12/10/09
Pulse 360 First Ad Network to Pass Audit for IAB Click Measurement Guidelines

New York, NY - December 10, 2009 - Pulse 360, Inc., today announced that it has passed a third-party audit for the Interactive Advertising Bureau's (IAB) new Click Measurement Guidelines. Pulse 360 is the first ad network company to pass a third-party audit, which was conducted by Freed Maxick & Battaglia, CPAs.

"The IAB Click Measurement Guidelines are a comprehensive set of standards for counting pay-per-click advertising impressions and for detecting and preventing click fraud," said Larry Hessney, Director of Freed Maxick's Technology Risk Consulting Services division. "We validated Pulse 360's compliance through rigorous review and testing of their click measurement methodology, including their click fraud prevention practices. Pulse 360 has displayed a commitment to transparency and reliable measurement practices during the period of our review." See Full Press Release 

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11/06/09
Obama Signs Legislation Expanding NOL Carryback

On Nov. 6, President Obama signed into law the Worker, Homeownership, and Business Assistance Act of 2009, H.R. 3548 (“WHBAA”), which was previously cleared by the House of Representatives on Nov. 5 and the Senate on Nov. 4, and includes a provision that permits taxpayers with net operating losses (NOLs) for tax years ending after Dec. 31, 2007, and beginning before Jan. 1, 2010 to carry back the loss from one tax year to up to five tax years. More on the NOL Expansion. 

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11/12/09
Freed Maxick sponsors Pathways to Entrepreneurial Success 2009 Nov. 12

ROCHESTER, N.Y. –Nov 12, 2009- Aspiring entrepreneurs and current business owners attended Pathways to Entrepreneurial Success 2009, a community resource forum hosted by Monroe Community College. The forum was held on Thursday, Nov. 12, at MCC’s R. Thomas Flynn Campus Center, 1000 East Henrietta Road, Rochester. Freed Maxick's Tom Chiavetta, CPA/ABV, CVA and Ron Soluri Jr, CPA, CVA presented on the topics of Business Entity Selection and Business Succession Planning/Valuation respectively.

MCC President Anne M. Kress opened the forum at 8 a.m. Dixon Schwabl CEO Lauren Dixon served as mistress of ceremonies. Plenary sessions covered the journeys and challenges faced by entrepreneurs and key community resources offered by government agencies, business development organizations and local colleges. Presenters included representatives of the United States Small Business Administration, Monroe County, the City of Rochester and Greater Rochester Enterprise. Richard Kaplan, president and CEO of Pictometry International Corporation, will be the luncheon keynote speaker.  

http://www.entrepreneurshipforum.org/

 

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7/1/09
Freed Maxick Marketer Elected to Board of Association for Accounting Marketing

Eric Majchrzak, Freed Maxick's marketing manager, was elected to the Board of Directors of the national Association for Accounting Marketing. Majchrzak was appointed to the Board at the Association's 20th Annual Marketing Summit in Austin, TX, where more than 300 accounting marketers from around the country (and internationally) were on hand for the three day conference to learn more about the evolving role of marketing professionals within the industry. This year's program addressed the theme of technology and social media. He is the past Chairman of the Association's Website Committee, where he was charged with the integration of the association's strategic marketing, communications and P.R. efforts into the association's website.  Majchrzak was honored nationally as the "Rookie" Accounting Marketer of the Year in 2006. See Eric Majchrzak Bio

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6/23/09
Lloyd Arakelian Joins Freed Maxick as Healthcare Director in Buffalo Office

Buffalo, NY – June 23, 2009 - Freed Maxick & Battaglia, CPAs, PC announces that Lloyd Arakelian, CPA, FHFMA has joined the Firm’s Buffalo office as a Director in the Healthcare Consulting Practice. Mr. Arakelian’s presence will serve to boost Freed Maxick’s northeast region healthcare assurance and advisory services practice, which is the firm’s largest and fastest growing enterprise with over 30 full time client service professionals. Mr. Arakelian has over 25 years of experience in the healthcare industry and has a unique blend of experiences as both a hospital finance executive as well as a client service professional. Prior to joining Freed Maxick, Mr. Arakelian practiced at a “Big Four” international professional services firm for over 15 years, where he was an Executive Director since 2004. He specializes in delivering financial, operational and reimbursement services to hospitals, physician practices, integrated delivery systems, home health agencies and HMOs. See Lloyd Arakelian Press Release. See Lloyd Arakelian Bio

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5/29/09
Foreign Bank Account Report (FBAR) Update

In recent months there has been a flurry of activity and discussion among both the IRS and tax practitioners regarding the new version of Form TD F 90-22.1 (“Report of Foreign Bank and Financial Accounts” or “FBAR”) that was issued in late 2008. While FBAR reporting requirements have been in place since 1970, significant revisions to the form and associated penalties for non-compliance have garnered the attention of many taxpayers and practitioners. Many United States taxpayers are simply unaware of the requirements to report such income and the Internal Revenue Service (IRS) has determined that there is significant amount of non-compliance in this area and has therefore indicated that they will be stepping up enforcement of the potentially considerable penalties related to non-filing. 

Visit Our page on FBAR
 

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5/21/09 
2009 CFO Breakfast Roundtable Sheds Light On Best Practices In A Down Economy

Freed Maxick & Battaglia, along with Citizen's Bank and Business First, held the "2009 CFO Best Practices Breakfast Roundtable Forum" May 20th at Millenium Airport-Buffalo.  The discussion, moderated by John Kropski, CPA, Director of Freed Maxick & Battaglia; and Anthony Rizzo, Senior Vice President of Citizen's Bank; included a distinguished panel of Buffalo Area CFO's.  This years panel consisted of Gary Crosby, CFO, Buffalo City Schools; Jim Deuschle, CFO, Rich Products; and Robert Mayer, CFO, Weinberg Campus; who spoke to a packed room about several topics including

• “Recessioneering”   -Lean thinking; Identifying opportunities in tough times; Coaching/Accountability
• What CFOs are measuring now
• What CFOs are doing differently today than they were 12 months ago
• Long term planning
• How the best stay informed
• Dashboarding
• Self-development initiatives 

The audience for this invitation-only event included CFOs, CEOs, accounting professionals, and other business professionals from around Western New York.  Information on the "2010 CFO Best Practices Breakfast Roundtable Forum" is forthcoming, and will be available at http://www.freedmaxick.com/.

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5/18/09
Upstate Regional Blueprint Funds Now Available

Governor David Paterson's office has announced the availability of $120 million in state monies through the Upstate Regional Blueprint Fund.  The purpose of the fund is to finance business investment, infrastructure upgrades and downtown redevelopment.  Money will be awarded to support projects that provide a framework for future growth by helping to attract businesses, improve commerce and revitalize local economies. The Upstate Regional Blueprint Fund will be administered by Empire State Development Corporation, and monies will be allocated through a competitive process in the form of subsidized loans, convertible loans and grants, with a preference towards loan requests.  Business investment assistance will be considered on an ongoing basis while infrastructure and downtown redevelopment will be considered on a quarterly funding cycle.   The first round of applications is due June 15, 2009 and awards are scheduled to be announced in August.  Click here to download applications and guidelines.  If you are in Allegany, Cattaraugus, Chautauqua, Erie or Niagara Counties and you are interested in applying for these funds, contact Empire State Development's Western New York Regional Office at (716) 846-8200 or contact Don Warrant, CPA

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5/14/09 
Don't Be Caught Off Guard:  Get Ready For The FASB Codification

On July 1, 2009, FASB is instituting a major change in the way accounting standards are organized.  On that date, the FASB Accounting Standards CodificationTM is expected to become the single official source of authoritative, nongovernmental U.S. generally accepted accounting principles (GAAP).  Pending approval by the FASB, after that date, only one level of authoritative GAAP will exist, other than guidance issued by the Securities and Exchange Commission (SEC).  All other literature will be non-authoritative.
 
While the FASB Codification is designed to make it much easier to research accounting issues, the transition to use of the Codification will require some advance training.  These weekly “Countdown to Codification” alerts are designed to provide tips to make that transition easier.
 
The FASB offers a free online tutorial at http://asc.fasb.org/.  A recorded instructional webcast—The Move to Codification of US GAAP, first presented live on March 13, 2008—also is available at http://www.fasb.org/fasb_webcast_series/index.shtml.  In addition, Codification training opportunities are offered through professional accounting organizations such as the American Institute of Certified Public Accountants (AICPA).

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 5/08/09
Freed Maxick Sponsors "World Trade Celebration 2009" 

Freed Maxick is proud to sponsor the "World Trade Celebration 2009", presented by the World Trade Center Buffalo Niagara. The event will take place Wednesday, June 24, 2009, from 4:30-9:00pm at the Buffalo Convention Center.

"World Trade Celebration" is the signature annual networking event for hundreds of American and Canadian executives involved in international trade in the binational region of Upstate New York and Southern Ontario. Since 1996, World Trade Center Buffalo Niagara has presented "World Trade Celebration" to bring the trade community together to recognize the benefits of trade and commerce for our binational region. This year's event features Keynote Speaker John M. Stropki, President, CEO & Chairman of Lincoln Electric. For more information about the event, visit WTCBN.com

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4/22/09
Freed Maxick, Nixon Peabody, Attract Capital sponsor Upstate NY M&A Council event

Freed Maxick is co-sponsoring an Upstate M&A Council event with Nixon Peabody and Attract Capital. The roundtable event, "Financing Your Growth in a Challenging Economy," will highlight how the financing markets are still open for funding growth, acquisitions or day to day operations-- even though the rules of the game have changed. Come learn what lenders and investors now think about risk and pricing in this new financial environment. We have assembled a panel of experts with unique insight as to:

• Best way to structure transactions for success.
  
• Setting expectations as to pricing and valuation.
  
• How to develop defensive capital structures.
  
• How to go about starting a deal process that will result in a closed deal.
  
• How to think about acquisitions and growth in a slow growth economy.

Featuring a Panel Discussion by:

• John Koeppel – Nixon Peabody LLP
  
• Michael Lasch – Pine Street Capital Partners
• Gary Hull – Summer Street Capital Partners
• David Barnitt – Attract Capital, LLC
• Thomas Berical – Freed Maxick & Battaglia, CPAs

Date: Tuesday, May 12, 2009
Time: 6:00 PM to 8:30 PM
Place: Nixon Peabody, 40 Fountain Plaza, Suite 500, Buffalo, NY

Sponsored By:

    

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3/10/09
Barrett provides expert witness tax consulting at federal tax evasion trial

Freed Maxick's Dave Barrett, CPA provided expert witness tax consulting that helped earn multiple not-guilty verdicts in a high-profile tax shelter case in the Virgin Islands. The Charleston, SC law firm of Richardson, Patrick, Westbrook & Brickman (RPWB) was lead counsel on the case and the Western New York tax law firm of Andreozzi Fickess, LLP provided litigation support along with Freed Maxick. The firms were part of the defense team that represented J. David Jackson, Chief Financial Officer of Kapok Management LP, and eight other defendants indicted on tax evasion, conspiracy and wire fraud charges. The IRS and the United States Department of Justice accused Jackson and Kapok Management of sheltering $300 million through the Virgin Islands Economic Development Commission (EDC) program.  After a two-month trial, a federal jury acquitted Jackson and the other defendants. The defense team was co-headed by prominent white collar defense attorney, Gordon Rhea, of RPWB. RPWB tapped tax counsel Andreozzi Fickess LLP of Clarence, NY to assist in representing David Jackson in the case.  David Barrett, CPA, Director of Tax Services at Freed Maxick, was also brought on board to provide expert witness consulting and analysis for the defense team.  Press Release.

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2/18/09
Freed Maxick Launches Recession Strategies Center

The strategies necessary to succeed in this difficult recession are markedly different from the growth-oriented, top-line strategies of the last decade. Efficiency, savings and new thinking focused on the bottom line are the new order of business. Following are actionable avenues to success and other useful tools for your business today. Check back often, as we will be expanding these resources. Visit the Recession Strategies Center.

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2/17/09
Obama signs the American Recovery and Reinvestment Act of 2009 (ARRA).

On Feb. 17, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (ARRA). While approximately two-thirds of the nearly $800 billion stimulus act is focused on government spending initiatives intended to create jobs and jumpstart the economy, about one-third provides tax breaks for businesses and individuals.

Download our Overview on the American Recovery and Reinvestment Act of 2009 (ARRA)

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1/10/09
Tom Chiavetta joins as a Tax Director in Rochester office.

Rochester, NY – January 10, 2009 - Freed Maxick & Battaglia, CPAs, PC announces that Thomas R. Chiavetta, CPA/ABV, CVA has been hired to join the Firm’s Rochester office as a Director in the Tax Practice. Mr. Chiavetta has over 30 years experience in the accounting profession, spending the early part of his career with a “Big Four’ accounting firm. Prior to joining Freed Maxick, he practiced at another Rochester-area CPA firm, where he was a Partner since 1996.  His background and experience includes tax compliance and consulting for public (SEC) companies and privately-held businesses operating with multi-state and international operations. He is experienced with SFAS 109 tax compliance and will oversee the preparation of corporate income tax returns and review of annual and quarterly provisions for income taxes.  Chiavetta will also be a member of the Firm’s international tax practice, providing tax compliance and consulting to multi-national companies, with an emphasis on cross-border transactions.  Mr. Chiavetta also has earned the designations of Accredited in Business Valuation (ABV) as well as a Certified Valuation Analyst (CVA). He performs business valuation and related services for a variety of purposes including buy-sell arrangements, matrimonial matters, in connection with buying and selling a business, and for gift and estate matters. See Tom Chiavetta Press Release.  

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1/1/09
Gregg Genovese joins as Senior Manager in Rochester office.

Freed Maxick & Battaglia, CPAs announces that Gregg Genovese, CPA, CVA has joined the firm’s Rochester office as Senior Manager. Gregg will be responsible for the overall planning, organization, supervision, and completion of client engagements.  A resident of Penfield, NY, Mr. Genovese is a former partner at Thaney & Associates, CPAs and has over 11 years experience in public accounting in both audit and tax capacities. Mr. Genovese is a certified public accountant and a certified valuation analyst. He is also a member of the NY State Society of CPAs, the American Institute of Certified Public Accountants and the National Association of Certified Valuation Analysts.  Mr. Genovese is a Niagara University graduate.

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1/1/09
Freed Maxick and Rochester-based Gray CPA Merge

Freed Maxick & Battaglia, CPAs is proud to announce a merger with Rochester-based accounting firm Gray CPA, effective January 1, 2009. The firms will practice as Freed Maxick & Battaglia, CPAs and combine to create 31 Rochester-based employees, a goal the firm set out to reach by the end of 2008. Gray CPA’s founder, Arnold Gray CPA, will join Freed Maxick as Director and the firm will retain the 6 employees of Gray CPA, all of which will be relocated to Freed Maxick’s Brighton office at Meridian Centre. It is Freed Maxick’s second merger in Rochester since 2007, when the firm merged with Bernardi & Russo, LLP. The merger comes on the heels of a year that Freed Maxick experienced a growth rate of 15%, much of which was attributed to the firm’s expanding Rochester practice. The merger will boost Freed Maxick’s firm-wide employee count to over 260 professional and administrative staff across Buffalo, Batavia and Rochester. Freed Maxick plans to expand their Rochester presence to 50 employees by the end of 2010. See Press Release.