- in or for the production of busi- First, net capital gains received ship and material participation ness income, such as goodwill on the sale of real property used requirements may be excluded and client lists. Note that owner- in a business where the taxpayer from the individuals’ net income. ship is also determined on a post materially participated in ac- flow-through basis. Installment Taxpayers receiving capital gains cordance with Internal Revenue sales are eligible for the deduc- from a stock sale of a target Code (IRC) §469(h) for at least tion; however, it does not apply corporation, which is treated as 10 years and held the property in to net capital gains from the sale an acquisition of assets of the the business at least 10 years may of certain stock or the sale of corporation under IRC §338, may be excluded from net income. individual business activities or a exclude the net capital gains from It is important to note that the separate part of a business unless net income if the taxpayer held property does not need to be the part constitutes at least 90 an interest in the target corpora- located in Iowa. Ownership is de- percent of the fair market value tion and materially participated termined on a post flow-through of the tangible personal property in the corporation for 10 years basis, meaning that if a taxpayer or service of the business. before the sale. maintains ownership throughout Continued on page 5 4 | Iowa CPA | February 2017 www.iacpa.org Continued from page 4 For tax years beginning Jan. 1, ISCPA is partner for 2012, 50 percent of the net capi- tal gain on the sale of an Iowa 2017 Money Smart corporation’s employer securi- ties to a qualified Iowa employee Week Iowa stock ownership plan (ESOP) may qualify for the deduction if the sale results in the Iowa ESOP reated by the owning at least 30 percent of Federal Reserve the Iowa corporation’s outstand- Bank of Chicago, ing employer securities after the CMoney Smart Week® is an purchase. economic outreach pro- gram designed to help consum- To find out how you can support It is important to note that special ers better manage their personal ISCPA’s financial literacy programs rules apply to capital gains during finances. ISCPA is partnering with in your community, visit www. a tax year with a net operating more than 200 financial institu- iacpa.org/about/financial-literacy. loss (NOL) or a year in which an tions, government agencies, NOL is carried. To volunteer for the 2017-18 ISCPA nonprofit organizations and com- Financial Literacy Committee, visit munity groups to provide dozens www.iacpa.org/membership/vol- Updates of free educational events to help unteer. Committee spots are being In order to aid taxpayers claiming Iowans of all ages learn to better filled now so sign up today! the deduction, the IDR has cre- manage their personal finances. ated separate IA 100 forms for For more information about 2016 for each type of qualifying Money Smart Week, visit www. property sale. In addition, the IDR moneysmartweek.org. has simplified its questions on the forms and provided flowcharts to help taxpayers determine if a capital gain qualifies for the deduction. As this article is only a brief sum- mary of the Iowa capital gain deduction, which requires meet- ing specific circumstances and definitions, it is important to refer to the Iowa code and IDR when do the Ma+h: claiming this deduction. our ConneCtIonS Count

James B. Are you in the market for a new opportunity in Langeness is an accounting or finance? We know who’s looking to attorney at Duncan hire, and we’re looking forward to introducing you. Green Brown & Langeness PC in At Palmer Group, we specialize in helping Des Moines. He professionals and workplaces come has been an ISCPA together in compatible, constructive member since 1987. ways. If you are looking for a consulting opportunity or a new position, Maggie L. the search starts here. Simonson, JD, CPA is an attorney at Duncan Green Brown & Langeness PC in Des Moines. She has been an Erik Gramenz Sarah Assman ISCPA member [email protected] [email protected] since 2015. 3737 WoodlAnd AvE, StE. 200, WdM / 515.225.7000 / thepalmergroup.com www.iacpa.org Iowa CPA | February 2017 | 5 member spotlight Nick Anderson Frankfurt Am Main Area, Germany

You’ve been working for KPMG in Germany since July. Tell us how this opportunity came to you. Working for an international company, you hear about international rotations, but I never thought it was something I would pursue. I had been at KPMG Des Moines for four years when someone in our office started a rotation in Ireland which opened my eyes to the opportunity. Shortly after, I met with a partner I worked closely with to talk about my career. When I mentioned interest in a rotation he said it would be a great next step. After the meeting (and talk- ing to my wife), I was sold on the idea if the right fit presented itself. Lucky for me, the partner went out of his way to use his connections with global partners to advocate for me and help me get this opportunity. What are some major differences when you compare working in Germany to the United States? The one thing that has sur- prised me the most is the strict labor rules here. You are not al- lowed to work Sundays and there are strict limits on the amount of overtime in a given week/month/quarter. Perhaps most sur- prising is that each hour of overtime is added as additional PTO, which is great for traveling or other activities you enjoy. What are some challenges you’ve faced? The most difficult has been the language barrier. It has not been a significant roadblock, as almost everyone we interact with speaks some English, but it is a hindrance at times. Everything around us is in German, whether it is the train station, mail, apartment lease or restaurant menus. What skills have you developed over the last five years that have helped you excel in your new role? Outside of the con- tinued accounting and auditing knowledge, it’s the ability to work with others. Being a CPA, I’ve worked with many different individuals on my teams with numerous clients, which provided exposure to different personalities and working styles. This was certainly amplified when I began working with my team and client contacts here, but the prior experiences helped me learn that I need to be more open and adaptive to different working environments – what works for communicating with some indi- viduals is certainly not the same for everyone. Why did you want to be a CPA? I thought public accounting would expose me to a variety of businesses and segments that would provide me with insight into jobs that might interest me. I have realized there is a lot more to being a CPA than I thought. There is always more to learn and understand with the constant changes in both accounting and auditing standards. Also, being a CPA often involves an important client service aspect which is an area I really enjoy. Being a CPA has been perfect for me.

6 | Iowa CPA | February 2017 www.iacpa.org Electronic signatures Volunteers needed! rule filed Help wanted he Iowa Department of Revenue’s (IDR) administrative rule num- olunteering with ISCPA ber ARC 2915C addressing electronic signatures was adopted will connect you with and filed Jan. 18. The rule will go into effect Feb. 22. other members in ar- T easV of interest you care about, Iowa CPA Todd Thorson weighs in: have expertise in, or want to learn more about. Be involved What you need to know in projects like legislative and The rule changes made by the IDR are reasonable and tax policy, career awareness, consistent with what the Internal Revenue Service pro- education, young professional cedures are. These changes will allow authorized signa- events, financial literacy, com- tures to be made by taxpayers when away from home munity service and more. or when busy and not able to find time to drop e-file authorizations Committees and task forces in the mail. Taxpayers can use their smartphone, tablet, or computer • Career Awareness to review and sign tax returns, improving convenience while main- • Iowa CPA Education taining the security of their information. This is a great step forward Foundation Advisory for tax preparers and payers alike. • Diversity and Inclusion • Financial Literacy • Iowa CPAs Month of Service Todd Thorson is a CPA and partner at BKD LLP, West Des Moines, and • NEW! Business and Industry chair of the ISCPA Tax Committee. He has been an ISCPA member since • LEAP (leaders emerging in the 1995. accounting profession) • Financial Institutions • Governmental Auditing and Accounting • Insurance Industry 2017 Iowa CPA Golf Classic • Nonprofit Organizations Monday, June 5 | 10 a.m. start Registration • Taxation • Legislation The Legacy Golf Club, Norwalk open! Other volunteer roles ISCPA members and guests welcome. • College Panelist Register at www.iacpa.org/news/events. • Key Person • Financial Literacy Presenter • Iowa CPAs Month of Service Visit www.iacpa.org/member- Sponsor opportunities available. ship/volunteer to sign up now Contact Cheryl Miller at [email protected] or visit www.iacpa.org/advertising. and learn more. Volunteer roles are for May 1, 2017 to April 30, 2018. Meet your ISCPA director Iowa Society of CPAs executive committee member Dwayne Vande Krol is a CPA and shareholder at Nyemaster Goode PC in Des Moines. Since 2014, he has served as sec- retary of the ISCPA Executive Committee – which leads the board of directors – and started his term on the board in 2012. Dwayne joined ISCPA in 1994, and has volunteered as chair of the ISCPA State Taxation Committee. He currently serves as board liaison to the taxation committee and volunteers as a legislative key person. Dwayne is a graduate of Iowa State University and received his law degree from Drake University Law School. He and his wife Lori reside in Clive with daughters Emma (13), Josie (10) and Reese (6). Dwayne Vande Krol www.iacpa.org Iowa CPA | February 2017 | 7 Thank you 2016 ICPA/ Classified PAC contributors ads

hether you’re a new contributor or an annual supporter, THINKING OF SELLING THANK YOU to these members for contributing to the Iowa YOUR PRACTICE? Accounting CPA Political Action Committee in 2016. Through your sup- Practice Sales is the leading port,W you help to establish ISCPA and the accounting profession in Iowa marketer of accounting and tax as a concerned, involved and strong political constituency. practices in North America. Call Learn more about ICPA/PAC at www.iacpa.org/advocate/contribute. Trent Holmes at 1-800-397-0249 or email [email protected] to Central Region: Cynthia T. Stark Frank G. Becicka find out more about our risk-free Cynthia S. Adams Jeffrey A. Steggerda Anita M. Becker and confidential services. Kimberly K. Bakey Brian J. Sweeney Brent R. Bormann CAREER OPPORTUNITY-CFO- Patricia J. Bell Jana D. Teachout James B. Buxton TRANSPORTATION–CFO in Des Sylvester G. Blank Thomas N. Thuesen Michael Cochran Moines. CPA and/or MBA, 10+ Donald J. Brush Kirk L. Tibbetts David E. Droessler years, M&A, forecasting, KPIs, Paul G. Cain Donald C. Timmins Alan F. Fletcher tax, strategic planning, banking Kimberly K. Ceilley Jeffrey C. Van Robert J. George relationships. Subsidiary of $2Bn Matthew C. Corwin Maanen Bradley L. Hauge IA company. Opportunity for Susan L. Davis David A. Vaudt Heidi S. Hobkirk growth. For confidential inquiry Jenna K. Day Paul R. Vial Chris J. Kofoed and consideration, contact Tom Marvin W. Debner Mark D. Wackerbarth Stephanie A. Cox, Managing Partner, Iowa Kelley A. Ellis Jamie L. Ward Mendenhall Career Connection: 515-282- David A. Farnsworth Michael J. Wiskirchen Nicholas D. Nauman 5823 or tom@iowacareercon- Kent A. Farver Christopher N. Yuska Mark F. Penningroth nection.com. We are retained by Rodney D. Foster James G. Pratt Northeast Region: our clients who pay all fees. Marty J. Fredericks Dean R. Price Joseph A. Bouska Mark P. Grubb Carol A. Schuster SENIOR INTERNAL AUDITOR– Gregory C. Burbach Randall A. Hamilton Michael D. Stallman Lead risk-based operational, Elaine W. Coonley Lloyd A. Harris Jeffrey P. Triplett financial, and compliance inter- Thomas A. Dole Daryl K. Henze Marty J. Tunning nal audits to promote reliability Laura M. Enderson Todd C. Ihlenfeldt James E. Voelschow and integrity of financial and thanks!Willeen F. Engelken operational information; evalu- Russell G. Jordan Mary S. Engelkes Southwest Region: Kathleen A. Koenig ate compliance with internal Fred L. Fischer Francis E. Clark Julie Meyer Kroll policies, procedures, laws and Douglas O. Jordan Kevin O. Garrett David N. Lester regulations; and analyze the Michael A. Meinders David A. Ginther Dennis C. Lincicum system of internal controls. Maureen S. Pruisner Jo Ann Good Stephen V. Marlow Perform work related to the an- Larry Pump David L. Hannasch John M. Matovina nual financial statements audit, Michael J. Riniker Mark D. Kyhnn Mark A. McKee employee benefit plan audits, Cheryl D. Mather Bradley R. Mihm Northwest Region: and special investigations. View Christopher J. Nelson Jerry L. Murphy Kevin J. Cain details at https://meredith.wd5. Kenneth P. Tegels Brian K. Newton Bruce D. Jensen myworkdayjobs.com/EXT/ James A. Watson Michael R. Overton Robert J. Kroese job/Iowa-Des-Moines/Senior- John D. Pittman Howard J. Reinsch Out of State: Auditor_JR02737-1 Angela K. Reed Stuart A. Simonson Sarah A. Bohnsack For ad rates, visit: /www.iacpa.org Lynne S. Runchey Brian L. Sohn Steven P. Dais /advertising. Robert J. Scigliano James L. Wirtz Joshua N. Gabelmann John M. Sears Steven J. McCann Southeast Region: Donald J. Seibel Heidi R. Patterson Kevin L. Ballard S. James Smith Brian D. Bast Julie L. Spencer Strengthen our voice and contribute at www.iacpa.org/advocate/contribute 8 | Iowa CPA | February 2017 www.iacpa.org Welcome! The following members joined the Society in January. Please take time to welcome them and invite them to participate in events and programs with you.

Carsen J. Anderson Alexandrea N. Keller Jane E. Finn Iyyad O. Rayyan PricewaterhouseCoopers Williams & Company PC PricewaterhouseCoopers PricewaterhouseCoopers LLP Onawa LLP LLP Des Moines Des Moines Des Moines Misha A. Kromkowski Christopher S. Cooper Ryan LLC Jessa Frye Jennifer S. Thornton PricewaterhouseCoopers Dallas, TX PricewaterhouseCoopers PricewaterhouseCoopers LLP LLP LLP Michael F. Oppold Des Moines Des Moines Des Moines Deloitte & Touche LLP Lucas J. Downes Des Moines Michael J. Hanson Corrin S. Upton PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers Ben M. Rush LLP LLP LLP Rush CPA & Associates Des Moines Des Moines Des Moines PLLC Tyler M. Dunleavy Atlantic Jaime R. Neeley Christopher L. Wahl PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers Jill K. Snyder LLP LLP LLP PricewaterhouseCoopers Des Moines Des Moines Des Moines LLP Natasha M. Goecke Des Moines Adam W. Newland Hunter Weatherman PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers Angela B. Storm LLP LLP LLP KPMG LLP Des Moines Des Moines Des Moines Des Moines Debra M. Goodhue Karina A. Overgaard Jacob J. Weiss Affiliates: Deloitte & Touche LLP PricewaterhouseCoopers PricewaterhouseCoopers Wan Qin Ang Des Moines LLP LLP Ernst & Young LLP Des Moines Des Moines Nicholas K. Kadulski Des Moines PricewaterhouseCoopers Suresh Periyasamy Mengting Ye Ariana Aquilani LLP PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers Des Moines LLP LLP LLP Des Moines Des Moines Des Moines Members in the New student news affiliates Scott A. Manhart has been hired Career Center by Insight Wealth Group, West Buena Vista University Des Moines, as partner. Jobina Kirby Solomon J. Rosenbaum Iowa State University has been hired by Roth & Eric Williamson Company PC, Des Moines, as Simpson College senior tax manager. Bryan Gregson Courtney E. Schramm has been University of Northern Iowa hired by RSM US LLP, Des Hunter Schoenauer Moines, as tax senior. Wartburg College post jobs | find jobs Have news to share? Matt McAleer Email [email protected]. www.iacpa.org/careers www.iacpa.org Iowa CPA | February 2017 | 9 Planting the seed for tomorrow’s CPAs

he Iowa Society of CPAs would like to thank these generous donors for their annual contribution or pledge to the Iowa CPA Education Foundation. You make a tremendous impact on the lives of future TCPAs with your financial support. Donation period is Jan. 1, 2016 - Jan. 15, 2017. Branch Jamie L. Ward James L. Henkel Alan F. Fletcher ($15,000 to $24,999 West Des Moines Boone Cedar Rapids over 5 years) Christopher N. Yuska Paul D. Jacobsen Marty J. Fredericks McGowen Hurst Clark & Johnston Boone West Des Moines Smith PC ($250 toward four- Lisa I. Kobernusz Monica M. Haag West Des Moines year $1,000 pledge) Boone Waterloo ($6,000 toward five- LattaHarris LLP Paul J. Meginnis II year $15,000 pledge) Seed ($500 to $999) Tipton Des Moines Stem Cynthia S. Adams Denise M. Pierson Mary L. Mosiman ($5,000 to $14,999 over West Des Moines Waukee Ames 5 years) Carney Alexander Marold Larry & Sue Pump Jerry L. Murphy Anonymous (one-time & Co LLP Charles City Clive $10,000 contribution) Waterloo Robert W. Snodgrass Brian K. Newton Denman & Company LLP Rodney D. Foster Creston Pleasant Hill West Des Moines Clive ($1,000 toward five- Tom R. Thompson Pittman & Company LLP Kevin O. Garrett year $5,000 pledge) Fairfield Urbandale Atlantic John D. DeVries Van Maanen Sietstra Michael H. Prosser Stephen V. Marlow West Des Moines Meyer and Nikkel PC Sioux City West Des Moines ($2,000 toward five- Pella Robert E. Rich year $5,000 pledge) Michael A. Meinders Under $250 Fort Dodge Waterloo KPMG LLP Anonymous Everett N. Sather Des Moines Dean R. Price Allison L. Appel Ankeny ($2,000 toward five– Iowa City Webster City Carol A. Schuster year $5,000 pledge) Donald J. Seibel Tracey M. Ball De Witt West Des Moines Root Urbandale John M. Sears ($1,000 to $4,999) Soil Kevin L. Ballard Monroe Carrie L. Dostal ($250 to $499) Marion Lucille D. Siefers Urbandale Patricia J. Bell Kevin C. Banwart Bettendorf Daryl K. Henze Johnston Algona Andrew and Monica Urbandale Joseph A. Bouska Donald J. Brush Steckel Jacobsen & Company LLP Decorah Urbandale West Des Moines Waukee Michael F. Cooney III James B. Buxton Kirk L. Tibbetts Renee Scheuermann West Des Moines Iowa City Urbandale Boone Hacker Nelson & Co PC David A. Farnsworth K. Dwayne Vande Krol Decorah Polk City Clive

Donors will be recognized annually in the February edition of Iowa CPA. Donors who’ve committed to a five year pledge are recognized for the full amount of their pledge in the first year on the Iowa CPA Education Foundation donor wall and in Iowa CPA. Pledge installment amounts paid in the remaining years of the pledge will be recognized annually in Iowa CPA. Every attempt was made to acknowledge the donors who have given during this period. If you note a discrepancy, please contact us at 800-659-6375 or [email protected]. For more information on how you can help individuals to become CPAs, visit www.iacpa.org/about/education-foundation.

10 | Iowa CPA | February 2017 www.iacpa.org Catching up with 2016 foundation scholarship recipients

SCPA recently spoke with not aware of the organization needed. Without it, I would have college students Dakota before I applied for the scholar- struggled to pay for the testing Hageman and Jenna Walleser, ship, but after seeing all the great and review session on my own. Ilast year’s Iowa CPA Education people who are involved, I look However, ISCPA has enabled me Foundation scholarship recipients, forward to becoming a member. to begin the testing stress-free to see what they’re up to today. Jenna Walleser and without large financial bur- dens. Thank you, ISCPA! Dakota Hageman Loras College, University of Dubuque What are your future goals as a CPA? Northern Iowa, What’s happening Cedar Falls I am extremely excited to be- these days? come a CPA! I know it will just be What’s happening I graduate in the first stepping stone on my these days? May with a triple career path in this field, but it is I am currently still major in account- also one of the largest and scari- in school at UNI ing, finance and economics, with est. The Iowa Society of CPAs has taking the last two classes I need a concentration in international encouraged me to take this step, to complete my master’s degree. business. I am staying busy as a and I will always be grateful for Plans for taking the CPA exam supplementary instructor at Loras their assistance during this transi- I am enrolled in the review cours- for managerial finance, microeco- tion period in my life. es designed to prepare me for nomics and macroeconomics. I have accepted an audit position the CPA exam. I plan to take the Help future CPAs by contribut- auditing portion this month and with KPMG Minneapolis and start in September. ing to the Iowa CPA Education will complete the other three sec- Foundation at www.iacpa.org/ tions between February and May. Plans for taking the CPA exam about/education-foundation. How did the foundation scholar- I will be taking the CPA exam ship impact you? over the next six months. I plan The scholarship has helped me to take at least one section this tremendously. I have been able to spring and the rest during the Grow your nest egg, cut back on the number of hours July/August window. My goal is spent at my campus job and to have completed and passed not your tax bill. focus on studying for the CPA all sections before moving to exam this semester. Minneapolis in September. What are your future goals as a How did the foundation scholar- CPA? ship impact you? Qualified intermediary After attending last year’s ISCPA I cannot express how grateful I services for all types of annual meeting to accept the am for the scholarship. Of the Section 1031 exchanges scholarship, I learned a lot about scholarships I received, it was one the Iowa Society of CPAs. I was of the most generous and most

Iowa CPA Education Foundation 800-805-1031 • 515-224-5259 4800 Mills Civic Pkwy Suite 205 West Des Moines IA 50265 To learn more iowaequityexchange.com Support about the Iowa Ken Tharp CPA Education Sustain Foundation, visit: www.iacpa.org/ about/education- foundation INTEGRITY. PRECISION. SECURITY. www.iacpa.org Iowa CPA | February 2017 | 11 2½ x 4¾ LEAP forward

…Need-to-know news and advice for leaders emerging in the accounting profession ISCPA’s LEAP Committee provides education, networking and development programs across the state for members 40 and under. Visit www.iacpa.org/membership/young-professionals for detailed information about these events and register today. Happy hour LEAP spotlight: Jenna Day April 27 Meet an Iowa CPA from Urbandale Up-Down arcade bar www.updowndsm.com who works in agricultural insurance, East Village, Downtown Des Moines loves the Cubs and discovered an inter- Join us for an after tax season stress reliever! All est in legislative advocacy in our ISCPA members welcome and attend for free. $10 non- YP spotlight. Visit www.iacpa.org/ members. RSVP to [email protected] appreciated. membership/young-professionals.

Want to help with future programs and events for members 40 and younger? Volunteer to be part of the 2017-18 LEAP Save the date committee! Sign up through your member profile at Emerging Leaders www.iacpa.org/membership/profile. Conference Aug. 10-11 Greater Des Moines FREE for all members! Botanical Gardens Common Grounds is an informative and casual gathering for members of ISCPA held early morning or late afternoon. You will hear from ISCPA CEO Cindy Adams on current and future issues and trends in the pro- Manage Exchange fession and take part in some great conversation with colleagues. and Professional Risk The following dates are scheduled for 7:30 a.m. at ISCPA. with the Midwest’s March 2 June 22 Sept. 7 Nov. 8 Premier Exchange We are scheduling Common Grounds dates in your region for June Resource through November. Bring ISCPA to your community at no cost to you by booking a Common Grounds at [email protected].

IPE 1031 6150 VILLAGE VIEW DRIVE • SUITE 113 WEST DES MOINES, IA 50266 515.279.1111 • 888.226.0400 FAX 515.279.8788 WWW.IPE1031.COM [email protected]

12 | Iowa CPA | February 2017 www.iacpa.org CPE spotlight Conferences2017 Employee benefit plans Spring CPE for business certificates and industry and Events The complexities of an employee Sioux Falls, South Dakota: benefit plan audit (EBP) demand May 5 March 28 - Advanced Controller exacting expertise. CPAs special- Leadership Conference and and CFO Skills izing in EBP audits must meet Annual Meeting the Department of Labor and IRS March 29 - Employment Law May 15 requirements in addition to the Update: Key Risks and Recent Local Government Update AICPA’s professional standards Trends May 16 and rules. To help CPAs prepare Join Jim Lindell for these Iowa Governmental for these professional demands, courses in April Roundtable the AICPA has developed inter- April 17 - Transforming Your Role May 24 mediate and advanced level cer- as Controller to Business Partner Financial Institutions tificate programs. Participate in (Iowa City) Conference learning, take the exam and earn the digital badge to demonstrate April 18 - The New June 5 your knowledge to clients. Controllership: Keys to Boosting Iowa CPA Golf Classic Management Skills (4 hours) To help practitioners prepare for June 12-13 the advanced certificate level April 18 - The New Technology Conference exam, ISCPA is offering a two day Controllership: Keys to Boosting June 19 seminar, Advanced Auditing for Financial Performance (4 hours) Small Firm Forum Defined Contribution Retirement April 19 - Running a Nonprofit June 20 Plans, May 22-23. Contact ISCPA Like a Business Insurance Industry for more information includ- Conference ing exam discount in conjunc- Aug. 10-11 tion with attending related CPE Emerging Leaders Conference through ISCPA. Sept. 27-28 Free webcast for CPA exam Eastern Iowa Fall Conference Thursday, Feb. 9 CPA exam candidates and ISCPA Oct. 20 20% 30% 50% 80% members are invited to join a OFF! OFF! Nonprofit Organizations Feb. 9 free webcast and Q&A OFF! OFF! Conference session on the next version of the Uniform CPA Exam with the More events and dates coming! AICPA and NASBA. Register at webcast available https://goo.gl/kCXazM. Selling on Your Own?

For Sale by Owner = Discount to Buyers. Accounting Practice Sales is the largest facilitator in North America for selling accounting and tax practices. Our access to the greatest number of potential buyers provides you the best opportunity of matching not only with the right buyer but also obtaining the optimum price and terms. Look to us for over 3,445 webcasts Contact us today and let’s sell your practice for what it is worth. See the full list at: 1-800-397-0249 www.iacpa.org/onlinecpe in 2017 The Holmes Group www.AccountingPracticeSales.com Once you attend an ISCPA webinar, it will be automatically logged in [email protected] your CPE Tracker at www.iacpa.org/cpe/dashboard. You may view transcripts in your tracker and print anytime you need to, at your convenience. www.iacpa.org Iowa CPA | February 2017 | 13 Presorted Standard U.S. Postage PAID Des Moines, Iowa 1415 28th Street, Suite 450 Permit No. 3433 West Des Moines, IA 50266-1419

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Kimberly Ellison-Taylor, CPA awards recognition of new foundation CPA CGMA CPAs scholarships Register at www.iacpa.org/LC-AM