berkowitz pollack brant advisors and accountants

Monthly Archives: September 2013

Berkowitz Pollack Brant Honored as A Best Accounting Firm to Work For

Posted on September 27, 2013 by Richard Berkowitz, JD, CPA

Berkowitz Pollack Brant Advisors and Accountants has been selected as one of the country’s top accounting firms to work for by Accounting Today.

                                                                                                       

Winning firms are selected based on a comprehensive questionnaire about benefits, culture, leadership, trust and communication. In addition, every employee was surveyed for his or her anonymous opinion about leadership, job satisfaction, work environment and overall engagement. Just 100 firms made the cut and several hundred applied.

Berkowitz Pollack Brant Promotes Seven

Posted on September 19, 2013 by Richard Berkowitz, JD, CPA

MIAMI, FL, September 19, 2013 – Berkowitz Pollack Brant Advisors and Accountants has promoted several individuals to positions of increasing leadership and client management responsibilities.

  • ·       Tabitha Branch CPA has been promoted to senior manager in the Audit and Attest practice

 

  • ·       Christine Barber CPA has been promoted to manager in the Tax Services practice
  • ·       Rachel Kelly CPA has been promoted to manager in the business Valuation and Forensic Services practice
  • ·       Jorge Lopez CPA has been promoted to manager in the Audit and Attest practice
  • ·       Jose Mendana CPA has been promoted to manager in the Tax Services practice
  • ·       Tomoko Shoji CPA has been promoted to manager in the Tax Services practice
  • ·       Anya Stasenko CPA has been promoted to manager in the Audit and Attest Services practice

 

About Berkowitz Pollack Brant Advisors and Accountants

For more than 30 years the advisors and accountants of Berkowitz Pollack Brant have solved problems, provided knowledge and helped their clients solve problems. The firm and its affiliates Provenance Wealth Advisors and BayBridge Real Estate Group have offices in Miami, Ft. Lauderdale and Boca Raton, Florida.

Berkowitz Pollack Brant has been named one of the top 100 firms in the U.S. by both Accounting Today and INSIDE Public Accounting and was named one of Florida Trend’s Best Places to Work in 2012 and 2013.

One of the largest firms in South Florida, it is comprised of talented and resourceful professionals who provide consulting services with an entrepreneurial focus. Specialty areas include domestic and international tax planning and compliance, corporate and commercial audits, forensics and litigation support, business valuation, and wealth management and preservation.

Easing Transfer Pricing Compliance Tensions by Jim Spencer

Posted on September 16, 2013 by James Spencer

In the competitive global marketplace, a growing number of nations have bolstered their transfer pricing regulations in an effort to keep tax revenues where they belong – usually in their respective countries. The result is a complex maze of conflicting trade and tax policies that can differ from one country to another.  

                                              

Transfer pricing refers to intercompany transactions and the prices businesses set for the sale and/or licensing of products and the provision of services between related companies in different jurisdictions.  In the United States, section 482 of the Internal Revenue Code requires multi-national businesses to maintain the same, industry-consistent, arm’s length pricing for comparable transactions between its related and its unrelated foreign parties. 

 

Penalties

 

Over the past decade, there has been a number of court cases relating to transfer pricing enforcement, including Glaxo Smithkline and Xilinx, Inc. Depending on the circumstances, non-compliant businesses in the U.S. can face an assessment of between 20 percent and 40 percent of the total tax understatement reported on their corporate returns in addition to their appropriate tax liability. 

 

For small firms doing business overseas, there are no exemptions from the law.  However, penalties are not generally applicable when small business tax underpayments that result from transfer pricing adjustments and other valuation misstatements fall below $10,000 for C corporations or $5,000 for S corporations or non-corporate entities.  Similarly, penalties are not likely to apply where the net-operating losses of the taxpayers are so insurmountable that no level of transfer pricing adjustment could cause tax underpayments, unless alternative minimum tax applies.  Despite this caveat, all businesses conducting international trade need to be aware of the constantly evolving landscape of transfer pricing regulations and compliance requirements.

 

Rules of Compliance

 

Avoiding transfer pricing scrutiny and penalties can be extremely time-consuming and cost-intensive.  It requires contemporaneous record keeping and analysis of industry transfer pricing standards, internal pricing structures between related and unrelated parties as well as pricing between entities in different countries with equally dissimilar regulations.  For example, in cases where one country’s transfer pricing policies conflict with those of another country, a business may ultimately experience some level of double taxation.  Tensions rise further when the countries do not share a tax treaty nor have the benefit of competent authority to resolve situations where contradictory regulations exist. 

 

Supporting and defending compliance requires multi-national businesses to demonstrate to taxing authorities that they do not provide or receive preferential pricing or discounts to or from their related foreign companies nor do they attempt to hide profits or minimize tax liabilities by shifting income and expenses through oversees transactions.  To accomplish this, section 482 of the Internal Revenue Code requires businesses to establish and keep current contemporaneous documentation, including transfer-pricing studies that compare how businesses set prices for intercompany transactions.  Moreover, regulations relating to transfer pricing penalties under section 6662 require taxpayers, upon IRS examination, to produce contemporaneous documentation within a short 30-day window, which generally starts on the first day of a tax examination.

 

Further complicating transfer-pricing compliance is the treatment of intercompany transactions.  There are currently five methods for calculating arm’s length pricing on sales of inventory and depending on the businesses’ industry and the types of transaction involved, whether they be services, royalties or other intangibles, other methods may apply.  However, it is important to note that the selection of one pricing method over another is not always absolute.  Multiple factors must be considered before an appropriate method is applied.

 

Managing international transfer pricing compliance is a daunting challenge, because it requires meticulous attention to detail and a thorough knowledge of trade policies that can vary from country to country.   Firms conducting international commerce – whether they be huge conglomerates or sole proprietor small businesses – should always consult with international tax consultants.  By applying their expertise and experience, these professionals can help to expedite, defend and provide long-term cost savings associated with compliance.

 

About the Author: Jim Spencer is a director in the International Tax Services practice of Berkowitz Pollack Brant. For more information, call (305) 379-7000 or e-mail jspencer@bpbcpa.com.

 

 

 

Berkowitz Pollack Brant Named one of 50 Best of the Best Firms in US by Inside Public Accounting

Posted on September 10, 2013 by Richard Berkowitz, JD, CPA

MIAMI- Sept. 9, 2013 – Berkowitz Pollack Brant Advisors and Accountants has been named as one of the 50 top accounting firms in the United States. The firm has appeared on the list 15 times.

 

Inside Public Accounting creates the annual Best of the Best list based on results of 70 criteria, including, including revenue and client growth, leadership, diversity of practice areas and opportunities for advancement. More than 500 firms completed the 23rd IPA Annual Survey and Analysis of Firms.

 

“We are proud to be recognized as a Best of the Best firm,” said Richard A. Berkowitz, chief executive officer of Berkowitz Pollack Brant. “We solve clients’ problems and help them build their businesses but we know it is just as important to devote attention to developing our firm. This is an honor we strive to achieve and our entire firm is pleased to be recognized for our efforts.”

 

Berkowitz Pollack Brant and its affiliates Provenance Wealth Advisors and Orion NAME have more than 170 employees in three offices in South Florida. The firm offers a wide range of accounting, tax planning and business advisory services for US and international companies, real estate entities and closely held businesses in a broad array of industries.

 

About Berkowitz Pollack Brant Advisors and Accountants

For nearly 35 years the advisors and accountants of Berkowitz Pollack Brant have solved problems, provided knowledge and helped clients reach their goals. The firm and its affiliates Provenance Wealth Advisors and ORION?? Real Estate Group have offices in Miami, Ft. Lauderdale and Boca Raton, Florida.

 

Berkowitz Pollack Brant has been named one of the top 100 firms in the U.S. by both Accounting Today and INSIDE Public Accounting and was named one of Florida Trend’s Best Places to Work in 2012.

 

One of the largest firms in South Florida, it is comprised of talented and resourceful professionals who provide consulting services with an entrepreneurial focus. Specialty areas include domestic and international tax planning and compliance, corporate and commercial audits, forensics and litigation support, business valuation, and wealth management and preservation.

 

BPB Announces Promotions to Associate Director

Posted on September 06, 2013 by Richard Berkowitz, JD, CPA

MIAMI, FL, September 2013 – Berkowitz Pollack Brant Advisors and Accountants has announced the promotions of four individuals.  

  •  Hector Aguililla CPA has been promoted to associate director in the Audit and Attest practice. A graduate of Florida International University, Aguililla is past president of the Cuban-American CPAs, past president of the Downtown Miami Chapter of the FICPA and a member of the FIU President’s Board.

 

  • Karen Lake CPA has been promoted to associate director in the State and Local Tax Services practice. Lake is a graduate of FAU, serves as a Take Stock in Children mentor and is president of the firm’s in-house Toastmasters club. She serves on the planning committee of the FICPA’s annual State Tax Conference.

 

  •  Adam Lang CPA CPA/CFF CFE has been promoted to associate director in the Forensic and Business Valuation Services practice. A graduate of University of Florida, he is a Certified Fraud Examiner (CFE) and is Certified in Financial Forensics (CFF).

 

  • Shea Smith CPA has been promoted to associate director in the Audit and Attest practice. A graduate of the University of Florida, Smith was in Leadership Broward’s 2012 class and is involved as a volunteer and board member with United Way of Broward County, the Broward Center for the Performing Arts and the Center for Independent Living.

 

Berkowitz Pollack Brant CEO Richard A. Berkowitz commented, “We are pleased to recognize these four talented CPAs. Their dedication to clients, the community and the profession are important to our firm.”

 

About Berkowitz Pollack Brant Advisors and Accountants

For more than 30 years the advisors and accountants of Berkowitz Pollack Brant have solved problems, provided knowledge and helped their clients solve problems. The firm and its affiliates Provenance Wealth Advisors and BayBridge Real Estate Group have offices in Miami, Ft. Lauderdale and Boca Raton, Florida.

Berkowitz Pollack Brant has been named one of the top 100 firms in the U.S. by both Accounting Today and INSIDE Public Accounting and was named one of Florida Trend’s Best Places to Work in 2012 and 2013.

One of the largest firms in South Florida, it is comprised of talented and resourceful professionals who provide consulting services with an entrepreneurial focus. Specialty areas include domestic and international tax planning and compliance, corporate and commercial audits, forensics and litigation support, business valuation, and wealth management and preservation.

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