2007 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.

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11/07/2007
FIN 48 deadline postponed for private companies

On Nov. 7, 2007, the Financial Accounting Standards Board (FASB) voted to delay the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), for private companies.

Those that haven’t already implemented the new rules can now postpone compliance until periods beginning after Dec. 15, 2007. For most private companies, this reprieve means that FIN 48 will affect only their calendar-year 2008 and later financial statements.

FIN 48 requires companies that prepare their financial statements according to Generally Accepted Accounting Principles (GAAP) to review all of their federal and state tax positions — including decisions not to file in a particular state — and to determine whether the positions would “more likely than not” withstand a challenge by the IRS or a state tax authority.

If a position fails the more-likely-than-not test, the corresponding tax benefit isn’t recognized in the company’s financial statements. For positions that meet the test, FIN 48 outlines a complex process for determining the portion of the benefit that should be recognized. In either case, the company must establish reserves for the portion of the tax benefit that isn’t recognized and make financial statement disclosures about uncertain tax positions.

When making its decision, FASB took into account widespread concern that there was a general lack of awareness of the new requirements. In particular, many pass-through entities — such as partnerships, S corporations and limited liability companies (LLCs) — were unaware that FIN 48 even applied to them. FASB didn’t feel it was necessary to develop separate guidance on the application of FIN 48 to pass-through entities but did say it would take steps to inform these companies that the new rules do indeed apply to them.

FASB is expected to issue the deadline deferral in the form of a proposed amendment to FIN 48, such as a FASB Staff Position, which would have a 30-day comment period once it’s released. However, it appears unlikely that the comment period would result in significant changes to the deadline deferral.

Although FASB’s decision is good news for private companies, it doesn’t mean they can put off thinking about FIN 48 for a year. These companies should start examining their situations soon to evaluate the potential impact of FIN 48 on their financial statements and to ensure that procedures are in place to gather the information FIN 48 will require.

If you have any questions about how FIN 48 affects your company and the preparation of its financial statements, please let us know. We would be glad to review your situation and help you prepare any information required to comply with this new accounting rule. 

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10/18/07
Winners Announced for the 2007 CFO of the Year Awards: 

Freed Maxick and Buffalo Business First announced the winners of the first annual CFO of the Year Awards on October 18th. The awards were given to financial professionals in the Buffalo Niagara region for outstanding performance in their roles as corporate financial stewards. More info here 

CFO of the Year Awards Radio Commercial! 

 

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9/7/07
Merger With Rochester-based CPA Firm Bernardi & Russo, LLP Announced

David Bernardi
Mike Russo
Laura Forthman

A merger between the Rochester based CPA firm of Bernardi & Russo LLP and Freed Maxick & Battaglia, PC has been announced. The merged firms will practice as Freed Maxick & Battaglia, CPAs. The merger will more than double the firm's Rochester-based workforce, with total staff consisting of 22 employees, including the addition of three new directors to the firm, David Bernardi CPA, Michael Russo CPA and Laura Forthman CPA.  The merger puts Freed Maxick & Battaglia ahead of schedule to reach its goal of 30 Rochester-based employees by the end of 2008. The firm will now employ 230 professional and administrative staff across Rochester, Batavia and Buffalo (headquarters). The merger also provides new and expanded office space for Freed Maxick & Battaglia's Rochester operations, which will be re-located to Bernardi & Russo's existing offices at the Meridian Centre Office Park in Brighton.

"We were both looking for an opportunity to expand our talent and capacity to serve clients in Rochester," says Robert Glaser, CPA, managing director of Freed Maxick & Battaglia.  "We had a prior working relationship with Bernardi & Russo and this merger is a natural expansion of that relationship. We look forward to working with many new outstanding clients." Glaser said. 

Mike Russo, CPA, partner of Bernardi & Russo noted "There was great chemistry between our firms when we participated in prior joint engagements. Both firms were committed to providing excellent client service and an enjoyable, professional working environment for employees."

David Bernardi, CPA, managing partner of Bernardi & Russo said "The merger allows us a greater range of services to provide for our clients, while still maintaining the responsiveness that they have come to expect. Furthermore, the merger provides excellent career growth opportunities for employees."

It is the Firm's second merger since 1998, when Batavia-based Battaglia Andrews & Moag, PC joined the Firm.  In 2000, Freed Maxick & Battaglia formed an alternative practice structure with RSM McGladrey, the 5th largest accounting firm in the US.  Although separate and independent legal entities, the alternative practice structure enables Freed Maxick & Battaglia, a licensed CPA firm that provides attest services , and RSM McGladrey, Inc., a business services company that provides non-attest tax and consulting services, to work together to serve the business needs of mid-sized companies. Print version of press release here.

Listen to our Merger Announcement!

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8/15/07
Freed Maxick & Battaglia Named a Top 100 Largest Public Accounting Firm in the U.S.
 
Freed Maxick & Battaglia CPAs has been named to the list of the “Top 100 Largest Public Accounting Firms in the U.S,” according the most recent issue of  Inside Public Accounting, an independent accounting industry trade publication.  Freed Maxick & Battaglia, CPAs made the 98th slot on the 2007 list, where the firm reported a 12 percent increase in net revenue from the previous year.  Freed Maxick attributes its strong growth rate to the ability to tap into the mid-sized private and public (SEC) companies in Rochester and Buffalo that are being under-served by the “Big Four” and other “regional” public accounting firms.  

According to Robert Glaser, managing director of Freed Maxick & Battaglia, the firm’s alternative practice structure with RSM McGladrey, the 5th largest accounting firm in the U.S., has afforded Freed Maxick the opportunity to be a legitimate alternative to the Big Four accounting firms.  “RSM McGladrey provides additional resources to our clients, if needed, to address their complex national and international tax and consulting issues,” Glaser said.  “The companies that look to us want a service-minded firm that can legitimately deliver the national and international resources of a national firm.  It’s a powerful combination for companies in the middle-market business segment,” Glaser said. 

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6/28/07
Michelle Sullivan, CPA and Richard Wright , CPA Elected Directors


Freed Maxick & Battaglia is pleased to announce that Michelle Sullivan, CPA and Richard Wright, CPA have been elected directors to the Firm.

Michelle Sullivan, CPA is Director in the firm's Employee Benefit Plan Audit Group and specializes in audits of defined contribution, defined benefit and health and welfare plans for both private and public companies.  Ms. Sullivan is responsible for the technical review of the employee benefit plan audits in accordance with both the Department Of Labor (DOL) and Public Company Accounting Oversight Board (PCAOB).  She is responsible for the overall planning, organization, supervision, and completion of over 75 pension plan audits the firm performs.  Ms. Sullivan is also involved with the firm’s staff training programs and has conducted training in the employee benefits area.

Richard J. Wright, Jr., CPA is Director responsible for managing the firm’s Research & Development Tax Credits Service area. He assists manufacturing, technology and software companies in New York and nationally to successfully reduce their tax liabilities by uncovering R&D credits.  Mr. Wright has had articles published nationally on R&D tax credits in Manufacturing & Engineering Magazine and Leading Edge Magazine, the Magazine of the Leading Edge Alliance. Additionally he is a member of the American Institute of CPAs (AICPA) and the NY State Society of CPAs (NYSSCPA), Chair of the Foodbank of WNY and Finance Chair of the National Buffalo Wing Festival.

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6/01/07
Freed Maxick Sponsors the CFO of the Year Awards 2007

As heard on WBEN-Am 930, Freed Maxick & Battaglia, CPAs, Citizens Bank and Buffalo Business First bring you the first annual CFO of the Year Awards. The CFO of the Year awards will be given to financial professionals in the Buffalo Niagara region for outstanding performance in their roles as corporate financial stewards. This program provides many benefits to the regions business community by highlighting the growing importance of financial executives in the Buffalo Niagara area. Nominations are due by August 1, 2007. More information Here.

Listen to our CFO of the Year Awards Radio Commercial!

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4/16/2007
IRS Gives April 16 Storm Victims Additional 48 Hours to File Income Tax Returns

From the IRS Website -Victims of the major storm affecting several Northeastern states on Monday, April 16 will have two additional days to file their tax returns beyond the April 17 tax deadline, the Internal Revenue Service announced today.Taxpayers directly impacted by the storm have until midnight April 19 to meet their tax filing obligations without incurring late filing and payment penalties. Across the Northeast, there have been power outages and public transportation problems making it difficult in some cases, if not impossible, for some taxpayers and tax professionals to meet the April 17 filing deadline. “Because this unusually forceful storm hit within 24 hours of the filing deadline, we are giving affected taxpayers 48 additional hours,” IRS Commissioner Mark W. Everson said. Affected taxpayers can mark their paper tax returns with the words “April 16 Storm.” Taxpayers who e-file their returns can use their software’s “disaster” feature, if available. Taxpayers can keep up to date by visiting the http://www.irs.gov/ Web site and clicking on “Newsroom.”

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4/4/07
Freed Maxick & Battaglia, CPAs Announces Sponsorship of the World Trade Center Buffalo Niagara’s 12th Annual World Trade Celebration


Freed Maxick is a sponsor of the 12th Annual World Trade Celebration being held on May 16th at Kleinhans Music Hall-- featuring keynote presentation by James W. Owens, Chairman & CEO of Caterpillar, Inc. This forum provides an unrivalled opportunity for those who are active in our bi-national region’s trade community to meet in one place at one time. World Trade Celebration draws corporate CEOs, community and business leaders, and other distinguished guests who seize this once-a-year opportunity to educate and entertain clients, prospects and employees. Mr. Owens will deliver Caterpillar’s message to the Buffalo Niagara international business community for an event you do not want to miss. Not only will you be inspired, you will take home valuable ideas, contacts, and resources that will help you build your global business into the future.

The International Tax Group of Freed Maxick & Battaglia, CPAs provides tax and consulting services to privately held and public (SEC) companies. Affiliated with RSM McGladrey, the 5th largest accounting firm in the U.S., Freed Maxick has vast national and international resources to help your business expand nationally and internationally. For more information about this event, visit www.wtcbn.com
 

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2/22/07
Dave Barrett, CPA is Live Line Guest of WBEN's Morning News Team


On February 22nd, Dave Barrett, CPA, Director of Tax Services at Freed Maxick & Battaglia, CPAs talked taxes with the John Zach and Susan Rose of WBEN-AM 930's Morning News Team. Mr. Barrett talked about recent tax legislation passed at the end of 2006 that impacts tax payers. The discussion highlighted various available federal and state incentives that can help to minimize tax burdens for Western New York businesses and individuals. Listen to Dave Barrett's Interview.  See Barrett Bio
  
 Dave Barrett, CPA

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1/22/07
Freed Maxick & Battaglia, CPAs Announces Sponsorship of the Western New York Business Report of WHAM-AM 1180 in Rochester

Freed Maxick & Battaglia, CPAs has teamed with WHAM-AM 1180 in Rochester to sponsor the Western New York Business Report with Randy Gorbman.  The report provides the latest in local business news and can be heard at 5:35pm on WHAM. Freed Maxick & Battaglia, CPAs is proud to be part of this sponsorship working with WHAM to keep the business community up-to-date on the latest news that affects their business.  

Listen to our commercial on WHAM

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Related Links

2006 News Archives

2005 News Archives

2004 News Archives