Is Your Tax Team Tactical or Strategic?
Do You Proactively Promote Legislative Change?

The tax world of today is more complex than the tax world of yesterday, or is it?
Aided by technology and prompted by tough economic times, governments have
become more aggressive in audit and collection activities.1 Regardless of
economic conditions, tax matters present complex challenges which require a
careful analysis of laws, regulations, judicial decisions, administrative decisions,
customs, and practice. In addition to complex legal analysis, tax issues require a
firm understanding of the facts. Closer scrutiny and heightened regulation of
accounting for income taxes have increased the job requirement complexity for
tax professionals. Ironically, companies have recently reduced resources
allocated to the tax function as part of an overall business contraction.2 By
necessity, corporate tax teams generally adopt a tactical approach, largely
ignoring the strategic potential of proactively promoting legislative change.

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Highlights
Under the Worker, Homeownership, and Business Assistance Act of 2009 signed into law by President Obama on November 6, 2009, taxpayers may elect to carry back net operating losses arising in a 2008 or 2009 tax year for up to 5 years.  A similar election was created for certain small business taxpayers as part of the Emergency Economic Stabilization Act of 2008 but was only available to a limited number of taxpayers.

Now, any business (with limited exceptions) regardless of its size qualifies for an extended carryback period of 5 years.  The new legislation applies to net operating losses of a taxpayer for any taxable year ending after December 31, 2007, and beginning before January 1, 2010.  The carryback election, however, may be made only with respect to one taxable year within such period.

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On February 23, 2010, the U.S. District Court for the Western District of Michigan held in the Quality Stores case that the taxpayer was entitled to a $1 million refund in overpaid FICA taxes on severance payments. This decision should cause employers to reconsider whether protective FICA refund claims related to severance payments should be filed. The deadline to file FICA refund claims for 2006 severance payments is April 15, 2010.

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Cathleen Bucholtz, Michael Chen promoted leaders for L.A. and San Jose, respectively

LOS ANGELES – March 10, 2010 – True Partners Consulting LLC today announced that Managing Director Michael Chen, 35, is being promoted to leader of the firm’s San Jose, Calif., office and Managing Director Cathleen Bucholtz, 39, will lead the Los Angeles office and join the Board of Directors for True Partners Consulting. Of the firm’s five Board members, Bucholtz was selected as the only employee-representative, in addition to True Partners Consulting Chief Executive Officer Cary McMillan.

In Spring 2009 True Partners opened two satellite offices in California, strengthening its West Coast presence.  The office openings also enhanced the company’s ability to meet the growing needs of public companies and private enterprises with significant local operations in need of counsel concerning how to navigate the numerous international, federal and state tax laws and increasingly complex financial and legal regulations. The satellite offices include a Woodland Hills location, which is an extension of the Los Angeles office and led by Bucholtz; and a San Francisco location, which is an extension of the San Jose office and led by Chen. Since last summer the firm has doubled the size of its San Jose office and all together there are now 43 West Coast employees.

“Cathleen and Michael have demonstrated remarkable leadership internally and externally with exemplary client service and engagement in various industry thought leadership venues on behalf of the firm,” said McMillan. “We look forward to collaborating with them to further enhance the growth and offerings of our four California offices for our clients and employees.”

Bucholtz has been with True Partners since the firm’s inception in December 2005. Named Managing Director in 2008 and as national leader for True Partners’ Unclaimed Property practice, Bucholtz oversees one of the largest dedicated professional teams in the industry that provides multi-jurisdictional unclaimed property services in the areas of audit defense, voluntary disclosures, comprehensive diagnostic reviews, annual compliance, process improvements, and other customized services to meet client needs. She possesses more than 17 years of experience in both unclaimed property and sales and use tax consulting, including statistical sampling, training client personnel, and identification of planning opportunities.

“I am eager to build on the progress we’ve made in broadening our network of strategically located offices on the West Coast to meet increasingly complex client needs,” said Bucholtz. “The growth is a result of an increased need for service capabilities in the state due to ever changing state laws, new clients, expansion of existing relationships, and referrals.  I look forward to further leveraging my experience with a focus in the region on behalf of our California teams and clients.”

Prior to joining True Partners Consulting, Bucholtz was the western region leader for KPMG’s Unclaimed Property practice and prior to 2002 she was an integral member of Arthur Andersen’s National Unclaimed Property team. Before entering public accounting, Bucholtz worked for the California State Board of Equalization as a senior tax auditor and acting field audit supervisor.

Bucholtz has spoken before numerous trade and professional organizations on the topic of unclaimed property including the Unclaimed Property Professionals Organization (UPPO); American Payroll Association (APA); Institute for Professionals in Taxation (IPT); and the National Business Institute (NBI). Since 2006, Bucholtz has served as the UPPO Education Committee Co-Chair.

A graduate of the University of California in Santa Barbara, Bucholtz earned a bachelor’s degree in business economics, and is a licensed Certified Public Accountant (CPA).

Chen, who joined True Partners Consulting five months after the firm’s inception, has extensive experience in advising on federal and international tax matters with an emphasis on FAS 109, accounting for income taxes.
Chen advises clients in a variety of industries, including high-tech, pharmaceuticals, leasing, manufacturing, and consumer business. His past and current experiences include consulting on accounting for income taxes, stock based compensation tax implications, Section 382 studies, cross-border transactions, foreign tax credit utilization, and income tax compliance.

“We have had great opportunity to further strengthen our position serving local mid-market companies, especially those in the technology sector with limited or no internal tax resources,” said Chen. “I am honored to accept an increased leadership role in the region and help continue steering True Partners Consulting as one of the fastest-growing companies in the tax and business consulting industry,” said Chen.

Prior to joining True Partners, Chen held various leadership positions at the “Big Four” and other professional consulting businesses. During that time, Chen was part of a team responsible for cultivating and developing a successful tax practice focusing on mid-market companies. While there, he co-spearheaded the sales and marketing efforts and recruitment of the tax team.

Chen holds a bachelor’s degree in accounting from the University of San Francisco. He is a frequent speaker on international taxation, Sarbanes Oxley compliance, and financial reporting at various professional tax seminars and training forums.

About True Partners Consulting LLC
True Partners Consulting is a world-class tax and business advisory firm that helps public and private enterprises navigate complex financial regulations without the Sarbanes-Oxley created conflicts inherent in offering both tax  and audit services.  The firm provides the full scope of tax services, including analysis and counsel concerning the tax impact of business issues such as organic or acquisition-driven growth, filing practices, business restructuring or bankruptcy.  The firm also conducts refund reviews, negotiates tax incentives, analyzes clients’ tax exposure and prepares responses to audit inquiries, in addition to helping clients address compliance issues.  True Partners Consulting is one of the leading providers in unclaimed property where they help companies meet the growing compliance and audit burdens in the United States.

The firm has offices in Chicago; New York; Los Angeles; San Jose, Calif.; Tampa, Fla.; Boston; and London.  There are also member firms with headquarters in the following cities:  Paris, France; Turin, Italy; Barcelona, Spain; Beijing and Hong Kong, China; Singapore; Munich, Germany; and Amsterdam, The Netherlands; through the True Partners Consulting International Network.

Diamonds in the Rough: Opportunities & Traps in Acquiring Distressed Companies

Panel

Todd Snyder, Managing Director, Rothschild Inc.
Keith Shapiro, Co-Managing Shareholder, Greenberg Traurig
Paul O’Connor, Managing Partner, Angkor Strategic Advisors
Douglas J. Knoch, Principal, Code Hennessy & Simmons LLC

Facilitator

Cary McMillan, CEO, True Partners Consulting

Thursday, March 4, 2010
7:30am – 9:30am
Breakfast Provided
Complimentary Parking

The University Club of Chicago
76 East Monroe Street
Chicago, IL 60603

RSVP to Christa Rathbone by calling 312.470.3846 or emailing at Christa.rathbone@cushwake.com

For more information please visit www.cwcforoundtable.com

Chicago, Illinois, February 2010 – True Partners Consulting (“True Partners”) is pleased to announce the election of Michael R. Parks and Michael J. Tower to the company’s Board of Directors. “We are very excited about these additions to our Board,” stated Cary McMillan, President and Chief Executive Officer of True Partners.  “Their experience, diverse backgrounds and outstanding leadership in the professional services field will be a tremendous asset to us as we continue to grow our business.”

Mr. Parks is the Chief Executive Officer and co-founder of The Revere Group, a leading global business and information technology solutions consultancy.  Headquartered in Chicago, The Revere Group has grown since inception in 1992 to employ over 400 professionals across eight offices throughout the United States.  In November 2005, Mr. Parks negotiated the sale of a majority interest in The Revere Group to NTT Data Corporation, a Japan-based global information technology company and subsidiary of Nippon Telegraph and Telephone. 

Mr. Parks is a Board member for Bell Industries, a provider of integrated product and service solutions, and the Chicago Chamber of Commerce.  Mr. Parks is a graduate of the University of Illinois with a B.A. in Economics.

Mr. Tower is a Partner at A.T. Kearney, a global management consulting firm focused on strategic and operational CEO-agenda concerns with 48 offices in 32 countries.  From the fall of 2005 until January of 2009 Mr. Tower ran A.T. Kearney’s North American operations, the firm’s largest business unit.  Mr. Tower’s consulting experience includes a combination of strategy, operations and organizational work across many industries.  In addition to his client and managerial roles, he is a member of A.T. Kearney’s Public Sector and Defense Services Board of Directors and the Chairman of the North America Diversity and Inclusion Council.  Mr. Tower first joined A.T. Kearney in 1987, and returned to the firm in 2003.  Prior to his return, he was Senior Vice President, Corporate Strategy, and before that President of Home Improvement Services, for Sears, Roebuck and Co.  Mr. Tower started his professional career with Arthur Andersen & Company.

Mr. Tower is a member, and past President, of the board of Shelter, Inc., a non-profit organization that provides emergency care for abused and neglected children.  He is a board member of Junior Achievement of Chicago, co-chairing the Volunteer Committee, and a member of both the Civic Committee of the Commercial Club of Chicago and the Economic Club of Chicago.  He is a strategic advisor to PartScription, a start-up enterprise, and serves as a mentor to several members of the Young Leaders Group of the Executives’ Club of Chicago.  Mr. Tower holds a B.B.A. degree from the University of Notre Dame, a MM (MBA) degree from Northwestern University’s J.L. Kellogg Graduate School of Business and is a certified public accountant.

About True Partners Consulting
Headquartered in Chicago, Illinois, True Partners was launched by Waud Capital Partners and a group of former Arthur Andersen tax partners in January 2006 to develop a nationwide independent tax and business advisory firm focused on helping public companies and private enterprises navigate the numerous federal and state tax laws and increasingly complex financial regulations.  True Partners provides “Big Four” technical expertise while avoiding the potential Sarbanes-Oxley-related conflicts that companies offering both consulting and audit services face. 

About Waud Capital Partners
Waud Capital Partners is a private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle market growth equity investments, buyouts, industry consolidations and recapitalizations.  The firm seeks to invest $10 million to $100 million in private companies in the following four areas: healthcare services, business and consumer services, specialty distribution and value-added industrial businesses.  Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million.  For additional information on Waud Capital Partners, visit the firm’s website at www.waudcapital.com.

True Partners Consultings Managing Director Dorothy Radicevich along with Senior Manager Hector Camacho will be speaking about Property Tax at the February meeting of the Chicago Tax Club.  For more information about this meeting and to register please visit www.thectc.org

Chicago Tax Club
Crowne Plaza Hotel
February 22nd
8:30AM-9:45AM
Property Tax Updates

It was the best of times, it was the worst of times,” so starts Dickens’ timeless masterpiece, A Tale of Two Cities. For many C-Class executives, the current recession has certainly been the worst of times, at least in their business careers. However, as companies take a hard look at their current operating structures, both legally and functionally, it is the best of times to achieve not only operational efficiencies but also tax efficiencies. This article discusses and illustrates, through a case study, some of the tax benefits that can be achieved through restructurings for a corporation conducting business in more than one tax jurisdiction.
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As the calendar year of corporate America enters into the fourth quarter with more financial uncertainty on the horizon, there is one thing which is known for sure: The financial world in which we all live and hopefully prosper provides a much more transparent view into the financial health of a company’s operations. To many of you this evolution may have seemed to take an eternity; the long hours, increased professional fees, and scrutiny over every minute detail associated with your corporate governance, internal controls, and financial reporting have been flowcharted, documented, and memorialized in volumes of text. To others this may be just the beginning, and you may soon feel much like Alice as she embarks on her incredible journey on the other side of the looking glass. No matter which side of the mirror you are on, transparency will certainly be the overriding theme.
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Employers who provide cell phones or other similar telecommunications equipment to employees must comply with IRS record-keeping requirements or risk losing their Tax deduction. The IRS requires taxpayers to support its tax deduction relating to employer-provided cell phones with written records inteming the amount of the use and expense, each time and place of such usage, and the business purpose of each expense or use.

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On October 13, 2009, the Wall Street Journal published an article concerning President Obamaí’s international tax reform proposals. The article, Obama Administration Shelves Plan to Change How U.S. Treats Overseas Profits, stated that President Obamaí’s international reform proposals have been postponed for 2009. However, many tax practitioners believe that the Obama administration will reconsider some form of these proposals in 2010.

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Recently, the landlord of a multi tenant office building in Chicagoí’s Loop reduced its taxes by over $500,000 after successfully demonstrating the building suffered from economic obsolescence given recent vacancies and the buildingí’s subsequent underutilization. Similarly, a real estate developer constructed an office building in Los Angeles and secured a property tax reduction of $300,000+ based on rent loss calculations. Also, an Indiana assessor reduced the tax liability of a large manufacturing company by $1,600,000 by accepting obsolescence calculations from the taxpayer for their tangible personal property. Companies with significant real or personal property tax liabilities may reduce their tax bill by identifying, quantifying, and demonstrating the obsolescence of their equipment and facilities.

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Business combinations and transactions present companies with unique opportunities for growth and diversification. In recent years, transactions have become larger and more complex requiring the assistance of legal counsel, financial advisors, and accounting professionals to successfully execute mergers and other transactions. These endeavors often produce great results, but come with the burden of high fees, integration obstacles, and increased reporting requirements. To address the increasingly complex and variable reporting environment, the Financial Accounting Standards Board delivered guidance on business combinations in 2001 with Financial Accounting Statement No. 141 (“FAS 141”).

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Canned software is a commodity that virtually all businesses use. As its purchase usually entails a significant investment for a business, its taxability status should be considered. Certain software purchases may be exempt from sales tax depending on where, when, and how the purchases were made. If the software purchase is found to be nontaxable, it is the economic equivalent of a 6 to 10% discount on the transaction. Even if the software purchase were found to be tax exempt after the purchase had been made, the business may still obtain, with sufficient documentation, a tax refund from the software vendor or the state or local taxing jurisdiction—generally, whichever jurisdiction had initially collected the tax on the purchase. Thus, on purchases of $1 million of software, savings or refunds of as much as $100,000 can be obtained.


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ACCOUNTING
Ron Tambasco and Allea Newbold joined the Tampa office of True Partners Consulting as managing directors. Tambasco was previously with PricewaterhouseCoopers. Newbold previously worked with the tax accounting groups of Ernst & Young and PricewaterhouseCoopers.

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http://www.consultingmag.com/article/ART646114
12/14/09
 
Andersen Worldwide—the parent company to Arthur Andersen and Andersen Consulting—began the decade as the world’s largest consulting firm. It had been the profession’s largest consulting organization every year since Consulting’s publisher, Kennedy Information, began its annual consulting rankings in the early 1980s. But the rein effectively came to an end on Monday, August 7, 2000.
 
On that day, an arbitration report was issued allowing the then almost $10 billion Andersen Consulting (now known as Accenture) to walk away from its parent company in exchange for merely giving up the Andersen brand and releasing the approximately $1 billion in funds it had already put aside in escrow as part of the firm’s annual profit sharing agreement.
 
The arbitrator’s decision was not what Arthur Andersen partners had expected. Arthur Andersen had asked for $14.6 billion, which would have amounted to a payday of about $7.7 million, on average, for each of the firm’s 1,900 equity partners. Instead, the roughly $1 billion payout netted the average partner less than $600,000.
 
Average annual partner compensation dropped by approximately $100,000 the following year, Kennedy estimated. Arthur Andersen partners interviewed at the time used words like “devastated” and “angered” to describe the firm’s mood. Arthur Andersen’s CEO Jim Wadia resigned within hours of the arbitrator’s announcement.
 
While such disappointment would have been difficult for a firm’s culture to absorb at any time, 2000 was a particularly bad moment for such a body blow. Many of Arthur Andersen’s biggest competitors were selling large pieces of their consulting businesses for huge sums of money. Just months earlier, Cisco Systems had paid KPMG $1 billion for a 20 percent stake in what was to become BearingPoint.
 
And Cap Gemini had just paid $11.1 billion for most of Ernst & Young’s consulting business. Instead of the 2.7 to 2.8 times revenue multiple other firms were receiving, Andersen Consulting walked away paying just 0.1 times revenue.
 
So, while many of the other Big Five firms had cash to re-invest in their remaining business, Arthur Andersen entered the coming downturn in poor shape. But as it would turn out, the consulting slump of late 2001 through 2003 would be the least of its problems.
 
In late 2001, extensive and systemic accounting fraud was unearthed at one of Arthur Andersen’s largest audit clients, Enron. By mid-2002, Arthur Andersen was convicted of obstruction of justice for shredding documents related to its audit of the energy giant. In August 2002, the firm surrendered its CPA license, ending its right to audit US public companies. The firm’s reputation had been so badly damaged by scandal that the non-US practices also went out of business.
 
Although the conviction was unanimously overturned in 2005 by the US Supreme Court (due to what it deemed to be a material flaw in the jury instructions), the firm was already dismantled. In 2002, what was then-KPMG Consulting acquired significant pieces of the firm, as did Deloitte (especially its European operations), and Hitachi Consulting.
 
In addition, the redistribution of thousands of staff continues to be felt across the consulting landscape. Nearly 1,400 of Andersen’s consulting staff went to KPMG Consulting. A few hundred Andersen consultants from the Chicago office formed what is now known as Huron Consulting Group. The metals division of Andersen’s Pittsburgh office joined Perot System, which itself was recently acquired by Dell. The senior-most ranks at firms like Protiviti, Navigant, Hitachi and True Partners also can be traced back to Andersen’s implosion.
 
Accenture’s Success
 
The other firm that owes much of its current success to Andersen’s demise is Accenture. If Andersen Consulting CEO George Shaheen had not been successful in convincing his colleagues to push for separation when he did; or, if the arbitration process has been dragged out longer, Andersen Consulting’s fate could be very different today.
 
At the end of its last fiscal year as part of the combined Andersen Worldwide, the firm then known as Andersen Consulting generated $9.8 billion. Since then, the firm has more than doubled in size, to $21.6 billion and 47,000 consultants.
 
In September, Consulting ranked Accenture as the profession’s best multi-service firm to work for. The firm has maintained its training and development budget in 2009 and has taken steps to encourage flexibility—especially by making it easier for consultants to work from home. In 2010, the firm plans to invest $900 million in training, which equates to more than 13 million hours of training for its 47,000 consultants.
 
 
The Andersen Effect
 
One of the positives that came out of the breakup of Arthur Andersen was the impact its ex-employees have had on the profession. Many ex-Andersen employees are now running consulting firms and enjoying great success—and they never miss a chance to tell you how much they loved working at Arthur Andersen. We rounded up several and asked one very simple question: What did you learn in your time at Arthur Andersen?
 
Phil Parr, CEO,
Hitachi Consulting
“My time at Andersen taught me the importance of surrounding myself with the best people possible. It was ingrained in us from the beginning that it is critical to attract and retain the best people. The reason is, at Andersen, it wasn’t about the individual; it was about the team you were on and what that team could accomplish working together for our clients. We were all very proud to be part of the firm. These early lessons shaped how I work today, and the kind of environment that I try to emulate and recreate at Hitachi Consulting.”
 
Dan Reardon, President
and CEO, North highland
“I learned that in this profession, there is right and wrong. You always know what the right thing to do is and it is almost always the hardest thing to do. Over the years, I have always kept that in mind. Employees and clients like to work with someone they can trust.”
 
Gail Steinel, Owner,
Executive Advisors
“I learned how great businesses are built and destroyed. It all comes down to leadership and the resultant organizational culture. Andersen was built on a few core concepts: clients come first; think straight/talk straight; train and develop people; stewardship; one-firm concept; and, entrepreneurial spirit. I am proud to have been a partner at Arthur Andersen. The business was destroyed by external factors, but we also have to accept our own responsibility. Top leaders, distracted by the internal fight with Andersen Consulting, stopped reinforcing the culture and values. Myself and the other partners should have demanded their leadership.”
 
Cary McMillan, CEO,
True Partners Consulting
 “We lived by several values and the best ones resonated deeply; I’ve carried them throughout my career and continue to integrate them today into my firm, True Partners Consulting. The first is: ‘Think straight, talk straight.’ We counseled clients honestly about things that while in their best interest, they didn’t want to hear, which I found to be unique. The second is: ‘Invest in future generations.’ To me, this is about building something for the future and providing more than existed when you arrived.” The third is: ‘Grow organically.’ ”
 
Dean Fischer, President, CEO
West Monroe Partners
“I could write volumes about lessons learned during my 23 years at Arthur Andersen, but none were more significant than the importance—and power—of culture. At its very best, Arthur Andersen’s key strength was its distinctive culture—one shaped by well-defined and strongly held core values. Andersen invested in and developed young people, recognizing that the organization was only as strong as its future. Despite the highly publicized actions of a few, we were schooled in and served clients with absolute integrity. I feel fortunate to have been a ‘student’ of this environment and have brought it to West Monroe Partners.”
 
Karen Wilson, Director,
PricewaterhouseCoopers
“The mantra at Andersen was quality. It was instilled in us—standards could not be too high. Anything with the firm’s name on it had to be perfect. The term “good enough” was not part of our lexicon. I realize that still, when every time I review a product from our team at my current job, I’m running through the Andersen quality checklist in my mind… Does it address the client’s pain? If we weren’t truly invested in solving the client’s problems, that would show. It seems trite to say that we were taught to care, but, in a way, we were… That, to me, is the legacy of Arthur Andersen.”
 
Mark Hargis, Managing
Director, The Claro Group
“I spent 20 years as an employee and partner at Andersen. Needless to say, I learned a great many things. At Claro, we have tried to adopt and improve on the good things we learned at Andersen. We have a belief: take care of our clients’ interests and take care of our people’s interests and everything else takes care of itself. This belief drives the quality of our services we deliver to our clients and the commitment to stewardship for our people.”
 
Steve Sestak, CEO,
MarketSphere Consulting
“The investment that Andersen made in its people was unparalleled and contributed to its strong culture and loyalty. Regardless of which market or practice you worked in, there was an Andersen way of doing things. Core behaviors around leadership, client service and quality were taught by emulating more senior people. Becoming a partner was a journey, not an event. What I learned at Andersen was that good people, with the right tools, training, culture and motivation, can do amazing things.”

Ron Tambasco and Allea Newbold add strength to Tampa leadership team

TAMPA – December 10, 2009 – True Partners Consulting LLC today announced that Ron Tambasco and Allea Newbold are joining the firm as Managing Directors in the Tampa, Florida, office.

“Ron and Allea each bring significant tax and consulting experience, accentuating our commitment to serving the Tampa and Florida business community and recruiting the industry’s most skillful professionals,” said Cary McMillan, chief executive officer of True Partners.  “As we continue our commitment to offering the best and brightest tax and business consulting minds to our clients, they will be an important part of our success in moving the firm forward.”

With more than 15 years of experience in the tax industry, Ron has a wide range of expertise regarding state and local tax issues, including corporate income and franchise taxes, sales and use taxes, property taxes, gross receipt taxes, and payroll taxes.  He also has extensive experience with developing and implementing integrated tax planning solutions for corporations.  Ron has represented companies before state tax authorities and administrative boards, and has advised clients on state tax aspects in merger and acquisition transactions. 

“It’s an honor to be joining the Tampa office as a managing director,” said Ron.  “I look forward to leveraging my expertise on behalf of clients and to becoming an essential part of the unique culture and strong leadership team.”

Prior to joining True Partners, Ron served as the practice leader for the state and local tax consulting group at PricewaterhouseCoopers, which he joined in 1993.  He also served as the overall client relationship manager on several clients, including a multi-billion dollar company.

Tambasco earned a master’s of accounting with an emphasis in tax from Brigham Young University in 1991 and a bachelor’s of science from the University of South Florida in 1989.  He is a Certified Public Accountant in three states.

Allea has more than 13 years of experience serving public and private companies in a variety of industries including private equity, manufacturing, service and retail.  Her Federal tax work experience includes mergers and acquisitions, corporate tax, transaction cost analysis, FAS 109, FIN 48, capitalization studies and partnership tax issues.

“I am delighted to be joining True Partners Consulting, one of the fastest-growing tax consulting organizations in the market,” said Allea.  “My previous work with companies of various sizes and in different sectors will allow me to provide value and serve as an effective addition to the leadership team.”

Prior to joining True Partners Consulting, Allea was a member of both Ernst & Young and PricewaterhouseCoopers’ respective tax accounting groups.  She also participated in a tour of duty with PricewaterhouseCoopers national tax office in Washington, DC focusing on accounting method issues.  

Allea is a graduate of the University of Georgia with a bachelor’s of business administration and master’s in accounting.  She is a Certified Public Accountant in Georgia and Florida.  

About True Partners Consulting LLC
True Partners Consulting is a world-class tax and business advisory firm that helps large public and private enterprises navigate complex financial regulations without the Sarbanes-Oxley created conflicts inherent in offering both tax consulting and audit services.  The firm provides a broad range of tax services, including analysis and counsel concerning the tax impact of business issues such as organic or acquisition-driven growth, filing practices, business restructuring or bankruptcy.  The firm also conducts refund reviews, negotiate tax incentives, analyzes clients’ tax exposure and prepares responses to audit inquiries, in addition to helping clients address compliance issues.

The firm has offices in Chicago; New York; Los Angeles; San Jose, Calif.; Tampa, Fla.; Boston; and London.  There are also member firms with headquarters in the following cities:  Paris; Turin, Italy; Barcelona, Spain; Beijing and Hong Kong, China; Singapore; Munich, Germany; and The Netherlands; through the True Partners Consulting International Network.  Find additional information at www.tpctax.com

Rapidly growing firm continues momentum in Hong Kong, Singapore and the Netherlands

CHICAGO—October 16, 2009—True Partners Consulting LLC today announced that True Partners Consulting International (TPCI) Network, an association of tax consulting firms in select markets around the world, has reached an agreement with three new affiliates. 

The three new member firms from Hong Kong, Singapore and the Netherlands, respectively, will join TPCI’s growing affiliates’ network. The affiliates, which will be identified as “Member Firms of the True Partners Consulting International Network”, are as follows:

• Michael Yam & Company (Hong Kong),
• HLS Tax Advisory Services Pte Ltd. (Singapore), and
• Brandt & Partners Belastingadviseurs B.V. (The Netherlands).

“We continue to build our network of international affiliates in an effort to provide worldwide tax solutions to the myriad tax issues confronting clients involved in international trade,” said Cary McMillan, chief executive officer of True Partners Consulting.  “All of these areas—Hong Kong, Singapore and the Netherlands—are important financial centers in their respective hemispheres, and many of our clients have business interests in these vital areas.” 

The three new member firms of the True Partners Consulting International Network will help clients choose and establish the most tax-efficient operating structure in the respective countries, according to McMillan.

Led by Allan Yu, Michael Yam & Company was started in 1975 by Michael Yam, who upon realizing that the accounting standards in Hong Kong varied from those of any major financial firms and/or fell short of an acceptable level, seized the opportunity to provide improved accounting and auditing services at a reasonable fee level in Hong Kong. The firm has grown from two employees to approximately 40 since that time and has approximately 700 clients in the corporate, multinational and private sectors, as well as professional partnerships.

Michael Yam & Company operates an extensive tax practice with expertise in all areas of Hong Kong tax, as well as regional and international tax planning.  Locally, the firm is involved in all types of tax compliance, audit defense, and planning.  Internationally, the firm provides transaction planning and entity structuring services, as well as transfer pricing, expatriate taxation, and all other types of international tax planning.

Founded in 1974, HLS Tax Advisory Services Pte Ltd is the tax arm of Heng Lee Seng & Co, and a medium-sized firm of Certified Public Accountants dedicated to serving the needs of high growth businesses, multinational corporations and individual taxpayers.  The firm offers a full range of tax services, including all forms of local tax compliance, review and planning for international business structures and financing, property tax, and goods and services tax.  In addition, the HLS group provides corporate secretarial and general business advisory, as well as auditing and accounting services.  Each partner is registered with the Accounting & Corporate Regulatory Authority (ACRA) and is a practicing member of the Institute of Certified Public Accountants of Singapore (ICPAS).

The founder, Heng Lee Seng, was a former Council Member of ICPAS and a member of the Inquiry Panel of the Public Accountants Board established by the government to regulate the practice of public accountants in Singapore.

Brandt & Partners Belastingadviseurs B.V. is led by Managing Director Kim Brandt.  Located in Amsterdam, the firm provides a variety of national and international tax issues expertise to clients largely in the corporate sector, but also private.  Brandt previously helped launch the True Partners Consulting office in London in April 2008 as one of its founding Managing Directors.  A year later, he returned to Brandt & Partners Belastingadviseurs B.V. and began establishing it as the True Partners Consulting affiliate in The Netherlands.  A member of the Dutch Order of Tax Consultants (Nederlandse Orde van Belastingadviseurs) and the International Fiscal Association (IFA), Brandt regularly leads presentations about Dutch tax issues.

Through True Partners Consulting International, a network of independently owned tax advisory firms, True Partners Consulting also has affiliated member firms with headquarters in the following cities:  Paris; Turin, Italy; Barcelona, Spain; Beijing and Hong Kong, China; Singapore; and Munich, Germany.  Its first wholly owned office outside the United States is located in London and named True Partners Consulting (UK) LLP.

For more information, visit http://www.hlsco.com about HLS Tax Advisory Services Pte Ltd and http://www.brandtenpartners.nl about Brandt & Partners.

About True Partners Consulting LLC
True Partners Consulting is a world-class tax and business advisory firm that helps large public and private enterprises navigate complex financial regulations without the Sarbanes-Oxley created conflicts inherent in offering both tax consulting and audit services.  The firm provides a broad range of services, including analysis and counsel concerning the tax impact of business issues such as organic or acquisition-driven growth, filing practices, business restructuring or bankruptcy.  The firm also conducts refund reviews, analyzes clients’ tax exposure and prepares responses to audit inquiries, in addition to helping clients address compliance issues.

The firm has offices in Chicago; New York; Los Angeles; San Jose, Calif.; Tampa, Fla.; Boston; and London.  There are also member firms with headquarters in the following cities:  Paris; Turin, Italy; Barcelona, Spain; Beijing and Hong Kong, China; Singapore; Munich, Germany; and The Netherlands; through the True Partners Consulting International Network.

The Chinese delegation from Zhejiang Provincial Audit Office will visit True Partners Consulting on October 21st, Wednesday, from 2:30pm to 4:30pm.

It is the second time that a Chinese delegation has come here to visit True Partners Consulting.

Zhejiang Provincial Audit Office is a functional body under the Zhejiang Provincial People’s Government. To learn more about Zhejiang Provincial Audit Office, please see the link below.
http://www.zjsjt.gov.cn/col/col538/index.html

Certainty Has Been Achieved

The FASB Completes Their Study of How Certain Aspects of ASC 740 Apply to Nonpublic Entities

By Andrea Gronenthal

Click HERE to download a PDF version of this news article.

For those entities holding out for another deferral of the requirements for nonpublic entities to comply with the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic (ASC) 740, Income Taxes (which includes FASB Interpretation No. 48 (FIN 48) – Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement (FAS) No. 109); another deferral of the deadline to comply is not likely. On September 2, 2009, the FASB issued Accounting Standards Update (ASU)No. 2009-06, Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities, which provides guidance on the application of FASB ASC 740-10 for pass-through entities and tax-exempt not-for-profit entities and signals the end of the FASB’s deferral, for certain nonpublic entities.

Background

In June 2006, the FASB issued FIN 48 (FASB ASC 740-10); Accounting for Uncertainty in Income Taxes, originally effective for all entities that apply U.S. Generally Accepted Accounting Principles (GAAP) for fiscal years beginning after December 15, 2006. The FASB clearly defined the applicability of FIN 48 in Paragraph one which states:

“…the requirements of this Interpretation apply to not-for-profit organizations. This Interpretation also applies to pass-through entities and entities whose tax liability is subject to 100 percent credit for dividends paid (for example real estate investment trusts and registered investment companies) that are potentially subject to income taxes.”

While the FASB was clear in which enterprises were subject to the requirements of FIN 48, little guidance was provided on how the Interpretation applied to not-for-profit or passthrough entities (S-corporations and partnerships). Historically, many pass-through entities and not-for-profit entities have not paid income taxes and have not applied the provisions of FAS 109 in the preparation of their financial statements. The lack of clear guidance surrounding the applicability of FIN 48 created confusion for these types of nonpublic enterprises as to whether the Interpretation applied to their organization.

On February 1, 2008, the FASB issued FASB Staff Position (FSP) No. FIN 48-2, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises, deferring the effective date of FIN 48 for eligible nonpublic entities to annual financial statements for fiscal years beginning after December 15, 2007. Later in the same year, the FASB issued FSP No. FIN 48-3, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises, further deferring the effective date of FIN 48 for eligible nonpublic entities to annual financial statements for fiscal years beginning after December 15, 2008.

These two deferrals were intended to allow the FASB the time to provide additional guidance for pass-through entities and not-for-profit entities on how to apply FIN 48 as well as provide nonpublic entities additional time to prepare for the eventual requirement. The FASB considered limiting the scope of the deferrals to pass-through entities and not-forprofit entities but decided that for purposes of simplicity, the deferrals applied to all nonpublic entities unless the nonpublic entity was consolidated with a public enterprise that applied U.S. GAAP or the nonpublic entity had already applied the recognition, measurement, and disclosure provisions of FIN 48 (FASB ASC 740-10) in their financial statements.

Following recommendations of the Private Company Financial Reporting Committee (PCFRC) and other key stakeholders, the FASB developed guidance on how FIN 48 (FASB ASC 740-10) applies to pass-through entities and not-for-profit entities. The PCFRC also made recommendations to reduce the disclosure requirements currently within FIN 48 (FASB ASC 740-10) as these were onerous for private enterprises and not useful to users of their financial statements.

Private enterprises often possess characteristics that will present additional challenges not as commonly addressed by their public enterprise brethren:

• Specific issues related to income attribution for flow-through entities
  
• Time consuming identification process, especially for enterprises with consolidations, acquisitions, and significant state or international operations
  
• Lack of sufficient internal tax or U.S. GAAP expertise
  
• Nonexistent or minimal internal controls for tax processes
  
• Poor documentation of tax positions taken by the organization
  
• Limited tax authority history on which to base conclusions
  
• More aggressive tax positions taken historically

On May 18, 2009, the FASB released Proposed FSP No. FIN 48-d, Application Guidance for Passthrough Entities and Tax-Exempt Not-for-Profit Entities and Disclosure Modifications for Nonpublic Entities, to propose amending FIN 48 (FASB 740-10) and provide guidance that addressed the concerns of the PCFRC and its constituents. The proposed changes in FIN 48-d were incorporated into FASB ASU 2009-06 and FASB ASC 740-10 has been amended making it certain that nonpublic enterprises must comply with FASB ASC 740-10 in their first annual financial statements issued for the fiscal year beginning after December 15, 2008.

Why the conversion from FIN 48 to FASB 740- 10? On July 1, 2009, the FASB embarked on the FASB Accounting Standards Codification (ASC) initiative. This is a structural overhaul of U.S. GAAP that converts the standards into a topical model that is effective September 15, 2009 for interim and annual periods. We now have a single authoritative source of nongovernmental U.S. GAAP.

All entities are subject to FASB ASC 740-10 even if the only tax position in question is the entity’s status as a passthrough entity or tax-exempt not-for profit organization.

Scope

The additional guidance issued by the FASB in ASU 2009-06 applies to the financial statements of all nongovernmental entities presented in conformity with U.S. GAAP. This includes nonpublic enterprises as defined in FASB ASC 740-10-20 as any entity that does not meet the following criteria for a public company:

“a). its debt or equity securities are traded in a public market, including those traded on a stock exchange or in the over-the-counter market; b). it is a conduit bond obligor for conduit debt securities that are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local or regional markets; or c). its financial statements are filed with a regulatory agency in preparation for the sale of any class of securities.”

The FASB used the issuance of ASU 2009-06 to reaffirm that accounting for uncertain tax positions are applicable to all entities, including tax-exempt not-for-profit entities, pass-through entities, and entities that are taxed in a manner similar to pass-through entities such as real estate investment trusts and registered investment companies as originally stated when FIN 48 (FASB ASC 740-10) was issued in July 2006.

In addition to clarifying the applicability of FASB ASC 740-10, the FASB provided additional guidance and illustrative examples surrounding three significant issues plaguing pass-through entities and tax-exempt not-for-profit entities:

1. Is the income tax paid by the entity attributable to the entity or its owners?
2. What constitutes a tax position for a pass-through entity or as a tax-exempt not-for-profit entity?
3. How should accounting for uncertainty in income taxes be applied when a group of related entities comprise both taxable and nontaxable entities?

In response to the concerns lodged by the PCFRC and their constituents, the FASB decided to reduce the disclosure requirements for nonpublic entities.

Identification

FASB ASC 740-10 applies to all tax positions. An enterprise must evaluate all material tax positions in all jurisdictions for all open years in order to evaluate whether tax positions subject to exam are uncertain. Essentially, the organization is developing a cumulative tax risk portfolio limited to income taxes that must be monitored and maintained contemporaneously. FASB ASU 2009-06 modifies the definition of a tax position to include additional language to address tax positions related to pass-through and tax exempt not-for-profit entities. FASB ASC 740-10-20 defines a tax position as a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim and annual periods. A tax position can result in a permanent deduction of income taxes payable, a deferral of income taxes otherwise currently payable to future years, or a change in the expected realizability of deferred tax assets. The term tax position also encompasses, but is not limited to:

• A decision not to file a tax return
• An allocation or a shift of income between jurisdictions
• The characterization of income or a decision to exclude reporting taxable income in a tax return
• A decision to classify a transaction, entity, or other position in a tax return as tax exempt
• An entity’s status, including its status as a pass-through entity or a tax-exempt not-for-profit entity

Common items evaluated in developing an inventory of material tax positions:

• Financial statements and supporting general ledgers and trial balances
• Tax returns filed for all jurisdictions and supporting work papers
• Tax examination history and results
• Tax Calendar
• Documentation of existing tax contingencies and analyses
• Documentation of tax positions for which full benefit is expected
• Significant temporary and permanent differences
• Tax planning strategies
• Tax due diligence reports
• Tax opinions
• Transfer pricing reports
• Legal agreements and contracts
• Information provided from subsidiaries and flow-through entities
• Non-recurring transactions

As part of the identification process, analysis of the materiality threshold and the appropriate unit of account must be considered. Both of these analyses are subjective and can have a significant impact on the scope of the adoption effort as well as create the baseline for future years. The importance of proper evaluation of these steps of the process cannot be underestimated.

Each material uncertain tax position is then subjected to a two step test: recognition and measurement.

Recognition

Once the inventory of material tax positions is completed, the positions need to be evaluated based on whether it is “more likely than not” (MLTN) (greater than 50 percent) the tax position would be sustained under examination. In evaluating whether a tax position meets the MLTN recognition threshold, the organization should evaluate the position based on its technical merits, assume it will be examined and that the examiner has the same information. Unlike FAS 5, Accounting for Contingencies, detection risk is no longer applicable in the evaluation of income tax contingencies.

Measurement

FASB ASC 740-10-30-7 states that “a tax position that meets the recognition threshold is initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Measurement of a tax position that meets the MLTN recognition threshold shall consider the amounts and probabilities of the outcomes that could be realized upon settlement using facts, circumstances, and information available at the reporting date.”

Nonpublic enterprises will need to implement new processes in order to remain up-to-date on tax legislation, court decisions, and other rulings as well as develop mechanisms for those responsible for the monitoring of uncertain tax positions to be knowledgeable about changes in operations that may impact the evaluation.

In some cases, the determination of the maximum amount that is cumulatively greater than 50 percent likely of being sustained is a simple exercise. In other instances, this may not be so clear and require significant analysis and documentation of a variety of probable outcomes in order to support the measurement of the uncertain tax position. Add to the complexity the need to monitor for new information that may cause a change in the analysis and conclusions in subsequent periods.

Disclosure

While the recognition and measurement principles outlined above apply to all entities, the FASB provided relief to nonpublic enterprises from several of the disclosure requirements in the originally issued FIN 48.

Private entity adoption will likely result in substantial effort, but the adoption and the implementation of a process for monitoring will afford senior management the opportunity to develop a cumulative portfolio of income tax risk and eliminate any potential surprises resident within their income tax compliance and reporting.

FASB ASU 2009-06 eliminated the disclosures required by paragraph FASB ASC 740-10-50- 15(a) and (b) for nonpublic entities. By distinguishing these two subsections as applicable to public enterprises, the disclosure requirements for nonpublic entities are simplified. The disclosure requirement to provide a tabular reconciliation of the total amount of unrecognized tax benefits at the beginning and the end of the periods presented and the requirement to disclose the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate have been eliminated.

Nonpublic entities will still be required to disclose the total amounts of interest and penalties recognized in the statement of operations and the total amounts of interest and penalties recognized in the statement of financial position. They will also need to disclose positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. For these changes the following information must be disclosed:

• the nature of the uncertainty;
• the nature of the event that could occur in the next 12 months that would cause the change;
• an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made;
• and a description of tax years that remain subject to examination by major tax jurisdictions.

While the FASB responded to concerns about the burdensome disclosure requirements for nonpublic entities, the simplified disclosure standards will still prove a challenge for organizations not accustomed to performing the level of analysis to create the disclosures.

Process & Controls

Nonpublic entities have not been subjected to the requirements of Sarbanes-Oxley. Many nonpublic enterprises have also not historically been applying the standards of FASB ASC 740- 10. As a result, many nonpublic organizations are ill equipped with processes and controls to ensure proper implementation and continuous monitoring.

Nonpublic enterprises will need to implement new processes in order to remain up-to-date on tax legislation, court decisions, and other rulings as well as develop mechanisms for those responsible for the monitoring of uncertain tax positions to be knowledgeable about changes in operation that may impact the evaluation. Now that it is clear that the FASB will not be issuing any additional deferrals, nonpublic entities need to begin the process of adopting FASB ASC 740-10. Finance executives should not underestimate the level of effort required to comply with the applicable provisions of FASB ASC 740-10. Rather utilize this as an opportunity to gain a deeper understanding of the tax positions taken and the tax implications of how the organization operates. This level of understanding of the enterprise’s cumulative portfolio of income tax risk will provide the opportunity to align this portfolio with the overall enterprise risk management strategy.

Certainty has been achieved…

Now is the time to act.

Information about the Firm can be found at www.TPCtax.com

Click HERE to download a PDF version of this news article.

This communication is for informational purposes only and is not intended to be an analysis or recommendation based on a particular reader’s or entity’s specific facts and circumstances. True Partners Consulting LLC does not assume any responsibility with respect to assessing or advising the reader as to tax, legal, or other consequences arising from the reader’s particular situation. You should consult with your professional tax advisor to discuss the potential application of this subject matter to your particular facts and circumstances. The information contained in this newsletter is based on our understanding of the current tax laws and published tax authorities in effect as of the date of publishing, all of which are subject to change. True Partners Consulting LLC assumes no obligation to update this newsletter for any future changes in tax law, regulations, or other interpretations.

We are required by regulation to inform you that any tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of: (i) avoiding U.S. federal, state, or local tax penalties or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed in this communication (or any attachment).

TPC’s Tampa office was listed 3rd on Florida Trend’s Best Small Companies to Work for 2009 list.  As well as placing 3rd True Partners was one of the top companies in 7 of the 8 categories that were surveyed.  To find out more about the Florida Trend and to read the article please visit their website at www.floridatrend.com/best_companies.asp

TPC Chicago  is once again partnering with the Walter and Connie Payton Foundation this year to solicit donations for backpacks filled with back-to-school supplies for underprivileged children in the Englewood Neighborhood of Chicago.  Local businesses and individuals provide the donated materials and the foundation organizes and distributes the backpacks to the children during an annual parade held in mid-August. 

To learn more about the Connie and Walter Payton Foundation, you may visit http://www.payton34.com/

The 2009 Summer Interns in Chicago chose to work with Operation Support Our Troops- Illinois, Inc.  (OSOTIL) as their True Service summer project. 

The goal of OSOTIL is to provide an opportunity to express support for members of the armed forces from Illinois.  The organization assembles packages of items that are not readily available to troops in deployed locations, along with personal letters, cards and notes of support.  Additionally, OSOTIL provides financial support to wounded service members through organizations such as the USO, Wounded Warrior Project, and Fisher House for Illinois.  Finally, OSOTIL educates and facilitates awareness as to the needs of military service members. 

If you would like to learn more about this great organization you can visit their website:
http://www.osotil.org/aboutosotil.html

True Partners will be participating in the 7th Annual Run for Gus 5k Run/Walk that will be held on July 30th.

The Gus Foundation was established in 1995 by the family and friends of Gus Evangelides, who died after a courageous battle with a malignant brain tumor in April of 1995 – three months shy of his second birthday. During its 11 year history, the Gus Foundation has raised more than $4 million for pediatric brain tumor research and has became one of Children’s Memorial Hospital’s largest affiliated organizations.

Event Date: Thursday, July 30, 2009
Time: The Run/Walk begins promptly at 6:30 p.m.
Location: Diversey Harbor in Lincoln Park
(across from the Peggy Notebaert Nature Museum – 2430 N. Cannon Drive )
Registration: Pre-Registration: $30
                         Day-of-Registration: $35
CARA members receive a $2 discount
Kids (6 & under): Free

Timing The 5k course is USATF certified (IL-04061-JW) and professionally timed. All participants in the 5K run will receive a timing chip on race day, the 1 mile fun walk will not be timed. Time clocks will also be displayed at miles one, two and the finish.

Packet Pick-Up Day-of-Race packet pickup is available from 5pm to 6 pm at the race site in Lincoln Park. Timing chips will be available for pick up at the race. Please get there early to claim your timing chip.

Gear Check On-site gear check is available for all participants.

Parking Limited street parking is available on Cannon Drive. We recommend use of the various public lots surrounding Lincoln Park & Diversey Harbor.

Public Transportation CTA Brown and Purple lines stop at Fullerton. CTA Bus #151 stops very close to the race site. For more information on public transportation, visit the CTA website at www.transitchicago.com

Post Event Enjoy complimentary food and beverages, live music and entertainment for the whole family!

Additional information regarding the race and charity can be found on the Run for Gus website:

http://www.heroesforlife.org/site/PageNavigator/RFG_Event_Info

Since June 2009 RICHTER is the German member of TRUE PARTNERS INTERNATIONAL NETWORK and
continues its expansive strategy also on global terrain.

TRUE PARTNERS CONSULTING LLC is a young and fast growing world class and already leading tax and business advisory service firm founded by former partners from „big four” accounting firms in response to market demand for an independent, excellent tax services firm. TRUE PARTNERS CONSULTING LLC provides clients with tax and business consulting, without the burdens and potential Sarbanes-Oxley related conflicts that other companies offering auditservices face. In just over three years TRUE PARTNERS grew to approx. 40 managing directors and over 225 consultants and staff. TRUE PARTNERS CONSULTING LLC is represented through seven offices in the US and in London and through independent affiliates and members of its TRUE PARTNERS INTERNATIONAL NETWORKS in China, France, Italy, Spain and now Germany. The network will be expanded to major countries fastly in the near future.

RICHTER managing partner Wolfgang Richter comments: „The new network enables us to distinguish ourselves on international business and to provide our clients with the excellent tax advice on a global basis.”

Claus Lemaitre, RICHTER Partner in charge for the cooperation with True Partner says: „Thank to our new
membership at TRUE PARTNERS we will succeed to extend our cross-border-business and to meet the expectations of our international clients”.