Your profession needs you

By Cynthia Cox, CPA, and Jimmy J. Williams, CPA/PFS, CFP®, CRPC^®

Imagine a world where you studied for months and passed one of the most rigorous entrance exams to a profession you love. Further, your credential is insulated from the perils of the marketplace that can cause damage and, coincidentally, loss of value to the public. John Lennon, the famed singer and songwriter with the Beatles, penned a song about panacea and a world where all people thought in one, peaceful accord.  However, you and I live in the real world. 

Relationships are important

Many changes are thrust upon the CPA profession from consumer challenges to legislative impacts. The role CPAs play in the economy is one of a trusted adviser. Based on a 2023 Gallup Poll, accountants are one of the most trusted professionals according to the respondents. Our professional services provide critical guidance in the lives of our clients and employers. This is a double-edged sword in the marketplace. There are some who wish to use the credential without possessing education, experience and examination. They attempt to confuse legislators with language of protecting the public with a choice in the market. Would you use the services of a surgeon who didn’t attend a reputable medical school or pass examinations to evidence her technical skills? Of course not! Neither does the public for CPA services.

To help protect the public, and the professional credential, it is critical that we proactively educate and inform the public and legislators about the profession. One method of education is to provide research, feedback and white papers on the impacts of certain bills in the legislature that may contain unintended consequences for the CPA credential. During session at the Capitol, the OSCPA CPA-Political Action Committee (CPA-PAC) members are diligent in providing independent answers to legislative committee members about the impact their bills may have on the marketplace. 

During the fiscal year ending April 30, 2023, the CPA-PAC assisted with legislative expenses in the amount of $15,350. The bulk of these expenditures were for primary and general election needs. However, we are facing a significant number of legislative retirements within the next cycle. New people require new relationships. We will be asking for your assistance in developing these new relationships through our Key Person Program. By investing a small amount of your time in developing or maintaining a relationship with an elected official in your community, your legislators will be provided with information pertaining to the CPA credential and our role in the marketplace.

Perils avoided

During the 2023 legislative session, many bills were introduced that impact your credential and services. One example was the assessment of sales tax on CPA services. This measure was offered by an elected official who did not fully understand the impact of such a bill on the public or the profession. After discussing the ramifications and offering better alternatives, the bill was pulled from committee by the author. This is but one example of the many attempts by the legislator to provide for a better tax base at the expense of a certain profession. 

There are certain groups of people who wish to deny the CPA credential holders exclusive rights to use the credential. A group calling for the right to work without a license or costs attempted to cancel the professional licensing process and thereby remove the CPA credential as the premier advisor for businesses in our state. Again, the education provided by our legislative consultant and volunteers convinced the elected officials what was best for the public.  This bill was also defeated in committee.

Your involvement

One area of involvement is communicating with your respective elected officials and developing a relationship with them. Reporting on the progress of this relationship for our CPA-PAC to maintain a database is helpful during legislative sessions. If you need training, templates for letters or emails and other assistance, please consider one of our upcoming CPA-PAC education sessions later this year.

Another area in which you can significantly support the CPA-PAC is to contribute consistently to our fund. In the past, we have asked for $40 contributions from our members to assist with the critical work performed by PAC volunteers. During the fiscal year ending April 30, 2023, the CPA-PAC received $17,808 in total contributions from our members. It is imperative that we increase our number of volunteers, increase our funds for education and support for elections as well as communications with our members as progress is being made during the year.

Please make your donation online at https://www.oscpa.com/advocacy/cpa-pac or write your checks payable to OSCPA CPA-PAC and mail to OSCPA CPA-PAC, 5201 N. Shartel Ave., Oklahoma City, OK 73118-6026.

Conclusion

The success of our profession lies within our efforts. It is critical that each of us do our part to create and maintain the relationships necessary to communicate the vital information needed to protect the marketplace. Be aware of future education sessions to help you become more familiar with your PAC and the process of working with your elected officials. Thank you, in advance, for your contributions to the CPA-PAC in 2023. Together we will continue to be the trusted advisor to the business community.

Cynthia Cox, CPA, is the 2023-24 Chair of the OSCPA’s CPA/PAC. She is president and managing partner of Cox Holstead & Associates PC in Oklahoma City. Cox has been an active member of the OSCPA, serving on 10 different committees in her 21 years of membership.

Registered Principal Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Jimmy J. Williams, CPA/PFS, CFP®, CRPC^®, is an Investment Advisor Representative of Compass Capital Management, LLC, a Registered Investment Advisor. Cambridge and Compass Capital Management, LLC are not affiliated. 321 S. 3rd, Ste. 4, McAlester, OK 74501. Cambridge does not offer legal and tax advice. Please consult your legal and tax advisor for specific estate and income tax planning strategies.

This article is for educational purposes only. Seek the advice of qualified professionals prior to investing.