For nearly twenty years, Christopher DePenti, TEI Cleveland Chapter president, has worked for KeyBank in his hometown of Cleveland. He recounts how, early in his career with the company, he was introduced to TEI by his boss, Toni Mitchell. “As soon as I started working for her, one of the first things on her agenda was to introduce me to TEI,” he says. “I clearly remember sitting in on my first meeting, in awe of the members’ knowledge and ability to exchange ideas. I was hooked from day one.”
DePenti’s first impressions continue to serve as the basis for his leadership approach. “I want to engage people, bringing them into the chapter, inspiring them to be active, and encouraging them to network and socialize,” he says. “We also have to support our members through continuing education, not just by giving them their hours for CPE credits, but finding good content and presenters that keep them at the cutting edge of the industry,” he says.
He notes that he also believes in the adage that “none of us is as smart as all of us.” “I have a really good board and slate of officers who are so supportive,” he says. “For example, our first vice president, Pat D’Agostino, came up with the brilliant idea of bringing back retired TEI members to guide roundtable discussions. In this forum, they can share their wisdom, their ideas, their best practices, and things that they learned in a career. And not only about tax, but managing people, managing departments, and other issues. The notion of engaging retired members as mentors presents an excellent opportunity for our members and might serve as an example for other TEI chapters as well.”
Beyond his leadership goals, DePenti calls out the active outreach and communication within the chapter. “Often, our members will email each other with questions like ‘Has anybody encountered this? Does anybody you know have interest in or using this?’ or ‘We’ve had some cutbacks. I had a lot of really good employees go. I’m sorry. Does anybody have a spot for them on their team?’ This level of support demonstrates that TEI is not just a professional organization where we talk about tax issues and tax ideas. We come together. It’s a community,” he says.
“To me, one of the best benefits of TEI membership is the camaraderie that you get from your fellow professionals in the field,” he adds. “We’re close. We’re a tight-knit group. We know each other. We know each other’s kids and what schools they attend and how they are doing. These are friendships I’ve developed for life.”
Career Reflections
DePenti notes that although he wasn’t always certain about his career path, something about accounting clicked for him. “The funny thing about tax and even accounting a lot of times is that you don’t have to be a math wizard. It’s more logical thinking and problem-solving. I found that I had that acumen,” he says.
Like many other in-house tax professionals, DePenti initially worked in public accounting. “You took whatever job you were offered and then did whatever they told you,” he recalls. “Three years in, I got into tax. I love the tax industry and think it’s totally underrated. The industry has served me very well. It’s such a great career because it changes so rapidly and is so dynamic. There are some really smart, sharp people in the tax community, and I always have something to learn from their experiences.”
He explains that his role at KeyBank is in federal income tax compliance. “It’s one big, long process to prepare the federal tax return, which I see as a puzzle that I’m assembling with others throughout the year,” he says. “Anybody can have that last-minute scramble, with late nights and weekends. But I see that as a failure on management’s part, because they did not properly direct the process. By the end of January, my entire team knows every task they have, when it’s due, and all the expectations for the entire compliance process. And, as my mentors have taught me, surround yourself with the best people you can and then get out of their way.”
Commitment to Serving Others
DePenti jokes that, outside of work and TEI, he is “as boring as it gets. I like to read. I like learning. I have two bachelor’s degrees, I have two master’s degrees, and am considering getting my doctorate,” he says.
But beyond his academic and professional success, DePenti is committed to serving others. Since 2019, he has been a deacon in the Diocese of Cleveland. Three years ago, he was instrumental in founding the St. Augustine Community Cupboard and Closet, a food pantry and clothing ministry whose mission he continues to embrace. (See article on page 16.)
“I like to spend time serving the community—that is my comfort zone,” he says. “You know, I love my job in tax, but you have to have something outside of it. I don’t want people to stand around my casket when I’m dead and say, ‘Wow, this guy could really find a deduction out of nowhere. He could find a loophole like nobody’s business.’ I don’t want that to be my legacy. I want people to say that I was there when others needed me, when they had no place else to go.“I have the best of both worlds. I have a career that I love and colleagues that I love to work with. But then when I leave work or on the weekends, I’m able to do something that I’m very passionate about—serving those who are in need.”
