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Accounting & Audit

AICPA News – June 2022

AICPA News is a round-up of recent announcements from the association.

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AICPA News is a round-up of recent announcements from the American Institute of CPAs .

AICPA Announces Endorsement of Supply Chain Disruptions Relief Act

The AICPA announced its support of efforts by Congress to provide tax relief to businesses that have been unable to maintain inventory during the pandemic. While there are a number of industries that have been impacted by the disruptions in the supply chain, the automotive industry is among those most greatly affected. The AICPA announced its endorsement of the bipartisan, bicameral Supply Chain Disruptions Relief Act, sponsored in the House by Representatives Dan Kildee (D-MI) and Jodey Arrington (R-TX) and its Senate companion bill, sponsored by Senators Sherrod Brown (D-OH), Tim Scott (R-SC), Catherine Cortez Masto (D-NV), Roger Marshall (R-KS), Patty Murray (D-WA), Cynthia Lummis (R-WY), Debbie Stabenow (D-MI) and Rob Portman (R-OH).

The Supply Chain Disruptions Relief Act would allow automotive dealerships to choose to wait until as late as 2025 for their inventory to be replaced in order to determine the income attributable to the sale of inventory during 2020 or 2021.

In two separate letters – one addressed to Representatives Kildee and Arrington and the other addressed to the Senate bill sponsors – the AICPA expressed their support and gratitude for this bill.

Both House and Senate bills echo the advocacy work and recommendations the AICPA has undertaken, and also includes the principles outlined in AICPA’s proposed safe harbor method. The AICPA offers its strong support for this legislation, as well as broader relief for other industries if it becomes feasible.

AICPA & CIMA Commit to Supporting Sri Lankan Communities

The Association of International Certified Professional Accountants (the Association), the combined voice of the AICPA and The Chartered Institute of Management Accountants (CIMA), says it is saddened by the unfolding events and economic situation in Sri Lanka and the impact this is having on lives and livelihoods. “Our thoughts are with its people, our members, students and staff.”

Both the global accounting profession and our organization have strong ties to Sri Lanka, and we will continue to actively support our communities during these challenging times. We remain committed to developing highly skilled accounting professionals who can guide their organizations, and in turn the national economy, through uncertainty and lead them on the path to recovery.

Representing nearly 690,000 members, students and engaged accounting and finance professionals around the world, we fully support a swift and peaceful resolution to the crisis in Sri Lanka.

AICPA Releases Statement on IRS Destruction of Documents, IRS Response

The AICPA recently released a statement in response to reports of destruction of documents at the Internal Revenue Service (IRS) and their subsequent response. AICPA Vice President of Taxation, Edward Karl, CPA, CGMA, released this statement:

“Considering the struggles the IRS has faced in keeping up with returns’ processing the last two years, the recent TIGTA report highlighting the revelation of the IRS’s destruction of 30 million documents last year has been concerning. IRS management’s decision to destroy information return documents due to the processing backlog raised numerous questions regarding IRS’s decision making and risk assessment process. The IRS’ recent statement provided some of the answers, but American taxpayers deserve to know why this decision was made and how it might impact them. The IRS should continue to operate with transparency on this issue.

“For months, the AICPA has urged the IRS to implement specific recommendations that would help them reduce their backlog more quickly and provide relief to taxpayers, several of which are related to pandemic penalty relief. We are encouraged that the IRS statement indicated that taxpayers and payors have and will not be subject to penalties. However, the AICPA believes that the IRS should be transparent with their remediation strategy to ensure that taxpayers who attempt to be in compliance, and payors who have been compliant with the information reporting requirements do not have penalties imposed on them in the future.”

 

New AICPA Chair Looks to Foster Growth Opportunities and Diversity Gains within Accounting Profession

Anoop Natwar Mehta, chief strategist of the aerospace firm Analytical Mechanical Associates (AMA), is the new chair of the AICPA, the world’s largest member organization representing the CPA profession. He also will serve as chair of the Association of International Certified Professional Accountants, which combines the strengths of the AICPA and the Chartered Institute of Management Accountants (CIMA).

Mehta, a CPA who also holds the Chartered Global Management Accountant (CGMA) designation, was elected to the one-year AICPA volunteer post by the organization’s governing Council, which concluded its Spring Council session today. Okorie Ramsey, CPA, CGMA, vice president of Sarbanes-Oxley compliance for Kaiser Foundation Health Plan and Kaiser Foundation Hospitals, was voted in as the AICPA’s vice chair.

Mehta listed three areas of focus for his term:

  • Helping others to grow professionally and personally. The profession must adopt a people-first approach that encourages mutual support, lifelong learning and personal development.
  • Diversifying the pipeline of new accountants. Projects such as CPA Evolution, a new model for licensure, and new apprenticeships for CGMA candidates, will help. But the profession also must set and track progress toward DEI goals to ensure accountability, he said.
  • Preserving trust in the profession. Mehta cited the profession’s recent role in economic recovery and business relief and described how that’s built trust with clients and the public. He also pointed to new areas where CPAs can serve, such as assurance and advisory work related to environmental, social and governance (ESG) topics.

Mehta earned a Bachelor of Science degree in Accounting from the University of Maryland, College Park. He and his wife, Bina, live in Clarksville, Md., and have two daughters and two grandchildren.

AICPA Recognizes 2021 Top CPA Exam Performers with Elijah Watt Sells Award

The AICPA recently announced the 57 winners of the 2021 Elijah Watt Sells Award. To qualify, CPA candidates must 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 2021.

More than 72,000 individuals sat for the CPA Exam in 2021, with 57 candidates meeting the criteria to receive the Elijah Watt Sells Award.

The Elijah Watt Sells Award program was established by the AICPA in 1923 to recognize outstanding performance on the CPA Exam. Sells, one of the first CPAs in the U.S., was active in the establishment of the AICPA and played a key role advancing professional education within the profession.

The individuals listed below are the 2021 Sells Award winners in alphabetical order, followed by their Board of Accountancy affiliation, education and present employer:

  1. Joseph P. Armenia III (New York), a graduate of Canisius College with a Bachelor of Science in Accounting and Accounting Information Systems and a Master of Business Administration, is employed with Armenia CPA PLLC in Buffalo, New York.
  2. Erica Barker (Georgia), a graduate of Georgia Institute of Technology with a Bachelor of Science in Business Administration with a Concentration in Accounting, is employed with PricewaterhouseCoopers in Atlanta, Georgia.
  3. Tyler Black (North Carolina), a graduate of Wake Forest University with a Bachelor of Arts in Spanish and Master of Accountancy from St. Joseph’s College of Maine, is employed with Alan F. Burke, CPA, PA in Salisbury, NC.
  4. Jordyn Boutilier (New York), a graduate of University at Albany with a Bachelor of Science in Accounting and Master of Science in Forensic Accounting, is employed with PricewaterhouseCoopers in New York, New York.
  5. Austin Bovia (Michigan), a graduate of Michigan State University with a Bachelor of Arts in Accounting, is employed with Aptiv in Allen Park, Michigan.
  6. Eli Bublick (Illinois), a graduate of Indiana University with a Bachelor of Science in Accounting and Finance and Master of Science in Accounting with Data and Analytics, is employed with Ernst & Young in Chicago, Illinois.
  7. Carter Calderon (Minnesota), a graduate of University of Wisconsin-Madison with a Bachelor of Business Administration in Accounting and Master of Accountancy, is employed with PricewaterhouseCoopers in Minneapolis, Minnesota.
  8. Lorena Carpina (New Jersey), a graduate of University of the East (Manila, Philippines) with a Bachelor of Science in Accountancy and Computer-based Accounting Systems, is employed with Grant Thornton LLP in Iselin, New Jersey.
  9. Kevin Caverly (Pennsylvania), a graduate of University of Notre Dame with a Bachelor of Business Administration in Accountancy, is employed with PricewaterhouseCoopers in Philadelphia, Pennsylvania.
  10. Joshua Cho (California), a graduate of California Polytechnic State University San Luis Obispo with a Bachelor of Science in Business Administration, is employed with PricewaterhouseCoopers in San Francisco, California.
  11. Nathan Choy (California), a graduate of The Master’s University with a Bachelor of Science in Business Administration with an emphasis in Accounting and Management Information Systems and a Bachelor of Science in CIS with an emphasis in Information Systems, is employed with Ernst & Young in Los Angeles, California.
  12. Kyle Crews (California), a graduate of University of California San Diego with a Bachelor of Science in Management Science, is employed with KPMG LLP in San Francisco, California.
  13. Dylan Croom (Colorado), a graduate of University of Colorado Denver with a Bachelor of Science in Business Administration and a Master of Science in Taxation from University of Colorado Denver, is employed with PricewaterhouseCoopers in Denver, Colorado.
  14. John Crosby, Jr. (Massachusetts), a graduate of Stonehill College with a Bachelor of Arts in English and a Master of Science in Accountancy from Bridgewater State University, is employed with Wald & Company, P.C., in Quincy, Massachusetts.
  15. Barnabas Destahun (Iowa), a graduate of Iowa State University with a Bachelor of Science in Accounting and Finance, is employed with Collins Aerospace in Cedar Rapids, Iowa.
  16. Bryan Endsley (California), a graduate of University of Southern California with a Bachelor of Science in Accounting, is employed with Deloitte in Costa Mesa, California.
  17. Madison Farr (Kansas), a graduate of Washburn University with a Bachelor of Business Administration in Accounting and a Master of Accountancy, is employed with Lewis, Hooper & Dick, LLC in Garden City, Kansas.
  18. Sydney Ferguson (New York), a graduate of University of Mississippi with a Bachelor of Accountancy and a Master of Accountancy and Data Analytics, is employed with KPMG in New York, New York.
  19. Colin Fitzgerald (Nebraska), a graduate of Creighton University with a Bachelor of Science in Business Administration in Accounting and a Master of Accounting, is employed with Seim Johnson, LLP in Elkhorn, Nebraska.
  20. Joseph Fournier (Illinois), a graduate of Northern Michigan University with a Bachelor of Science in Accounting and Corporation Finance, is employed with CME Group in Chicago, Illinois.
  21. Gabriel Galanti (California), a graduate of the University of Southern California with Bachelor’s degrees in History and Accounting, is employed with Intuitive in Sunnyvale, California.
  22. Liana Hamm (Texas), a graduate of Rice University with a Bachelor of Arts in Economics and a Master of Accounting, is employed with PricewaterhouseCoopers in Houston, Texas.
  23. Kavneet Hanspal (Montana), a graduate of Delhi University with a Bachelors in Commerce (Honours) degree from Delhi College of Arts and Commerce (Delhi University), is employed with Ernst & Young GDS in Gurugram, Haryana.
  24. Maha Haque (Texas), a graduate of The University of Texas at Austin with a Bachelor of Business Administration in Accounting and a Master of Professional Accounting, is employed with Ernst & Young in Dallas, Texas.
  25. Megan Hartley (Illinois), a graduate of Texas Christian University with a Bachelor of Business Administration in Marketing and Master of Science in Accountancy from Illinois State University, is employed with RSM US LLP in Chicago, Illinois.
  26. Scott Haveman (Colorado), a graduate of Creighton University with a Bachelor of Science in Business Administration in Accounting and Finance and Master of Accounting, is employed with Deloitte in Dallas, Texas.
  27. Victoria Heavey (Tennessee), a graduate of University of Tennessee with a Bachelor of Science in Business Administration and Master of Accountancy from the University of Tennessee, is employed with KPMG in Dallas, Texas.
  28. Megan Hellbusch (Utah), a graduate of Brigham Young University with a Bachelor’s in Accounting and Master of Accountancy, is employed with Grant Thornton in Salt Lake City, Utah.
  29. Maria Horner (District of Columbia), a graduate of The Catholic University of America with a Bachelor of Science in Accounting, is employed with KPMG in Washington, DC.
  30. Dennis Jeong (California), a graduate of University of California Berkeley with a Bachelor of Arts in Political Science, is employed with Delta Dental in Oakland, California.
  31. Hutton Johnston (North Carolina), a graduate of University of North Carolina at Chapel Hill with a Bachelor of Science in Business Administration and Master of Accounting, is employed with Wells Fargo Securities in Charlotte, North Carolina.
  32. Christian Kilschautzky (Washington), a graduate of Goethe University Frankfurt with a Master’s in Business, is employed with SellerX in Berlin, Germany.
  33. Steven Kirk (Pennsylvania), a graduate of University of Pittsburgh with a Bachelor of Science in Business Administration and a Master of Sciencein Accounting and Business Analytics, is employed with PricewaterhouseCoopers in Pittsburgh, Pennsylvania.
  34. Kevin Kowal (Virginia), a graduate of University of South Carolina with a Bachelor of Arts in Political Science, is employed with Stand Together Chamber of Commerce in Greenville, South Carolina.
  35. Jonathan Lalen (Maine), a graduate of University of Madras with a Bachelor of Commerce in Accounting, is employed with Trans Arabian Technical Services Co. Ltd. in Dammam, Saudi Arabia.
  36. Nicole Malinowski (Illinois), a graduate of Indiana University with a Bachelor of Science in Accounting and Business Analytics and a Master of Science in Accounting, is employed with Ernst & Young in Chicago, Illinois.
  37. Mark Moran (Illinois), a graduate of University of Notre Dame with a Bachelor of Business Administration in Accountancy, is employed with PricewaterhouseCoopers LLP in Chicago, Illinois.
  38. Kaleb Morgan (Kentucky), a graduate of Western Kentucky University with a Bachelor of Science in Accounting and Master of Accountancy, is employed with BKD, LLP in Bowling Green, Kentucky.
  39. Matthew Osmanski (Rhode Island), a graduate of The University of Rhode Island with a Bachelor of Science in Business Administration and a Master of Science in Accounting from The University of Rhode Island, is employed with Ernst & Young in Providence, Rhode Island.
  40. Joseph Overman (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 Deloitte in Dallas, Texas.
  41. Robert Paradiso (New York), a graduate of University of Maryland, College Park with a Bachelor of Science in Accounting, is a seminarian for the Roman Catholic Diocese of Rockville Centre in New York and was formerly employed by Alvarez and Marsal in New York, New York.
  42. Corey Partridge (Texas), a graduate of The University of Texas at Austin with a Bachelor of Arts in Economics and Master’s in Professional Accounting, is employed with DK Partners in Austin, Texas.
  43. James Pevenstein (Maryland), a graduate of University of Maryland, College Park with a Bachelor of Science in Accounting and Information Systems, is employed with CohnReznick in Tysons, Virginia.
  44. Anthony Pignataro (Ohio), a graduate of The Ohio State University with a Bachelor of Science in Business Administration specializing in Accounting, is employed with Houlihan Lokey in Chicago, Illinois.
  45. Christopher Poniatowski (Connecticut), a graduate of Villanova University with a Bachelor of Business Administration in Accounting, is employed with PricewaterhouseCoopers in Hartford, Connecticut.
  46. Derek Rezler (Texas), a graduate of Baylor University with a Bachelor of Business Administration in Accounting and a Master’s in Taxation, is employed with BDO in Dallas, Texas.
  47. Ariadna Rodriguez Villamizar (California), a graduate of Brigham Young University with a Bachelor of Science in Accounting and a Master of Accountancy from Brigham Young University, is employed with Ernst & Young in San Francisco, California.
  48. Samuel Ross (New York), a graduate of The Pennsylvania State University with a Bachelor of Science in Accounting and a Master of Accounting from The Smeal College of Business at The Pennsylvania State University, is employed with PricewaterhouseCoopers in New York, New York.
  49. Heather Ruby (Minnesota), a graduate of University of St. Thomas with a Bachelor of Arts in Accounting, is employed with BDO in Minneapolis, Minnesota.
  50. Nikita Saini (Washington), a graduate of University of Delhi with a Bachelor’s in Commerce and Master’s in Commerce from Indira Gandhi National Open University, is employed with Ernst & Young in Gurugram, India.
  51. Yanfei Shen (Texas), a graduate of Shanghai University of Finance and Economics with a Bachelor of Management in Accounting and a Master of Accountancy from Texas State University, is employed with KPMG LLP in Austin, Texas.
  52. Reynolds Spencer (Tennessee), a graduate of University of Mississippi with a Bachelor of Accountancy and a Master of Accountancy, is employed with Ernst & Young in Nashville, Tennessee.
  53. Alexander Tetzlaff (Wisconsin), a graduate of University of Wisconsin – Madison with a Bachelor of Business Administration – Accounting and a Master of Accounting – Emphasis in Taxation, is employed with Kollath CPA in Brookfield, Wisconsin.
  54. Kyle Topp (Minnesota), a graduate of University of Minnesota – Twin Cities with a Bachelor of Science in Business with a Major in Accounting, is employed with RSM US LLP in Minneapolis, Minnesota.
  55. Gavin Van Someren (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 Ernst & Young in Houston, Texas.
  56. Troy Veritzan (New York), a graduate of University of Notre Dame with a Bachelor of Business Administration in Accountancy and a Master of Accounting from Villanova University, is employed with KPMG in New York, New York.
  57. Emma Weber (Wisconsin), a graduate of the University of Illinois Urbana-Champaign with a Bachelor of Science in Accountancy and a Master of Accounting Science from the Gies College of Business, is employed with RSM US LLP in Madison, Wisconsin.