AICPA News - July 2024 - CPA Practice Advisor

AICPA News is a collection of recent announcements from the American Institute of CPAs and the Chartered Institute of Management Accountants.

AICPA Recognizes Six Individuals with 2024 Outstanding Young CPA Award

The AICPA & CIMA recently recognized six practicing CPAs under the age of 40 with the 2024 AICPA Outstanding Young CPA Award. Every year, these awards are given in memory of Maximo Mukelabai, a member of the inaugural class of the AICPA Leadership Academy whose life was tragically cut short in 2011 at age 36.

Honorees are selected annually for exemplifying the passion, intellect and inspiration demonstrated during Maximo’s career. Shortly before his passing, he became the first African American and youngest chair of the North Carolina Association of CPAs board of directors. Maximo’s influence and leadership were felt by many, and the Outstanding Young CPA Award is one way his legacy is carried on.

To be considered for the award, candidates submitted applications and details on their volunteer history. They provided their insight into why volunteering is important to the profession, how they have positively impacted the profession through volunteering, and how they have demonstrated leadership within their job or volunteer activities.

View the full list of criteria here.

Congratulations to the following Recipients of the 2024 Outstanding Young CPA Award:

Business Executives Continue Their Seesaw Outlook on the U.S. Economy, AICPA & CIMA Survey Finds

For the past two years, business executives’ optimism about the U.S. economy falls one quarter, rises the next, then dips again the following quarter.

That same trend continued in the second-quarter AICPA & CIMA Economic Outlook Survey, with respondents adopting a more pessimistic outlook on the economy’s prospects after a significant rebound in sentiment last quarter. The survey polls chief executive officers, chief financial officers, controllers and other certified public accountants in U.S. companies who hold executive and senior management accounting roles.

Some 35% of business executives said they were optimistic about the economy’s prospects over the next 12 months, down from 43% last quarter. The overall trend over the past year has been positive – optimism stood at only 14% a year ago – but the chart over the past year (and the year before it) has been a consistent zig-zag quarter to quarter.

Another factor injecting uncertainty: it’s an election year. While business executives’ top three concerns – inflation, employee and benefit costs, and availability of skilled personnel – remain unchanged from last quarter, “domestic political leadership’ moved up three spots to No. 4 on the list.

The hiring outlook remains strong, but shows some signs of softening. 29% of business executives said they have too few employees, with 16% saying they were looking to hire immediately and 13% saying they were hesitant to recruit due to uncertainty. That’s a shift from last quarter when 37% of respondents said they had too few employees, and 22% said they were looking to hire immediately.

Other key findings of the survey:

Profit expectations for the next 12 months are now +1.5%, up a tick from last quarter, while revenue growth is expected to be 2.9%, more than double what it was projected a year ago.
Business executives’ optimism about their own organizations’ prospects over the next 12 months fell slightly from 49% to 48%, quarter over quarter.
Some 54% of business executives say their companies plan to expand over the next 12 months, up from 51% last quarter.

A complete copy of the report can be found on aicpa.org.

Staffing, IRS Service Problems and Leadership Development are Top Issues for CPA Firms, AICPA Survey Finds

Finding qualified staff is the top issue for all categories of accounting firms except sole practitioners, according to a biennial survey by the American Institute of CPAs’ firm practice management section.

A second leading issue – for all but the largest firms (21 professionals or more) – is service problems with the Internal Revenue Service, the Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey found.

Talent issues stretch beyond staff recruitment, the survey found. The two largest firm categories (11-20 professionals and 21 or more professionals) listed “retaining qualified staff” as their No. 2 issue. Small to midsize firms listed “developing the next generation of firm leaders” as a top 5 concern or higher.
Among other findings of the survey:

“Keeping up with changes and complexity of tax laws” is a significant issue for sole practitioners through midsize firms.
The largest firms named “Effective staff utilization and management” and “Staff compensation and reward programs” among their top five concerns
Sole practitioners and the largest firms were most concerned with the impact of technology, with both categories naming “Keeping up with changes in technology and managing associated costs” and “Leveraging technology to enhance client service” as top five concerns.

Eight CPAs Recognized at AICPA & CIMA ENGAGE

The American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) recently honored eight CPAs during AICPA & CIMA ENGAGE 2024 in Las Vegas this week.

Personal Financial Planning (PFP) Division Distinguished Service Award

Lori Luck, CPA/PFS, was presented with AICPA’s 2024 Personal Financial Planning (PFP) Distinguished Service Award, which recognizes an AICPA member who meritoriously contributes to the advancement of personal financial planning, best exemplifies a CPA financial planner, and serves the public’s interest by enhancing the quality of personal financial planning services.

Luck is the co-founder of CLS Financial Advisors in Portland, OR.

She is a member of AICPA’s CPA Evolution task force and is a past commissioner of the National Accreditation Commission, a senior AICPA committee that reports directly to the Institutes’ board to promote personal financial planning and other specialty areas for CPAs.

P. Thomas Austin Personal Financial Planning Scholarship

Mitch Kennedy, CPA/PFS, MS, CFP®, SYM Financial Advisors, Midland, MI, was awarded the 2024 P. Thomas Austin Personal Financial Planning (PFP) Scholarship.

CPAs who have fewer than 10 years of experience are eligible to be considered for the scholarship, which covers the registration fee for the AICPA’s Advanced Estate Planning Conference. Kennedy is a member of his firm’s tax team and is a key subject matter expert within the firm, studying changes and nuances keeping the team sharp and in tune with the changing tax landscape. He was a leader in implementing software which allows the firm’s advisory team to evaluate clients’ specific tax circumstances and provide financial planning recommendations

Kennedy earned his BBA in Accounting from Saginaw Valley State University and his MS in Personal Financial Planning, Financial Planning and Services from the College of Financial Planning. In addition to obtaining his CPA license, he has added the Personal Financial Specialist and Certified Financial Planner credentials.

Sid Kess Award for Excellence in Continuing Education

The Sid Kess Award for Excellence in Continuing Education was presented to Tony Nitti, CPA, MST, a National Tax Partner at EY. Within EY, Nitti chairs the S Corporation and Section 1202 groups and is the leader of learning for Private Tax.

Nitti, a resident of Colorado, currently serves as the vice-chair for AICPA’s S Corporation Technical Resource Panel. He has served as a speaker at many AICPA & CIMA conferences, including ENGAGE, National Tax and Sophisticated Tax, and Real Estate.

Nitti is also part of the faculty at the University of Denver and Golden Gate University.

Standing Ovation Honors

The AICPA’s Standing Ovation program recognizes young CPAs, age 40 and under, who exhibit exemplary professional achievement in personal financial planning, business valuation and forensic accounting, and information management and technology assurance.

Personal Financial Planning Standing Ovation The three recipients of the Personal Financial Planning (PFP) Standing Ovation all hold the PFS credential. They are (in alphabetical order):

Wesley Botto, CPA/PFS, CFP® — Hillcrest Financial Group, Cincinnati, OH
Rebecca Conner, CPA/PFS, CFP® , RLP® — SeedSafe Financial LLC, Austin, TX
Sean Gibbon, CPA/PFS, CFP® , CEPA™ — JFS Wealth Advisors, Hermitage, PA

Technology Advisory Standing Ovation The two recipients of the 2024 Technology Advisory Standing Ovation award all hold the CITP credential. They are (in alphabetical order):

Raymond Cheng, CPA/CITP, CISSP, CISA, CCSK, CIPP/E — Decrypt Compliance, San Jose, CA
Sophia Yang, CPA/CITP, CIA — EisnerAmper, Philadelphia, PA

AICPA Recognizes Extraordinary 2023 CPA Exam Performers with Elijah Watt Sells Award

The American Institute of CPAs (AICPA) recently announced the 40 winners of the 2023 Elijah Watt Sells Award. This award is granted to CPA candidates who obtain a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination, pass all four sections on their first attempt and have completed testing in 2023. More than 86,000 individuals sat for the CPA Exam in 2023.

The Elijah Watt Sells Award program was established by the AICPA in 1923 to recognize outstanding performance on the CPA Exam, as well as to honor Sells, one of the country’s first CPAs.

The individuals listed below are the 2023 Sells Award winners in alphabetical order, followed by their board of accountancy affiliation, education, and present employer (where applicable):

Roger Babin (Massachusetts), a graduate of Boston College with a Bachelor of Science in management with concentrations in accounting and finance, is employed with KPMG in Boston, MA.

Harrison Baker (Utah), a graduate of University of Utah with a Bachelor of Science in accounting, a Bachelor of Science in information systems and a Master of Accounting with an emphasis in business analytics, is employed with Ledgenomics in Salt Lake City, UT.

Owen Berry (Florida), a graduate of University of Central Florida with a Bachelor of Science in Business Administration in accounting and a Master of Business Administration from Mississippi State University (2024), is employed with Ennis, Pellum & Associates, CPAs, in Jacksonville, FL.

Matthew Blomquist (Georgia), a graduate of Kennesaw State University with a Bachelor of Business Administration in finance and a Master of Professional Accountancy from Georgia State University, is employed with Southern Company in Atlanta, GA.

Dylan Boone (Ohio), a graduate of Miami University with a Bachelor of Science in accounting and a Master of Accountancy, is employed with Plante Moran in Cincinnati, OH.

Alan Brandon (North Carolina), a graduate of University College Cork with a Bachelor of Education in sports studies and physical education and a Master of Accounting from the University of North Carolina at Chapel Hill, is employed with Deloitte in Raleigh, NC.

Elise Chase (Massachusetts and Utah), a graduate of Brigham Young University with a Bachelor of Science in accounting and a Master of Accountancy, is employed with Deloitte in Salt Lake City, UT.

Julian Chase (Massachusetts), a graduate of Vanderbilt University with a Bachelor of Arts in economics and a Master of Science in accounting from the University of Massachusetts Amherst, is employed with PricewaterhouseCoopers in Boston, MA.

Nathaniel Day (Tennessee), a graduate of Vanderbilt University with a Bachelor of Science in human & organizational development and English and a Master of Accountancy from Vanderbilt University’s Owen Graduate School of Management, is employed with Deloitte in Chicago, IL.

Eleanor DeNunzio (Illinois), a graduate of the University of Kansas with a Bachelor of Science in Business in accounting and finance and a Master of Accounting, is employed with Ernst & Young in Chicago, IL.

Reece Diloreto (Florida), a graduate of Florida State University with a Bachelor of Science in accounting and a Master of Accounting, is employed with Ernst & Young in Tampa, FL.

Jared Dunnett (Illinois), a graduate of Indiana University-Bloomington with a Bachelor of Science in accounting and finance and a Master of Business Administration, is employed with Shore Capital Partners in Chicago, IL.

Ryan Durbin (Texas), a graduate of The University of Texas at Austin with a Bachelor of Business Administration in accounting and a Master in Professional Accounting, is employed with KPMG in Dallas, TX.

Sarah Falkin (Florida), a graduate of the University of Florida with a Bachelor of Science in accounting and a Master of Accounting, is employed with KPMG in New York, NY.

Yesenia Garcia (Texas), a graduate of Texas A&M International University with a Bachelor of Business Administration in accounting and a Master in Professional Accounting from The University of Texas at Austin, is employed with Calvetti Ferguson in San Antonio, TX.

Cal Granite (Illinois), a graduate of The University of Illinois Urbana-Champaign with a Bachelor of Science in accountancy and a Master of Accounting Science with concentrations in financial reporting & assurance and data analytics, is employed with RSM US LLP in Chicago, IL.

Chris Hudson (Texas), a graduate of Rice University with a Bachelor of Arts in health sciences and a Master of Accountancy, is employed with KPMG in Houston, TX.

Parker Jackson (Utah), a graduate of Brigham Young University with a Bachelor of Science in accounting and a Master of Accountancy, is employed with KPMG in Salt Lake City, UT.

Anthony Kearl (Montana), a graduate of the University of Calgary with a Bachelor of Commerce in accounting, is employed with TELUS in Calgary, Alberta, Canada.

Bradley Koch (Kansas), a graduate of Washburn University with a Bachelor of Business Administration in accounting and finance and a Master of Accountancy from Washburn University, is employed with Koch CPA, Chartered in Clyde, KS.

Will Koehler (Wisconsin), a graduate of the University of Wisconsin–Madison with a Bachelor of Business Administration in accounting and a Master of Accountancy employed with KPMG in Milwaukee, WI.

Vineet Kotak (Washington), a graduate of the Maharaja Sayajirao University of Baroda, India, with a Bachelor of Commerce, who is also a chartered accountant from the Institute of Chartered Accountants of India, is employed with PricewaterhouseCoopers LLP in Philadelphia, PA.

Jack Krause (Georgia), a graduate of the University of Iowa with a bachelor’s in accounting and a Master of Accountancy from the University of Georgia, is employed with the Financial Accounting Standards Board in Norwalk, CT.

Joshua Kritzer (Illinois), a graduate of the University of Wisconsin–Madison with a Bachelor of Business Administration in accounting and a Master of Accountancy, is employed with PricewaterhouseCoopers in Chicago, IL.

Esther Eleanna Lee (Weissman) (Maryland), a graduate of University of Maryland, College Park, with a Bachelor of Arts in criminology and criminal justice and a Master of Science in accounting, is employed with Ernst & Young, VA.

Bryant Lin (New York), a graduate of SUNY Binghamton with a Bachelor of Science in accounting and a Master of Science in taxation from CUNY Baruch College, is employed with PricewaterhouseCoopers LLP in New York, NY.

Michelle Lin (Illinois), a graduate of The University of Texas at Austin with a Bachelor of Business Administration in accounting and a Master in Professional Accounting, is employed with PricewaterhouseCoopers in Chicago, IL.

Sachin Mall (Guam), a graduate of Dibrugarh University with a Bachelor of Commerce in accounting and finance and a Master of Commerce from Delhi University.

Kelly McCarty (Colorado), a graduate of Chapman University with a Bachelor of Science in accounting and a Bachelor of Arts in economics, is employed with KPMG LLP in Denver, CO.

Khushbu Mittal (California), a graduate of Jesus and Mary College, University of Delhi with a Bachelor of Commerce (Honors) in accounting, is employed with Deloitte in Gurgaon, India.

Nechama Nakdimen (Maiman) (New York), a graduate of Excelsior University with a Bachelor of Science in business/accounting, is employed with SmallBiz Outsource LLC in Inwood, NY.

Jared Plattman (New York), a graduate of Villanova University with a Bachelor of Business Administration in accounting and finance, is employed with KPMG LLP in New York, NY.

Paul Poliakov (Washington), a graduate of Saint Petersburg State University with a bachelor’s degree in Asian and African studies and a Master of Business Administration from National Taiwan University, is employed with PricewaterhouseCoopers in Taipei, Taiwan.

Brandon Rooney (Tennessee), is a graduate of the University of Tennessee, Knoxville, with a Bachelor of Business Administration in accounting and a Master of Accountancy, is employed with EY in Nashville, TN.

Tina Sarkissian (California), a graduate of the University of California, Los Angeles, with a Bachelor of Arts in business economics and a minor in accounting, is employed with KPMG LLP in Los Angeles, CA.

Tyler Thimjon (Illinois), a graduate of Indiana University with both a Bachelor of Science in accounting and business analytics and a Master of Business Administration, is employed with EY in Chicago, IL.

Thanh Tran (Texas), a graduate of the University of Houston with a Bachelor of Business Administration in accounting and a Master of Science in accountancy, is employed with Alvarez and Marsal Tax LLC in Houston, TX.

Hannah Van Meeteren (South Dakota), a graduate of Northwestern College with a Bachelor of Arts in accounting and business administration–finance, is employed with CliftonLarsonAllen in Des Moines, IA.

Sara Woodward (New York), a graduate of Roberts Wesleyan University with a Bachelor of Science in accounting and a Master of Science in accounting from State University of New York Brockport, is employed with Flaherty Salmin CPAs in Rochester, NY.

Jack Wyatt (Alabama), a graduate of Auburn University with a Bachelor of Science in Business Administration (majoring in accountancy) and a Master of Accountancy from Auburn University’s Harbert College of Business, is employed with Deloitte in London, England.

Scholarship Fund Launched to Expand the CPA Pipeline

A new initiative, Controllers for a Cause™ Scholarship Fund, seeks to support the CPA pipeline with scholarships for students sitting for the CPA Exam. The fund is a program developed by the Controllers Council and administered by the AICPA Foundation, a charitable organization of the American Institute of Certified Public Accountants.

Participation in the Controllers for a Cause™ Scholarship Fund will be available to members, subscribers and sponsors of the Controllers Council, AICPA members and sponsors, and the public at large via the AICPA Foundation donations page. All donations and scholarship awards will be managed by the AICPA Foundation, established in 1922 to advance accounting as a learned profession and promote its future through accounting education and outreach, scholarships and fellowships, and diversity and inclusion.

For more information about the AICPA Foundation and its programs, please visit its web page.

AICPA awards $691,000 in scholarships to aspiring CPAs

The American Institute of CPAs (AICPA) Foundation recently awarded $691,000 in academic scholarships to 127 students for the 2024-2025 academic year through the AICPA Legacy Scholars Program.

The AICPA Legacy Scholars Program consists of five distinct scholarships:

The AICPA Scholarship for Future CPAs provides awards of between $3,000 to $10,000 to undergraduate or graduate degree students interested in pursuing the CPA license after graduation.
The AICPA John L. Carey Scholarship Award provides financial assistance to liberal arts and non-business undergraduate degree holders who are pursuing both graduate studies in accounting and CPA licensure. This award is $5,000.
The AICPA Foundation Two-year Transfer Scholarship Award of $5,000 is available to promising students looking to transfer from a two-year college to a four-year institution to complete their degree in accounting or an accounting-related field.
The AICPA Scholarship Award for Minority Accounting Students provides awards of between $3,000 and $10,000 to full-time minority students pursuing an undergraduate or graduate degree in accounting or an accounting-related major.
The AICPA/PCPS George Willie Ethnically Diverse Student Scholarship is awarded to talented accounting majors from ethnically diverse backgrounds. This scholarship of $10,000 is presented by the AICPA Foundation in collaboration with The AICPA Private Companies Practice Section (PCPS).

The complete list of 2024-25 recipients can be found at ThisWaytoCPA.com/LegacyScholarships.

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