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New Jersey Society of CPAs Names New COO

Theresa Hinton

Theresa Hinton has been named COO of the New Jersey Society of CPAs (NJCPA), replacing the retired Ellen McSherry.

Hinton’s long history with the NJCPA includes the past nine years heading up member engagement and chapter relations, as well as acting as interim director of continuing professional education. She had previously managed the organization’s membership development and chapter relations, and helped direct operations.

“We congratulate both Ellen on her retirement and Theresa on taking the reins as COO,” says NJCPA CEO and executive director Ralph Albert Thomas. “We thank Ellen for her dedication and commitment, and we are confident Theresa is well suited for the role. She brings a wealth of knowledge to the position.”

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New Jersey Society of CPAs Announces 2020-21 Board of Trustees

The New Jersey Society of Certified Public Accountants (NJCPA) has appointed the following professionals to its board of trustees:

  • President: Alan Sobel, SobelCo
  • President-Elect: Harry P. Wills III, Bowman & Company
  • Secretary: Jordan Amin, EisnerAmper
  • Treasurer: Carol Donatiello Iocca, WilkinGuttenplan
  • Immediate Past President: Kyle M. Sell, Deloitte & Touche
  • CEO and Executive Director: Ralph Albert Thomas, NJCPA

“New Jersey can benefit greatly by the collective wisdom, ideas and intellect of our CPA community,” says Sobel. “CPAs work tirelessly to ensure all kinds of businesses receive fair tax and economic advantages.”

In addition, the following individuals have been appointed as NJCPA trustees for the 2020-21 term:

  • Dennis Bartlett, Cullari Carrico
  • Michael J. Coletti, Mazars USA
  • Isabel Del Corral, McIntee Fusaro Del Corral
  • Joanne Geylin, EisnerAmper
  • Jesse M. Herschbein, Prager Metis
  • Noorus Khan, Smolin Lupin & Co.
  • Jason Lauretta, ADP
  • Justin D. O’Horo, Withum
  • Kathleen F. Powers, Matheny Medical and Educational Center
  • Michael A. Stillitano, Hapag-Lloyd
  • Christopher Stoop, EisnerAmper
  • June Toth, ZBT Certified Public Accounting & Consulting

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Businesses Need a Reopening Timeline: New Jersey Society of CPAs Survey

Citing a need for lawmakers to pivot to a business-focused strategy to begin the recovery process, 65% of respondents in a recent survey of 305 members by the New Jersey Society of CPAs (NJCPA) said a timeline of how and when businesses can reopen will help small businesses more than other forms of economic relief, such as deferring tax payments or extending deadlines.

Survey participants believe 39% of their business clients will recover to pre-crisis levels in six to 12 months once the stay-at-home restrictions begin to be lifted, while 34% of clients will need more than a year to recover and 12% of clients will not recover and will most likely go out of business. Accounting firms also expect to share in the pain, with 40% of survey participants expecting their firms’ revenue to decrease by 11%-25% during the pandemic. Even so, half of respondents’ firms have so far made no changes to the staffing levels.

“This survey shows that business owners need a comprehensive and specific plan for reopening the state, a clear statewide strategy that’s coordinated with medical experts and New Jersey’s business community,” says NJCPA executive director and CEO Ralph Albert Thomas. “The state’s businesses are counting on the administration, the Restart and Recovery Commission and the Restart and Advisory Council to deliver an effective plan of action. We offer our assistance in meeting the multitude of challenges ahead.”

New Jersey Society of CPAs Moves to New Office

The New Jersey Society of Certified Public Accountants (NJCPA) has moved its office to another location in Roseland, at 105 Eisenhower Parkway, Suite 300.

The move provides a larger and more technologically advanced educational learning center for continuing professional education classes, streaming capabilities for meetings, webinars and seminars, and a more modern facility for networking and social gatherings.

“We welcome all of our members and nonmembers alike to come visit our new location, take a class, meet some colleagues and engage with our staff,” says Ralph Albert Thomas, CEO and executive director, NJCPA. To see photos of the new location, visit njcpa.org/move.

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New Jersey Society of CPAs Names Deloitte’s Kyle Sell President

Kyle Sell

The New Jersey Society of Certified Public Accountants (NJCPA) has named Kyle Sell, audit and assurance partner at Deloitte & Touche LLP in Parsippany, N.J., president for the 2019/2020 term.

Since joining the NJCPA in 2004, Sell has served on numerous committees and interest groups. From interviewing NJCPA scholarship candidates interested in the accounting profession to teaching at his alma mater, Lafayette College, he knows first-hand how to inform the next generation about the benefits of becoming a CPA. As president, he will focus on engaging more young professionals as well as work to ensure the accounting field remains open and diverse to all.

“Taking on the role of president seems to be a natural fit for Kyle, whose dedication to the next generation and to furthering the profession are truly commendable,” says Ralph Albert Thomas, executive director at the NJCPA. He succeeds Sarah Krom, MP of SKC & Co. CPAs, in Boonton Township, N.J., who served as president for the 2018/2019 year.

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Krom Elected as President of New Jersey Society of CPAs

Sarah Krom

Sarah Krom

Sarah Krom, MP, SKC and Co. CPAs LLC, was elected as the president of the New Jersey Society of Certified Public Accountants (NJCPA) for the 2018-2019 term. She is the youngest to hold the office at age 35 and is the third female president.

Krom joined the NJCPA in 2003. She is also a member of the Strategic Planning Committee and previously chaired the Young CPAs Council, which is now called the Emerging Leaders Council. In 2011, she was selected by NJCPA as one of the “30 most influential CPAs under 30,” and in both 2012 and 2016 she was recognized as an NJCPA “Woman of Note.”

“Her energy and drive are welcomed at the Society and by all members alike. We are excited to have her leadership, expertise and commitment on board,” says Ralph Albert Thomas, CEO and executive director at NJCPA. Krom replaced Edward Guttenplan, MP at Wilkin & Guttenplan PC.

2018-2019 NJCPA Board of Trustees

  • President: Sarah Krom — SKC and Co. CPAs LLC
  • President-Elect: Kyle Sell — Deloitte & Touche LLP
  • Secretary: Edward O’Connell — WithumSmith+Brown
  • Treasurer: Harry P. Wills III — Bowman & Company LLP
  • Immediate Past President: Edward I. Guttenplan — Wilkin & Guttenplan PC
  • CEO & Executive Director: Ralph Albert Thomas — New Jersey Society of CPAs
  • Trustees:
    • Jordan D. Amin — EisnerAmper LLP
    • Gregory A. Bedard — Prudential Financial
    • Amy Y. Both — Neral & Company PA
    • Robert J. Brown Jr. — Cowan Gunteski & Co. PA
    • Melanie A. Cobb — Abacus Financial LLC
    • Michael Coletti — Mazars USA LLP
    • Jason Lauretta — ADP
    • Kathleen Powers — Matheny Medical and Educational Center
    • Justin O’Horo — WithumSmith+Brown
    • Megan A. Sartor — Sax LLP
    • Shaune Scutellaro — CohnReznick LLP
    • June Toth — ZBT Certified Public Accounting & Consulting LLC

New Jersey Society of CPAs Names Brasch as New President

Walter BraschWalter Brasch, partner and chief business development officer at New York-based PFK O’Connor Davies (FY15 net revenue of $123 million) began his one-year term as NJCPA president June 1.

Brasch joined the NJCPA in 1977. He has served on the NJCPA Board of Trustees as a trustee, treasurer, secretary and president-elect. He is a member of the NJCPA Finance and Retirement Savings Plan committees and is an Education Foundation and Scholarship Fund trustee. Brasch was chair of the NJ-CPA-PAC and has also served as president, vice president, secretary and director of the NJCPA Monmouth/Ocean Chapter.

In his community, Brasch served as board chair of the Raritan Bay Medical Center, alumni association president of Christian Brothers Academy (CBA) and board member of the American Cancer Society and the Boy Scouts of America, Monmouth Council. He is a recipient of the CBA Alumnus of the Year Award and currently serves on the board of CBA. He also serves as an associate member of the Audit Committee of Monmouth University and a fundraising committee member for the Raritan Bay Health Care Foundation.

Guttenplan Elected Secretary of the New Jersey Society of CPAs

Edward Guttenplan

Edward Guttenplan

Edward Guttenplan has been elected secretary of the New Jersey Society of Certified Public Accountants (NJSCPA) for a one-year term beginning June 1.

Guttenplan, managing shareholder at Wilkin & Guttenplan (FY12 net revenue of $12.3 million) of East Brunswick, N.J., joined the NJSCPA in 1981. He has served on the NJSCPA board of trustees and is a member of the NJSCPA student programs and scholarships committee.

New Jersey CPA Society Honors Genz For Distinguished Service to the Profession

John Genz

John Genz

New York-based Citrin Cooperman (FY14 net revenue of $173 million) announces that partner John Genz has received the Distinguished Service Medallion from the New Jersey Society of Certified Public Accountants (NJCPA).

The medallion honors those who “exceed expectations and set the standard of excellence for others to follow.” Genz served as president of the NJCPA Monmouth Ocean Chapter for the 2003-2004 fiscal year, served on the state board of trustees from 2007-2009 and was state secretary in 2010.

Frank Boutilette, president of the NJCPA and a partner at WithumSmith+Brown, presented the medallion to Genz at the NJCPA Monmouth/Ocean Chapter Annual Tax Seminar on Jan. 9.

“John has proven his dedication to the accounting profession through his various leadership roles in the NJCPA, such as Monmouth/Ocean Chapter president, NJCPA board of trustees secretary and chair of numerous tax committees,” says Boutilette.  “As each of his terms ended, John eagerly looked for new ways to volunteer and advance the profession. Recently, he gave an excellent summary of the new tax regulations at a NJCPA all-day tax seminar.”

“I was pleasantly surprised and deeply honored by this recognition,” says Genz. “The society has given me so much, it would be difficult to repay, and I’m proud to continue working with Frank and the NJCPA for the good of the industry and its members.”

New Jersey CPAs Agree U.S. Student Loan Debt is Financial Crisis

More than 80% of 623 CPAs polled in June by the New Jersey Society of Certified Public Accountants (NJCPA) said they either “strongly agreed” or “somewhat agreed” that student loan debt at $1.6 trillion in the United States is a financial crisis.

More than 75% of respondents considered student loan debt in New Jersey to be a “major problem.”

Poll respondents said their clients have put off major life decisions and purchases due to their high student loan debt. Of the nearly 270 respondents who said they knew someone who delayed this kind of decision or purchase, 80% said they put off buying a home and an almost equal number said they chose not to save for retirement. More than 65% put off saving for emergencies, while 42% put off getting married and 39% delayed having children.

Suggested solutions:

  • Federal and state governments limit public college price increases – Schools, for example, should have to publicly report the amount of funds on hand and used for infrastructure each year as excess funds should be used to lower tuition. Respondents also recommended limiting tuition percentage annual increases for any institution for which students use student loans to attend.
  • Companies help reduce student loan debt – Companies can offer employees bonuses to pay their student loan obligations. The federal government could also give a tax deduction to an employer who offers to pay off part of an employee’s student loan debt up to a limit of their 401(k).

“The poll is a telling sign that student loan debt is a major problem in the United States. New Jersey’s legislature needs to recognize this and welcome programs and initiatives to shrink student loan debt, particularly if they want young professionals to remain in the state,” says Ralph Albert Thomas, CEO and executive director at NJCPA.

More news from the New Jersey CPAs