Insight Magazine - Spring 2026 /// Illinois CPA Society

Exploring the issues that shape today’s business world.

The Middle Reimagined

How Mid-Sized Firms Can Compete in a Consolidating Market

Practical Steps for Joining a Board

Making Mental Health a Shared Priority

Does Non-GAAP Reporting Pay Off?

Pricing Strategic Value in a CAS Model

Managing CPA Mobility Changes And More!

ceooutlook

Geoffrey Brown, CAE President and CEO, Illinois CPA Society

Volunteerism: Strengthen Your Leadership, Deepen Your Connections

Volunteer service is an invaluable vehicle for gaining skills, connecting with like-minded people, and advancing yourself alongside a cause you care about.

Throughout my life, I’ve sought opportunities to share my time and talents with organizations and causes near and dear to my heart. Whether it was serving on a board, providing episodic volunteer support, or participating in the founding of an organization, I’ve always found meaning and purpose in volunteer service.

As I’ve progressed in my career, volunteerism has emerged as one of the most meaningful aspects of my professional experience. I’ve had opportunities to serve on, and lead, boards of directors, committees, and task forces for organizations that touch both my personal and professional communities, including leading the board of a large social service agency in Illinois. Each of these experiences has elevated my leadership skills, expanded my network, and shaped the future of my career—all while affording me the influence to help shape the future of those entities.

At times, my volunteer experiences have been deeply personal, impacting my worldview and shifting my perspectives on various issues. Other times, serving as a volunteer across varying levels has simply further shaped my perspective on the value of volunteerism. Every time, volunteering enhances my ability to collaborate with the diverse board members and communities I work with every day.

In short, I’m a strong advocate for volunteer service. In fact, I think it’s an important and invaluable part of anyone’s career journey. By serving as a volunteer, you’ll share your expertise, collaborate with others, help shape organizations you care about, and play an active role in advancing a cause or community with meaning to you.

Of course, as an Illinois CPA Society member, you have access to a variety of volunteer opportunities that directly impact both the Society and the accounting and finance profession you’re already a part of. You can:

• Sharpen your leadership skills and deepen your engagement through opportunities that fit any stage of your career.

• Share your expertise and perspectives, and contribute your strategic thinking, to critical initiatives shaping the Society and how it responds to issues impacting the profession.

• Grow your personal and professional networks by meeting and working with other like-minded individuals, connecting with mentors, and supporting others seeking to do the same.

• Help influence and make a lasting impact on the direction of the profession.

• Give back to an organization and profession that has given to you.

EXPLORE

www.icpas.org/ volunteer

In other words, volunteerism with the Society (like any organization of your choice) can help you grow in many ways that’ll undoubtedly touch other aspects of your life. At the very least, the new skills and experience gained while volunteering will build your resume and better prepare you for your next career step. But, if your experiences are anything like mine, the service you undertake now will lay the groundwork for increased opportunities later in life.

And while much of my message here has focused on how volunteer service will benefit you, the truth is, it’s not just about you. In the end, volunteerism is ultimately about raising awareness, addressing important issues, and creating stronger, more vibrant communities and organizations. Now, will you join me in being a volunteer leader and a champion for change that inspires others to do the same?

ILLINOIS CPA SOCIETY

550 W. Jackson Boulevard, Suite 900, Chicago, IL 60661 www.icpas.org

Publisher | President and CEO

Geoffrey Brown, CAE

Editor Derrick Lilly

Assistant Editor

Amy Sanchez

Senior Creative Director

Gene Levitan

Proofreaders

Kari Natale, CAE | Mari Watts

Photography Derrick Lilly | iStock

Circulation

Jeff Okamura

ICPAS OFFICERS

Chairperson

Mark W. Wolfgram, CPA | Bel Brands USA Inc.

Vice Chairperson

Jennifer L. Cavanaugh, CPA | Grant Thornton LLP

Treasurer

Lindy R. Ellis, CPA | Ernst & Young LLP

Secretary

Richard C. Tarapchak, CPA | Verano Holdings Corp.

Immediate Past Chairperson

Brian J. Blaha, CPA | Winding River Consulting

ICPAS BOARD OF DIRECTORS

Amy M. Chamoun, CPA | Cherry Bekaert Advisory LLC

Pedro A. Diaz de Leon, CPA, CFE, CIA | Sikich LLP

Kimi L. Ellen, CPA | Benford Brown & Associates LLC

Jessica L. Freiburg, CPA, PFS | Sassetti LLC

Mark S. Gallegos, CPA | Porte Brown LLC

Monica N. Harrison, CPA | Tinuiti

Joshua Herbold, Ph.D., CPA | University of Illinois

Jeffery R. Livesay, CPA, CGMA | MH CPA PLLC

Kimberly D. Meyer, CPA | Meyer & Associates CPA LLC

Girlie A. O’Donoghue, CPA | Portillo’s Inc.

Matthew D. Panzica, CPA | BDO USA PC

Jennifer L. Rada, CPA | PwC LLP

Andrea Wright, CPA | Johnson Lambert LLP

Stephanie M. Zaleski-Braatz, CPA | Miller Cooper & Co. Ltd.

BACK ISSUES + REPRINTS

Back issues may be available. Articles may be reproduced with permission.

Please send requests to lillyd@icpas.org.

ADVERTISING

Advertising in Insight and with the Illinois CPA Society gives you access to 20,000+ accounting and finance professionals. Contact Mike Walker at mike@rwwcompany.com.

Insight is the magazine of the Illinois CPA Society. Statements or articles of opinion appearing in Insight are not necessarily the views of the Illinois CPA Society. The materials and information contained within Insight are offered as information only and not as practice, financial, accounting, legal or other professional advice. Readers are strongly encouraged to consult with an appropriate professional advisor before acting on the information contained in this publication. It is Insight’s policy not to knowingly accept advertising that discriminates on the basis of race, religion, sex, age or origin. The Illinois CPA Society reserves the right to reject paid advertising that does not meet Insight’s qualifications or that may detract from its professional and ethical standards. The Illinois CPA Society does not necessarily endorse the non-Society resources, services or products that may appear or be referenced within Insight, and makes no representation or warranties about the products or services they may provide or their accuracy or claims. The Illinois CPA Society does not guarantee delivery dates for Insight. The Society disclaims all warranties, express or implied, and assumes no responsibility whatsoever for damages incurred as a result of delays in delivering Insight. Insight (ISSN-1053-8542) is published four times a year, in spring, summer, fall, and winter, by the Illinois CPA Society, 550 W. Jackson, Suite 900, Chicago, IL 60661, USA, 312.993.0407. Copyright © 2026. No part of the contents may be reproduced by any means without the written consent of Insight. Send requests to the address above. Periodicals postage paid at Chicago, IL and at additional mailing offices. POSTMASTER: Send address changes to: Insight, Illinois CPA Society, 550 W. Jackson, Suite 900, Chicago, IL 60661, USA.

chair ’ s view

Mark W. Wolfgram, CPA Chairperson, Illinois CPA Society Tax Director, Bel Brands USA Inc.

Connecting the Disconnects

By working together, we can keep moving this organization and our profession forward.

Two quotes from former Illinois CPA Society (ICPAS) leaders, Todd Shapiro and Mary Fuller, resonate deeply with me: “The rate of change is never going to be slower than it is today.” “The future of the profession is people.”

One of the greatest benefits of serving as a volunteer leader within ICPAS is the opportunity to learn from the thought leaders and respected professionals this organization attracts into its ranks. And while I’ve heard these quotes many times during my tenure as an ICPAS member, volunteer, and board director, they continue to ring true now more than ever. Our profession faces ever-growing change driven by artificial intelligence (AI), workforce shifts, regulatory actions, politics, burnout, and more.

Change brings challenges. But as certified public accountants (CPAs), I like to think we’re pretty smart, creative in our own ways, adaptable, and definitely not dull. (I may have started a Facebook group called “Accountants Aren’t Lame” back in college!) We can handle change and help our clients, customers, and organizations do the same.

However, the demographics of the CPA profession are creating a different challenge. The dual issues of aging CPAs retiring and fewer accounting graduates and young professionals pursuing the CPA credential threaten to make our jobs more difficult, to say the least. After all, the future of the profession is people—regardless of how potent AI proves to be.

Thanks to our efforts working with our elected officials in Springfield, new pathways to CPA licensure in Illinois can be utilized starting in 2027; it’s a positive step toward growing the CPA pipeline, but bringing more CPAs into the profession is really just the beginning—retaining them is equally critical. (I suggest reading the 2023 Insight Special Feature, “Righting Retention,” if you haven’t already.) Point being, if we continue to lose CPAs at all stages of their careers, we’ll still end up right back where we started regardless of how many pathways to licensure we have. So how do we provide our people with experiences that keep them in the profession long after we’re gone?

It depends. (Very specific advice, Mark. I’m sure a future ICPAS chairperson will put that quote in their letter.)

While there’s no single solution, I believe it’s up to all of us who lead others to foster positive experiences that make our profession worth staying in. The ways we identified and developed talent five, 10, and 15 years ago don’t suit everyone today. More than ever, we must try

to understand each of our people instead of viewing them all as just some homogeneous human capital source ready to be deployed.

Just consider ICPAS’ findings reported in the 2025 Insight Special Feature, “The Readiness Divide: How Next-Gen Accounting Talent Measures Up.” I was shocked to learn early careerists overestimate their readiness, while managers say their expectations of early careerists often go unmet. Shocked! OK, I wasn’t actually shocked. I’ve heard about how “kids these days” don’t know anything and don’t want to work hard since I was one of those “kids these days.” But the results made it clear to me that we need to “connect the disconnect” to ensure we retain and advance our people in their careers so they can fill the big shoes retiring professionals are leaving behind.

Leaders, ask your people this: What motivates you?

Is it money? The ability to drive the soccer team carpool? Making partner? Unlimited cheese from the office refrigerator? Volunteerism? Don’t assume. Actually ask. Understanding these drivers is the first step in connecting the disconnects. We can then help our people work toward those goals and extend them the experiences that keep them in the profession.

Admittedly, this is work many of us aren’t used to, but it’s necessary to keep people at the center of the profession.

Young professionals also have a responsibility to connect the disconnect. Hard work, learning from mistakes, critical thinking, and being a positive team member remain essential. Early careerists should seek feedback, identify their professional interests, and share those interests to connect with mentors and managers.

My goal as this year’s chairperson is to help highlight the issues our profession faces and to work toward connecting the disconnects, and I invite all of you, from current leaders to the student members that are our future leaders, to join me in working together to move our profession in a direction where people never want to leave it.

I look forward to working together to keep moving this organization and our great profession forward in these strange times we live in.

capitolreport

Martin Green, Esq. Senior Vice President and Legislative Counsel, Illinois CPA Society @GreenMarty

Lasting Audit Reform Takes More Than Short-Term Solutions

As local government audits face persistent challenges and structural hurdles, sustainable improvement hinges on stakeholder collaboration and solutions built to last.

With budget uncertainties and anticipated cutbacks of federal revenues and reimbursements for ongoing programs, the state’s financial gaps are front and center at this year’s spring legislative session. Despite Gov. J.B. Pritzker and the Illinois General Assembly being able to pass state operating budgets without general tax increases, areas of tinkering have narrowed, and tough choices remain ahead.

Because of these fiscal pressures, members in the General Assembly and Chicago Mayor Brandon Johnson have again called for a millionaire’s tax to fund programmatic and governmental options. While these calls aren’t new, the Illinois CPA Society (ICPAS) takes these rumblings seriously and remains poised to aggressively respond to any efforts to extend the sales tax base to professional services.

HB 5391: ADDRESSING THE COMPLEXITIES OF LOCAL GOVERNMENT AUDITS

Beyond a potential professional services tax, ICPAS has also been focused on improving the structural framework of local government audits.

For the past three years, ICPAS has been working with the Illinois Comptroller Local Government Division, Township Officials of Illinois (TOI), and the Illinois Municipal League to address systemic challenges facing local government financial compliance reporting.

of local government, lack of financial training for local government officials, increasing complexity of government audit standards, and the limited pool of certified public accountants (CPAs) providing government audit services.

Aside from educational purposes, the report was intended to facilitate discussions by policymakers and inspire legislation to consolidate the state’s multitude of layered audit statutes into one statute. At the request of ICPAS and TOI, Rep. Natalie Manley, CPA (D-98), introduced House Bill (HB) 5391, the Government Reporting Enhancement and Transparency Act, which does just that. The bill will consolidate the Government Account Audit Act and other layered audit acts into one statute with consistent requirements for financial accountability of taxpayers’ funds.

The central premise of HB 5391 is based on local governments’ financial transactions and compliance. The financial piece is premised on annual revenues with scaled reporting requirements. The compliance piece is satisfied by reporting on the Open Meetings Act, Freedom of Information Act, local government records retention requirements, capital asset recordkeeping, and compensation of officials. The legislation also directs the comptroller to adopt administrative rules tailored to the needs of the state’s many different types of local governments, including fire protection districts, library districts, and other special districts.

EXPLORE

www.icpas.org/ govaudits

As part of this effort, ICPAS and TOI funded a research project that included field work and extensive analysis of small, mediumsized, and large units of local governments’ compliance rates. From this research, ICPAS produced “Examining the Sustainability of Local Government Audits: Special Report to the Illinois General Assembly,” to educate lawmakers and stakeholder organizations on the challenges shaping the current local government audit landscape, including Illinois’ large number of units

Overall, HB 5391 aims to modernize the state’s local government audit processes and make them more efficient by matching the level of review to the size and complexity of each government unit. For example, smaller units of local government may only need an independent elector audit committee inspection reported to the comptroller, while the next category of slightly larger units of local government may need to adhere to more stringent agreedupon procedures that still alleviate the need for a full financial statement audit.

Importantly, these changes could provide some relief to units of local government while still holding them accountable and increasing transparency to taxpayers. This also encourages CPAs and CPA firms to provide these services without having to undergo a rigorous peer review. Instead, those resources can be focused on the government units with greater risks who still must undergo a financial statement audit following the AICPA’s Codification of Statements on Auditing Standards and the Government Accountability Office’s Yellow Book.

RELIEF REQUIRES THE LONG GAME

While previously introduced legislation brought remedial relief to local governments, including raising audit thresholds and other tweaks, these efforts merely assuage symptoms and don’t solve the root problem of the outdated basis of local government audits. That’s why ICPAS is trying to facilitate larger discussions on a comprehensive long-term strategy and highlighting the downstream unintended consequences and disruption caused by the current state of government audits, including non-staggered filing deadlines, compressed auditor workloads, and resource and knowledge retention strain.

Aside from the legislative piece, ICPAS has made significant outreach to governmental stakeholder organizations, including the Illinois County Treasurers’ Association, Government Finance Officers Association, and Illinois Association of Park Districts, to name a few, along with 2026 Illinois comptroller candidates, seeking cooperation and buy-in for a long-term solution.

Of note, the aforementioned field work and research also revealed the need for financial and audit preparation training for local government officials beyond what’s currently provided. Discussions on addressing this have even raised reinstituting statewide annual regional training, which could be essential to aiding CPA firms and governments in completing their compliance filings.

As with anything involving the General Assembly, coming to a resolution on this big issue isn’t going to be an easy sprint but rather a marathon. ICPAS is steadfast in believing a realignment of statutory audit requirements is necessary for the sustainability of local government audits. The enormity of the issue, and the resetting of legacy practices, will require an enterprise perspective by the profession. Evading the issue only puts the profession at risk of a disagreeable legislative solution—or worse, losing the franchise on audits all together.

Thank You

It Starts With You

The CPA Endowment Fund of Illinois, the charitable partner of the Illinois CPA Society, graciously thanks our generous donors for their contributions.

These individuals and organizations help make a significant, life-changing impact on the lives of the most deserving accounting students and aspiring CPAs across the state.

Special thank you to the Dempsey J. Travis Foundation for their generous donation of $235,600.

President’s Pavers

(April 1, 2025 - March 31, 2026)

$20,000 - $25,000

The Estate of Lee Gould

Joan Moore

$10,000 - $15,000

Debicki Foundation

Deloitte Services LP

Forvis Mazars LLP

Illinois CPA Society

Kenton Klaus

$5,000 - $9,999

Baker Tilly

Citrin Cooperman

Mardel Graffy

Miller Cooper

Charitable Foundation

Jason Parish

Topel Forman LLC

The Villinski Family

Wipfli

$2,000 - $4,999

Anonymous

Alverin M. Cornell Foundation

Brian Blaha

Jennifer Cavanaugh

Cameron Clark

Surendra & Shanta Daga

Mark Glochowsky

Geoff & Ginny Harlow

Scott Hurwitz & Kelly Austin

Illinois CPA Society Women’s Committee

David & Darlene Landsittel

Sara Mikuta

Thomas Murtagh

Beth Pagnotta

Belverd Needles Jr. & Marian Powers

Charlene Rhinehart

Jeffery & Julie Watson

CPA Pipeline PARTNERS

Thank you to the following firms for their leadership and generosity in expanding access, awareness, and opportunity for future CPAs.

Baker Tilly | Citrin Cooperman

Forvis Mazars LLP | Miller Cooper & Co., Ltd.

Topel Forman LLC | Wipfli

$1,000 - $1,999

Jonathan Acevedo

Brent Baccus

Wayne Barbier

Geoffrey Brown

Martrice Caldwell

Rose Cammarata

Amy Chamoun

Cherry Bekaert Advisory LLC

CNA Insurance

Jan & Wayne Ebersberger

Lindy Ellis

Mary Fuller

Sandra Gentry

Lawrence Gill & Christine Albright

Jonathan Hauser

Sheldon Holzman

Jeffery & Stacy Janiak

Arla Lach

Damien Martin

Lester McKeever, Jr.

Dorri McWhorter

Elizabeth Murphy

Prado & Renteria Foundation

Jennifer Roan

Deborah Rood

Walter Dane Roush

Scott Steffens

Myra Swick

Richard Tarapchak

Leslie Van Wolvelear

Kimberley Waite

Lawrence & Nancy Wojcik

Donna & Phillip Zarcone

IN MEMORIAM Lee A. Gould, CPA, JD 1958-2025

We honor the memory of Lee Gould, a generous leader, trusted advisor, and truly kind person whose impact on our organization and the CPA profession cannot be overstated.

Through the enduring generosity of a $25,000 legacy gift from the Gould Family Charitable Fund, his commitment to supporting scholarships and programs that open doors for future CPAs will continue to change lives for generations to come.

$500 - $999

Anonymous

Michael Amoroso

Gary Anetsberger

Kimi Ellen

Anthony Fuller

Maggie Hein

JFB Tax Consulting LLC

Lisa & Mike Kelly

Wendy Kelly

Kenneth & Kathleen Naatz

Laura Naples

Girlie O’Donoghue

Gilda & Jeffrey Priebe

Elizabeth Roghair

Warren Stippich

Marites Sy

Michael Wenzel

Mark Wolfgram

Andrea Wright

$250 - $499

Anonymous (3)

Brian Amoroso

Jon & Katie Assell

Owen Bailitz

BDO USA LLP

George Boyle

Nancy Cash

Jerry Catalano

Brian Chapin

Christopher Daugherty

James Dolinar

Gary Genenbacher

Bill Graf

Gary & Carol Hart

Joshua Herbold

Bernard Hicks

Kirkland & Ellis LLP

Jason Klein

Harry & Lisa Kramer

Jeffrey Krol

Lopez & Company

CPAs Ltd.

Meyer & Associates

CPA LLC

Paul Oetter

William O’Malley

Matthew Panzica

Amanda Pictor

Elizabeth Pittelkow Kittner

Jennifer Rada

Elizabeth Rosenthal

Richard Shapiro

Laurence Sophian

Claire Stevens

Jerry Turner

Richard Walden

Catherine Wasylenko

Stephanie Zaleski-Braatz

$100 - $249

Anonymous (11)

Rose Ann Abraham

Paul Alpern

Dawn Andrey

Gus Antonopoulos

Sanford Bokor

Basil Booton

Mark Broutman & Sandra Simon

Michelle Carrothers

Margaret Cartier

Danielle Ciechanski

Kristi Corpin

Thomas Daniels

Peter & Barbara DeBerge

Pedro Diaz de Leon

Jim Dickey

Sharon Ferrin

Gary Fish

Zack Fortsch

Leslie Galiano-Sanchez

Judith Garber

Kathryn Garlow

Robert Gibson

Robert Grecco

Richard Gullang

Robert Hannigan

Monica Nicole Harrison

Gregory Hodits

Melvin Houston

Krista Kapsa

Thomas Kelly

Leynette Kuniej

Kathleen Lakowski

Kathy Larson Horton

Cheryl Laska

Margaret Lawlis

Anthony & Sara Leone

Glinda LoVerde

William Malsch

Randy & Hadrian Markowitz

Andrea McDermott

Joseph McDonnell

Terry Michaels

Nichole Miksa

David Murphy

John Norton

William O’Neill

Marianne Phelan

Ivory Pineda

Hugo Portales

Ernest Potter

Richard Rizzo

Laura Rodriguez

Jimmy Santor

Lissa Savage

Jeffrey Schroeder

Todd Shapiro

Christine Smith

Diane Sotiros

Matthew Spering

Marcy & Harry Steindler

Carl Swanson

Michael Tadla

Harlan Ten Pas

Robert Tuider

John Vant Hoff

James Winikates

DeLeon Wright

Kenneth Yu

Chan-Yu Wang

Julie Zielke

Becoming a CPA is something I’m working hard for. I know what it takes to succeed, but I don’t have the budget. Your generosity makes it accessible for students like me and inspires me to carry forward the values of integrity, diligence, and service throughout my career.

Ashley F.

UP TO $99

Anonymous (6)

Timothy Abbott

Deborah Aboudara

Philip Achusim

Cameron Ackbury

Sandra Adam

John Adams

Kazeem Adedamola

Beatrice Adelakun

Keshav Agrawal

Naveed Ahmed

Jude Alagna

Omar Alaskari

John Albrecht

Mohammad Al-Dahleh

Michael Aleckson

Karin Alfors

Allin Alibegovic

Alonzo Allen

Terri Allen

Constantine Anagnostopoulos

Brett Anderson

Susan Anderson

Valerie Anderson-Jones

Telemahos Andrianopoulos

Sandra Anglin-Caldwell

Ronnie Archie

Gregory Arnold

Sherry Ashcraft

Elaine Atristain

Robert Aument

Daniel Austin

Phillip Austin

Richard Ave Maria

Donna Babarskis

Bolanle Babatunde

Janet Babbitt

Sarah Badamo

David Balderson

Maria Balita

Michael Bansley

Eugene Barinholtz

Gerardo Barron

Robert Barrows

Amarinder Bartkoske

Cynthia Bass

Teresa Baumgartner

Derrick Bay

Terence Bay

Charles Baygood

David Becker

Karl Becker

Michael Beesley

Sharon Behme

Bashir Bello

Curtis Bennett

Barbara Bereskin

John Berge

David Bergman

Paul Berley

Heather Birkett

Terry Bishop

Jonathan Blake

Carla Blanchard

Anna Bluhm

Howard Blumstein

Sarah Ann Bohnsack

Christopher Bokhart

Steven Bokiess

Ronald Borden

Kelly Borgardt

Gary Bowen

Vanessa Boykin

Thomas Breecher

James Brennan

Dominic Brisson

William Brock

David Broutman

Barbara Brown

Christopher Brown

Gregory Brown

Marcia Brown

Dale Brubaker

Victoria Bruno

William Bruno

Bryan Bruns

Matthew Bruns

Karla Bryk

Albert Buabeng

Lauren Buccola

Kymberly Buchanan

Elizabeth Buffardi

Tricia Buhrfiend

Loren Bult

Theresa Busker

Velma Butler

Claire Byrne

Nicholas Caccamo

Christopher Calabria

Mitzi Calhoon Moore

Patrick Callan

Charla Calmer

Christian Camarillo

Russell Cannizzo

Paul Caponigri

Dawn Carlson

Joseph Carroll

Theresa Carroll

Patrick Carter

Dominic Cascino

Joseph Castriano

Harry Cendrowski

Melissa Chankin

Daniel Charleston

Joseph Charneske

Harpreet Chawla

Jasdeep Chawla

Theresa Chen

Robert Chicoine

Hsia-Yu Chu

Marcel Chudoba

Marc Chudy

David Ciasto

Ted Cirals

Ryan Cislo

Susan Clarke

Ayala Clinkman

Douglas Close

Bridgett Coleman

Julian Coleman

Mary Collins

Richard Colombik

Kevin Conarchy

Patrick Condon

Bret Conklin

Joy Coombes

Jason Coon

Christian Cops

David Corradino

Louis Cosentine

David Costabile

Kenneth Coulter

Sheila Coyle

CPAfaye

Randall Crabtree

Paul Cronin

Thomas Cronin

Joann Cross

Sandra Crowe

Gerald Cukierski

Alan Cunningham

Kevin Currid

Harold Cutler

Andrew Dahle

Richard Dale

Angie Dallam

Christopher D’Andrea

Brian Daniell

Donald Danner

Lucy D’Avanzo

Brian Davidson

Mark Davis

Pablo de Leon

Ronald Dearman

Dennis Deeke

Charles Delahunt

Alicia Derrah

Patrick Desch

Wendy Diamond

Diehl & Co. LLC

Scot Dobbs

Deidra Doerr

Bruce Domash

Nancy Dombrowski

Brenda Douglass

Angela Dowell

Benjamin Drizin

Jeremy Dubin

Douglas Duffy

Gregory Dunham

Donald Duszynski

Donald Dvorak

Daniel Dwyer

Roger Dykstra

Ann Dzuranin

Joseph Dzurinko

William Eagan

Susan Eby

Terumi Echols

Jennifer Eddy

Norman Edelcup

Jonathan Eessalu

Rolf Eilhauer

Barton Eilts

Robert Eisenstadt

Timothy Elafros

Joe Elberts

Christopher Elder

Working multiple jobs kept my debt low, but grad school and CPA exam costs were overwhelming. Your generosity eased that pressure and helped me stay focused on becoming a CPA. I’ll be proud to pay it forward!

Brock K.

Michael Emmert

Robert Engstrom

Susan Esa

Elizabeth Estrada

Gloria Evans-Melton

Wanda Evison

Cheryl Fabis-Allemand

Maurice Falcon

Ayodele Famewo

Teck Hwa Fang Yen

Michael Fehlen

Bradley Feitl

Thom Feldhacker

Sarah Ference

Megan Fergus

John Ferrentino

Cole Fisher

Stan Fisher

Robert Fitzjarrald

Sara Flaherty

Graciano Flores

Jacqueline Flores

Jere Fluno

Patrick Flynn

Jennifer Foley

Michael Fontana

Vincent Forgione

Linda Forman

Suzzanne Franz

Jacqueline Freeman

Martin Freeman

Jake Friedenfeld

Juan Fuentes Sierra

Richard Fugiel

Annette Fulcher

Vivian Funches

Robert Galante

Michael Gallimore

Norma Gamalinda

Maria Garcia

Lynda Garrison-Carlton

James Gavin

Jana Gehrke

Steve Gerol

Aaron Gertzen

Cali Geschke

Jason Ghera

Tracey Gibbons

Sidney Gilberg

Faye Gisi

Ben Golden

Matthew Golland

Alexa Gonzalez

Elva Gonzalez

Craig Gordon

Marla Gordon

Dennis Gorman

Ekaterina Gorzheltson

Phillip Goslawski

Ryan Goulding

David Govert

Susan Gray

Brad Greenberg

Jack Greenberg

Daniel Greenman

Gurinderpal Grewal

Michael Griffin

Jayda Grissett

Chad Grosam

Anita Grzebien

Andrew Gund

Michael Gurgone

Lucas Haase

Margaret Hacus

Harold Hale

Pauline Halgas

Kathleen Hamilton

James Hamlin

Georgann Hanna

Rebecca Hannan

Roger Hannan

Paul Hansen

Richard Hanson

Melissa Harden

Laura Hardy

James Hare

Dawn Harrelson

Norris Harstad

Patrick Hart

William Hartwig

Patsy Hasty

James Hatch

Larry Hau

James Haugh

Paul Hayden

Kevin Hayes

Paul Hecimovich

Joseph Heidbreder

Richard Heinz

Colleen Heitzler

Curtis Helwig

Gwendolyn Henry

Elizabeth Herbst

Michael Herman

Jessy Hernandez

Cheryl Hild

Joshua Hill

Keishee Hill

Alan Ho

Man Kit Ho

Rexesha Hollis

Eleonora Holmes

Russell Holmgren

Bradley Homan

Harold Hooks

John Hopkins

Michael Horst

Shawn Horwitz

Eric Hott

Forrest Howse

Robert Hriszko

Yongyi Huang

Joseph Hubbard

Vicki Hudson

David Hughes

Joseph Hughes

Ernest Huling

Melanie Hummer

Richard Hunt

David Hutchison

Robert Iannotta

Lois Iseminger

Kenneth Iwanicki

Kenyetta Jackson

Robert Jacobson

Stacey Jahnke

James Japczyk

Donna Jaslinska

Barbara Javorcic

Michael Jefvert

Mark Jewell

Saul Jimenez

Lori Johnson

James Johnston

Arpit Joshi

Paul Julien

David Jurcenko

Kaori Kameya

Trudie Kanter

Howard Kaplan

Edward Karasek

Robert Kavanaugh

Karl Keane

Brian Kearns

John Kellen

Timothy Kelly

Michael Kennelly

Chakyah Kessouagni

Martin Kicki

Danny Kiedaisch

Ross Kimmey

Jeffrey King

John Kintner

David Kipp

Thomas Kirn

Scott Klamm

Gary Kleinrichert

Diane Klocke

Donald Knorr

David Knutsen

Melissa Koehler

Chester Kolodziej

Lester Koryczan

James Kostrewa

Christina Kottoor

Judith Kreher

Michael Krol

Joseph Kula

William Kulanda

John Kulczewski

John Kustes

Phillip Labak

Radojka Lalich

Sarah Landeros

James Lang

Tina Langston-Andersen

Alexander Laskowski

Paul Lau

Steven Lavenda

Judy Lazik

Ciara Leahy

Alan Lee

Gilbert Lee

Shelly Lee

John LeMay

Arthur Lemke

William Lemna

Cindy Lepoudre

Debra Lessin

Stuart Levin

Fan Li

Michael Liccar

David Lilek

James Limna

Juiyuan Lin

Lin Lin

Caroline Linton

Ira Lipkin

Joel Litman

Mary Little

Brendan Loftus

Daniel Lorenty

Aerica Love

Robert Lowe

Hong Lu

Marian Luchechko

Eric Lundstrom

Hi Choi Ma

Brian Magnavite

Louis Mago

Linda Mahler

Michael Mahoney

Lauren Maier

Nicole Maimon

Daniel Maloney

Lawrence Manelis

Gregory Mannie

Daniel Marchetti

Norman Mareci

Jennifer Mark

Margaret Martin

Alexandro Martinez

Judy Mason

Kenneth Mason

Anthony Massaro

Stephen Mathias

Alan Maty

Philip Maughan

Catherine May

Adam Mayster

Joan Mazurek

William McAllister

Michael McCarthy

Steven McCoin

Andrew McCormick

Betty McCormick

Jeffrey McCutcheon

Rachael McEniry

Jessika McGarvey

Michael McGeever

Kyle McGinnis

Kathryn McIntyre

David McKeand

Danielle McMahon

Terence McMahon

James McPhedran

Nicholas Mechales

John Meister

Bruce Melling

Richard Meltzer

Kevin Merkell

Rebecca Mesplay

Kevin Metke

Leonard Metzl

Emmanuel Mijares

Glenn Mikell

Paul Millis

Charleen Mills

James Mitchell

Matt Mitzen

Ericka Mixon

Omar Mohammed

Bethaney Mojsoski

Robert Monahan

Cynthia Moody

Donna Moore

Sabrina Moore

Sydney Moore

Brian Moreth

Lyle Morris

Richard Morris

Robert Muange

Gregory Mudd

Carmen Mugnolo

Anne Mullen

Edward Nadler

Jeffrey Narcisi

Peggy Nasti

Kari Natale

John Naughton

Michael Nawrocki

Lawrence Neal

Leonardus Neggers

Roger Nelson

Brad Neuman

Gary Neumayer

William Newkirk

Jordan Nianick

Andrew Nichols

Matt Niemiec

Michelle Notini

Jerome Novotny

Armando Nuricumbo

Robert O’Brien

Isaiah Olmos

Olsen Accounting & Business Service Inc.

Karen Olson

Walter Olson

Wendi Olson Ramsay

Suet Ching Ong

Kirk Openchowski

Gerard Oprins

Vincent Osaghae

Barton Osher

James Osiol

Thomas Ottenhoff

Thomas Ouseph

David Paczak

Marline Pagan

Deborah Palmer

Martin Paltzer

Bruce Paradise

Kevin Parker

Thomas Parker

Jay Parsons

Wayne Parsons

Karl Pasker

Rob Pasquesi

Amy Patton

Whitey Patton

Dominic Pedota

Jonathon Peek

Lilia Pereira

Eduardo Perez

Floyd Perkins

Anthony Pescatore

Kenneth Peterson

Kurt Peterson

Laura Peterson

Sarah Peterson

Mary Pettey

Benjamin Pettie

Richard Pfleeger

Luke Phelan

Dana Phillips

David Piazza

Catherine Pickhardt

Samuel Pincich

William Pittman

Jason Pizza

Megan Pogue

Bruce Pollock

Martin Pomrehn

Rebecca Porth

David Post

Joshua Poucher Bellas

Rebecca Powell

Richard Powell

Lawrence Prazak

Lyle Prempas

Cheryl Presswood

David Pritsker

Clyde Proctor

Steve Ptasinski

Kyle Putnam

Joseph Quillin

Patricia Quinlan

Connor Quinn

Thomas Quinn

Farooq Rahman

Mohamed Razaq

Donna Rebeck

Richard Reck

Harvey Redfern

Jean Regan

Michael Regan

Philip Reid

Walter Rein

Marvin Reinglass

Hilda Renteria

Michael Rheintgen

Kathryn Rice

Robert Rich

Sherry Richard

Catherine Riddick

Rochelle Riffer

John Ritt

Elliott Robbins

Terry Robbins

Alan Robertson

Jack Robertson

Dennis Robin

Tyler Roesler

Bert Rosenberg

Nancy Ross

Linda Rossi

Michael Rubin

William Ruddy

William Rudolphsen

Lilla Runco

Robert Rush

Mark Rusiewski

Cliford Sakutukwa

Michael Saltzman

Alan Sanchez

J. David Sanner

J. Bradley Sargent

Milan Saric

Everett Sather

Mark Sauser

John Scanlan

Marvin Schaar

Michelle Scheffki

William Schirmang

Laurie Schmidgall

Martin Schmidt

Kurt Schneider

Mendel Schneider

Gregory Schroeder

Robert Schroeder

Kristin Schultz

John Schwager

Francine Schwartz

Robert Schwartzers

Victor Sciborski

John Seaman

Jeff Seda

Allen Sered

Howard Serlin

Manal Shalabi

Becky Sheehan

Mustafa Sherwani

Marvin Siegel

John Simcoe

JoAnna Simek

Helene Simmons

Arlen Simon

Beth Smetana

Mark Smetana

Paul Smit

Dayton Smith

Mark Smith

Laura Smock

Nick Snopek

Andre Sosa

Robert Soule

Vincent Sparrow

Michael Spoden

Joseph Spokas

Matthew Spokas

Diane Spolar

Zachary Sprague

Kurt Starovich

Linda Stawicki

Joseph Steck

James Stern

Christina Stevens

Deborah Stevens

Jeff Stojak

Thomas Story

Gregory Stover

Robert Stumpf

Raymond Sullivan

Steven Swan

Rhonda Swanson

Raymond Swapa

David Sweas

Tamra Sweeney

Barry Swenson

Kimberley Szalkus

Steven Szymanski

Donna Tam-Perez

James Taylor

Charles Teel

Joel Teglia

Roland Thoma

Kenneth Thomalla

Hubert Thomas

Jeffrey Thomas

Sandra Thomas

Cynthia Timmerman

Iliana Trifonova-Ingram

Lisa Trotter

Paul Trotter

Olha Tymochko

Brian Unger

Ron Van Epps

Mathew Vanderkloot

Patricia Vardalos

Downey Varey

Kenneth Veach

John Verchota

Daniel Vincenti

Maxwell Vinik

Joseph Vladislav

Frederick Vogel

Raymond Voros

Mark Vottero

James Vourvoulias

Nicholas Vourvoulias

Julie Vuotto

Anthony Waelter

Jacqueline Wagner

Shavonne Wagner

Ernest Walker

Kendall Walker

Regina Walker

Bradley Walton

Matthew Wangard

Sean Ward

Jeffrey Waters

James Watson

Timothy Watson

Daniel Weidenbenner

Sheila Weinberg

Michael Weisberg

James Welge

Nicole Wells

Gary Wencel

Jonathan Wernick

Mary Wesche

Ronald Whaley

Maureen Wheeler

William White

Colin Whitford

Robert Wilcoxen

David Williams

Jennifer Williams

Jerald Williams

Robert Willmschen

Dawn Winkelmann

Brian Wold

Adam Wolf

Charles Wolf

Cheryl Wolfersberger

Steven Wood

Gregg Woodruff

Scott Woodward

William Woolf

Scott Worthem

Jeffrey Wunderlich

Hang Xie

Leiyang Xin

Suleyman Yacoub

Jon Yarusso

Heather Yevcak

John Yu

Jonathan Yu

Carl Yudell

Kwok Kwong Yuk

Yu Zeng

Zijian Zeng

Lucinda Zink

William Zink

Howard Zodikoff

Catherine Zurek

Donors with a multiyear pledge are recognized for the full amount of their pledge in the first year and for their pledge installment amount paid in the remaining years of the pledge. Every attempt was made to acknowledge all donors who have given during this period. If you see a discrepancy, please call 312.517.7656.

A CPA’s Guide to Not-for-Profit Board Service

From identifying the right organization to understanding expectations, here are some key steps CPAs can take to join a not-for-profit board with confidence.

BY GARIMA ARORA, CPA

NOT-FOR-PROFIT (NFP) BOARD SERVICE is one of the most impactful ways certified public accountants (CPAs) can leverage their professional skill sets while making meaningful contributions to their communities. Whether you’re looking to advance a cause you care about, expand your network, build leadership skills, or amplify your organization’s community presence, joining an NFP board offers a powerful avenue for making a difference.

WHY CPAs AND NFPs GO HAND IN HAND

NFPs rely on board members to provide strategic direction, safeguard financial stability, and support initiatives that drive social change. These needs align naturally with a CPA’s core professional strengths, which are rooted in financial stewardship, governance, and integrity.

Despite this clear alignment, the pathway to board service can feel intimidating for many CPAs, especially for those new to the NFP sector or unsure of how their skills translate beyond traditional business settings. However, this hesitation often overlooks a critical reality: NFPs commonly operate with lean teams, making CPAs’ specialized financial oversight invaluable. As CPAs, our financial acumen and strategic thinking can be truly transformative for mission-driven organizations. In fact, Tristan Slemmons, senior manager of Social Impact Activation at Deloitte Services LP, says there’s a consistent, high demand for specific financial skills within the NFP sector.

Beyond technical experience, NFPs value the professional networks that CPAs can bring to the table. Slemmons, who also serves as a board member for The Gray Matter Experience, emphasizes that organizations gain “new introductions and deeper connections” when board members serve as ambassadors. In this capacity, a CPA can act as a key link between the NFP and new resources.

POTENTIAL BENEFITS OF BOARD SERVICE

While passion for an NFP’s mission should remain the driving force for wanting to join its board, serving can also offer substantial opportunities for personal and professional growth. Here are a few potential benefits:

• Expanded professional networks: Board service can introduce you to an array of civic leaders, executives, and peers across industries who share common values. The collaborative and problemsolving environment of a board fosters high-level networking and can help CPAs build deep, trust-based relationships.

• Leadership and skill development: Board service offers a practical training ground for leadership, offering opportunities to fine-tune skills that may not be part of your daily job description. Speaking from her perspective as a founding member of the WOW Council for Youth Guidance, Slemmons explains: “It’s important not to limit yourself by only serving in areas tied to your day job. You can also use board service as a chance to learn in new areas—it rounds you out as a professional.”

• Visibility: Board involvement can elevate the visibility of both you and your organization. For instance, if you contribute to a successful NFP initiative, it can reinforce your reputation, and the reputation of your employer, as a community-minded leader. This increased presence can strengthen brand trust and demonstrate a commitment to social responsibility.

• Personal fulfillment and purpose: Beyond the career advantages, there’s a strong sense of purpose that comes from witnessing an organization’s impact firsthand. “It creates a greater sense of empathy and understanding of what others are going through, expanding your mind and heart,” Slemmons highlights. This fulfillment can provide a meaningful counterweight to the pressures of a traditional career.

TYPES OF BOARD SERVICE

It’s important to consider that not all boards are the same, and NFP organizations offer multiple entry points that vary in responsibility, time commitment, and fiduciary obligation. Understanding these differences can help you identify opportunities that align with your experience, availability, and interests.

While specific titles may vary across the sector, here’s a breakdown of the most common forms of NFP board service:

• Associate or young professional boards: These boards primarily consist of early-career professionals (often under age 40) who serve as support to the board of directors and take lead in organizing fundraising events. They may also be tasked with managing mentoring programs and community outreach, especially through social media. These boards can serve as an entry point for emerging leaders who want to support an NFP, build their skills, and expand their professional networks. The financial contribution requirement is minimal, and the members have no fiduciary or governing power.

• Advisory boards, councils, or committees: These groups provide guidance and specialist knowledge to the main board and NFP leadership. They may be formed to tap into the experience of subject matter experts, influential community members, or other valuable networks to provide perspective on strategy and help expand the organization’s reach. Similar to junior boards, these groups generally don’t have any fiduciary or governing power—although they may offer recommendations.

• Governing board of directors: This board is the ultimate authority in the organization and sets the overall strategy as a decision-making body. Members are elected or appointed according to the NFP’s bylaws and typically represent a range of skill sets, including finance, legal, sector expertise, fundraising, and governance. The main responsibilities of these board members include providing oversight, setting strategy, and securing resources (which typically entails a personal financial contribution or a commitment to fundraising). This board bears both legal and fiduciary responsibility for the organization’s actions and finances, especially in the form of approving the NFP’s budget and key policies, as well as ensuring compliance with laws. This board meets regularly and typically votes on major decisions.

PRACTICAL STEPS FOR JOINING A BOARD

Beyond determining what type of board to serve on, the next challenge becomes finding an NFP that’s the right fit for you. Here are five steps for finding and securing a seat at the table:

1. Identify causes that matter to you: Consider the issues you care most about, such as education, conservation, health, housing, arts, social justice, or economic development, and identify organizations whose missions resonate with you. Exploring the NFPs your organization already supports is another good place to start, as these relationships can provide a natural introduction to board opportunities. Formal board-matching services or professional social media platforms are also common avenues to connect with NFPs.

2. Conduct due diligence: Before raising your hand for service, take time to understand the organization’s mission, programs, leadership, and impact. Review their website, recent news coverage, and public communications to assess effectiveness, transparency, and reputation. Of course, for CPAs, performing a deep dive into an organization’s financial health should also be part of this process. Make sure to review the NFP’s annual report, IRS Form 990, and audited financial statements. Many NFPs publish these documents online, and there are platforms that provide centralized access to financial and governance information. Understanding the diversity of the board and sources of funding is also recommended. Slemmons advises caution regarding board size and expectations: “Don’t assume a small board means less governance. Even large organizations

might have financial issues or require a lot of fundraising by board members—do your homework.” Additionally, Slemmons reminds CPAs to understand their own organization’s rules regarding outside service: “Even though board service is in your personal name, it’s important to clear it with your company.”

3. Understand expectations and fit: Clarify expectations up front, including time commitments, term limits, meeting schedules, committee work, and fundraising obligations. Prospective members should also inquire about “give/get” policies, which represent the amount a board member is expected to personally donate or raise from their network. “Go to events, volunteer, meet program staff or leadership, and see if the culture fits you,” Slemmons advises.

4. Build relationships: Not all NFPs publicly advertise board openings. Often, the best path is to build a relationship first through volunteering, committee service, or financial support before raising interest in board service. Demonstrating commitment and alignment with the mission is generally a baseline expectation for board consideration.

5. Apply and interview: This process can range from very formal to fairly casual depending on the NFP. “There’s often a nominating committee. You might have to send a resume, interview, meet other members, and wait for a vote. Conversely, I’ve seen introductions lead to placement in two weeks. It really depends on the NFP’s size and governance needs,” Slemmons explains.

If a seat isn’t currently available, you can ask to be placed on a candidate list for future vacancies as board members reach their term limits. The overall application process should be used to ask thoughtful questions, speak with current board members, and confirm mutual expectations.

OTHER BOARD SERVICE CONSIDERATIONS

As the NFP sector evolves, those who choose to serve on a board must be prepared to navigate a shifting strategic landscape. Beyond day-to-day governance, forward-looking boards are increasingly focused on the diversification of funding portfolios, ensuring financial stability across both governmental and private sources. Innovation also remains top of mind as NFPs figure out how to thoughtfully use artificial intelligence and other technologies to support their needs and the needs of the people they serve.

Additionally, as the NFP landscape remains highly competitive, Slemmons emphasizes that board members should be thoughtful of other organizations doing similar work. This awareness will allow you to advise, guide, and lead the organization toward a prosperous future. In some cases, this could mean recommending mergers or helping identify collaborative partnerships to maximize resources.

Given the NFP sector’s growing complexity, the demand for CPAs’ expertise will only continue to grow. Therefore, the most meaningful step you can take is to move from interest to action: Do the homework, find the right fit, and raise your hand to help shape the future of your community.

Garima Arora, CPA, is licensed in the state of Illinois.

This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.

Beyond the Balance Sheet: How CPAs Can Make Mental Health a Shared Priority

Prioritizing mental health is a shared commitment that must be embraced by both CPAs and firm leaders.

BY RANDY CRABTREE, CPA

professional efficacy, increased mental distance from one’s job, or feelings of negativism or cynicism of one’s job, according to the World Health Organization.

ARE YOU JUST GOING THROUGH THE MOTIONS AT WORK?

Have you become more apathetic and cynical about your career, relationships, or life in general? Do you find yourself increasingly impatient, anxious, or prone to anger? If so, you’re not alone. These are common symptoms of chronic stress and burnout, which are increasingly impacting white-collar workers, especially those in the accounting profession.

If left unchecked, chronic stress and burnout can also lead to physical symptoms, including brain fog, constant fatigue (no matter how much sleep you get), difficulty falling or staying asleep, frequent headaches, migraines, muscle tension, jaw clenching, digestive issues, loss of appetite, and more.

To properly address these issues, it’s important to recognize that chronic stress and burnout aren’t the same. While stress often involves feeling overwhelmed by many pressures simultaneously, burnout is characterized by feelings of depleted energy, reduced

As an example, my former Big Four supervisor shared his experience with burnout before starting his own firm. Like many certified public accountants (CPAs), he worked a ton of overtime, often logging over 80 hours per week and 3,500 hours per year.

“I remember many times coming home just long enough to take a shower and get fresh clothes on before going back to the office,” he confides. “Other times I’d come home after a long day and would just sit in my room and watch TV until my family would find me passed out on the bed still in my work clothes.”

THE PERSISTENCE OF BURNOUT IN THE PROFESSION

Numerous studies give insight into my former supervisor’s experience of working in public accounting. A 2023 study by the AICPA, in collaboration with PwC, found 51% of accounting and finance team leaders feel symptoms of professional burnout. Additionally, a 2022 study by FloQast and the University of Georgia found nearly all (99%) surveyed accountants are suffering from

burnout, with more than half (53%) experiencing those symptoms at or above the average level. In fact, 24% of respondents from that survey admitted to medium-high or high levels of burnout. As CPAs, we must juggle tight deadlines, complex financial regulations, and intense scrutiny from clients and authorities. The pressure to be precise and error-free is immense, since even small mistakes can have serious financial or legal consequences. Further, many of us are drawn to the profession because we want to help people and always be available for them. That often means sacrificing our own welfare.

What’s more disturbing is that these chronic overwork conditions are pretty much accepted by our colleagues. According to my firm’s—Tri-Merit Specialty Tax Professionals—annual career satisfaction survey, nearly one-third (30%) of respondents routinely work 60-plus hours per week during busy season. Yet, only 7% believe they’re working longer hours than their peers and only 14% think their jobs are more stressful than the average CPA’s. Ouch!

MY PERSONAL BATTLE WITH STRESS AND MENTAL HEALTH

I too have suffered from the burnout culture that persists in the profession.

When I co-founded Tri-Merit in 2007, it was exhilarating to watch our firm grow so quickly. It was rewarding to see how word got out about our flexible hours, work-from-anywhere culture, and “no a-holes” hiring policy. But I was burning the candle at both ends trying to be the firm’s managing partner and chief rainmaker. For years, I toughed it out. That was until I had two strokes four days apart in 2014. I was 51 years old.

Physically, I recovered quickly, but I suffered from post-traumatic stress disorder, panic attacks, depression, and feelings of hopelessness for the next five years. Eventually, I got the help I needed, and I stepped aside from the firm’s day-to-day operations to focus on being an “industry evangelizer” about specialty tax credits and mental health.

WHAT CAN WE DO?

One of the upsides of addressing my mental health challenges is that I’ve gained so much knowledge about the tools that can help others.

The best thing firm leaders can do, no matter the firm’s size, is make mental health resources readily available to all employees— and remove the stigma around accessing them. Resources could include employee assistance programs, access to counseling services, or allowing employees to take “mental health days” without fear of judgment or loss of vacation days.

Every year, our firm’s career satisfaction survey finds that CPAs who work at firms with readily available mental health resources are significantly more likely (most recently, at least 8 percentage points higher) to feel highly satisfied in their careers compared to CPAs working at firms without access to those resources.

In addition to resources, applying these simple stress-reduction techniques can help:

• Disconnect at the end of the day. As Brian Kush, CPA, recommended on my podcast, “The Unique CPA,” accounting professionals should “bookmark” their work at the end of the day rather than rushing to get it all done before heading home. Instead, he suggested creating an “instead plan,” which means intentionally planning activities that have nothing to do with work to avoid getting sucked into work during off hours.

• Set clear boundaries between work and personal time. This is especially important for remote workers. Don’t respond to emails, text messages, or voicemails during your personal time— doing so sets the precedent that you’re always on call. Tri-Merit’s career satisfaction survey found that nearly 70% of CPAs who’ve clearly defined boundaries between work and personal time are highly satisfied in their careers compared to just 31% of CPAs whose work and personal boundaries are blurred.

• Improve your time management. Don’t try to tackle everything on your to-do list. Instead, identify three top priorities for the day to focus on. Let everything else go until you’ve tackled your top three priorities.

• Take frequent breaks. Various research suggests your ability to “focus” may be limited to no more than four to five hours per day. Your brain needs frequent rest.

• Improve self-care. Don’t sit at your desk all day (and that includes for meals). Eat right, get plenty of exercise, rest, meditate, and go for walks (leaving the phone behind).

• Celebrate hobbies and passions outside of work. Make sure each team member’s hobbies and passions are widely known to colleagues (consider including them in their bios on the firm’s website). Tri-Merit’s career satisfaction survey found that nearly two-thirds (65%) of respondents who work at firms where their outside passions and interests are widely known to colleagues are highly satisfied in their careers compared to less than onethird (31%) of respondents working at firms where few details about their outside interests are shared.

Another tactic is to track self-care activities versus mental health liabilities, thinking of them from a positive and negative perspective. For example:

• Self-care activities are the things you’re doing right—the positives (i.e., exercising, unplugging after work, taking breaks during the workday, and enjoying personal hobbies).

• Mental health liabilities are the things that need improvement— the negatives (i.e., taking calls during weekends, not spending enough time outdoors, and dealing with stressful clients).

Create a balance sheet that separates both into two separate columns. Next, add up your self-care activities and your mental health liabilities. From there, subtract self-care activities from mental health liabilities to determine your net retained energy score. If you or someone on your team has a negative net retained energy score, especially a deficit of three or more, they may be at risk of burnout and mental health challenges. Don’t let this go ignored.

Despite the long hours and occasional high stress, the accounting profession has always been a supportive community—someone is always a phone call, text message, or email away.

As a profession, it’s important that we—CPAs and CPA firm leaders— share the responsibility of prioritizing a culture that encourages employees to ask for help. From my experience, doing so creates happier, healthier employees that are more likely to stay, be highly productive, and refer others to your firm—and your clients will notice too.

Randy Crabtree, CPA, is the co-founder and partner of Tri-Merit Specialty Tax Professionals. He’s also an author, lecturer, and host of “The Unique CPA” podcast.

MERGERS & ACQUISITIONS

Does Non-GAAP Reporting Pay Off?

New research examines whether disciplined, transparent non-GAAP reporting can strengthen valuations and dealmaking.

BY JOSHUA HERBOLD, PH.D., CPA

IN THE HIGH-STAKES WORLD of mergers and acquisitions (M&As), better information can mean billions in value gained or lost for companies.

A new accounting study by Ciao-Wei Chen, associate professor of accountancy at the University of Illinois Urbana-Champaign, and co-authors Frank Heflin (University of Georgia), Patrick W. Ryu (University of Manchester), and Jasmine Wang (University of Virginia), finds that companies that regularly report high-quality non-generally accepted accounting principles (GAAP) information attract more informed bidders and close more successful deals. Their findings also show that voluntary financial disclosures create real economic value—a message with significant implications for certified public accountants (CPAs) who are responsible for, or advise clients on, financial reporting strategies.

WHY NON-GAAP DISCLOSURES MATTER

M&As represent some of the most consequential decisions corporate executives make. As the researchers note in their study, “Right on Target: Is Public Disclosure of Non-GAAP Earnings Associated With M&A Efficiency?” these transactions “reallocate massive amounts of corporate resources and shareholder wealth amid high information asymmetry and agency conflicts.”

To illustrate the amount of resources spent by companies in the past couple of years, global M&A deal value was $3.4 trillion in 2024 and increased to nearly $5 trillion by the end of 2025, according to McKinsey & Company.

Non-GAAP disclosures have become ubiquitous in corporate financial reporting. More than half of all publicly traded firms and approximately 90% of S&P 500 companies now voluntarily report earnings that go beyond what GAAP requires. These disclosures take many forms:

• Adjusted earnings that exclude one-time charges.

• Operating earnings that strip out non-core items.

• Earnings before interest, taxes, depreciation, and amortization.

• Free cash flow calculations.

• Various key performance indicators tailored to specific industries.

But why would potential acquirers care about a target’s public disclosures when they eventually gain access to confidential due diligence materials?

The researchers’ literature provides a clear answer: Prior studies have shown that acquirers download target firms’ United States Securities and Exchange Commission (SEC) filings from the EDGAR database several months before announcing deals. This download activity spikes around their announcement date and continues for months afterward, which demonstrates that bidders actively use publicly available accounting information throughout the acquisition process—from initial target screenings through final valuation and integration planning.

As Chen writes in a January 2026 Accounting Today article, “In M&A, information is everything, and much of it is asymmetric. Before signing confidentiality agreements, bidders rely on public data to screen targets and estimate synergies. Non-GAAP disclosures, when credible, give bidders an early glimpse of ‘core earnings,’ making valuations more precise and negotiations more grounded.”

COULD NON-GAAP DISCLOSURES BE MISLEADING?

Of course, not everyone views the proliferation of non-GAAP reporting favorably. The SEC has long worried that these voluntary disclosures could mislead investors, and the agency has issued regulations and interpretive guidance addressing non-GAAP reporting practices. In recent years, non-GAAP disclosures have also ranked among the most frequent topics in SEC comment letters to public companies.

The concern is straightforward: Because non-GAAP disclosures face less regulatory and auditor scrutiny than GAAP financial statements, companies might use them to paint an overly “rosy” picture of their performance.

To address this risk, the SEC requires firms to:

• Reconcile non-GAAP earnings to GAAP earnings.

• Explain the usefulness of the non-GAAP measures.

• Provide rationale for each item excluded in the non-GAAP disclosure.

These requirements make it harder to opportunistically exclude items that acquirers might not anticipate or fully understand.

But as Chen notes in Accounting Today, the study reinforces the point that regulators have long emphasized: “Non-GAAP reporting isn’t inherently problematic; poor non-GAAP reporting is.”

HOW THE RESEARCHERS CONDUCTED THEIR ANALYSIS

To examine whether non-GAAP disclosures affect M&A outcomes, Chen and his co-authors analyzed 669 completed deals announced between 2005-2016, each involving transactions exceeding $1 million. The average transaction value in their sample was $1.7 billion, and aggregate deal value in their sample totaled approximately $1.14 trillion, representing a substantial cross section of the M&A market.

The researchers measured M&A efficiency primarily through the bidder’s five-day cumulative abnormal return (CAR), a frequently used measure in accounting and finance research, capturing how a company’s stock performs relative to expected returns based on overall market movements. When an acquiring firm announces a deal that investors perceive as value-creating, the bidder’s stock typically rises at the announcement date, producing a positive CAR. On the other hand, deals viewed as overpayments or poor strategic fits generate negative CAR. By examining stock prices in a narrow five-day window around the announcement, researchers can isolate the market’s assessment of deal quality from other factors affecting those prices.

The researchers measured how often target firms made non-GAAP disclosures in earnings announcements during the eight quarters before the deal. As part of this, they controlled for numerous factors that prior research says could influence deal outcomes, including bidder and target size, profitability, leverage, and other deal characteristics such as payment method and whether the transaction was a tender offer.

THE RESULTS: BETTER DISCLOSURES, BETTER DEALS

The findings strongly support the value of non-GAAP disclosures. As Chen explains in Accounting Today, “[A]cquirers’ stock prices react more positively at deal announcements when the target is a regular non-GAAP discloser. A one-standard-deviation increase in disclosure frequency correlates with a 0.68 to 1.02 percentagepoint rise in bidder announcement returns—an economically meaningful bump in shareholder value.”

So, why do non-GAAP disclosures help? To understand this, the researchers conducted additional tests and found weak evidence that recurring exclusions (items like amortization and stock-based compensation that appear each year) drive the positive relationship more than one-time special items. This makes intuitive sense: Recurring exclusions are often not separately disclosed elsewhere in financial statements, making them harder for acquirers to identify and adjust for without the firm-specific knowledge that non-GAAP disclosures provide.

The benefits also extended beyond short-term market reactions. Increased non-GAAP disclosure frequency was associated with greater deal synergies and fewer post-acquisition goodwill impairments. This is a meaningful finding given that goodwill writedowns often signal acquisition failures.

Additionally, the researchers found weaker but supportive evidence linking target non-GAAP disclosures to better operating performances in the first three years following an acquisition.

Perhaps the most intriguing finding was that firms who disclosed non-GAAP earnings more frequently were also more likely to become acquisition targets in the first place. This suggests that nonGAAP disclosures reduce information uncertainty, making firms more attractive candidates during acquirers’ initial screening processes.

Finally, cross-sectional analyses revealed that non-GAAP disclosures mattered most when targets were harder to value— for example, when they exhibited high return volatility or used more uncertainty-related language in their 10-K filings. Similarly, the disclosures proved more valuable when targets had weaker information environments, such as limited analyst coverage or lower stock liquidity. These patterns show that non-GAAP reporting could serve to fill genuine information gaps.

IMPLICATIONS FOR CPAs

For CPAs in industry or advising corporate clients, this research carries practical implications. First, it provides evidence-based support for investing in high-quality non-GAAP disclosures. Companies contemplating eventual sales or those simply wanting to maximize their appeal to potential acquirers should view thoughtful non-GAAP reporting as more than a communication exercise. These disclosures can directly influence deal opportunities, outcomes, and valuations.

Second, the researchers’ findings highlight that quality matters. Higher-quality non-GAAP disclosures (i.e., those aligned with analyst expectations and not flagged in SEC comment letters) created genuine value and drove stronger results.

Further, this study contributes to the broader debate about nonGAAP regulation. While concerns about potential misuse are legitimate, this research demonstrates that non-GAAP disclosures can facilitate efficient capital allocation in one of the economy’s most important markets. That evidence should factor into any regulatory cost-benefit analysis.

In an era when voluntary disclosure decisions increasingly shape how companies are perceived and valued, this research confirms what many practitioners have long suspected: clear, informative financial communication pays dividends—sometimes quite literally.

Joshua Herbold, Ph.D., CPA, is a teaching professor of accountancy and associate head in the Gies College of Business at the University of Illinois Urbana-Champaign and sits on the Illinois CPA Society Board of Directors.

How to Price Strategic Value in a CAS Model

A firm’s approach to pricing its CAS engagements reveals more about its strategic positioning than any service description ever will.

BY CHUCK TEEL, CPA

time on work that doesn’t bill cleanly. The firm earns more only when it works more—a structure that rewards activity, not positioning.

HOURLY BILLING in client accounting services (CAS) engagements creates a set of conditions that most firms recognize but rarely examine: The client watches the clock, the team tracks increments, and the conversations that would build a deeper relationship shorten or disappear altogether. Every interaction carries an implicit cost, and both sides (the firm and the client) behave accordingly.

Under this pricing model, scope becomes the central governing mechanism. The engagement is defined not by what the firm owns but by what’s been authorized in measurable units. For instance, when a client calls with a question outside the original estimate, the firm must decide whether to absorb the time, bill for it, or avoid the conversation. Of course, each of these decisions shape the relationship differently, and none of them build toward embedded trust.

Also with hourly billing, the financial behavior is predictable— revenue fluctuates with volume, and margin compresses as complexity increases without proportional rate adjustment. Realization rates decline when experienced professionals spend

What hourly billing produces most reliably is distance. The firm remains external, the client remains guarded, and the engagement operates inside a transactional frame regardless of the advisory intent behind it.

WHY THE HOURLY MODEL PERSISTS

Most firm leaders recognize the limitations of hourly billing in CAS. Yet the model persists because it solves problems that matter inside the firm, even as it creates problems within the engagement itself.

Hourly billing offers predictable scoping. It provides a defensible basis for fees when clients question cost. It fits the infrastructure most firms already operate under: timekeeping systems, utilization targets, and realization benchmarks. Abandoning it means abandoning the management architecture built around it, and that architecture governs compensation, performance evaluation, and partner economics.

There’s also less risk involved with hourly billing. Fixed-fee models expose the firm to scope variability. If the engagement requires more hours than anticipated, the firm absorbs the cost. Under hourly billing, however, that risk transfers to the client. For firms that

haven’t defined how scope is governed before the engagement begins, that transfer feels like protection.

Overall, the result in maintaining the hourly billing model is that it serves internal operations while constraining external positioning. Both sides operate rationally inside a structure that limits what the relationship can become. The firm organizes around measurability and risk transfer, and the client receives reporting without access to the reasoning behind it.

WHEN PRICING REFLECTS POSITIONING

A CAS engagement that’s priced by the hour compensates the firm for activity. However, a monthly fixed-fee engagement tied to process ownership compensates the firm for its position inside the client’s operation.

Under hourly pricing, the client decides how much access to purchase. Under monthly fixed-fee pricing, access is embedded in the structure. In this case, neither side weighs whether a conversation justifies the cost, and communication becomes operational rather than transactional.

Scope governance also changes under a monthly fix-fee structure. In an hourly model, scope is managed through authorization and estimates. In a monthly fixed-fee model tied to defined process ownership, scope is managed through boundaries. The conversation shifts from “Is this billable?” to “Is this ours?”

Additionally, client expectations shift in parallel. When a firm prices for embedded positioning, the client begins treating the team as an internal function rather than an outside provider. Meetings include the finance team by default, decisions wait for financial interpretation, and the relationship operates inside the client’s structure rather than alongside it.

WHERE EACH MODEL WORKS

The professional debate over hourly billing versus fixed-fee billing often frames the question as preference. In practice, the question is really about application.

Monthly fixed-fee billing works well in process-centric, functionspecific engagements—accounting, accounts payable, payroll, and HR administration—where the time spent on work and communication is predictable. The firm knows what it owns, the client knows what to expect, and both sides operate inside a defined rhythm.

Hourly billing works well in complex, issue-driven engagements involving external actors—tax controversies, regulatory responses, and transaction-related diligence—where time spent on work can’t be reasonably estimated. These engagements resist the assumptions that monthly fixed-fee structures depend on.

Notably, a firm that relies solely on either model exposes itself to risks on both sides. For instance, the firm takes on financial risk when it applies monthly fixed-fee pricing to engagements that lack predictable scope. When hourly billing governs an engagement that would function better under a defined operating relationship, the client absorbs unnecessary costs.

At my firm, the majority of billings come from monthly fixed-fee engagements. Every client engagement is also accompanied by a separate hourly billing statement of work—with explicit client consent—for matters that fall outside the scope of monthly fixedfee services. The two structures operate in parallel because the conditions they serve are different.

CAS PACKAGING AND PRICING IN PRACTICE

At my firm, every monthly fixed-fee engagement is structured around process ownership. There are no time entries governing what the client receives. The fee reflects what the firm owns inside the client’s operation.

Our baseline is controllership—month-end close, financial reporting, and the accounting infrastructure that supports both. My firm treats that ownership as a prerequisite. If the firm doesn’t control the close process, it can’t govern the reliability of anything built on top of it.

Beyond controllership, my firm’s engagements are also scoped by function. Some clients require us to manage payroll administration, accounts payable, or cash management. Others require participation in executive planning, board reporting, or departmental budgeting. Each function carries a defined scope boundary. What the firm owns is specified and what falls outside that ownership is equally specified and governed by the separate hourly statement of work.

Additionally, our fees are set based on three factors: the complexity of the client’s operations, the number of functions the firm owns, and the level of access required. A client with a single-entity structure and straightforward reporting pays less than a client with multi-entity consolidation, intercompany transactions, and boardlevel reporting requirements. The fee isn’t renegotiated monthly— it’s reviewed periodically as the scope of ownership changes. That review is the mechanism that protects our margin—it ensures the fee reflects what the firm actually owns, not what it owned when the engagement began.

WHAT PRICING ARCHITECTURE PRODUCES

When packaging is built around process ownership and fees are tied to defined scope, three conditions emerge that hourly billing doesn’t reliably produce:

• Margin becomes governable. The firm knows what it owns, what that ownership costs to deliver, and where the boundary sits. Profitability depends not on utilization rates or realization percentages but on how accurately the scope of ownership reflects the operational complexity underneath it. When scope changes, the fee is renegotiated—not absorbed.

• Scope discipline becomes structural rather than conversational. Under monthly fixed-fee pricing with a parallel hourly statement of work, the boundary between what’s included and what’s not is defined before the engagement begins. When a client request falls outside the defined scope, both sides already know where it lands.

• Executive trust follows from both. When a client’s leadership team sees a firm that owns processes, governs its own scope, and prices with transparency, the relationship moves from vendor oversight to operational reliance. The firm earns a seat in the room where decisions are made because its pricing structure already communicates that it operates as an internal function—they’re not an outside service provider billing for time.

Overall, what determines the CAS engagement isn’t the billing method but the architecture underneath—what the firm owns, how scope is governed, and how the fee reflects that ownership—and that’s the foundation for packaging CAS in a way that delivers real strategic value.

Chuck Teel, CPA, is the founder and CEO of Teel+Co Strategists and CPAs.

PROFESSIONAL ISSUES

CPA Mobility: Meeting Change With Confidence

As CPA licensure mobility rules shift across the country, here’s how licensees and firms can stay compliant as things evolve.

BY NATALIE ROONEY

WHY MAINTAINING CPA MOBILITY MATTERS

CPA mobility is intended to reflect the modern realities of accounting practice where firms, clients, and engagement teams frequently operate across multiple jurisdictions.

The CPA mobility system was built on the concept of substantial equivalency, allowing states to recognize each other’s licensure requirements as comparable. CPAs can serve clients across state lines without obtaining additional licenses provided they meet uniform education, examination, and experience standards.

“CPAs enjoy an incredible amount of cross-border practice privileges—much more so than other licensed professions like lawyers and doctors,” says Julia Woislaw, vice president of strategic partnerships and regulatory affairs at CPA QualityPro, a cloudbased software solution that automates and streamlines CPA firm license registrations, renewals, and mobility compliance tracking.

IN 2025, GOV. J.B. PRITZKER SIGNED House Bill 2459 into law, amending the Illinois Public Accounting Act to establish two additional certified public accountant (CPA) licensure pathways. Beginning Jan. 1, 2027, candidates may qualify for licensure by:

• Earning a bachelor’s degree with an accounting concentration, completing at least two years of relevant work experience, and passing the CPA exam.

• Earning a master’s degree with an accounting concentration, completing at least one year of relevant work experience, and passing the CPA exam.

The legislation also preserves Illinois’ existing pathway requiring 150 credit hours of qualifying education, one year of relevant work experience, and passing the CPA exam.

While this change opens exciting opportunities for future CPAs in Illinois, it adds a new layer of complexity and uncertainty for licensees and CPA firms. Nearly half the states across the country have adopted similar alternative pathways, while others are still evaluating changes to their licensure models. This uneven adoption has implications for CPA mobility and interstate practice.

“We’re in a time of transition,” acknowledges James Cox, vice president of state advocacy and state society relations at the AICPA and CIMA. Because of this, he encourages CPAs and CPA firms to take a long-term perspective as state legislatures continue evaluating licensure reforms.

Yet, despite these privileges, Woislaw says there are challenges and risks to mobility at play: “It’s tricky right now because some states have changed their licensure laws while others haven’t. As a result, state boards could begin questioning whether certain licenses remain substantially equivalent, which could disrupt interstate practice.”

Marty Green, Esq., senior vice president and legislative counsel at the Illinois CPA Society, adds that legislative activity has added to the uncertainty: “CPAs have become comfortable with mobility, and many don’t realize how much has changed across jurisdictions in the last year.”

As regulatory frameworks shift, understanding the difference between mobility and reciprocity is important.

• Mobility: Allows CPAs to temporarily practice across state lines using their home state license without obtaining an additional license.

• Reciprocity: Requires CPAs to apply for and obtain licensure in another state, typically when establishing a physical presence, opening an office, or permanently practicing there.

The two terms are often used interchangeably, but Cox stresses they shouldn’t be: “Those are two different concepts. Mobility was designed to reduce the burden of maintaining multiple licenses, which is why maintaining it is so important.”

WHERE MOBILITY RISKS MAY ARISE

As new pathways legislation evolves across the country, mobility eligibility will increasingly depend on how a CPA originally qualified for licensure. CPAs licensed under the traditional 150 credithour education model are expected to maintain broad mobility

privileges. However, CPAs licensed under newer pathways may encounter challenges when practicing in states that haven’t yet adopted similar licensure changes.

“If states don’t adopt comparable pathways, CPAs and CPA firms could run into issues,” Cox explains. “That’s where practitioners need to be especially cautious.”

Woislaw adds that state boards of accountancy may begin taking a closer look at licensure qualifications during reviews or investigations: “Questions that never surfaced before may now become part of regulatory oversight. Will an audit report be called into question, or will a firm have a deficiency on a peer review, because suddenly a CPA didn’t meet the rules in another state? These are questions we don’t know the answer to yet.”

Of course, as these uncertainties play out, Woislaw cautions that failure to comply with these licensure requirements could expose CPAs and CPA firms to disciplinary actions, fines, or complications during their peer review or audit oversight.

CPA MOBILITY TRANSITION CHECKLIST: PRACTICAL STEPS

FOR FIRMS AND LICENSEES

During this period of regulatory change, proactive compliance planning is essential. Experts recommend implementing the following steps to evaluate mobility eligibility and reduce risk.

Verify Eligibility Before Accepting Cross-State Engagements

Before performing work in another jurisdiction, CPAs should confirm that their home state license satisfies the destination state’s mobility requirements. This includes reviewing each state’s accountancy laws and regulations, particularly provisions related to:

• Individual licensure requirements.

• Firm ownership rules.

• Firm registration obligations.

• Peer review standards.

“CPAs know how to perform due diligence,” Green says. “They should apply that same discipline to their professional licensure requirements.”

Maintain Comprehensive Licensure Documentation

Firms should track and maintain detailed licensure records for all CPAs, including:

• Education pathway completed (i.e., 120 or 150 credit hours).

• Degree earned and accounting concentration.

• Length and type of qualifying experience.

• Verification or supervision of experience.

“These are the guardrails states use to determine mobility eligibility,” Woislaw explains.

Monitor Regulatory Developments Across Jurisdictions

State laws, state boards of accountancy rules, policy statements, and regulatory guidance will happen in stages. Therefore, firms should regularly review:

• Administrative rulemaking updates.

• State boards of accountancy newsletters and announcements.

• State CPA society updates.

“Monitor not only formal rule changes, but also watch for other ways state boards might communicate the information,” Woislaw suggests. “Firms sometimes forget they can contact state boards of accountancy directly, so if questions arise, reach out and ask them.”

BUILDING MOBILITY COMPLIANCE INTO FIRM STRATEGY

While many states are adopting safe harbor provisions to protect CPAs licensed under previous standards and preserve interstate

practice rights during regulatory transitions, experts emphasize that mobility compliance should become part of routine client and engagement planning to reduce the likelihood of unintended compliance violations.

“When evaluating new engagements, firms should consider where clients are located and how licensing requirements affect service delivery,” Cox says.

Firms must also recognize that mobility requirements may vary based on service type. For example, signing audit opinions often triggers stricter compliance standards than performing supporting engagement work.

LEVERAGING TECHNOLOGY AND COMPLIANCE TOOLS

Mobility compliance can involve a complex decision tree that varies by firm, individual, and service type. To manage this growing regulatory complexity, firms are increasingly turning to compliance software designed to track licensure data and mobility eligibility across jurisdictions. These platforms can:

• Track firm registrations across states.

• Compare individual licensure qualifications against state mobility standards.

• Identify jurisdictions requiring additional registrations or licensing.

• Provide mobility determinations at both firm and individual levels.

“Technology solutions [like CPA QualityPro] allow firms to analyze mobility from a firmwide perspective while also evaluating individual practitioners,” Woislaw explains.

TURNING UNCERTAINTY INTO OPPORTUNITY

Despite increased complexity, CPA mobility remains a significant professional advantage.

“CPAs have benefited from mobility for many years,” Green says. “It’s worked in Illinois since 2007 for individual CPAs and since 2017 for firms. There’s no reason to panic because things are changing, but there’s reason to prepare.”

Cox encourages firms to treat regulatory change as an opportunity to strengthen compliance infrastructure and better understand their operational footprint: “Evaluate where your firm has clients or physical presence and take stock of your compliance status. This is a valuable opportunity to understand the regulatory environment in which you operate.”

Woislaw agrees and stresses that firms should begin preparing now, particularly as new CPA licensees begin to enter the profession under the new pathways this year.

“This is a confusing time, but the information is available in state statutes and regulatory guidance,” Woislaw says. “Firms should feel empowered to learn the requirements across jurisdictions and develop systems to capture licensure pathway information from the start.”

As CPA licensure rapidly evolves across the country, Woislaw stresses this is the year to get serious about licensure compliance: “Firms that build strong compliance systems now will be better positioned to protect their mobility privileges and continue serving clients wherever they operate.”

Natalie Rooney is a freelance writer based in Eagle, Colo. A former vice president of communications for the Ohio Society of CPAs, she has been writing for state CPA societies for more than 20 years.

The Middle Reimagined

How Mid-Sized Firms Can Compete in a Consolidating Market

Accounting firm tie-ups are reshaping the profession, but experts say strategy instead of size will determine who thrives.

BY CHRIS CAMARA

For years, conventional wisdom has warned that consolidation in the profession is hollowing out the middle tier of certified public accounting (CPA) firms, limiting options for clients and accounting careers. But experts say the reality is more nuanced: The middle isn’t disappearing—it’s being reshaped.

“There’s pressure on the middle, but the pressure just means that the middle needs to ensure it’s remaining relevant,” says Lisa Simpson, CPA, CGMA, vice president of firm services at the AICPA. That relevance, she says, comes down to quality, strategic focus, and a willingness to operate differently than in the past.

The Business of Bigger

There’s no doubt consolidation is transforming big firms into behemoths. Hardly a week goes by without news of multiple mergers and acquisitions (M&As) or private equity (PE) deals.

Allan Koltin, CPA, CGMA, founder of Chicago-based Koltin Consulting Group, who’s advised on more than 300 M&A deals, claims that more than half the top 300 firms have merged up or transformed in the last decade, and the number of billion-dollar firms has grown from seven to 16 in the same period.

INSIDE Public Accounting (IPA) data backs Koltin’s claim. The minimum revenue to make it on the IPA 100 list has doubled since 2010—up from $29.7 million to $60.2 million today.

However, IPA—which collects survey data from more than 600 firms annually—reports that the number of mid-sized firms isn’t decreasing.

According to Chelsea Summers, IPA’s executive director, M&A activity between 2022-2025 hasn’t changed substantially: “It’s not like we’re seeing a big uptick in the number of mergers right now that are consolidating the middle as opposed to previous years—I think it just feels like a panic.”

Between 2020-2025, IPA data shows all firms saw a revenue increase. Koltin says some of that increase is likely due to higher fees, but 93% of it likely has nothing to do with it.

“I call it ‘The Circle of Business Life,’” Koltin explains. “Small local firms become large local firms, large local firms become regional firms, regional firms become mega-regional firms, mega-regional firms become national firms, and national firms become global firms.”

As Koltin notes, CPA firms don’t have a choice in being profitable— it’s necessary to their survival: “It’s the one fact that none of us debate—profitable growth isn’t an opt-in or opt-out choice.”

Why Strategy Trumps Size

But consolidation at the top doesn’t mean fewer opportunities in the middle.

Brian Blaha, CPA, managing director at Winding River Consulting and immediate past chairperson of the Illinois CPA Society (ICPAS) Board of Directors, says mid-sized firms aren’t just being acquired and growing—many are actively examining options. He describes the current environment as one of “strategic optionality,” where firm leaders are taking a pause to decide the path that makes the most sense for their future. Mid-sized firms can still control which path they take—whether taking PE capital or staying independent—but

Blaha notes they’ll need to be more intentional about the path they choose if they want to remain relevant.

Simpson says that intention shows up in several key areas: governance, capital, talent, service offerings, and overall firm strategy. She explains that governance structures built for consensus can slow a firm down, and those may need to evolve so leadership can move quickly in a fast-moving market environment. Additionally, capital conversations—once unnecessary in high-growth years— are now essential to fund technology, acquisitions, or experienced hires. Firms must also define what services they’ll offer, how they’ll price them, and which clients best fit their strategic goals.

While some leaders feel intense pressure from consolidation, others, in effect, are saying “bring it on” because their firms are moving ahead with clarity.

There are plenty of opportunities for firms to stay in the middle, Simpson stresses, but leaders can’t assume what worked before will carry them forward: “Running a growing firm isn’t as simple as it was five years ago when clients were beating down their doors.”

Humans Hold the Most Value

Firms must understand how the nature of accounting work itself is evolving.

Blaha points to the “smile curve” concept, where most client value resides at the beginning and end of an engagement (planning and insights) rather than in the technical work that makes up the middle of an engagement.

At one time, the act of preparing a tax return or conducting an audit carried perceived value; today, however, human strategic insights have become more valuable in the eyes of clients as automation and artificial intelligence (AI) reshape tax and audit processes.

Ultimately, mid-sized firms wishing to compete in the marketplace should determine how to infuse more value into each engagement, especially since automation is speeding up processes, Blaha notes. Of course, that speed could bring fee pressures, and because of that, Blaha foresees firms replacing lost revenue with new, more innovative and specialized services that may come down the road in three, five, or 10 years as things evolve.

Specialization, Advisory Take Center Stage

Firms already well known for offering in-demand services within industries or across the spectrum will have an easier time differentiating themselves in a crowded marketplace, whereas generalist firms may struggle to compete. “It’s becoming increasingly challenging to be everything to everybody,” Blaha cautions.

In fact, with the demand for advisory services continuing to grow, Simpson stresses that mid-sized firms who want to remain competitive are going to need to build out their advisory capabilities, particularly the firms lacking an existing specialization or niche.

Of course, one of the keys to building out advisory services is embracing the power of AI, as the technology is largely expected to reduce manual work, free up time, improve productivity, and create a more fulfilling work environment—all of which allows human advice and guidance to take center stage.

Government Audits: An Area of Opportunity

In addition to adapting and evolving their service lines, mid-sized firms are well-positioned to pursue niche opportunities that larger firms simply won’t invest their time in anymore.

Blaha points to one service line where demand is outpacing supply: local government audits. Many large firms have moved away from the work because audits of local governmental entities are often less profitable, while smaller firms often lack the staff or infrastructure to take on these specialized engagements. The result is a growing shortage of providers.

According to ICPAS’ 2025 Government Report, “Examining the Sustainability of Local Government Audits: Special Report to the Illinois General Assembly,” there were 8,505 units of local government across Illinois—one of the highest in the nation—as of January 2025, but the supply of CPAs available to perform audits for them is nowhere near to scale. To further illustrate the shortage in Illinois, just 290 unique CPAs signed off on local government audits in 2020, and that number dropped to 202 unique CPAs in 2024, according to the report. This is largely driven by consolidation across the profession, retirements of CPAs

serving government entities, and the deterrence of complex and burdensome government audit standards.

As a result, municipalities are facing rising fees and limited options. Policymakers are beginning to consider whether certain entities could move from full audits to reviews or other agreedupon procedures.

For mid-sized firms with the right capabilities and an advisory mindset, the gap represents a clear opportunity.

However, the issue isn’t just staffing, Simpson explains. It’s whether clients are willing to pay for quality. This creates an opening for niche firms to build efficient, high-quality practices. Governmental work may concentrate among firms that prioritize specialization, which is seen as an important avenue to success for mid-sized firms.

Mid-Sized Firms May Have an Edge

Among the criticisms of larger PE-backed firms is the impact on work culture.

According to findings from Accounting Today’s “State of PE in Accounting 2025” survey, just under half of respondents from firms that had taken PE deals reported that their cultures had suffered. The respondents commonly complained that financial results now matter more than the familial, collaborative culture that many firms have prided themselves on.

“Firms that are staying independent are finding a strategic advantage: the ability to attract employees that don’t want to work in a PE environment,” Blaha says.

Further, Simpson says mid-sized firms often have the advantages of more mentorship opportunities and closer access to leadership. But even with these human capital perks, mid-sized firms still need a clear value proposition to offer talent.

“We can’t just hold up our hand and say, ‘Hey, come work for us. We’re cool.’ We must be strategic about why they would want to work for us,” Simpson continues. “We have to make sure that our recruits know we’re going to invest in their learning and development, mentor them, and coach them—mid-sized firms can do that.”

Beyond talent and strategy, mid-sized firms still hold a clearcut advantage: relationships. While large firms often organize around service lines, mid-sized firms can still center their model on the client.

Simpson sees no evidence that clients are avoiding mid-sized firms. Accounting is a relationship business, and clients are attracted to firms they already know: “The Main Street America client is still looking for a firm that’s right there in the community.”

Simpson adds, “I don’t think the future is bleak for mid-size firms in any way. There’s opportunity, it just all comes down to strategy and moving forward with a clear vision of where you want to go, what you want to do, and what’s going to provide the most value to your clients.”

Ultimately, the future of the middle may depend less on size and more on clarity. Firms that define their strategy and act decisively may find opportunities where others see pressure.

Chris Camara is a Rhode Island-based freelance writer who has covered the accounting profession for more than 20 years.

2025 NEW CPAS CONGRATULATIONS!

A

Zahra Abbas

Margaret Abbs

Diana Abdel Rahman

Hannah Abegg

Ashna Abraham

Maria Adelman

Rahul Agarwal

Rita Aguirre

William Ahern

Anthony Ahlfeld

Muhammad Ahmad

Auwais Ahmed

Hyunji Ahn

Taehyun Ahn

Luqmaan Ajmeri

Zoe Akers

Ayman Aksikas

Salam Al Qudah

Nicholas Alahi

Rance Albert

Stacey Alexakos

Lani Alfano

Sara Alshamri

Katherine Ambre

James Ambrose

Ethan Ament

Thaddea Ampadu

Guillermo Anaya Solorio

Asher Anderson

Ava Anderson

Evan Anderson

Taylor Andrews

Joan Angeles

Sarwat Anwer

Molly Appel

Kanokporn Areepak

Amber Armendariz

Andrew Arnautu

David Arndorfer

Riley Arnold

Kashish Arora

Anthony Asani

Muhammad Ashar

Marcus Astorga

Hunter Atkins

Jack Aubry

Stephen Auw

Zayna Awan

Gerald Ayash B

Tuuljargal Baatar

Nicholas Babic

Kathleen Bachert

Christopher BachledaKubanski

Ellie Bacich

Elizabeth Bahena

Jacob Bailey

Michael Baker

Mia Bakke

Rashad Bandealy

Thomas Barcelona

Oscar Barchick

Tyler Bare

Brian Barnas

Nicholas Barnhill

Sophia Barreca

Brennan Barrett

Myles Barry

Jackson Barsley

Asad Bashir

Alexander Batuello

Katelyn Baumbusch

Madelyn Baxter

Alaina Bay

Quinn Beall

Mya Beaty

Connor Beaugureau

Emmarentia Beckmann

Sarina Behmanesh

Nicholas Bell

Beatrice Belmonte

Juan Benitez Quintana

Matthew Berg

Melisa Bermudez Toro

Henry Bernhart

Michael Biagioni

Christopher Bishop

Wiland Bisschoff

Morgan Black

George Blaskett

Nicole Blaze

Jack Blazevich

Zbigniew Bobak

Samantha Boettjer

Andrew Bogren

Dalton Bohan

Samuel Bohnstedt

Meghan Bolinger

Connor Bonino

Nicholas BonneauGauthier

Samuel Booras

Devin Borchsenius

Madeline Borkowski

Laura Borys

Bo Bourlard

Matthew Boyle

Christopher Bragado

Allison Bragg

Edward Brancato

Matthew Breig

Angelina Brennan

Shea Brennan

Kennedy Brinson

Francois Broca

Adam Brokke

Meredith Brown

Max Brumer

Nathan Brummel

Jack Brunette

Joseph Bryant

Maxwell Buchalski

Jennifer Buchanan

Samuel Buckley

Hongli Budisana

Nicholas Buenvenida

Brandon Bujdei

Kayla Burchett

Jenna Burkey

Christopher Burns

Austin Burt

Brayden Butler

James Butler

C

Roberto Cabrera Castro

Jennaka Cain

Rebecca Calloway

David Camaganacan

Daniel Camarena

Noah Campbell

Michelle Candotti

Ryan Cann

Emma Canniff

Huisi Cao

Arriane Jodee Capati

Eugenio Caporale

Nicholas Caputo

Nicole Carli

Nicholas Carlson

Ashley Carollo

Nicholas Carperos

Patrick Caruso

Clarisa Casas

Brooke Cash

Corina Castaneda

Logan Cekada

Jesus Cervantes

Karan Chadda

Kevin Chan

Ronith Chandy

Joy Chang

Sonali Chaturvedi

Brendan Chaudoir

Mark Chemello

Baoyi Chen

Jenny Chen

Min Zhen Chen

Yixia Chen

Dustin Cheney

Yi-Han Cheng

Yuqi Cheng

Lewis Cherry

Matthew Cheverton

Eugene Chia

Susan Chiesa

Emily Chikahisa

Bailey Chinn

Jeffrey Chiu

Jane Chong

Nimesh Chopda

Rachel Chouinard

Paulina Chowaniec

Hunter Christian

Cynthia Chukwukelu

Matthew Cid

Wilson Ciecko

Nick Cipriani

Thomas Cirrincione

Matthew Ciserella

Emma Clark

Denise Clarke

Tyler Clarke

Shane Classen

Maya Claveau

Joseph Cleary

Daniel Clough

Kadel Coakley

Nicholas Cohoon

Salvatore Cohoon

Kyle Coley

Leah Collins

Sean Collins

Justina Colon

Miles Colwell

Madeline Conlon

Joseph Considine

Jackson Cook

Landon Cook

Nicholas Cooney

Nicholas Cooper

Andrew Cornwall

Gabriella Coronado

Tyler Correnti

Geraldine Cosano

De La Cruz

Evan Cosgrove

Mackenzie Cotner

Simon Coughlin

Christina Coulter

Joanna Coveyou

Luke Cowan

Leah Cox

Jackson Coyle

Leo Crites

Stana Crnomarkovic

Gabriella Croll

Sabria Croom

Jack Crouch

Martin Crowe

Eduardo Cruz

Julie Cubit

Terrence Cullerton

David Czaplewski

Calvin Czyzewski D

Ethan Dabareiner

Alexander Dahl

Jason Dallege

Abigail Dalton

Matthew Daly

Mandakhsaran

Damdintseren

Caroline Damico

Sakshi Dangi

Casey Daniel

Noah Davis

Alexander Daw

Emily Day

Kathleen Day

Miguel De La Torre

Anna De Vito

Danielle Dee

Adriel Del Valle Vargas

Mark DeLaughter

Alexis Delgado

Eleanor DeNunzio

Arian Dervina

Patrick Desch

Keegan DeShon

Kyle DeYoung

Vibhuti Dhawan Sehgal

Francesco Di Stefano

Alberto Diaz

Wael Dib

Zackary Dichtel

Cole Diesen

Sophia Dillon

Stella Dimarzio

Lauren DiMatteo

Jiani Ding

Zachary Dinkel

Madison Dockter

Daniel Doczi

Lawrence Dolan

Matthew Domke

Moksha Dommasandra Bhuvanesh

Anthony Domzalski

Madelyn Donnelly

Bridget Donoghue

Parvaneh Dorestani

Erin Doruska

Sarah Dowdall

Kathleen Doyle

Matthew Dragilev

Julie Drennan

Alison Dry

Yu Du

Marta Dudenko

Madeline Duffield

Cameron Duffy

Charles Duffy

Sanja Dukic

Trevor Dunbar

Sean Dungan

Jacob Dunlap

Katherine Durbin

Matthew Durfee

Zbigniew Dusza

Jonathan DuVal

Jack DuVall

Kamil Dziedzic E

Nicholas Economos

Leshia Edmonds

Gina Edwards

John Edwards

Michael Edwards

Sophia Elbrecht

Tyler Eldridge

Ryan Ellsworth

Blake Elmore

Blaine Elson

Dylan Engelmeyer

John Enghauser

Eunice Enriquez

Cassandra Eraci

Battulga Erdenebat

Brooke Ersoy

Henrick August Esguerra

Carla Estrada

Yazmin Eudave Anguiano

Joshua Evans

Owen Evans

Sarah Evans F

Domenic Fabe

Gabriel Fanelle

Thomas Farmer

Jack Faron

Clayton Fee

Macy Feger

Ashley Fehr

Kathryn Feskorn

Dominick Ficarella

Nina Filipek

Connor Finn

Joshua Finn

Jamie Fisher

Emilia Flores

Ryan Fogel

Timothy Folliard

Trevis Fong

Kurtis Fontinha

Andrew Forgue

Alexa Forte

Christina Fortsas

Madelyn Fowle

The Illinois CPA Society congratulates the following individuals who earned their CPA certificate through the Illinois Board of Examiners in 2025.

Megan Fowler

Luke Fox

Tiffany Frankel

Jack Freel

Sarah Freeman

Leah French

Samantha Fritz

Tyler Fronk

Vicky Fry

Sylwia Fryz

Jie Fu

Xiangrong Fu

Karim Fuentes

Cameron Fugger

Jonathan Furlong

John Fusch G

Madeleine Gaca

Deborah Gallizo

Batchimeg Ganbaatar

Jonathan Gancarczyk

Chu Gao

Huijie Gao

Yutong Gao

Grey Garcia

Brittany Gardner

Mrinalini Garg

Jacob Garrone

Peyton Gartner

Jaime Garza

Brent Gasparich

Mattathie Gatse

Aaron Gertzen

Victoria Gheorghe

Thomas Gibney

Donald Giebel

Kevin Gierek

Shane Gilligan

Andrew Goble

Mary Godley

Matthew Goldbach

Monica Gonzalez

Alan Gould

Sean Gould

Georgios Gountanis

Alexander Grabill

Joshua Graham

Daniel Gran

Ashley Grapenthien

Taylor Greaves

Annabelle Green

Michael Green

Ami Greenberg

Lindsay Greenberg

Andrew Gregory

Abby Greskoviak

Rebecca Gross

Frederic Groulx

Ethan Grover

Stephen Groves

Benjamin Grundman

Matthew Grundman

Jieyu Gui

Anthony Guo

Bingquin Guo

Zane Guon

Akshit Gupta

Emily Guse

Kyle Guttosch

Wiktoria Guzy

Matthew Haake

Nikole Haberkorn

Rileigh Hackman

Natalia Haddad

Jessica Hagen

Nicole Haim

Cody Hajduk

Lauren Hall

Zachary Halpin

Olivia Hamilton

Henri Hammari

Nicholas Hammond

Daitong Han

Sumin Han

Yong Han

Nader Hanna

Kelsey Hanson

Leigh Hanson

Joseph Harrington

Elena Harris

Carson Hart

Sarah Hartman

Eva Hartung

Matthew Harvey

Chase Hase

Ian Hattermann

Alexander Haug

Margaret Haugh

Cole Haupt

George Hawkes

Amanda Hayes

Emma Hayes

Kaitlin Heigl

Calvin Heise

Samantha Heitzman

Evelyn Hemler

Adrianne Henderson

Brian Henson

Justin Hepburn

Aaron Heppner

Haley Herkey

Kevin Hermiller

Angelica Hernandez

Omar Hernandez

Richard Hertogs

Olivia Hesse

Janson Hicks

Abigail Hillman

Jack Hinkle

Annabelle Hioemawan

Mary Hoefer

Tristan Hoff

Peter Hohman

Masahiro Hokazono

Eoin Holohan

Sean Honan

Viktoriia Honcharuk

Seokjun Hong

Jack Hopson

Hannah Horas

Raymond Horn

Bryan Horvat

Yunhan Hou

Michael Housey

Amara Howell

Abigail Hower

Chih-Ling Hsu

Yen En Jui Hsu

Xin Ting Hu

Chao-Jung Huang

Chien Jung Huang

Hui-Chun Huang

Jiapeng Huang

Yu Chu Huang

Kayla Hubbard

Rhonda Huff

Kaleb Hughes

Conor Huie

Cody Huppenthal I

Mariia Iakhvan

Ethan Ille

Hitomi Imai

Lucas Ingram

Abeer Iqbal

Eli Irwin

Saifali Ismaili

Omer Israel J

Mateusz Jacher

Lauren Jacobs

Rian Jacquat

Jillian Jagoda

Jessica Janek

Alexa Jankuski

Jacob Jarecki

Luke Jareczek

Bradley Jarosz

Mia Jensen

Yizhe Jian

Haoyue Jiang

Sophia Jiang

Bo Jin

Lachlan John

AnnMarie Johnson

Caleb Johnson

Nicholas Jones

Samuel Jordan

Remy Joseph

Suzana Jukic

Robin Jung

Kaelyn Justus K

Ivan Kachin

Audra Kaczmarek

Jad Kadah

Lauren Kadlic

Jozef Kadlub

Leonard Kagbo

Zachary Kailer

Samantha Kalinka

Nikitha Kamath

Alexander Karabinus

Andrew Karnig

Victoria Kaszuba

Wesam Kattom

Sandeep Kaur

Carel Kawele Kuzona

Baxter Kawula

Christopher Kazantzis

Isabella Kazluski

Lenny Kaznachey

Michael Keating

Vladlens Keberis

Isabel Keidan

Brian Kelley

Keenan Kelly

Nathan Kelly

Matthew Kennedy

Courtney Kernich

Eamon Kerrigan-Krodel

Thomas Kesteleyn

Karen Ketay

Tiffani Keys

Angie Khazzoun

John Kight

Conor Kim

Ha Jeong Kim

Jayson Kim

Jiyoon Kim

Meghan Kimberly

Madeline Kinard

Samuel King

Konstantine Kinnas

William Kinsella

Jaclyn Kirk

Adriana Klemensiewicz

Christian Kleronomos

Jared Klingensmith

Josef Klingler

Kelly Klish

Hannah Klopper

Joseph Knanishu

Brooke Knapp

Samuel Knauss

Chloe Koag

Jacob Koefelda

Tara Kofmehl

Ethan Kolesky

Helen Kolossov

Bryce Kolweier

Margaret Kolyvas

Wanvisa Kongsuea

Jacob Konieczka

Matthew Konke

Endri Kono

Serhii Konovalov

Allison Kopac

Bailey Korhorn

Dawid Korzeniowski

Lillian Kouki

Viktor Kovalenko

Julia Kovesdi

Julia Kozar

Katelyn Krahn

Josephine Krajewski

Andrew Krauklis

Joshua Kritzer

Collin Kroeger

Hannah Kruczynski

Wei Kuang

Jeffrey Kubiak

Zachary Kubicek

Kelly Kuei

Arunkumar Kumararaj

Jordan Kutash

Karolina Kwasniak

Sean Kwon L

Tony La

Olivia Lageschulte

Sean Laherty

Katharine Lahsin

Sam Laist

Thomas Lambke

Sugar LanCret

Evan Landmann

Kelly Lanham

Isabella Lapera

David Larbi

Brett Larson

Christopher Latvys

Jessica Laughlin

Maxwell Lawlor

Eric Lawrence

Andrew Layden

Camille Lechner

Christine Lee

Hoyeon Lee

Matthew Lee

Meredith Lee

Olivia Lee

Blake Leeper

Henry Lehman

Lucas Lemberg

Katherine Lemkau

John Lenz

Gorge Leon

Maureen Leonard

Clayton Letourneau

Anna Leus

Jeffrey Levin

Blake Lewis

Ryan Lezak

Haohao Li

Huili Li

Jiahua Li

Jianing Li

Jiayi Li

Wenhao Li

Yuchen Li

Chenzi Liang

Jena Liddle

Eve Light

Dong Hwan Lim

Crystal Lin

Han Lin

Lesley Lin

Megan Lin

Matthew Lindaman

Ethan Liou

Yu-Tin Liou

Matthew Lisowski

Lixia Liu

Michelle Liu

Xiaoyu Liu

Xingyu Liu

Xueqing Liu

Yu Tung Liu

Yuan Liu

Zhuangyi Liu

Henry Livingston

Prajwal Lobo

Kathryn Long

Andrew Longval

Sarah Loos

Fabian Lopez

Leticia Lopez

Yarel Lopez

Hillary Love

Rachel Low

David Lowry

Yuriy Lozynsky

JiaQi Lu

Alexander Luka

Phillip Lullo

Leslie Lynch

Matthew Lynch

2025 | CERTIFICATE RECIPIENTS

M

Kevin Ma

Robert Macie

Kevin Maciel

Nicole Madaisky

Mick Magee

Jacob Mahon

Taylor Mahoney

Quentin Maiwald

Julie Majcher

Adam Major

Perizat Maksot

Adrian Malbaes Rojas

Camelia Malki

Jeffrey Manning

Kathryn Mans

Mohammad Manzoor

Olivia Mary Maranan

Tyler Marcelletti

Jacob Marchand

Anne Margalith

Braden Marier

Justyn Maroon

Dawn Marshall

Knox Marshall

Hannah Martin

Ashley Martinez

Jenny Martinez

Jose Martinez

Ramon Martinez

Pablo Martinez-Enriquez

Nolan Martini

Javad Marzban

Joseph Marzillo

Chad Masing

Georgia Maskalunas

Joseph Massabki

Adam Mather

Dennis Matott

Andrea Matovic

Zachary Mattes

Josue Maya

Curtis Mayer

Justin Mayeri

Mitchell Mazander

Dmytro Mazur

Natalie McAvoy

Erin McClinton

Hailey McCormick

John McDevitt

Benjamin McDonald

Molly McEneany

Jason McGhee

Colin McGinn

Brendan McGinnis

Jessica McGlynn

Jacob McKinney

Mia McLoughlin

Gina McMullan-Jeong

Jenna McNally

Tyler McWilliams

Keyi Mei

Connor Melvin

Aneeza Memon

Catherine Meredith

Lucas Meyer

Matthew Meyer

Katherine Meyers

Hao Miao

Zhihou Miao

Tracy Micah

Nicholas Michels

Brandon Mikes

Gary Millichip

Joshua Millmore

Jennifer Mines

Gabrielle Mintrup

Leighton Miotke

Ali Abrar Mirza

Tyler Misch

Will Misicko

Suhasini Mohan

McKenzie Mohring

Daniel Mojica

Leah Molenda

Sarah Molengraft

Erica Molina

Skylar Moloney

Michael Mondus

Spencer Monen

Joshua Monier

Matthew Montrose

Conner Monyek

Chloe Moore

Madeline Moore

Molly Moore

Joao Vitor Moraes Barreto

Matthew Moran

Ryan Morfoot

Kazuyo Morishita

Karen Moy

Yiran Mu

Amanda Muchmore

Emily Muchmore

Nazym Mukhametgalym

Haley Mulcrone

Anthony Mullan

Scott Mullen

Aidan Mulshine

Alfonso Munaco

Cristian Munarriz

Jon Josef Munoz

Maripaz Munoz

Brian Munro

Kenji Murakami

William Murphy

Justin Murray

Marni Myers

Krzysztof Myrda N

Adam Nabielec

Abigail Nass

Neha Nath

Cole Nau

Alec Nauman

Arushi Negi

Megann Nelson

Hunter Ness

Alexander Newman

Luan Ngo Phong

Anh Nguyen

Hieu Nguyen

Trang Nguyen

Daniel Nicholas

Alexandra Nickolas

Devin Niederbrach

Olivia Niemerg

Layani Noham

Quentin Noland

Abigail Norbury

Megan Nowak

Ariel Nudman

Arystan Nurlanov O

Brittney Oakley

Kevin O’Boyle

Emily OBrien

Gabriela Obrochta

Alex Ochoa Lucero

Emma O’Connell

Kirstin O’Connor

Sarah Odeh

Ethan Oder

Mariya Oishi

Saul Ojeda

Simon Ok

Vanessa Olandese

Samuel Olanrewaju

Michael Olbrantz

Mathew Olinger

Alexander Olson

Seth Olson

Taylor O’Malley

Thomas O’Malley

Jide Omojola

Ryan Ondrula

Celia O’Neil

Elizabeth Orozco

Olivia Orr

Amanda Oshana

Katharine Ottesen

Joshua Ouellette

Andrew Ovalle

Matthew Overton P

Nicolas Pacheco

George Paetow

Jill Palagi

Kristina Palermo

Yunjie Pan

Xinyue Pang

Mauricio Paredes

Heta Parekh

Chanhwi Park

Allegra Parker

Angela Parker

Catherine Parks

Nathan Parmer

Emily Passalacqua

Peyton Paszkiewicz

Archi Patel

Jay Patel

Keya Patel

Parth Patel

Ronak Patel

Vrushik Patel

Grant Patterson

Melanie Patterson

Patrick Patton

Denys Pavlyk

Rebecca Payne

Alexander Paz

Katherine Pearson

Noel Pearson

Tyler Pederson

Amir Pelinkovic

Ayomide Pelumi

Riley Pemstein

Diana Pence

Yuqi Peng

Elizabeth Pennington

Joseph Peraino

Gerardo Perez

Conrad Persowski

Abigail Petersen

Kaitlyn Peterson

Olivia Peterson

Kamile Petraityte

Andrew Petroff

Jacob Peugh

Logan Pflederer

Vinh Pham

Natalie Philipp

Emma Phillips

Anna Piacente

Jackson Piazza

Bryan Piento

Kaleb Pierce

Rose Pilakowski

Zoe Pinamonti

Victoria Pineda Ortiz

Guy Pinguino

Keegan Pinto

Alexander Pizov

Weronika Plewa

Caleb Poe

Matthew Poggi

Sally Jane Pohlman

Kenneth Polit

Nabeela Polly

Ryan Pomeroy

Nathan Pop

Gina Portschy

Stefan Postman

Andrew Potter

James Potter

Matthew Prawica

Sophia Preys

Eric Prior

Kevin Pritt

Benjamin Prostic

Adam Pruett

Garrett Prybell

Amit Puri Q

Duy Phuong Quach

Joshua Quaye

Clayton Quinn R

Kamila Rafacz

Andrew Raffety

Aidan Raftery

Jameel Raihani

Nishesh Rajbhandari

Akshya Ramakrishnan

Vandana Ramaswamy

Vincent Rambaux

Rishi Ramchandani

Eshwar Ramesh

Mario Ramirez

Hunain Rana

Carter Randolfi

Alana Raper

Jason Ray

Kameron Ray

Zoe Ray

Jude Rayburn

Ethan Reattoir

Lawrence Redell

Matthew Reese

Daniel Regel

McKenzie Reichardt

Pierce Reiling

Sean Rein

Carson Reinwald

Jia Ren

Shuning Ren

Joseph Resis

Marisa Rethman

Meghan Rettig

Egle Reyes

Matthew Richardson

Zachary Richter

Christian Riggs

Justin Rightley

Amanda Rizzo

Abigail Roberts

Jasmine Robinson

Jenna Robinson

Richard Robinson

Angelie Rodriguez

Bridget Rolla

Nicole Rooks

Morgan Rosenberg

Matthew Rosenbloom

Evan Ross

Alyson Rossmiller

Amanda Rostenbach

Thomas Rouse

Anwesha Roy

Ayano Royale

Karolina Rozanski

Jason Rubin

Michael Rudibaugh

Carissa Ruiz

Andrew Rushton

Ryan Russmann

Zachary Russo

Anna Rutkowski

S

Kevin Sachtleben

Sermsiri Saeku

Gurpreet Saini

Caroline Salvas

Benjamin Sandberg

Quinn Sandelski

Tyler Sandretto

Robert Patrick Santiago

Asra Sasmaz

Matthew Sauser

Patrick Savage

Alyssa Sayre

Kaylyn Scalley

Caroline Schapmann

Alexander Scheppke

Michael Schloss

Robert Schloss

Alec Schmidt

Emily Schmidt

Drew Schneider

Erin Schneider

Jared Schoo

Bryce Schreiner

Kelly Schuck Consolo

Alex Schusterman

Payton Schweiger

Kellie Sciurba

Jakob Seaman

Adnan Seferovic

Mako Sekine

Yeon Seo

Erika Sesler

John Setnicar

Thomas Sforza

Ansub Shafique

Aayush Shah

Sila Shahab

Aarushi Shankar

Ishaan Sharma

Ryan Shaughnessy

Scout Shaw

Ahmed Shebl

Luke Sheehan

Oleksandr Sheremeta

Mia Shiakallis

Gina Shin

Noah Shipman

Grace Shissler

Clint Shive

Ortal Shpindler

Alena Shurpita

Saad Siddiq

Logan Sides

Tavin Siegel

Max Sieger

Gregory Sierra

Lucas Simic

Derek Simon

Satpal Singh

Nikola Skidmore

Oyana Skies

Hunter Slaats

Stephen Slamar

Thomas Sloan

Ethan Smallberger

Michael Smigielski

Andrew Smith

Jamie Smith

Logan Smith

Katarzyna Smolibowska

Dorota Sobocinska

CERTIFICATE RECIPIENTS | 2025

Cameron Soltz

George Someris

Seth Somers

Kevin Sony

Christopher Sotos

Nonnie Sous

Rachel Sowa

Abigail Sowske

Jack Spalding

Anthony Spallone

Bridget Spilkin

Alicia Spoehr

Hunter Spohnholtz

Ella Springer

Maryam Squillace

Benjamin St.Clair

Drew Staniak

Samuel Stapleton

Natalie Starkey

Sabrina Statkiewicz

Steven Staubus

Paul Steger

Samuel Steigenberger

Joseph Stellato

Sara Stelter

Stephanie Stenger

Mark Stetson

Carson Stipe

Chloe Stoler

Sydney Stoll

Madeline Stolper

Joi Strickland

Adam Strzelczyk

Kevin Stump

Delbert Su

Kristen Sullivan

Lauren Sullivan

Lauren Sweder

Alex Sweeney

Jeremy Swenson

Gregory Szelung

Alexis Szweda

Haley Szymczak

John Tabaczynski

Mark Bloomarie Tabasan

Shannon Tagler

Yiyi Tan

Lloyd Tar

Collin Taylor

Lauren Taylor

Sophia Tchakanakis

Emma Teed

Jacob Tencza

Danny Tenezaca

Nghi Thai

Krish Thakkar

Pooja Thakrar

Aarti Thirkateh

Jack Thoma

Makayla Thomalla

Robert Thomas

Tony Thomas

William Thomas

Emma Thompson

Boning Tian

Kacey Tillery

Katelyn Timble

Richard Tinsley

Benjamin Tjandra

Nicole Tonkin

Anna Toohill

Julia Torieda

Mauricio Torres Gonzalez

Amanda Tournillon

Valeriia Tovkach

Dylan Tracy

Terry Tran

Megan Travia

Luke Trimberger

Ian Troester

Joseph Troyer

Jamir

Truman

Chad Tucker

Eliza Tumbas

Brandon Turner

Takuhiro Uesugi

Paul Ufir

Viktoria Ulman

Muhamad Parama Umbara

Olivia Urganus

Anna Urosev

Emily Uthell

Cinthia Valencia

Kaitlyn Valencik

Raissa Van Diepen

Leon Van Every

Lucas Van Poucke

Abby Vanderwall

Breanna Vanek

Luis Vargas

Adam Varghese

Ekaterini Vaselopulos

Darya Vaskiyeva

Bryan Velazquez

Raajaganapathy

Vengatesan

Michael Venit

Erin Verni

Kenneth Villacorta

Miguel Villarreal

Colby Vinisky

Claire Vinyard

Joseph Vitone

Stephanie Vrablik

Jennifer Wagner

Carl Wahlstrom

Thomas Wakefield

Brenna Walker

Graham Wall

Rachael Wall

Abigail Walling

Yaxiu Wan

Yuhan Wan

Chang Wang

Guan Wang

He Yi Wang

Honghuan Wang

Jing Wang

Rachel Wang

Rui Wang

Yanjiao Wang

Jerrico Ware

Dickson Wasake

Alan Watson

Blake Watt

Janine Wazni

Liam Wealleans

Anna Webber

Emma Webber

Nicole Webber

Lily Weber

Alyssa Weede

Marissa Weeks

Paula Wehbe

Benjamin Weibel

Colton Weidner

Georgia Wells

Emma Welter

Nicholas Werth

Collin Wessel

Hunter West

Nora Whelton

Samantha White

Staci Whiteside

Colin Whitford

Ella Wicklund

Samuel Wienstroer

Elizabeth Will

Noah Willard

Andrew Williams

Danae Williams

Emma Williams

Thomas Williams

Tiffani Williams

Felicia Wilsen

Magdaline Wilson

Samuel Wilson

Seth Winchell

Robert Wis

John Wiser

Christine Witek

Christopher Wittich

Gabriella Wojnowski

Lori Wojtysiak

Anita Woloszyn

Riley Worley

Cole Wright

Rongyuxian Wu

Terrence Wu

Ya-Han Wu

Yingyi Wu

Aaron Wubbena

Arkadiusz Wyrzykowski

Mira Xenos

Leon Xia

Shoya Yamazaki

Justine Yan

Andy Yang

Cody Yang

Payten Yates

Spencer Yauch

Joanna Yeh

Amanda Yong

Clifton Young

Joseph Young

Megan Young

Ya-Man Yu Z

Nicholas Zagurski

Natalie Zampillo

Jakub Zareba

Linh Zawacki

Xiaoshan Zhan

Haowen Zhang

Huanhuan Zhang

Kaifeng Zhang

Lianbi Zhang

Longdan Zhang

Yifei Zhao

Yuxi Zhao

Velina Zhelyazkova

Danyu Zheng

Qian Zheng

Yan Zheng

Liping Zhou

Quan Zhou

Ryan Zhu

Wenqing Zhu

Yaxuan Zhuo

Cameron Ziegler

Filip Zigic

Kylie Zimdars

Theresa Zinn

Wantong Zou

Livia Zuesi

Maria Zuleta Estrada

Matthew Zywicki

Every attempt was made to acknowledge all eligible individuals. If you note a discrepancy, please contact us at 800.993.0407, option 2.

ILLINOIS CPA SOCIETY

CPA EXAM EXCEL AWARDS

These awards recognize individuals who achieved the highest total average scores on the CPA exam among those earning their Illinois CPA certificate in 2025.

GOLD MEDAL RECIPIENT

Eleanor T. DeNunzio, CPA University of Kansas Ernst & Young LLP

SILVER MEDAL RECIPIENT

Matthew J. Berg, CPA University of Wisconsin-Madison Legacy Professionals LLP

BRONZE MEDAL RECIPIENT

Drew T. Staniak, CPA University of Notre Dame Deloitte LLP

Jon Lokhorst, CPA, CSP, PCC

Executive Leadership Coach, Your Best Leadership LLC jon@yourbestleadership.com

Multiply Your Value: Build Your Strategic Thinking and Innovation Skills

Here’s how you can further your ability to anticipate change, seize new opportunities, and stay ahead.

Strategic thinking and innovation skills continue to gain ground as essential capabilities for leaders across levels. In Russell Reynolds Associates’ Global Leadership Monitor H2 2025 survey, strategic thinking was the top critical skill for leaders, selected by 58% of the 2,500 global business leaders surveyed. Other highly ranked skills included decision making (33%); change management (32%); and innovation, creativity, and resilience (28%).

Technical skills remain table stakes, but your long-term value as a business leader comes from how well you monitor marketplace trends, anticipate change, clarify the real problems to be solved for customers, and design better solutions (i.e., being a strategic, innovative leader).

WHAT IS STRATEGIC THINKING?

Strategic thinking is one of those “squishy” leadership terms often thrown around but not well understood. Here are a few definitions that offer some insight.

In her book, “Strategic Thinking and the New Science: Planning in the Midst of Chaos, Complexity, and Change,” author T. Irene Sanders writes, “Strategic thinking has two major components: insight about the present and foresight about the future.”

Aaron K. Olson and B. Keith Simerson, co-authors of “Leading With Strategic Thinking: Four Ways Effective Leaders Gain Insight, Drive Change, and Get Results,” state, “Strategic thinking is like constructing a mental map that connects the current ‘here and now’ to something, somewhere, or sometime in the future.”

My working definition focuses on the endgame and beneficiaries of these activities: Strategic thinking is the process of exploring new and improved approaches to meet customer needs. By “customer,” I mean internal as well as external customers, and other commonly used stakeholder terms like client, member, student, constituent, etc. Together, these definitions help connect today’s reality to tomorrow’s choices with the customer in mind.

FOCUSING ON THE FUTURE AND THE CUSTOMER

Future-oriented leaders don’t predict the future, they anticipate and prepare for it. Strategic thinking starts with scanning the horizon for signals that could reshape your work and your customers’ businesses, including:

• Globalization and geopolitical concerns.

• Technological advances and disruptions, including artificial intelligence (AI).

• Economic movement and volatility.

• Demographic shifts and generational differences.

• Workplace and workforce changes.

• Regulatory changes.

To strengthen this capability, acclaimed futurist and strategic consultant Scott Steinberg suggests learning to “think like a futurist.” To become a more future-oriented leader, actively contemplate future events and trends and determine how they’ll impact your business and customers. You should also create action plans for varying scenarios to address challenges you may face before they arrive.

Beyond being future oriented, strategic leaders are also customer oriented. By observing behavior in your target market, you’re better positioned to respond to changing customer needs and preferences. Strategic thinking opens the door to innovation as you discover ways to serve both existing and new customers. The best innovative thinkers open new frontiers; consider the late Apple founder Steve Jobs and the iPhone as a prime example.

One of the best lenses for customer-focused innovation is the Jobs to Be Done (JTBD) theory created by the late Harvard Business School professor and author Clayton Christensen. In his book, “The Innovator’s Dilemma,” Christensen explained his theory like this: “When we buy a product, we essentially ‘hire’ something to get a job done. If it does the job well … we hire that same product again. And if the product does a crummy job, we ‘fire’ it and look around for something else we might hire to solve the problem.”

A more layperson-friendly approach to the JTBD theory is to ask, “What is the problem to be solved?” With that question front of mind, keep your eyes continually open for new and improved approaches to meet customer needs.

As an example, one of my high school classmates came up with the idea for MinuteClinic after spending an excruciating three hours in an urgent care waiting room for a simple antibiotic prescription for his young son’s ear infection. After later selling MinuteClinic to CVS, he described the experience as a simple, novel solution to a common problem: “We saw a need and wanted to meet that need. We wanted easier access for items that parents need to survive.”

DEVELOPING YOUR STRATEGIC THINKING AND INNOVATION SKILLS

Leaders with strategic planning experience are familiar with the SWOT analysis—the assessment of an organization’s “strengths, weaknesses, opportunities, and threats.” Strategy professor and consultant Stanley Abraham suggests building on that foundation as a step toward developing these skills.

Abraham offers six questions to go beyond the SWOT analysis and cultivate deeper strategic thinking:

1. What other type of customer could benefit from our product (or service), even if used in a different way?

2. What other products (or services) could we produce for the same customer?

3. What other products (or services) could we produce—for any customers—that use the skills, techniques, technologies, and know-how that we have?

4. Is there a way of reinventing our business model that would give us a competitive edge?

5. What unmet needs do people or companies have that we could meet, even if it means acquiring the necessary know-how and expertise?

6. What are the highest growth industries now and in the foreseeable future?

AI can add real value here to help you brainstorm responses to these questions. For example, you can ask ChatGPT or Microsoft Copilot to generate plausible new customer segments, adjacent service ideas, or potential business model shifts. Then use your market knowledge to refine, validate, and prioritize the best options. As always, protect confidential information and verify AI’s outputs before acting on them.

Regularly asking these questions and others will stretch your thinking to generate new approaches to meet customer needs and grow your organization in the process.

BUILDING STRATEGIC THINKING AND INNOVATION INTO YOUR ROUTINES

The typical pattern in this deadline-driven profession is to run from one thing to the next without pausing to think about the future viability of the business itself. It’s easy to work in the business and never work on it—or to become reactive, rather than proactive.

Here are a few tips to build strategic thinking and innovation into your routines:

• Set aside time: LinkedIn Executive Chairman Jeff Weiner calls this “the importance of scheduling nothing.” While leading LinkedIn through a season of rapid growth, Weiner was known to block out 90 to 120 minutes each day for high-level activities, such as strategic thinking and innovation. Schedule a recurring appointment with yourself for these activities every week, if not daily. Guard that time as the most important meeting of your week or day.

• Find a place: Get away from your office and the day-to-day operational duties that reside there. My best strategic and innovative thinking happens in coffee shops, hotel lobbies, and libraries. The white noise and a great cup of coffee add to the pleasure of knowing I’m doing what’s most important for my business.

• Get offline: You may need to be online for reading and research, including your AI use, but spend time offline to do your best, undistracted thinking. A pen and notebook are often the only tools I need.

• Engage your team: Assign each team member one of Abraham’s six questions. Gather periodically as a team to discuss what you’re thinking and explore new opportunities together.

By embracing these habits, you’ll not only sharpen your strategic and innovative mindset, you’ll multiply your value as a leader— furthering your ability to anticipate change, seize new opportunities, and stay ahead in today’s rapidly evolving business landscape.

Deanna M. Kanosky, CPA

Vice President, Corporate Controller, The Planet Group deanna.kanosky@theplanetgroup.com

ICPAS member since 1998

Navigating Banking Partnerships in Treasury Management’s Next Era

As treasury management evolves, corporate controllers will play a critical role in shaping and nurturing an organization’s relationship with its banking partner.

Traditionally, treasury management was viewed as a back-office function, primarily focused on safeguarding cash. Today, that’s no longer the case—treasury management has become a dynamic driver of resilience, liquidity, and enterprise value.

As this transformation unfolds, the corporate controller’s role and influence has also become more critical than ever, especially in shaping and maintaining the organization’s relationship with its banking partner.

Since corporate controllers are responsible for financial accuracy and transparency, operational discipline, and strategic foresight, they’re well-positioned to evaluate and nurture this unique relationship for current and future needs. As such, I recently had the opportunity to sit down with Kelly Prete, treasury sales group manager, and Kelsey Phillips, relationship executive, at J.P. Morgan Commercial Banking, to discuss this working relationship and how to navigate it through the changing business landscape.

TREASURY’S EVOLUTION: FROM BACK OFFICE TO STRATEGIC ENGINE

Over the past five years, companies have significantly improved how they leverage their enterprise resource planning systems in partnership with their banks. According to Prete and Phillips, this stronger alignment is enabling greater automation across accounts receivable (AR) and accounts payable (AP), driving meaningful efficiency gains for customers and internal teams.

Many companies are also gaining firsthand experience in managing geopolitical risk, particularly in periods of heightened uncertainty and complexity that we’ve seen in recent years. Tapping your banker or another advisor to help navigate these risks can be helpful. For example, JPMorganChase recently launched a dedicated Center for Geopolitics, reflecting the reality that global political dynamics increasingly influence financial operations, liquidity planning, supply chains, and overall business strategy. Their goal is to help clients navigate these complexities with more precision and preparedness.

THE EXPANDING ROLE OF AI IN BANKING AND TREASURY

Looking ahead, artificial intelligence (AI) is expected to reshape the banking industry and the treasury function. For instance, AI is being explored as a tool to support associates in their day-to-day responsibilities, with the idea that AI-enabled assistants could soon become standard. The goal is to free up capacity so teams can focus more deeply on enhancing the client experience.

AI-driven chatbots are already in use today to help customers answer common questions. Although, the experience has been mixed. While convenient, customers often express

frustration when they can’t easily reach a human during more complex or urgent situations. That said, the future of value creation will ultimately lie in effectively blending AI capabilities with human connection.

Additionally, AI is poised to play a major role in cybersecurity, an area of escalating concern as cybercrime continues to rise. Other AI applications are also being explored to improve forecasting, fraud detection, risk scoring, and cash visibility.

CHOOSING THE RIGHT BANKING PARTNER

Given this rapidly changing landscape, how should organizations choose the “right” banking partner? Having recently gone through this process myself, here are some steps that worked for my organization.

First, conduct an inventory of existing processes and meet with key stakeholders in your organization, including executive leadership, treasury, corporate finance, financial planning and analysis, accounting, collections and AR, AP, internal audit and compliance, and IT. Their collective input should form the foundation of your request for proposal (RFP).

Of course, this isn’t a one-size-fits-all exercise. RFP requirements will vary depending on your organization’s makeup (e.g., size, public versus private ownership, domestic versus multinational operations, and growth strategy).

I recommend securing three to five RFPs; anything more becomes burdensome and dilutes focus. The stakeholders involved early in the process should also participate in evaluating the proposals within their areas of expertise. This typically includes meeting with each bank’s service team and completing scorecards to objectively assess each institution.

Other considerations when assessing a potential banking partner may include looking at an institution’s:

• Cost and pricing transparency.

• Customer service and relationship model.

• Technology and integration capability.

• Geographic and global coverage.

• Credit capacity and flexibility.

• Cultural alignment and values.

IMPLEMENTATION: WHERE THE RELATIONSHIP BEGINS

Once all inputs are collected, it’s time to select your strategic banking partner—an exciting milestone marking the start of a longterm relationship. Take a moment to celebrate the decision, then move directly into planning the implementation.

This phase sets the foundation for the partnership and defines what, when, and how it’ll be implemented. Organizations must determine whether to adopt all solutions at once or take a phased approach. For instance, my team opted for a phased rollout due to resource constraints, which proved to be the right choice.

Putting your new banking partnership into action requires work beyond your usual responsibilities, so resourcing must be carefully considered. Underestimating this effort will almost certainly cause timeline delays. Since technology system integration is often required, IT should be engaged from the very beginning to ensure a smooth transition.

Depending on scope, implementing a new banking partner typically takes three to six months, though durations can vary. To keep the project on track, regular check-ins with both the

bank’s team and your internal teams are essential. This ensures alignment, transparency, and consistent communication across all stakeholders.

SUSTAINING THE PARTNERSHIP

Once the implementation is complete and new solutions are in place, ongoing communication is key. Regular check-ins with your relationship managers provide an opportunity to share feedback and stay informed about new product offerings that may enhance efficiency or security.

Overall, effective communication—both internally among key stakeholders and externally with your banking team—is the foundation of a successful treasury partnership.

Brian J. Blaha, CPA Managing Director, Winding River Consulting LLC

bblaha@windingriverconsulting.com

ICPAS member since 2011

Strategic Optionality: Preserving Choice for the Future of CPA Firms

The profession’s future won’t be defined by a single ownership model—it’ll be defined by whether firm leaders shape their own paths or allow circumstances to dictate which ones they’ll take.

One thing is unmistakable to today’s certified public accounting (CPA) firm leaders: The ground beneath the accounting profession is shifting. Private equity (PE) capital is accelerating into the industry; firm valuations are being discussed in ways that were unthinkable a decade ago; and all at once, technology, talent shortages, regulatory pressures, and rising client expectations are colliding.

For many firm leaders, the conversation feels increasingly binary—sell or don’t sell, take capital or stay independent, modernize or risk falling behind.

But framing the future as a forced choice misses a more fundamental issue. The real question firm leaders should be asking isn’t which path to take but whether they’re intentionally building the ability to choose a path at all. That question sits at the heart of what I’ve come to call “strategic optionality.”

WHAT STRATEGIC OPTIONALITY REALLY MEANS

Strategic optionality isn’t a buzzword or an argument against PE. At its core, strategic optionality is a firm’s ability to maintain meaningful choices about its future—choices aligned with its strategy, values, and long-term vision.

Firms with strategic optionality can choose whether to remain independent, pursue a merger, accept minority investment, or accept PE capital. Firms without strategic optionality often feel forced into decisions by circumstances they no longer control: unfunded retirements, underinvested technology platforms, leadership gaps, or an inability to compete for talent.

Over the past several years, I’ve paired this concept with an enterprise value lens when working with firms that have declared—clearly and sincerely—that they want to stay independent. However, in our profession now, independence can no longer be a passive state. It has to be designed, funded, and governed with intention.

THE SHIFT FROM INCOME TO ENTERPRISE

The influx of PE investments in professional services firms has fundamentally altered how firms think about themselves. Historically, most CPA firms operated as cash-flow businesses, with profits distributed annually, deferred compensation plans providing modest retirement security, and ownership primarily about income over appreciation.

PE has introduced a different paradigm: Firms are now operating as multifaceted financial services enterprises built to maximize enterprise value. While this shift has understandably created anxiety, I view it as largely positive. Running our firms as businesses—real businesses—shouldn’t be controversial. In many ways, it’s overdue.

This evolution has also exposed an uncomfortable tension. As firms chase enterprise value, questions arise about who that value is ultimately created for—and at what cost. In

some models, shareholder value becomes the primary objective, while clients, people, and even the profession itself risk becoming secondary considerations.

This then leads to a harder, but necessary, question: Is the accounting profession still a profession?

BLURRING THE LINES

It’s no secret that the accounting profession feels under pressure from multiple directions. Some argue we’re no longer a profession at all—we’ve simply become another segment of the broader financial services industry.

By regulation, a licensed CPA firm is required only for attest work. Advisory, consulting, technology, and many other services increasingly operate outside the traditional CPA firm structure. As alternative practice structures proliferate, the distinction between “the firm” and “the profession” continues to blur.

Even the concept of “partner” is evolving. The partnership model has long served as both an ownership mechanism and a motivator, but in many modern structures—particularly those involving PE— partners have effectively become shareholders. Partnerships will persist, but “making partner” no longer carries the same meaning it once did in many firms as ownership, control, and long-term economics vary widely depending on structure, governance, and capital strategy.

THE MYTHS WE TELL OURSELVES ABOUT THE NEXT GENERATION

One of the most fascinating (and troubling) patterns I see in boardrooms is how much speculation exists about what nextgeneration firm leaders want despite how rarely those assumptions are tested.

There’s no shortage of commentary about this group: their work ethic, desire for balance, or appetite for ownership. Yet, when leadership teams are asked, “Have you asked them?” the answer is often no.

Well, my consulting team did ask this question at one firm we worked with, and the answers were revealing. For many emerging leaders, the desire to be an owner hasn’t disappeared. What’s changed is the context: They want transparency, a clearer line of sight to value creation, and ownership economics that don’t require waiting decades to realize the benefits.

THE ‘ONE-TIME UNLOCK OF VALUE’ PROBLEM

At Accounting Today’s Private Equity Summit in November 2025, I heard two CEOs of recently PE-backed firms describe their transactions as a “one-time unlock of value.” This phrase has stuck with me. It’s accurate—and that’s precisely the issue.

For current senior partners, that “one-time unlock” can be transformative. But it also concentrates the majority of value realization at a single point in time. Has anyone truly modeled what the second bite of the apple looks like for the next generation? If a firm sells a majority stake, future value creation largely accrues to the PE sponsor. Yet, the firm still depends on its next generation of leaders to grow, innovate, and execute the strategy required to deliver the sponsor’s returns.

Without the traditional partnership “carrot,” firms must rethink what ownership actually means.

THE MATH—AND THE RISK—BEHIND THE PROMISE

Consider a well-run firm with $50 million in revenue and a 15% earnings before interest, taxes, depreciation, and amortization (EBITDA) margin that sells a 70% stake to a PE firm. To deliver an

attractive return—often four to five times invested capital over five years—the firm must materially grow EBITDA. In an industry growing at roughly 6-8% annually, that requires consistent outperformance, meaningful margin expansion, and often inorganic growth.

Yet, the pool of attractive acquisition targets is shrinking as firms with and without PE backing compete aggressively for growth. The math becomes tight, execution risk increases, and the burden of delivering that growth falls disproportionately on the next generation of leaders.

We haven’t yet seen many second exits in this industry, but when we do, they’ll offer important lessons—for better or worse.

INTENTIONAL DESIGN PRESERVES CHOICE

For partnership groups evaluating their future, the goal should be preserving choice rather than avoiding change.

Strategic optionality requires understanding where each partner sits in their career and balancing individual financial realities with collective fiduciary responsibility. It demands honest conversations about capital retention, governance, ownership pathways, and the firm’s role in upholding public trust.

Firms that intentionally design enterprise value—by separating compensation from ownership, reinvesting strategically, modernizing governance, and creating real ownership pathways for future leaders—expand their options rather than constrain them. Independence becomes a choice supported by discipline, not nostalgia. External capital becomes a strategic option, not a last resort.

To me, strategic optionality is how firms stay in control of their destiny in a profession that’s changing whether we like it or not.

Elizabeth Pittelkow Kittner CPA, CGMA, CITP, DTM CFO and Managing Director, Leelyn Smith LLC ethicscpa@gmail.com

ICPAS member since 2005

The Ethics of Professional Relationships

Here is how to balance professional integrity in high-value relationships amid everyday ethical pressures.

Ethical pressures within professional relationships, whether inside or outside the organization, rarely look unethical on the surface. In some cases, ethical pressures may be masked with words like efficiency, agreement, or trust. Even common phrases like “easy to work with” can dilute one’s ability to apply independent judgment and decision making over time.

Knowing how to respond to ethical dilemmas is sometimes straightforward, especially when a client or colleague asks for something that is clearly wrong. In those situations, the requests can be refused, and the relationship can end. However, many situations are more complex. For instance, if a leader or supervisor asks for something that feels off, or if a long-standing, profitable client pushes the ethical edges of what is acceptable, knowing how to respond may not be as clear.

WHERE ETHICAL PRESSURES SHOW UP

Whether internal colleague pressures or external client pressures, the underlying issues are similar. Ethical pressures often show up when avoiding tension feels easier than continuing the conversation. Here are a few examples of what these ethical pressures may look like.

Colleagues may apply pressure with statements like:

• “We have always done it this way.”

• “We do not want to create a bottleneck in the process.”

• “We have never had anyone push back on this approach before.”

Clients may apply pressure with statements like:

• “Is there any flexibility on how this code section is applied?”

• “What is the likelihood I will be audited if I want to take this action?”

• “Would another organization be willing to apply different thinking on this matter?”

Professional standards, including Treasury Department Circular No. 230 and guidance issued by the AICPA, emphasize independent judgment. However, independent judgment is more difficult to execute when the disagreement feels like it is more about the relationship rather than the technical application of the rules.

Pushing back can feel like undermining trust, slowing progress, or being perceived as difficult. Over time, small accommodations for either colleagues or clients can become easier to justify, and ethics could gradually erode. It is important to remember that the discomfort felt when pushing back is a signal that professional judgment is being tested.

MANAGING ETHICAL PRESSURES

Organizations that manage ethical pressures well treat them as a shared responsibility in addition to holding individuals accountable for their behaviors. Organizations can make it clear that questioning assumptions is part of exercising professional integrity and is more important than maintaining unethical relationships. Annual assessments of client and internal relationships can create a dialogue and help identify issues before they escalate.

In situations where ethics are challenged, guardrails matter. When ethical pressures present themselves, professionals often sense them before they can fully articulate or communicate them.

Here are questions to ask yourself when faced with situations that feel unethical:

• “Am I applying the same judgment I would apply to a similar situation?”

• “Would I reach the same conclusion if the relationship was not important?”

• “Would I be comfortable explaining my judgment to a regulator, leader, or successor?”

Whether the conversation involves a client or colleague, the right language can help inspire courage in tough situations. Organizations could provide training on how to approach ethical dilemmas. Additionally, organizations should be mindful of how their compensation and incentive structures communicate organizational values. If retention and harmony are rewarded without enough emphasis dedicated to ethical risks, ethics can get murky.

The London Interbank Offered Rate (LIBOR) manipulation scandal is an example of how relationship-driven behaviors can undercut ethics. For many years, several global banks submitted daily estimates used to set the LIBOR, a benchmark that affects trillions of dollars in financial transactions and contracts worldwide. The banks’ submissions were intended to reflect each bank’s independent assessment of its borrowing costs, but they were instead affected by peer expectations, trader relationships, and market norms. Small adjustments to estimates were viewed as favors instead of fabrications, and ethical risks were not prioritized. This unethical behavior persisted from the mid-2000s until regulators exposed it in 2012, which is an example of how easily independent judgment can erode when relationships become the most important priority.

AVOIDING GROUPTHINK BEHAVIORS

The LIBOR scandal also highlights the concept of groupthink, which can lead individuals to participate in unethical behaviors because others are and no one in the group is strongly objecting to them.

A way to safeguard against groupthink is to encourage differing opinions as part of the organization’s decision-making processes. Consider asking someone to serve as the counterarguments person to intentionally think through reasons to not take a particular course of action. Depending on the project, it could be effective to rotate the counterarguments person so others get a chance to practice and develop this skill. This rotation ensures ongoing decisions are not biased by similar thinking. It is also a powerful practice for leaders to encourage others to speak their opinions first, only sharing their opinion later to reduce their influence on others’ thinking.

When considering safeguards against groupthink, choice of language is important and can help professionals raise concerns in a way that indicates thoughtfulness instead of opposition. Phrases may include:

• “Before we make a decision, let’s pressure-test it.”

• “This idea warrants another look at the current facts.”

• “I would like a colleague to look at the situation with a fresh set of eyes.”

INTEGRITY IS THE KEY TO PRESERVING ETHICAL RELATIONSHIPS

Another important safeguard against ethical pressures for organizations to be mindful of is their follow-through once an ethical concern is raised. When professionals see that raising ethical concerns leads to discussion and review instead of retaliation, they are more likely to speak up again, which elevates the integrity of both the organization and its people.

While it is natural to want to preserve relationships with colleagues and clients, professional ethics and integrity must remain at the center because they are the foundation of healthy relationships over time.

Professional relationships work best when they are grounded in integrity and supported by healthy, respectful discussion. Those conversations should allow room for well-intentioned pushback and professional judgment, even when it slows the decisionmaking process. Colleagues and clients may not always agree with you, but when they respect you and your organization, they are more inclined to interact with you in ethical ways.

Art Kuesel President, Kuesel Consulting art@kueselconsulting.com

The Overlooked Advantages of Independence

While many in the accounting profession chase size and capital in a consolidating market, the hidden benefits of independence offer firms a different kind of edge.

Many certified public accounting (CPA) firm leaders today feel like they’re missing out if they don’t merge up, take a private equity (PE) investment, or join a PE platform. Others, however, are rejecting that path and declaring their intention to stay independent.

There’s no question that merger and PE mania has swept through the profession. In the last five years alone, we can count hundreds of these types of transactions swallowing up big firms and making them even bigger, all with the goal of funding rapid growth, geographic expansion, and a breadth of capabilities.

But the strategic question for firm leaders isn’t simply whether consolidation is happening— it’s what independence still offers. While PE brings capital and larger firms bring scale, independence offers something harder to quantify—advantages for leadership, staff, and clients that are less obvious and often overlooked.

IT’S ALL ABOUT RELATIONSHIPS

One of the biggest advantages of independence emerges in the area where accounting firms have traditionally built their value: relationships. The roots of a local firm generally run deep with considerable ties to clients and a solid connection to the business community in which they serve. With that comes longevity, depth, and a strong reputation.

A typical “main street” business doesn’t set out to work with a top 100 firm in the country— they’re looking for one they know, like, and trust. Also, clients typically don’t like surprises. Clients appreciate knowing their service team will remain consistent.

That relationship-driven expectation can look different inside larger firms that may focus less on the relationship and more on compliance, process, and risk management. For instance, a firm built to serve a large company like Boeing is far different than one serving the small local boba tea cafe. Independent firms have the freedom to choose which clients they serve and what services they offer, giving them the control to preserve the clientfocused approach valued by their clients.

A MORE MANAGEABLE PACE

Independence shapes how firms serve clients and how quickly they feel pressured to change. The rate of change is often slower inside independent firms compared to PEbacked ones, which are more focused on the accelerated use of technology and rapid growth to meet strategic targets or investor expectations.

Metrics are also likely different within PE-backed firms, possibly with an increased emphasis on performance (e.g., billable hours), top-line growth, profitability, or requirements to leverage offshore resources. These priorities may not be attractive to professionals accustomed to the operational routine at smaller firms.

Beyond client relationships and pace, independence can produce these additional advantages inside the firm itself:

• A closer proximity to leaders: Professionals who are closer to decision makers often enjoy stronger mentorship, broader skill development, and a quicker path to advancement. The larger the firm, the more steps there are between the high performers and leadership.

• A demonstrated difference in focus that can attract talent: Independent firms often offer professionals less volatility and a deeper focus on client relationships. As a result, this can pull in talented professionals who aren’t suited for a larger environment with clients they’re unaccustomed to serving. Additionally, independence can provide differentiation when many larger firms appear similar.

• A commitment to culture that sparks loyalty: Remaining independent means the culture you built is the culture you alone preserve and refine. With their own leadership styles and commitments to service, independent firms can engender a loyal following among staff and clients alike. They can also position themselves as stable, partner-led, and relationshipcentric firms.

• Agility through a simpler ownership structure: Being nimble is easier when ownership and control sit in the same room. For

example, smaller firms can restructure leadership or rethink compensation within the partner group, while larger firms often introduce boards, reporting requirements, or performance metrics tied to investor oversight. Independence allows governance to be redesigned around the firm’s strategic needs instead of its capital structure.

INDEPENDENCE DOESN’T MEAN STATUS QUO

Of course, independence isn’t automatically an advantage. Firms that choose independence should do so intentionally, understanding that it comes with its own challenges. It’s not the free and easy path—and there will still be the need for change. In fact, to compete in this evolving landscape, independent firms must update their governance structures, pressure-test succession plans, invest in new technology, and ensure an attractive buy-in and buy-out for their partners exists.

Importantly, independence isn’t inherently superior. Poorly governed independent firms can struggle just as much as poorly integrated larger ones. But what may be the greatest—and most overlooked—advantage of independence is the permission to preserve structural simplicity, economic sovereignty, and cultural continuity. By remaining independent, firms retain the freedom to define their own success, and that autonomy may be the greatest strategic advantage of all.

MEMBER DISCOUNT PROGRAM

Andrea Wright, CPA Partner, Johnson Lambert LLP awright@johnsonlambert.com

ICPAS member since 2010

The Not-for-Profit’s 4 Pillars of Mission-Aligned AI Adoption

Here’s how not-for-profit organizations can ethically and effectively adopt AI to strengthen their mission.

The unique challenges not-for-profits (NFPs) face—limited resources, high demand for services, and a constant need for compelling communication—make them particularly well-suited to benefit from generative artificial intelligence (AI). However, successful AI integration requires more than just selecting a tool; it demands a comprehensive strategy to ensure the technology serves the NFP’s mission and not the other way around.

NFP leaders looking to ethically and effectively adopt generative AI across their organization should build their AI foundation on these four pillars.

1. EXPLORING AI’S POTENTIAL

Generative AI has the potential to free up limited resources and amplify mission delivery. Here are a few ways NFPs can leverage AI’s benefits:

• Enhance fundraising and communication efforts: Generative AI can automate and personalize donor outreach at scale, drafting compelling, tailored emails and solicitations. Further, AI excels at summarizing research for grant proposals, drafting powerful narratives, and generating engaging, on-brand social media content and press releases.

• Streamline administrative and operational efficiencies: AI can significantly mitigate administrative burdens by automating report generation, summarizing complex meeting minutes and documents, improving data entry accuracy, and optimizing scheduling across teams.

• Boost program impact: AI can analyze large, complex data sets to identify emerging demographic trends, refine service delivery models for maximum efficacy, and more accurately predict community needs than traditional methods.

2. LAYING THE FOUNDATIONAL DATA STRATEGY

Many generative AI tools function successfully as “off-the-shelf” creative partners without accessing your confidential database. With these tools, employees can immediately leverage them for drafting content, brainstorming, and summarizing public information without waiting for a massive data cleanup. But to eventually use AI for analyzing donor trends or predicting program outcomes, the quality of your internal data becomes paramount.

For advanced applications where AI interacts with your records, organizations must prioritize data hygiene, which involves standardizing formats and purging obsolete records. As part of this data cleanup, NFPs should consider:

• Ethical data sourcing: Because NFPs handle sensitive constituent data, it’s crucial to have a clear discussion on the legal and ethical considerations of using the data for AI training. This includes ensuring all data is anonymized where appropriate, consent is explicitly secured for its use, and data usage strictly adheres to the organization’s privacy principles.

• Assessing technological readiness: Successful AI solutions often require significant computational resources. Therefore, NFPs must evaluate their current IT infrastructure, including cloud storage capabilities, network bandwidth, and existing security measures to identify the steps needed to support scalable and secure AI solutions.

3. BUILDING AN AI-READY CULTURE

AI’s success depends on the people using it. Cultivating an AIready operational culture through comprehensive training and organizational buy-in is vital to ensuring enthusiastic and effective adoption across all departments.

Before diving into training, it’s important to define the goal. For most NFPs, the goal is to move employees beyond basic AI literacy to AI fluency.

Employees with high AI fluency understand these core concepts:

• Prompting as delegation: They know that to get a good result, they must brief the AI agent just as they would a human intern— providing context, role, constraints, and examples.

• Capability discernment: They instinctively know which prompts are high value for AI (e.g., “Summarize these meeting notes”) and which are high risk (e.g., “Fact-check this news event”), saving time by avoiding dead ends.

• Iterative collaboration: They understand the first output is rarely the final product. They know how to “reply” to the AI agent to refine, edit, and polish the work, treating the tool as a thought partner rather than a search engine.

Importantly, a one-size-fits-all approach to training is insufficient. Organizations need to develop specialized training pathways tailored for different departments to ensure effective and relevant adoption. For example, development teams should be focused on prompt engineering for fundraising letters, program delivery teams should be focused on data analysis tools, and finance teams should be focused on automated reporting.

While training is a start, true AI fluency comes from continued usage. Leadership should encourage a culture of experimentation where employees feel safe testing these tools on small, low-risk tasks every day. To do so, consider these tips:

• Measure usage to improve: Adoption should be tracked not just by who has a license but by daily active usage. There’s a direct correlation between frequency of use and fluency.

• Foster a continuous learning environment: The more employees interact with large language models, the faster they learn to distinguish between what the models excel at (summarization, ideation, and drafting) and where they struggle (nuanced judgment and factual recall of obscure events). High-frequency users quickly learn how to “guide” the AI by customizing the context they provide to get the best responses.

• Leadership sponsorship: The sustained success of any major organizational change requires executive support. The role of executive leadership is to champion AI initiatives, allocate necessary financial and human resources for implementation and ongoing maintenance, and visibly model the responsible use of AI tools.

4. IMPLEMENTING ESSENTIAL AI SAFEGUARDS AND GOVERNANCE POLICIES

As AI tools become deeply integrated into an NFP’s operations, robust governance is nonnegotiable in protecting the organization and constituents. A good start is establishing essential AI safeguards and policy frameworks:

• Identify and address bias: AI algorithms can perpetuate and even amplify existing societal biases if not carefully monitored. NFPs need to adopt strategies for identifying and addressing algorithmic bias to ensure equitable outcomes for all populations they serve. This includes regular auditing of AI outputs and ensuring diverse voices are involved in the development and review of AI-driven processes.

• Ensure data privacy compliance: NFPs should establish clear, stringent policies that adhere to relevant state and federal privacy regulations. This is particularly critical when using AI tools for constituent data analysis or direct communication.

• Maintain transparency and accountability: Defining clear lines of responsibility for AI-driven decisions is paramount. Employees must understand when a decision was influenced or made by an AI action and who’s ultimately accountable for the outcome. Further, organizations must ensure audit trails are maintained for all critical AI applications, allowing for review and correction.

• Follow risk management best practices: Identifying potential security vulnerabilities is a continuous process. This involves establishing protocols for responsible AI deployment, monitoring for unauthorized data leakages through generative tools, and continuously training employees on secure AI practices to protect sensitive information from both internal and external threats.

It’s vital for leadership to recognize that generative AI models are probabilistic engines, not deterministic databases. They’re designed for creativity and pattern matching rather than factual retrieval. That’s why these safeguards are necessary to ensure they’re used for generating drafts and ideas, not for making final, unverified decisions (i.e., policies should dictate that AI is the drafter, but the human is always the editor and publisher).

Overall, generative AI is a rapidly expanding technology that’s creating new opportunities for NFPs to work smarter and further amplify their missions. However, as with any emerging tool, constant vigilance is necessary to mitigate potential risks. By building on these four pillars, NFPs can harness AI’s benefits while safeguarding the integrity of their work.

This column was co-authored with Johnson Lambert LLP’s David Fuge, chief innovation officer, and Paul Preziotti, CPA, partner.

Brian Kearns, CPA, CFP, RIA Founder, Haddam Road Advisors brian@haddamroad.com

ICPAS member since 1989

The World Is Even Flatter: Seizing the AI Revolution for Firm Growth

Now isn’t the time for personal financial planners to run away from AI—this our profession’s window of opportunity.

Twenty-one years ago, in 2005, New York Times columnist Thomas Friedman described the coming of a new world order in his book, “The World Is Flat: A Brief History of the Twenty-First Century.” In it, he describes the 10 “flatteners” that were changing the world at that time, creating an environment of revolutionary change in the global economy that would allow people around the globe to connect, collaborate, and accelerate commerce.

Among the great forces of change he mentioned were the internet and web browsers; software like Microsoft Office; and the idea of constant connectivity, including technologies like Voice over Internet Protocol and mobile phones. To give some perspective on the prescience of this book: It was published two years before the launch of the first Apple smartphone.

Fast forward to today, many of Friedman’s predictions have come to fruition. The technology he described has connected us all and has fundamentally changed the way we work, creating new products and services seemingly out of thin air while destroying certain industries. Think about it this way: When’s the last time you flagged down a taxi?

While these changes benefited many, they unfortunately left others without the requisite skills needed to survive the evolving “K-shaped” economy. For example, a friend of mine owned a cab company; they now drive for Uber.

Throughout this economic and social turning, one moat has persistently prevented even faster and more effective change: the ability to turn an idea or service into reality through software development. Unless you’re a coder, you can’t speak Python, Java, or C++. You’re either bidding for expertise or searching for it to get your project completed.

In the last six months, a techno-superhighway has been paved over that moat. Yes, it’s artificial intelligence (AI), and your business won’t look the same in five years. But that’s not something to fear—it’s offering you the single greatest opportunity to build a service model that you can create, manage, and control.

Despite the imagery often used to convey AI, the general population won’t be relying on robots for all analysis and guidance—that time isn’t yet upon us. While it’s true that the current landscape demands business builders and owners to rely on technical solutions to analyze, interpret, and recommend a cogent strategy, we’re still organic beings with a desire for human guidance and advice. Keep in mind that George Jetson (yes, the legendary TV cartoon dad from “The Jetsons”) was born on July 31, 2022. He’s just learning to walk.

LEARNING TO SPEAK AI

So, what’s next? I don’t know your path, but I’ll tell you my experience thus far in hopes that it may spark your imagination and motivation to build for the next phase of how we do commerce.

Two years ago, I hired a marketing firm to help build my practice, Haddam Road Advisors. I spent tens of thousands of dollars and generated zero activity (literally zero). In hindsight, I’ve realized that the traditional marketing model in financial services was already obsolete.

Recognizing this, I wanted to deepen my understanding of the new AI landscape I kept hearing about, so I signed up for an online AI course. It was a lot of work, but I gained an understanding of large language models (LLMs), computer vision, few-shot prompting, and a whole bunch of other things I’d never heard of before. Building a basic chatbot was the final project of the course—and that was cool. However, despite earning the Microsoft AI 900 qualification, I still found a fundamental limitation to my learning: I’m not a coder, and I’m not fluent in the language of AI.

Still, I kept tabs on the AI space. I joined an online community of accountants to keep up with changes. Through this community, I learned about a certain tax software that uses AI to scrape document data and upload it directly into prep software. I checked it out and bought a license after one demo. It changed the operational side of tax prep (both in time and cost), and it improved my service model.

But I was still trying to build a marketing framework for Haddam Road Advisors. So, I kept poking around in cyberspace and happened upon another community focused on using AI to create autonomous business applications—it’s been a game changer!

I’m also making fast friends with Claude, which is an LLM designed with the emphasis of being helpful, harmless, and honest. It’s an astounding technology and a productivity supernova. In fact, I need to install a cushioned floor in my office because in the last two months my jaw has kept hitting it.

Just to give you an example on its capabilities, I recently asked Claude for some help on research related to the “Oracle of Omaha,” aka the legendary investor and chairperson of Berkshire Hathaway, Warren Buffett.

Before he retired as CEO in December 2025, Buffett used to write an annual letter to his shareholders, which became one of the most anticipated financial documents every year. I asked Claude to help me generate a list of these letters from the last 50 years. My AI group showed me how to upload this information into NotebookLM (a new Google AI platform) and process this information. It generated a mind map, a five-minute video, and a 17-minute podcast (with AI voices) titled, “Trading Cigar Butts for Beautiful Businesses.” And there it was: 50 years of Buffett’s wisdom distilled in a way that I could use to gain a better perspective on how he invests. Admittedly, it wasn’t super in-depth or detailed, but if I’m ever looking for a better understanding of any subject in the future, I’m using this technique first.

ABANDON YOUR ASSUMPTIONS

So, how do I apply this to my business? I honestly have no idea, and here’s the silent truth: no one else does either. This evolution is an ongoing process and something I’m happy to share (drop me a line and we can chat).

For now, here’s a basic framework to build on:

• Gain skills: Invest in yourself. Take a course, find resources, and ask AI to explain them.

• Join communities: Find people who know more than you do, learn from them, and share the knowledge you’ve gained from

your experience. Younger, older—it doesn’t matter. No one knows the whole answer, and it seems now more than ever people are willing to help everyone move forward.

• Learn by doing: Expertise equals knowledge plus mistakes— and wisdom is expertise applied over time, just ask Buffett. Knowing what not to do is almost as important as knowing what to do—perfection is the enemy of progress. Remember, Roger Federer, one of the greatest professional tennis players of his generation, lost 46% of his points during his career. That’s a lot of failure on the way to success.

As you move forward, consider this bit of wisdom from American record producer Rick Rubin: “Beware of the assumption that the way you work is the best way simply because it’s the way you’ve done it before.”

When it comes to AI, I’d encourage you to keep this in mind and realize the more you participate, the more you’ll benefit in this great flattening wave.

Tailored Team Training

“We come to you!”

Provide your staff with the professional and personal development training they need, from the convenience of your own office.

Get started today!

Schedule your Tailored Team Training session today by contacting Gayle Floresca at 312.517.7618 or florescag@icpas.org

Keith Staats, JD President, Taxpayers’ Federation of Illinois kstaats@illinoistax.org ICPAS member since 2001

There’s a Homestead Exemption for That

Numerous homestead exemptions are available for homeowners, seniors, and veterans in Illinois. Here’s an overview of some of them—and how your clients can qualify.

The Illinois General Assembly returned to Springfield, Ill., for the spring legislative session, where there’s been the usual flood of newly introduced legislation. Many of these bills would impose new or expanded property tax exemptions—some of which are homestead exemptions.

A homestead exemption is a type of property tax exemption that reduces the assessed value of residential property. The ways in which these exemptions are claimed vary from exemption to exemption and from county to county.

Notably, the Illinois Constitution and Property Tax Code outline the rules for full or partial property tax exemptions, including homestead exemptions. However, the constitution specifically limits the nature and extent of property tax exemptions that may be granted. According to Article IX, Section 6 of the constitution:

“The General Assembly by law may exempt from taxation only the property of the state, units of local government and school districts and property used exclusively for agricultural and horticultural societies, and for school, religious, cemetery and charitable purposes. The General Assembly by law may grant homestead exemptions or rent credits.”

Many of your clients may be unaware of how many homestead exemptions are available in Illinois—there’s quite a few. With the General Assembly convening on legislation that may increase income limits or create new exemptions, it may be a good time to brush up on what’s currently available to taxpayers.

Here’s an overview of some of the homestead exemptions available and the requirements needed to obtain them.

HOMESTEAD EXEMPTIONS

• General Homestead Exemption: May be claimed by an owner who occupies a residential property as their principal residence. It may also be claimed if there’s a leasehold interest in which a single-family residence is situated. In this case, the residence must be occupied by a person who has a legal or equitable ownership interest in the property or if they’re the lessee of the property, and the person is liable for the payment of property taxes. The exemption amount can be claimed up to $10,000 in Cook County, $8,000 in counties contiguous to Cook County, and $6,000 in all other counties.

• Homestead Improvement Exemption: May be claimed in an amount of up to $25,000 of assessed value that was added to a homestead property by any new improvement or rebuild after a catastrophic event. Additionally, the exemption continues for four years from the date the improvement or rebuild is completed and occupied.

• Natural Disaster Homestead Exemption: This exemption is for a rebuild of a residential structure following a natural disaster. The exemption amount is determined by comparing the equalized assessed valuation (EAV) of the residence in the first year the property owner applies for the exemption and the EAV of the residence in the year prior to the disaster occurring.

• Longtime Occupant Homestead Exemption: Applies to a very small subset of property owners who are in a county that’s elected to be subject to the provisions of the alternative general homestead exemption. According to the Cook County Assessor’s Office, only approximately 11,000 homes in Cook County qualify for this exemption. To qualify, individuals must have a household income of $100,000 or less. They must also have occupied the same homestead property as a principal residence or domicile for at least 10 continuous years or five years if they occupied the same homestead property and received assistance in the acquisition of the property under certain government or nonprofit programs. Additionally, the exemption amount is based on the greater of the EAV of the homestead property for the current tax year minus the adjusted homestead value or general homestead deduction.

• Persons With Disabilities Homestead Exemption: This exemption is a reduction of EAV of $2,000 on a primary residence occupied by a person with a disability. That person must be liable for the payment of the property taxes and be the owner or have a legal or equitable interest in the property. Leasehold interests are limited to single-family residences.

SENIOR CITIZENS EXEMPTIONS

• Senior Citizens Homestead Exemption: Available to people age 65 or older. The person must be the property owner or have a legal or equitable interest in the property, and they must be liable for paying real estate taxes on the property. This would include only leasehold interests on which a single-family residence is located. The maximum exemption amount is $5,000 ($8,000 in Cook County).

• Low-Income Senior Citizens Assessment Freeze Homestead Exemption: This exemption freezes the property’s EAV beginning with the year a senior citizen qualifies for the freeze. The maximum household income that qualifies is $75,000 for 2026, $77,000 for 2027, and $79,000 for 2028 and after.

• Senior Citizens Real Estate Tax Deferral Program: This isn’t a homestead exemption—it’s a deferral of property taxes. Eligibility for the program consists of persons age 65 and older who have owned and occupied a property as their residence for the last three years and whose maximum household income is $77,000 for 2026 or $79,000 for 2027 and after. An eligible taxpayer may defer all or part of the property taxes on their principal residence. With this program, the state pays the property taxes and places a lien on the property for the taxes, and the state recovers the money plus interest upon sale of the property.

VETERANS EXEMPTIONS

• Returning Veterans Homestead Exemption: Consists of a $5,000 reduction in the EAV of a veteran’s principal residence upon returning from active duty in armed conflict. The reduction is good for two years—the tax year the veteran returns from active duty and the following year.

• Standard Homestead Exemption for Veterans With Disabilities: This exemption is a reduction of the EAV on the primary residence owned or leased by a veteran with a disability. The

veteran must be liable for the payment of property taxes. The amount of the reduction of the EAV depends on the extent of the veteran’s service-connected disability. A veteran with a disability of 30% but less than 50% receives a $2,500 reduction, 50% but less than 70% receives a $5,000 reduction, and 70% or more receives a $250,000 reduction. The reduction may also be received by an unmarried surviving spouse of a deceased veteran who received the exemption.

• Veterans With Disabilities Exemption for Specially Adapted Housing: Provides eligible disabled veterans with a reduction of up to $100,000 in EAV of their home. Specifically, this exemption is for veterans with a disability requiring specially adapted housing. The exemption is valid for as long as the veteran, spouse, or unmarried surviving spouse occupies the property.

• Veterans of World War II: For taxable years on or after 2004, veterans who were members of the armed forces during World War II receive a complete exemption from property taxes.

Beyond all these, other special homestead exemptions are available through affordable housing special assessment programs; a community stabilization assessment freeze pilot program (beginning Jan. 1, 2015, and ending June 30, 2029); and homes built in certain qualifying municipalities.

Overall, taking the time to understand the multitude of homestead exemptions can help secure the tax benefits your clients deserve and support their financial well-being.

insights from the profession’s influencers

Mark Gallegos, CPA, MST

Guided by a forward-thinking mindset, this leading tax expert channels his passion for knowledge sharing to teach, connect, and elevate the profession.

BY AMY SANCHEZ

Tax season just ended, and a 20-something Mark Gallegos, CPA, MST, was celebrating with a week of surfing with friends in North Carolina’s Outer Banks. One morning on the trip, he paddled into the Atlantic where he would encounter a trauma only a small percentage of the world’s population ever experiences: a shark attack.

“I felt something hit the board, and it dragged me under, thrashing me around,” Gallegos recalls. “It felt like it was happening forever, but it was really just a matter of seconds—then, all of a sudden, it let go.”

Fortunately, Gallegos’ board got the brunt of the attack, and he only ended up with stitches on both sides of his hand (the scars are still present to this day). Interestingly, the most shocking part of Gallegos’ story isn’t the shark attack itself, but what happened next: He went back out in the water the next day.

“I knew if I didn’t, I’d never go back,” Gallegos says. “I couldn’t let that fear stop me—I had to keep moving forward.”

That mindset has long guided Gallegos’ personal and professional life, helping him stay positive and come up with the best solutions for whatever challenge was at hand. It’s a trait that’s served Gallegos well in his 20-plus-year tax career: “Tax is really about

people making decisions under uncertainty—it sits right at the intersection of business, law, timing, and human behavior.”

Gallegos, who currently serves as a tax partner at Porte Brown LLC, believes his career is less about calculations and more about judgment, perspective, reading the room, and emotional intelligence—all skills that have transferred into what he describes as the core part of his professional purpose: knowledge sharing.

“For me, knowledge sharing is the most powerful thing that’s out there,” Gallegos says. “As tax professionals, we’re involved with someone who’s building or selling something, or maybe navigating a very stressful transition—being invited into those moments is a big responsibility that I’ve always taken very seriously.”

His commitment to knowledge sharing has led Gallegos to become a sought-after public speaker at tax and accounting conferences across the country and positioned him to serve as a trusted media expert, where he regularly shares his expertise with various news outlets, including Bloomberg, USA Today, The Wall Street Journal, and others.

Though, despite his prevalence in the media and numerous public speaking engagements, it didn’t always come easy to him: “When I’d speak publicly in college, I was nervous, like where your heart feels like it’s going to jump out of your chest. Even after college, I’d do these lunch and learns at my firm that felt nerve-racking.”

Over time, Gallegos found the key to overcoming his nerves was to always be well prepared. He recalls a time when he was asked to do a “small talk” in Las Vegas: “It wasn’t a small talk, it was a big talk; I was really, really nervous, but I came prepared.”

In that moment, Gallegos realized that by sharing his expertise with an audience, he had the opportunity to teach, connect, and make an impact: “I had the platform, the microphone, and people were listening—whether they agreed or not. When I was done, I realized it wasn’t that bad, and I really enjoyed it.”

What began as a challenge has evolved into a passion, fueling his drive to share knowledge and connect with audiences wherever he goes: “It’s almost like a craft where I just want to keep practicing it. No matter who’s in the room, I get fired up to go and speak. I’m always hoping there’s a chance to inspire someone or give them something to walk away with.”

For others looking to be seen as thought leaders in the profession— whether on stage or in the media—Gallegos says the best place to start is by writing and getting more involved: “No one’s going to take you seriously if they don’t think or know you have a message that’s relevant and coherent.”

Being a longtime active member of the AICPA and the Illinois CPA Society (ICPAS), Gallegos is no stranger to professional involvement. In fact, he’s been a dedicated ICPAS media expert for several years now and is beginning his first year on the ICPAS Board of Directors this spring. For him, it’s a chance to give back to a profession that’s given him so much: “It gives me a voice to say how we should keep moving this profession forward. We’ve all benefited from it, we all continue to benefit from it, so how do we inspire others to want to come into it and do the same thing but even bigger and better?”

As Gallegos embarks on his new leadership role, his commitment to advancing the profession echoes back his belief in facing fears head on and moving forward: “My hope is that people will continue to walk away believing that a meaningful career in accounting isn’t about a perfectly planned path—it’s about curiosity, courage, generosity, and being willing to grow even when it’s uncomfortable.”

targeted

job listings

800+

average views per job

CPA

Title Tax Manager

ICPAS Member

When I started in the tax department of Plante Moran in fall 2018, I imagined a traditional path: busy seasons in the office, steady in-person collaboration, and a clear sense of professional identity. What I got was … not that. Instead, I found a field reshaped by global disruption.

The obvious trigger for this was the COVID-19 pandemic, which overturned the norms I thought were permanent. Our physical offices shut down, and what began as a temporary remote-work solution evolved into a “new normal” hybrid work model.

While this flexibility benefited me, and many certified public accountants (CPAs), it also introduced challenges that young professionals like me didn’t anticipate. Isolation made it harder to learn organically from others. The sudden lack of structure blurred boundaries between our identities inside and outside of work. The mental health struggles that followed raised deeper questions about purpose and direction: Am I doing the right things with my life? Is this the place where I want to be?

Rising trends, like “quiet quitting,” show a generation reflecting on those questions and trying to redefine how work fits into their lives. The traditional public accounting approach maintains that professional growth requires significant sacrifice and “pay your dues” commitments. Younger generations, however, are asking whether that sacrifice is meaningful or even necessary. This trend has long been identified by the Illinois CPA Society through their numerous Insight Special Features, highlighting its impact on talent retention and the pipeline of CPAs entering the profession.

As young staff keep moving the profession toward a work style that’s further away from the traditional public accounting standard, meaningful dialogue needs to move with it and be more intentional, which has left the profession searching for solutions. From my experience, one solution stands out: overemphasize relationships and lean into the people around you.

Public accounting is uniquely positioned to capitalize on this solution—it brings together large cohorts of bright and driven people. New hires are typically organized into start classes, which act as support systems for their members. These relationships transform the nature of work—they create belonging, camaraderie, shared accomplishments, and a sense of purpose far deeper than ticking and tying or preparing returns. They turn moments of esoteric discussions of the Internal Revenue Code into fun times bantering about shared hobbies and experiences. Over time, these moments turn into real friendship. For example, one member of my start class cohort is my weekend running partner. Another is my go-to for reading recommendations, and another is the person I call when I need to be humbled at the bowling alley.

So, my advice is this: Build friendships, seek out mentors, ask questions, share your struggles, find common interests, and celebrate wins together, especially during busy season when the workload feels overwhelming. When one invests in relationships, public accounting becomes more than just technical work—it becomes meaningful work.

ILLINOIS CPA SOCIETY LEADERSHIP

WE SALUTE YOU!

The Illinois CPA Society thanks its volunteer leaders for their service and contributions. They play an essential role in helping to achieve our core mission of enhancing the value of the CPA profession. Their leadership term runs from April 1, 2026 to March 31, 2027.

Board of Directors

CHAIRPERSON

Mark W. Wolfgram, CPA Bel Brands USA Inc.

VICE CHAIRPERSON

Jennifer L. Cavanaugh, CPA Grant Thornton LLP

TREASURER

Lindy R. Ellis, CPA Ernst & Young LLP

SECRETARY

Richard C. Tarapchak, CPA Verano Holdings Corp.

IMMEDIATE PAST CHAIRPERSON

Brian J. Blaha, CPA Winding River Consulting

DIRECTORS

Amy M. Chamoun, CPA Cherry Bekaert Advisory LLC

Pedro A. Diaz de Leon, CPA, CFE, CIA Sikich LLP

Kimi L. Ellen, CPA Benford Brown & Associates LLC

Jessica L. Freiburg, CPA, PFS Sassetti LLC

Mark S. Gallegos, CPA Porte Brown LLC

Monica N. Harrison, CPA Tinuiti

Joshua Herbold, Ph.D., CPA University of Illinois

Jeffery R. Livesay, CPA, CGMA MH CPA PLLC

Kimberly D. Meyer, CPA Meyer & Associates CPA LLC

Girlie A. O’Donoghue, CPA Portillo’s Inc.

Matthew D. Panzica, CPA BDO USA PC

Jennifer L. Rada, CPA PwC LLP

Andrea Wright, CPA Johnson Lambert LLP

Stephanie M. Zaleski-Braatz, CPA Miller Cooper & Co. Ltd.

Committee Chairpersons

ACCOUNTING PRINCIPLES

Kelly H. Buchheit, CPA Citrin Cooperman Advisors LLC

AUDIT & ASSURANCE SERVICES

Jon Roberts, CPA BDO USA LLP

AWARDS SELECTION

Christopher P. Daugherty, CPA, CIA, CGMA Kirkland & Ellis LLP

CPA EXAM AWARD SELECTION

Pawel J. Szeliski, CPA Aprio LLP

ETHICS

Mark S. Glochowsky, CBM Schuler Shook Inc.

GOVERNMENTAL EXECUTIVE

James R. Savio, CPA Sikich LLC

GOVERNMENTAL REPORT REVIEW

Lauren Pflugradt

John Kasperek Co. Inc.

ILLINOIS CPAS FOR POLITICAL ACTION

Edward J. Hannon, CPA, JD, LLM Polsinelli

NOT-FOR-PROFIT ORGANIZATIONS

Marcy L. Steindler, CPA Mann Weitz & Associates LLC

PEER REVIEW REPORT ACCEPTANCE

Joseph S. Beck II, CPA, CITP Jones, Pounder & Associates PC

SCHOLARSHIP SELECTION

Kimberley A. Waite, CPA CBIZ CPAs PC

TAX ADVISORY GROUP

James W. Sansone, CPA RSM US LLP

TAXATION ESTATE, GIFT & TRUSTS

Eliana Penafiel

Mathieson, Moyski, Austin & Co. LLP

TAXATION EXECUTIVE

Charlene D. Rhinehart, CPA CEO Unlimited LLC

TAXATION FLOW-THROUGH ENTITIES

Jay M. Levine, JD, CPA Retired

TAXATION INDIVIDUAL

Paul R. Todoric, CPA

Michael J. Singer & Co. PC

TAXATION INTERNATIONAL

Kate M. Russell, CPA KSM CPAs & Advisors

TAXATION PRACTICE & PROCEDURES

Phillip A. Levsky, CPA Prosperity Partners LLC

TAXATION STATE & LOCAL

Carrie A. Merickel, JD Miller Cooper & Co. Ltd.

WOMEN’S

Niki L. Miksa, CPA BDO USA LLP

YOUNG LEADERS

Andrew M. Guerrero, CPA Adelfia LLC

ILLINOIS CPA SOCIETY

TOWN HALL FORUMS

Geoffrey Brown, CAE

ICPAS

President and CEO

Mark Wolfgram, CPA

ICPAS

Board Chair

Please join us as we share our inside insights on ICPAS initiatives, discuss key professional issues, and preview what lies ahead.

To register or for more information visit: www.icpas.org/townhall

Help develop the future of our profession by inviting a young professional colleague to join you.

December 10, 2026 Virtual *1 CPE will be provided at this event. FEATURING:

Enjoy breakfast or lunch while you network with colleagues and earn 1.5 hours of FREE CPE!

May 28, 2026 Virtual

July 28, 2026 Peoria

August 5, 2026 Collinsville*

October 1, 2026 Rockford

October 28, 2026 Springfield

October 29, 2026 Champaign

November 5, 2026 Orland Park

November 10, 2026 Wheeling

December 2, 2026 Oak Brook

December 3, 2026 Chicago