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Hertzbach eliminates mandatory Saturday hours during tax season

Posted by on Nov 30, 2016 | Comments Off on Hertzbach eliminates mandatory Saturday hours during tax season

Hertzbach eliminates mandatory Saturday hours during tax season

At Hertzbach, we are committed to helping our staff manage the competing demands of work, family, and life by offering a number of possible flexible work options. In a move to improve the quality of life during tax season and utilize technology to the fullest, Hertzbach will be launching a new flexible work program for the upcoming tax season that eliminates some or all in-office Saturday hours. We foster a work environment where our staff feel that they are part of a successful and supportive team. Our goal is to provide challenging and rewarding opportunities that will lead to greater career satisfaction. We regard our employees as the most valuable asset and resource to the success of our firm and we are committed to understanding their needs. Interested in joining the Hertzbach team? Here you can view our latest job openings or email us at...

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Hertzbach & HFAM present “The Successful Nursing Facility of the Future”

Posted by on Nov 25, 2016 | Comments Off on Hertzbach & HFAM present “The Successful Nursing Facility of the Future”

Hertzbach & the Health Facilities Association of Maryland (HFAM) present “The Successful Nursing Facility of the Future”. There will be six presentations during an all-day summit and CPE at the Maritime Institute in Linthicum Heights, MD. Patrick V. Trotta, CPA, CHC, a partner at Hertzbach will be presenting on Maryland Medicaid updates and how they will effect the healthcare industry going forward, Susan P. Panek, Deputy Director for nursing homes & community long-term care at the Maryland Department of Health and Mental Hygiene will speak on “Surviving the Perfect Storm: How Nursing Homes Can Prepare for the Impact of Current and Impending Policy Initiatives”, Clif J. Porter, VP of Government Affairs at the American Healthcare Association will speak out on the impact the National Election Results will have on the industry, Scott Rifkin, MD, CEO, Mid-Atlantic Health Care, LLC will be sharing, “The Successful Skilled Nursing Home and Post-Acute Care Facility of the Future,” Mark A. Steinberg, CPA, CVA, a partner at Hertzbach will speak on Fraud in Long-Term Care and its effects, Michael W. Jackson, Director of Information Technology at Hertzbach will be presenting on Cyber Security and the ramifications of being unprepared. We are excited to collaborate with HFAM on this informative summit. For more information or to register please visit our event...

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Hertzbach at the 28th Annual GWSCPA Nonprofit Symposium

Posted by on Nov 22, 2016 | Comments Off on Hertzbach at the 28th Annual GWSCPA Nonprofit Symposium

Hertzbach & Company, P.A. is a sponsor of the 28th Annual GWSCPA Nonprofit Symposium.  The GWSCPA Nonprofit Symposium is developed by the expert Nonprofit Member Section of the Greater Washington Society of CPAs. The Symposium is from Tuesday, November 29, 2016 – Thursday, December 01, 2016 Washington, DC at the Walter E. Washington Convention Center in DC. With hundreds of attendees expected, the objective of this years’ Symposium is to give attendees the opportunity to  learn about updates on the changing landscape from regulations to technology, obtain tools to help make transformational and strategic business decisions and gain unique networking opportunities through strong peer and professional resource communities. In addition to being a sponsor and exhibitor, Hertzbach will be represented by GWDC Office Partner, Mark Edward. Mark is also partner in Hertzbach’s Nonprofit Services Group and leads the Complete Financial Outsourcing Group. He will be moderating the first session of the conference. The session is titled “Nonprofit Controller Special Sessions: Nonprofit Turn-Arounds” It is intended for those in the CFO role only in order to facilitate peer to peer learning and connection. For more information regarding Hertzbach & Company, P.A. and our Nonprofit Services Group, please email...

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Robert Carter Speaks at SU Panel Series: Forensics Career Fair

Posted by on Nov 14, 2016 | Comments Off on Robert Carter Speaks at SU Panel Series: Forensics Career Fair

October 25, 2016 – Stevenson University Students and Alumni joined speakers at the SU Panel Series: Forensics Career Fair. This panel series was hosted by SU Career Services and the School of Graduate and Professional Studies.  Students and alumni had the opportunity to learn how to break into the forensics industry, gain advice on interviewing techniques specific to forensic positions, learn what education and credentials are required to succeed in a forensics career, ask the panel questions and network with the invited speakers, Stevenson’s Career & Industry Specialist, faculty, staff, and alumni. As a Stevenson graduate and a forensic accountant with extensive experience, Robert W. Carter, MS, CPA, CVA, CFE, CEPA, Senior Manager at Hertzbach & Company, P.A., was invited to speak on the panel. Robert Carter has managed several forensic accounting and fraud investigations involving misappropriation of assets/intellectual property and embezzlement claims. He also provides expert witness services for marital dissolutions, stockholder and partnership disputes, personal injury and lost profits claims, as well as other white collar criminal and civil matters. When asked about the Stevenson University Forensics Career Fair Panel Series, Rob stated “It is encouraging to see so many students that are interested in the forensics field and are actively learning what it takes to become a successful professional. Stevenson University has done an amazing job of engaging and preparing students for the first steps of their career as well as providing them with a pathway and the connections necessary to break into their chosen...

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Hertzbach Women Honored by MACPA and GWSCPA as “Women to Watch.”

Posted by on Oct 27, 2016 | Comments Off on Hertzbach Women Honored by MACPA and GWSCPA as “Women to Watch.”

Hertzbach Women Honored by MACPA and GWSCPA as “Women to Watch.”

As proud members of The Greater Washington Society of CPAs and the Maryland Association of CPAs, Hertzbach is honored to have our employees recognized by their peers as “Women to Watch” in the accounting profession and business community. The “Women to Watch” award, established by the AICPA, highlights the accomplishments of women in the profession and demonstrates to emerging female leaders that success is not out of reach.  The awards are given in two categories: Emerging Leaders and Experienced Leaders. Emerging Leaders are those women who are up-and-coming stars in their organizations, while Experienced Leaders are those who have established their roles as leaders in their organizations by advancing to the highest levels of management or ownership, and by mentoring those following in their footsteps. The Greater Washington Society of CPAs  announced the winners of the 2016 Women to Watch Awards at the Society’s Women to Watch Awards Luncheon on October 7, 2016 at The JW Marriott Hotel in Washington, DC. We are excited to share the following: Rebecca Boland, CPA, of Hertzbach was recognized as a winner in the Experienced Leader Category. Zeynep Orhan, CPA of Hertzbach was recognized as a winner in the CPA Emerging Leader category.  The Maryland Association of CPAs honored nominees at their 2016 Women to Watch Awards Breakfast on September 20, 2016 at the Hotel at Arundel Preserve. We very proud of our Hertzbach nominees: Marilyn F. Schneider, MA, CPA was recognized as an Experienced Leader. Nancy J. Buckley, CPA was recognized as an Emerging...

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Hertzbach CIO to speak at Thomson Reuters Synergy Conference 2016

Posted by on Oct 13, 2016 | Comments Off on Hertzbach CIO to speak at Thomson Reuters Synergy Conference 2016

Hertzbach CIO to speak at Thomson Reuters Synergy Conference 2016

Technology is an integral part of any modern business. For the accounting profession, staying current in a firm’s technology infrastructure is crucial just to stay relevant in our growing market. Bret Carr, Partner and Chief Information Officer based in Hertzbach’s Arlington, Virginia office, is always looking for the most innovative processes to help improve our firm operations. In November, Bret will be giving a lecture and workshop at the Thomson Reuters Synergy 2016 Conference in Grapevine, Texas. He will be discussing the challenges of keeping staff training current for “all things tech.” Closing the gap between the experience of IT staff and accounting professionals is important to maintaining an efficient workplace. When asked about the upcoming conference Bret shared his thoughts, “Thomson’s Synergy User Conference is a great place to share and brainstorm ideas. The times I have attended, I always return with something new and innovative to change improve our internal operations. I am excited and honored to be a potential catalyst for change at this year’s...

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FASB Changes in Nonprofit Reporting Now a Reality

Posted by on Oct 11, 2016 | Comments Off on FASB Changes in Nonprofit Reporting Now a Reality

FASB Changes in Nonprofit Reporting Now a Reality

After years of speculation and debate, the largest scale change in not-for-profit financial reporting since 1993 was issued on August 18, 2016 by the Financial Accounting Standards Board (FASB). Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-For-Profit Entities is the culmination of a six-year project designed to overhaul what many believe is an overly complex and limited not-for-profit reporting model. The ASU is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. The update aims to improve how a nonprofit organization classifies its net assets and provides information in its financial statements and notes about its financial performance, cash flow and liquidity. These changes are considered phase 1 of a 2 phase process. FASB will continue to work on phase 2 of the project, which may include requiring nonprofits to provide an operating measure of their financial performance. Changes created by the ASU include the following: Net Asset Classification: The three classes of net assets: unrestricted, temporarily restricted, and permanently restricted, will be reduced to two classes: net assets with donor restriction and net assets without donor restrictions. Board-Designated Net Assets: The amounts and purposes of board designated net assets must be disclosed. Expenses: Expenses are required to be disclosed by both their natural classification and their function. This can be presented in the footnotes to the financial statements or in a statement of functional expenses. Statement of Cash Flows: If a direct method cash flow statement is presented, it will no longer be mandatory to present the indirect method reconciliation.  Investment Return: Investment return is required to be presented net of external and internal investment expenses. Disclosure of the expenses netted against investment return will no longer be required.  Liquidity Information: Additional disclosures providing qualitative and quantitative information on the availability of an organization’s financial assets and how the organization will manage its liquid resources available to meet cash needs.  Underwater Endowments: Underwater endowments will now be reported as a reduction to net assets with donor restrictions with mandatory disclosures of policies, fair value, original gift amounts, and the underwater status.  Gifts of Long-Lived Assets: Organizations who receive gifts of cash or assets to be used to acquire or construct a long-lived asset will be required to release donor-imposed restrictions when the asset in placed-in-service absence of donor restrictions to the contrary. This ASU will have a significant impact on nearly all nonprofit organizations and their financial statement users. These organizations should have a thorough understanding of the changes and how they will affect their financial reporting. We encourage organizations to begin preparing...

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IRS Takes Aim at Valuation Discounts for Family Controlled Entities

Posted by on Sep 26, 2016 | Comments Off on IRS Takes Aim at Valuation Discounts for Family Controlled Entities

IRS Takes Aim at Valuation Discounts for Family Controlled Entities

For years, the transfer of family-owned entities and the use of valuation discounts such as those for lack of control and marketability have been a staple of the estate planning process. These discounts allow value to be transferred from one individual to another with a reduction from the pro-rata value of up to 40% in some cases. Generally, these discounts are the result of strict verbiage in the family controlled entity’s organizational documents. The IRS has been lobbying to have laws implemented that reduce or abolish the usage of these discounts when family members effectively retain control of a company. Although these congressional proposals were never passed into law, there are currently proposed changes to the IRS regulations contained within IRC §2704. Historically, IRC §2704 has presented strict guidelines regarding what attributes can and cannot be considered when valuing an interest in a family-owned entity such as transfer, distribution, voting, and liquidation restrictions. However, in many cases valuation specialists were still able to consider some of the attributes of the interest as stated in the governing documents if they were not overly restrictive or onerous. Under the new proposed regulations, the ability to rely on these attributes to justify an impact on value would significantly change if the family member owners of the entity have the ability to alter these attributes. Essentially, the new regulations require a valuation specialist to ignore certain restrictions that would limit control or marketability and in some cases, require the valuator to make certain assumptions. The major changes under the proposed regulations are as follows: New 3-Year Lookback Period. Transfer within 3 years of a decedent’s date of death may be added back to the estate for purposes of determining control and marketability; Change in the Definition of Control. Control may be defined by either vote or value; Consideration of Family Control. The determination of control will no longer be based on the interest valued if the family still retains control over the entity. It will be assumed that the remaining family could adjust the attributes of a specific interest and therefore the interest’s attributes are to be ignored; Disregarded Restrictions Expansion. Any onerous restrictions beyond what would exist in a private company with unrelated parties will be ignored; and Non-Family Owner Exemptions. The rights of non-family owners can only be considered if they have been an owner for at least 3 years, can liquidate in less than 6 months, and have a substantial interest as of the date of the transfer. These new proposed changes would effectively eliminate discounts for valuations of family-controlled entities. A hearing on these proposed regulations is scheduled for December 1, 2016. Although it is expected that the proposed changes will meet significant push-back, some form of these proposed changes are expected to become effective in early 2017. Most professionals believe at this time that the IRS will allow discounts on gifts prior to the final regulations being issued, however, there is a possibility that the change may be retroactive. Now is the time to advise clients about the significance of these changes and the timing of potential transfers. To learn more about these proposed changes and the potential impact for your clients, please contact one of our business valuation professionals. Robert W. Carter, MS, CPA, CVA, CFE, CEPA,...

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Congratulations to Robert Carter – CPA Practice Advisor 40 Under 40 Award Recipient

Posted by on Sep 23, 2016 | Comments Off on Congratulations to Robert Carter – CPA Practice Advisor 40 Under 40 Award Recipient

Congratulations to Robert Carter – CPA Practice Advisor 40 Under 40 Award Recipient

CPA Practice Advisor has announced the recipients of its annual 40 Under 40 Awards, a program designed to recognize and honor young leaders who are helping to positively shape the accounting and tax profession. Robert W. Carter, MS, CPA, CVA, CFE, CEPA, Senior Manager at Hertzbach & Company, P.A. has been recognized as a 40 Under 40 honoree, among the best and brightest talent in the accounting profession. According to the post published in CPA Practice Advisor, the award recipients were chosen based on the criteria that “they are all active in the professional community, as well as in their local communities. Many are also frequently seen at industry trade shows, such as AICPA PS/Tech and state CPA society events, giving seminars or participating in round table discussions on evolving practices and technologies.” Robert Carter joined Hertzbach in 2007 as a financial analyst and now exclusively manages the Business Valuation, Forensic Accounting and Litigation Support Department. Rob regularly contributes articles to several professional and academic publications, including CPA Practice Advisor, and has taught for the National Business Institute as well as the Maryland Chapter of the National Association of Certified Valuators and Analysts. He also teaches at Stevenson University as an adjunct instructor in the Graduate Forensic Studies Program. He specializes in valuation engagements for S-corporation conversions, ESOPs, marital dissolutions, gift and estate tax, buy-sell agreements, and many other business valuation purposes. Mr. Carter has managed several forensic accounting and fraud investigations involving misappropriation of assets/intellectual property and embezzlement claims. He also provides expert witness services for marital dissolutions, stockholder and partnership disputes, personal injury and lost profits claims, as well as other white collar criminal and civil matters. Click here to view Rob’s Q&A with CPA Practice...

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Joel Chazen & City Life Builders Celebrate 1st Construction Training Graduation

Posted by on Sep 8, 2016 | Comments Off on Joel Chazen & City Life Builders Celebrate 1st Construction Training Graduation

Joel Chazen & City Life Builders Celebrate 1st Construction Training Graduation

City Life is the nonprofit arm of City Life Community Builders. The for-profit company has restored hundreds of vacant and boarded city row homes and built new town home developments in these neighborhoods, while working as change agents within these communities to address the many issues. The non-for-profit entity offers programs that provide a source of training, guidance, resources and employment, for individuals as well as new or developing businesses that will lead to careers with family-supporting wages and long-term economic stability. Joel Chazen, Managing Partner at Hertzbach & Company, P.A. is on the Board of Directors at City Life Community Builders in addition to serving as Treasurer. Recently, Joel attended the first Construction Training Graduation Program where six graduates were honored for their completion of the program. During the Construction Training Program, the graduates were able to learn everything from financing and banking, to electricity processes and the basics of building a home from the ground up. When asked about the program, Joel said “Through teaching these construction industry skills, City Life Community Builders is helping to give these young people a way to support themselves and their families. I am honored to be a part of this organization.” Click here to view the graduation event video and click here to learn more about how you can get involved with City Life Community...

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