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Kim Beare of FMD Awarded Firm Manager of the Year by CPAFMA

July 15, 2022

Birmingham, Mich. – Kim Beare, Firm Administrator at Fenner, Melstrom & Dooling, PLC in Birmingham, MI is the 2022 recipient of the CPA Firm Management Association’s (CPAFMA) prestigious Firm Manager of the Year Award (FMAward), which honors senior level firm managers who have significantly impacted their companies.

Selection criteria for the FMAward focus on leadership, strategic impact on the firm, and the contribution and oversight of programs that contribute to overall growth, profitability, and fostering employee-friendly company culture.

“Fenner Melstrom, & Dooling is a great company to work for. I learn a lot from my involvement with CPAFMA that I’ve been able to bring back ideas and implement to make our firm stronger.” In addition to her role as Firm Administrator, she assists the FMD partners on the Management Committee, which is responsible for strategic planning.… Read More

Changes Related to the Employee Retention Tax Credit (ERC)

October 25, 2021
The original Coronavirus Aid, Relief and Economic Security Act (CARES Act) signed into law on March 27, 2020 did not allow employers to both obtain a Paycheck Protection Program (PPP) loan and claim the ERC. The Consolidated Appropriations Act, 2021 signed into law on December 27, 2020, provides an important modification to the CARES Act, now allowing eligible employers to claim the ERC available to the eligible companies in 2021. Read More

The King is back… Cash that is

September 7, 2021
The importance of cash flow during uncertain times

As business owners navigate the challenges of the COVID-19 pandemic and its associated lockdowns, there are many strategies that should be considered to improve their cash flow situation.

At Banks Group, we have been speaking to our clients throughout the pandemic. Some are very uncertain and scared, while others are going stronger than ever. It has become very obvious to us that ‘the King’ has made a comeback, as it did during the global financial crisis: CASH is back.

Cash is the difference between money out and money in

Cash and headroom (ie undrawn finance balances) is critical in situations where operations and output are impacted while staff and establishment outgoings remain fixed.… Read More

Tax Amnesty in Ukraine

August 5, 2021
According to the Law No1539-9 Ukrainian Parliament introduces tax amnesty for undeclared income and assets, which have been obtained without paying taxes before 2021. Read More
St. Louis, Missouri, USA skyline at sunset, taken from the water.

Keys to Successful Transition Planning

May 27, 2021

A CPA firm, just like any of our corporate clients, is a business first and foremost. Like any thriving business, succession planning considerations should be a component of overall strategic planning. For transition plans to be successful, the process should result in a “win-win” situation for all involved.

A good succession plan depends on an owner or owners who are willing to relinquish control, decision making, and compensation/net income to the successors according to a structure that works for everyone’s mutual goals. Current ownership needs to identify key leaders within the firm who are ready and willing to buy-in under the same structure and time frame. Transition plans can be accomplished through earn-outs, bank or owner financing, or some combination.

Current owners, who are often founding owners, can exit the practice as they desire under a planned succession strategy.… Read More

Aerial view of St. Michaels Golden-Domed Monastery, Ministry of Foreign Affairs and Saint Sophias Cathedral in Kiev, Ukraine

Mandatory Registration of Foreign Legal Entities with Ukrainian Tax Authorities

May 19, 2021

On January 1, 2021, changes to the Tax Code of Ukraine came into force. According to them, all foreign legal entities operating in Ukraine through their separate divisions (representative offices), including permanent establishments, must be registered with Ukrainian regulatory authorities. Such changes have a significant impact on the parent companies that have representative offices in Ukraine, henceforth not only the representative offices but also the parent companies themselves shall be registered with Ukrainian tax authorities.

Thus, foreign legal entities that have separate divisions on the territory of Ukraine, but not registered with Ukrainian regulatory authorities as of January 1, 2021 shall submit documents for registration with the tax authorities of Ukraine. Those foreign legal entities that will register separate divisions on the territory of Ukraine after the entry into force of changes to the Tax Code of Ukraine will be registered with the tax authorities of Ukraine in the process of state registration of a separate division.… Read More

Talking About Remote Work and Offshoring with Integra Member Mark Cottle

September 14, 2020

Frontline has been a leader in remote work and offshoring since 2011 – can you tell us a bit about that? 

We kicked off our accounting firm in 2011, but we did it differently. We built our firm using an offshore model. Much to the envy of many firms we speak to, we have never had local staff. Our team are all based in the Philippines. This fact alone makes us very unusual. Being unusual also means we have not faced the same problems around capacity and cost issues that other firms have to navigate.

Many requests for help came from other firms to set up teams like we had done, and our offshoring business was born. We now help firms all over the world place teams of staff in the Philippines.… Read More

Integra International Adds Ten New Firms

September 10, 2020

By Zoya Malik | Originally posted on: www.internationalaccountingbulletin.com

Integra International Inc. has admitted ten new member firms: IL Management, Frontline Accounting, NAS Chartered Accountants, KGRN Accounting Associates, KMF Auditing Company Limited, DFV Tax and Business Advisors, Independent Accountants and Advisors, BATT & Associates, Corporate Analyst and Consultant and RS Financial Services

IL Management Gestao Empresarial Limited is located in São Paulo, Brazil. Headed by Lukas Rhomberg, the firm provides a one stop solution offering accounting and financial management, and fiduciary services. Legal services are provided by FCR Law and they have 8 partners and 39 staff in 2 offices.

Frontline Philippines Pty is located in Manila, Philippines. Headed by CEO Mark Cottle, they provide premium offshore services to solve capacity issues for Accounting Firms.… Read More

Close up of female accountant or banker making calculations.

Pandemic Alters Lease Accounting Landscape

April 16, 2020

Published today in the Journal of Accountancy by

By Stephen G. Austin, CPA; Joel Colbourn, CPA; Ane Ohm, CPA; and Don Mitchell

 

In addition to causing enormous disruption to health, safety, and the economy across the globe, the coronavirus pandemic has significantly altered the landscape for CPAs related to the lease accounting standard.

The changes include a potential effective date delay of FASB’s new lease accounting standard for certain entities, including private companies; a monumental increase in the number of lease modifications requested by lessees and granted by lessors; and the need for disclosures related to a company’s lease accounting decisions in the new environment.

Here’s a closer look at lease accounting amid the coronavirus pandemic.

FASB’s delay proposal

In recognition of the business disruptions caused by the new standard, FASB has voted to issue a proposal that would delay by one year the effective dates of its lease accounting standard for certain entities.… Read More

Big Sur a Big Hit for 41st Annual CPA Firm Team Building Adventure

August 9, 2019

HMWC CPAs & Business Advisors’ annual “Death March” hiking adventure was completed with great success, as this year’s 41st annual event in the picturesque Big Sur region of the central California coast was the setting for partners, employees, families, friends, and clients of HMWC. The accounting firm, located in Tustin, encourages this type of team-building experience to help with the firm’s goal of creating a work environment that fosters trust, initiative, loyalty, work/life balance, and mutual employer/employee success.

The annual event is held at different locations each year and involves multi-day hiking adventures in areas of rugged natural beauty. The 2019 edition of the event included a variety of hikes totaling 15 or more miles. Participants ranged from 5 to 76 years of age.… Read More