Professional Issues

The Accounting Hall of Fame has named Arthur R. Wyatt its 61st member. Wyatt spent the early part of his career teaching at the University of Illinois, where he received his PhD in 1953. He became a full professor and wrote books and articles, including a study of accounting for business combinations now considered a classic. He entered public accounting in 1966 at Arthur Andersen, where he rose to partnership in 1968, eventually becoming head of the firms accounting principles group.

The AICPA appointed him to AcSEC in 1973 and he was the committees chairman from 1977 to 1979. He served on the Institutes board from 1980 to 1984. A year later he became a member of FASB. Turning his attention to international standards, he represented the United States at the IASC and was its chairman from 1990 to 1993. After his 1992 retirement from Andersen, he returned to teaching at the University of Illinois.

Daniel L. Jensen, Deloitte & Touche Professor of Accounting at Ohio State Universitys Fisher College of Business, who is the Accounting Hall of Fame committee chairman, made introductory remarks at Wyatts induction: A man of principle and conviction, known for his independence and clear thinking, he helped shape the accounting profession in both national and international spheres through distinguished careers in both academe and accounting practice.

Memoirs of a CPA?

Most people wouldnt think the life story of a CPA would make for interesting reading. Then again, most people might just be wrong.

Harvey S. Winebergs Thanks for Your Trust: Memories of an Untamed Accountant (Bonus Books, Inc., $24.95) gives readers an engaging, behind-the-scenes peek at the exploits of a CPA to the rich and famous.

I thought it was time that the public got a different perception of public accountants, Wineberg said recently in an interview. I was lucky that there were a few famous people I could talk about. Some of the celebrities who add spice to Winebergs narrative include Chicago sports personalities Bobby Hull, Leo Durocher and Jerry Reinsdorf; jazz star Ramsey Lewis; and former Illinois senator Paul Simon.

In this autobiographical account, Wineberg traces his career from his salad days at the University of Wisconsin to his current position as president of the Chicago-based CPA firm of Wineberg & Lewis PC.

Throughout the book, which was released last summer, readers get an insiders perspective on how Wineberg developed his practice by cultivating relationships with key clients and by maintaining a diligent work ethic.

Case in point is Winebergs step-by-step account of his wheeling and dealing on the contract he negotiated for hockey great Bobby Hull. The deal landed Wineberg in the headlines of the July 5, 1972, Chicago Daily News: Accountant Wineberg helped the Golden Jet (Hull) to work out worlds biggest sports contract.

Wineberg also shares with readers the business strategies and philosophies that he has distilled from more than 40 years in public practice.

There is no other field in accounting like public practice. It gives you your freedom and independence, said Wineberg. Even if you are part of a firm, you are kind of working for yourself. And if you are with the right people, youre part of everything.


Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.


Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.