header
header
header

Summing It Up

Keeping you ahead of the curve with timely news & updates.


Leia Marino

Recent Posts

Meet Freed Maxick’s Business Valuation Team

Valuing a closely-held business can be a subjective and complex process that requires a strong understanding of finance, investments, economics and accounting. At Freed Maxick, our team of valuation experts have the experience necessary for nearly any valuation consulting project. The team has performed valuations for numerous purposes including estate and gift, succession planning, litigation support, mergers and acquisitions, and financial reporting. While all members of our team have worked on valuations for each of these purposes, each member also has specific areas of focus as follows:

 

Timothy J. McPoland, CPA/ABV, CFE, CVA is a Director and the leader of the firm’s Business Valuation and Litigation Support team. Tim has regularly provided expert witness testimony relating to valuation issues, antitrust litigation, contract disputes and lost profit analyses over the past three decades. Tim also has a significant amount of experience advising clients on mergers and acquisitions.

Joseph M. Aquino, CPA, CVA is a Director with over two decades of experience providing valuation and consulting services to clients. Joe leads the majority of the team’s valuation engagements for financial reporting purposes, including purchase price allocations and intangible impairment analysis. Because of the experience in these types of engagements, our team is able to help determine the value of many intangible assets, including customer lists, patents, trade names, and non-compete agreements. Joe also has a considerable amount of valuation experience in the manufacturing and healthcare industries, with valuations for gift and estate tax purposes and merger and acquisitions, and has also testified as an expert witness on valuation issues.

Ronald J. Soluri, Jr., CPA, CVA is a Director with over two decades of experience providing valuation consulting and litigation support services to clients. Ron leads many of the firm’s valuation engagements for estate and gift tax purposes. Ron has a significant amount of valuation experience in manufacturing, wholesaling, distribution, and professional service industries as well as with real estate and investment holding entities. Additionally, Ron has advised many clients on mergers and acquisitions and has also provided expert witness testimony on valuation issues. 

Thomas C. Insalaco, CFA, CVA is a Manager with a decade of valuation and securities analysis experience. Tom brings unique investment experience to the team as he was a stock analyst at a large bank for five years before joining the firm. Tom has a significant amount of experience performing valuations for gift and estate taxes and has also worked on valuations for financial reporting, litigation support and mergers and acquisitions. Tom also works with closely-held business owners to help incorporate their private business investments into their overall wealth planning.

 

If you are in need of a professional opinion on the value of a closely-held business interest for any reason please call our office at 716-847-2651.

View full article

Historic Tax Credits Keep Buffalo's Renaissance Going

The Historic Tax Credit program may be the most powerful tax incentive available to fund the rehabilitation of historic properties. Don Warrant, CPA and Tax Director at Freed Maxick, talked with Growing Buffalo about how the rehabilitation of historic properties can generate a 40% cash reimbursement to property owners.

Listen to the whole conversation here, or by clicking the button at the bottom of this blog.

Interested in discussing your eligibility for the Historic Tax Credit? Call Don Warrant, CPA at 716.847.2651 or click here.

CTA button Historic Tax Credit.jpg

 

View full article

Tax Deadline Changes Impact Taxpayers and Tax Practitioners

April 15th due date coming up.

Historically, tax returns for C corporations have been due on March 15th and those for partnerships have been due on April 15th. Starting with the 2016 tax year, those deadlines flip in an effort to allow owners of pass-through entities enough time to receive K1s and be able to accurately file personal returns by the April 15th deadline. Old deadlines put a lot of pressure on tax practitioners, so the hope is these changes will help lighten he load during a busy time.

Bill Iannarelli, CPA and Tax Director at Freed Maxick, recently spoke with Growing Buffalo about these deadline changes, including what FBAR filers and corporations should know about filing requirements. Listen to the whole conversation here.

Non compliance is associated with significant penalties, so filings should not be taken lightly. Call Bill Iannarelli at 716.332.2720 to discuss your FBAR situation, or contact us here.

 

CTA button Tax Deadlines.jpg

View full article

R&D Tax Credits—New Opportunities for Taxpayers

Manufacturers will also benefit from expanded R&D tax credit benefits.

Federal tax rules have expanded in a manner that allows more activities to qualify for the research and development (R&D) tax credit and the taxes the credit can be used to offset.

More benefit from the credit means more cash available to manufacturers.

Key highlights from the R&D Credit expansion:

  • The Credit Is Now Permanent.
  • Eligible Small Businesses Can Use the Credit to Offset Alternative Minimum Tax.
  • Qualified Start-up Businesses Can Use the Credit to Offset FICA Tax.
  • IRS Noted Increasing Importance of Internal Use Software.
  • Website Design Costs for Third Party Interface.

R&D Credit for Manufacturers - Buffalo CPA For details—including examples of R&D activities, and specific New York State opportunities—download the full article from May's edition of The Bottom Line, co-authored by Freed Maxick CPAs and Tax Practice Directors, Samuel C. DiSalvo, CPA and Don L. Warrant, CPA.

Manufacturers conducting research activities should review their eligibility for federal and state level R&D credits. It is not uncommon for manufacturers to miss opportunities. For help minimizing or lowering your tax burden, contact us.

View full article