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You Are Here: Home » News & Events » 2006 News Archives
2006 News and Events Freed Maxick & Battaglia, CPAs strives to keep you informed of the latest firm news, issues and other information that affects your business. See the links below for the latest updates. 12/01/06:
Listen to our Tax Planning Guide Radio Commercial! 11/10/06: 9/28/06 The Firm has also been recognized by the Public Accounting Report as having one of the fastest-growing tax practices in the U.S., placing 5th among the Top 100 firms. Freed Maxick posted a 42 percent increase from its fiscal 2004 tax-related business. According to Robert Glaser, managing director of Freed Maxick & Battaglia, “About a quarter of our firm's work force is in the tax department, which has more than doubled during the past five years due to our success in serving the middle-market.” The Firm’s tax department alone has about 50 staffers, including eight tax partners. “The depth and breadth of talent of our tax team, combined with our tremendous resources, allows us the flexibility to address clients' as they arise,” Glaser said. Overall, Freed Maxick & Battaglia is attributing their continued strong growth rate, in-part, to their ability to appeal to under-served mid-sized companies in Western New York. Part of the firm’s appeal is the affiliation with RSM McGladrey, the 5th largest firm on the Public Accounting Report list. “RSM McGladrey provides us with the additional resources our clients need to address their complex national and international tax issues,” according to Glaser. Top 100 List. 8/4/06 Freed Maxick & Battaglia, CPAs Director Shawn Frier Honored with 40 Under Forty Award
The 40 honorees, nominated by Business First readers and selected by an independent committee, were chosen to recognize their outstanding achievements as well as their commitment to the Western New York community. The winners are considered to be young leaders in various segments of the Buffalo Niagara business community, including accounting, finance, government, health care, law, nonprofits, and more. The 40 Under Forty program was launched in 1992 to honor young leaders who otherwise receive little public recognition. To read more about Shawn Frier, see his Bio Here. 8/3/06 Immediately following the so-called trifecta bill vote, the Senate approved the Pension Protection Act of 2006 (HR 4) by a vote of 93 to 5. The Senate is now slated to recess until September 7. Senate Minority Leader Harry Reid, D-Nev., vowed that Democrats would move the extenders bill when Congress returns in September, although he did not offer any concrete plans as to how they would bring that about. In addition, Senate Majority Leader Bill Frist, R-Tenn., switched his vote to "nay" in order to preserve a procedural option to reconsider the trifecta package in the Senate at a later date. Senate Finance Committee Chairman Charles E. Grassley, R-Iowa, had warned GOP leaders earlier that removing the extenders bill from the pension reform legislation would jeopardize its chances of passage this session. If the bill is brought to the floor as a stand alone measure it would be open to numerous amendments, increasing the likelihood that it would never clear the Senate. Moreover, there are few legislative days left this session as both chambers plan to adjourn during the first week of October. The pension act represents the agreed upon provisions from the conference on HR 2830 and Sen 1783. Among other things, it makes permanent the pension improvements enacted in the Economic Growth Tax Relief Reconciliation Act of 2001 (P.L. 107-16), including increased contribution limits for individual retirement accounts (IRAs) and Code Sec. 401(k) plans. In addition, the act makes permanent the savers' credit of up to $2000, which is set to expire at the end of 2006. The trifecta bill would have increased the estate and gift tax exemption amount to $5 million per person, fully phasing in on January 1, 2015. Estates valued at between $5 million and $25 million would have been taxed at the capital gains rate, which is currently 15 percent (that rate will increase to 20 percent in 2011 under current law). The bill phased-in a reduced tax rate on estates in excess of $25 million, ultimately to 30 percent. The bill also would have extended through 2007 certain provisions of the tax code, such as the research and development credit, higher education expenses deduction, and the state and local sales tax deduction, which have expired or will soon expire. In addition, the bill increased the federal minimum wage from $5.15 to $7.25 per-hour incrementally over three years. The House approved both measures on July 28 (TAXDAY, 2006/07/31, C.1). The Joint Committee on Taxation (JCT) estimated that HR 5970 would result in a revenue loss of $52 billion over five years and $310 billion over 10 years. The estate tax provision alone would have resulted in a $267 billion revenue loss over 10 years (JCX-34-06). 7/31/06 Freed Maxick & Battaglia Sponsors 2006 Business Leadership Awards. Freed Maxick & Battaglia is proud to sponsor Buffalo Business First's 4th annual Business Leadership Awards Buffalo/Niagara. As Western New York's premiere business recognition event, this awards program honors companies and indiviudals that provide leadership in our community through innovation, creativity, community involvement and financial performance. Nominations are due August 15th, 2006. Download your nomination form here: 2006 Business Leadership Awards - Nomination Form 7/24/06 Freed Maxick & Battaglia, CPAs, PC has named Mark A. Stebbins a Tax Director in the Buffalo office. A graduate of SUNY Buffalo, Stebbins is originally from Syracuse, and now resides in Orchard Park, NY. Prior to working with Freed Maxick & Battaglia, he was a senior manager with the International Accounting Firm of KPMG, LLP. Stebbins specializes in partnerships, S Corporations, consolidated group income tax law, and FAS 109. 7/13/06 The interpretation of FASB Statement No. 109, Accounting for Income Taxes prescribes a consistent recognition threshold and measurement attribute, as well as clear criteria for subsequently recognizing, derecognizing and measuring such tax positions for financial statement purposes. The Interpretation also requires expanded disclosure with respect to the uncertainty in income taxes. This Interpretation, which incorporates comments received from FASB constituents, as well as views expressed during a public roundtable, is effective for fiscal years beginning after December 15, 2006. A Summary Text of Interpretation 48 is available at http://www.fasb.org/ under the caption, FASB Increases Relevance and Comparability of Financial Reporting of Income Taxes. A full text is available here. Visit Freed Maxick's FAS 109 Services page,6/15/06 Eric Majchrzak, marketing coordinator of Freed Maxick & Battaglia, CPAs was honored nationally as “Rookie of the Year” by the Association for Accounting Marketing (AAM) at the 17th Annual AAM Summit held June 15, 2006 in Denver, CO. Mr. Majchrzak was honored for contributing to the success of his firm in the first three years of his marketing role. Some of the notable accomplishments recognized for the award included several marketing campaigns he developed and managed, including firm website initiatives and development of local and regional radio media campaigns to market the firm’s professional accounting, tax & consulting services. He was nominated by his firm and was selected by a distinguished panel of accounting marketers throughout the U.S. Mr. Majchrzak was chosen from a national pool of individuals with three, or less, years of accounting industry experience. The Association for Accounting Marketing is a national association formed specifically to address the growing marketing needs of public accounting firms. Its membership includes over 700 marketing professionals, CPAs and consultants, vendors, educators and students who seek to expand the business of public accounting. Since 1989, AAM has provided members with the information, resources and market intelligence needed to excel and grow in their careers. Visit accountingmarketing.org 5/5/06 Freed Maxick & Battaglia's Dave Barrett, Director of Tax and Sally Wisnoski, Senior Tax Manager were the featured guests of radio talk show host Leslie Marsall, on May 5th program of the Leslie Marshall Show. The topic of discussion was IRS audits as they pertain to small businesses. Leslie Marshall can be heard on the 50,000 watt powerhouse WKBW-AM1520 in Buffalo and throughout Western New York. Leslie Marshall also fills in for Alan Colmes on Fox Radio Network and Jim Bohannon on Westwood One Radio Network. Leslie continues to be seen each Wednesday morning as a political pundit on the Fox News Channel and is a frequent contributor on: "The O'Reilly Factor," "Hannity & Colmes," "The Neil Cavuto Show" on fox, "Scarborough Country" and "The Deborah Norville Show" on MSNBC and "Showbiz Tonight" on CNN. Formerly, Leslie was a member of the varsity panel on "The Dennis Miller Show on CNBC" 2/4/06 SAVE THE DATE!! On February 4th, 2006, the Governmental Services Group of Freed Maxick & Battaglia, CPAs is hosting a Workshop on "Understanding the New Governmental Financial Reporting Model: GASB 34." Newly elected municipal government officials are encouraged to attend: Register before 1/30/06.
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