As part of its new outreach initiative, Myer Blank, a Senior Manager at True Partners Consulting, appeared on WGN-TV’s morning news show. He discussed how True Partners works to save taxpayers money. He discussed the needs for homeowners to check their exemptions and for all property owners to closely monitor their assessed values.
Green shoots peek through state’s economic frost
Illinois companies embark on comeback, as Illinois’ growth trails the nation’s
January 1, 2012 – For Cary McMillan, CEO of True Partners Consulting LLC, one signal of a strengthening economy in the past year came with a sharp edge: A competing firm offered jobs to about 20 of his staffers and succeeded in luring away about six.
“If business was terrible, they would not have come after my people,” he said. He shared the anecdote with good humor but added, “It was not funny at the time.”
The corporate tax consulting company, founded in 2006 by former Arthur Andersen partners, expects revenue to grow 8 to 10 percent next year and envisions hiring 30 people, not the gangbusters growth the Chicago-based firm saw prerecession but solid nonetheless.
“It would go up more if clients were doing more work on their (tax accounting) systems, but we’re waiting to see how that turns out,” McMillan said. “It’s something they don’t have to do; they can always put it off another year.”
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CHICAGO, Nov. 28, 2011 /PRNewswire/ — True Partners Consulting LLC (TPC), the fastest growing tax consulting firm in the nation, announced today the addition of James A. Sadik as a senior manager in its industry-leading National Unclaimed Property Practice…
“Jim is one of the country’s most well-known and respected experts in the field with a long history of fostering a cooperative working relationship with both state regulators and holders of unclaimed property,” said CEO Cary McMillan. “Tight state budgets have led to aggressive auditing and enforcement of unclaimed property laws that allow states to seize property from companies. Jim’s experience working with state regulators and with corporations gives him the perspective of both sides and allows him to steer even the largest Fortune 500 firms through these audits and ensure compliance in the most efficient way possible.”
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Nancy Barrett and Don Bast present the real world aspects and applications of sales and use tax by discussing current trends, technology integration, and risk tolerance. The upcoming seminar is in Marlborough, Massachusetts on January 13, 2012. For more information on the seminar, click here.
Acquisition Bolsters Already Strong Accounting for Income Tax Practice
CHICAGO; October 18, 2011 — True Partners Consulting LLC (TPC), the fastest growing tax consulting firm in the nation, announced today that it has purchased Affinity Tax Group LLC, a New York-based firm. This move expands TPC’s strong ASC 740 (formerly FAS 109/FIN 48), tax compliance and state tax service lines. ASC 740 is the set of rules governing how companies report the impact of income taxes on their financial statements.
“The Affinity team brings knowledge and experience in important and complex areas of tax consulting,” said Cary McMillan, the firm’s Chief Executive Officer. “Adding this expertise to our growing New York practice will provide clients the critical support needed during the upcoming tax season.”
The move follows True Partners Consulting’s other expansion efforts during the previous 18 months. During that time, the Chicago-based firm has added offices in Manhattan, Dallas and Denver.
Similar to TPC’s New York practice, Affinity has worked with both public and privately held corporations as well as private equity firms. Federal tax issues are handled by Peter Crocco, who, prior to joining Affinity, spent a decade at Big Four accounting firms, including a rotation with the National Tax Office of PricewaterhouseCoopers LLP in its Mergers & Acquisition Tax Group in Washington, D.C. and New York.
Wayne Trumbull heads Affinity’s State and Local Tax Practice, providing analysis of state tax implications of proposed business reorganizations, analysis of state tax filing for refunds and prospective favorable filing positions and representing clients in state tax controversy matters. Prior to joining Affinity, Wayne had 10 years of experience in the State and Local Tax Practice in the New York Office of Ernst & Young, LLP. Wayne is a member of the New York and Connecticut Bar.
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True Partners Consulting LLC
Press Release
October 18, 2011
About True Partners Consulting
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 compliance services such as tax accounting, implementing tax software solutions and tax return reviews and preparation, as well as tax consulting 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 Bay, Fla.; Dallas, Denver, Boston; and London. There are also member firms in Beijing and Shanghai, China; Frankfurt, Munich, and Stuttgart, Germany; Hong Kong; Turin, Italy; Selangor, Malaysia; Amsterdam, The Netherlands; Poznań, Warsaw, and Wroclaw, Poland; Singapore; Seoul, South Korea; and Barcelona, Spain, , through the True Partners Consulting International network. Additional information can be found at http://www.tpctax.com.
True Partners Consulting
As an expert in the tax field, True Partners Consulting is available to provide content expertise regarding:
• Federal Tax
• State and Local Tax
• International Tax
• Property Tax
• Sales and Use Tax
• Unclaimed Property
• Transfer Pricing
Firm expanding property tax relief services as clients face difficult economic times, complex appeals process
CHICAGO; September 20, 2011 – True Partners Consulting (TPC), fastest growing tax consulting firm in the nation, has hired Myer Blank as a Senior Manager in the firm’s property tax practice. Mr. Blank will help business and residential clients navigate the complex assessment, payment, and refund processes for the purpose of reducing their property taxes. He will join James Kane and Dorothy Radicevich and the National Property Tax Consulting team headquartered in the firm’s Chicago office.
“Myer Blank brings a wealth of experience regarding property tax policy and procedures,” said Cary McMillan, the firm’s Chief Executive Officer. “With the downturn in the economy, businesses and residential taxpayers are looking to decrease their expenses, and local property taxes are one of their biggest concerns.”
In 2001, Mr. Blank was named the Chicago Tax Assistance Center’s (CTAC) first executive director. He held that position until recently. CTAC, a City of Chicago service center, assists homeowners with property tax appeals, exemptions and refunds. Prior to that, Blank was director of policy analysis for The Civic Federation, a local taxpayer watchdog group.
“True Partners Consulting is well-positioned to address the changing property tax environment, specifically the decline in property values,” said Mr. Blank. “While many property values are decreasing during the recession, taxpayers face the challenge of securing correct valuations and lowering their taxes.”
– True Partners Consulting (TPC), fastest growing tax consulting firm in the nation, has hired Myer Blank as a Senior Manager in the firm’s property tax practice. Mr. Blank will help business and residential clients navigate the complex assessment, payment, and refund processes for the purpose of reducing their property taxes. He will join James Kane and Dorothy Radicevich and the National Property Tax Consulting team headquartered in the firm’s Chicago office.
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 Bay, Fla.; Boston; and London. There are also member firms in Paris; Turin, Italy; Barcelona, Spain; and Beijing, China; through the True Partners Consulting International network. Find additional information at tpctax.com.
There are nearly 7 million private, employee- based firms in America. Only the very best are awarded the distinction of being named to the Inc.500|5000, the gold standard of entrepreneurial success. The Inc.500|5000 list compiles the fastest growing private companies in the U.S. To be eligible for ranking, private, for-profit companies must have generated at least $100,000 in revenue in 2007 and at lease $2 million in revenue in 2010.
This initiative, organized by the Los Angeles Business Journal, identifies and recognizes the best employers in Los Angeles County. The “Best Places to Work in Los Angeles” program is a countywide program managed by Best Companies Group.
Best Places to Work in Los Angeles
Alfred P. Sloan Award for Business
Excellence in Workplace Flexibility
This year, True Partners Consulting earned the number four spot for workplace flexibility. The Alfred P. Sloan Award for Business Excellence in Workplace Flexibility recognizes model employers of all types and sizes across the U.S. for their innovative and effective workplace practices. Using a rigorous scoring methodology that uses national benchmarks and emphasizes the real life experiences of employees on the job, the Sloan Award honors organizations that are using workplace flexibility as a strategy to make work work better—for both the employer and the employee. It is a site-based award, and for employers with more than one location it is the local work site that applies for and wins the award.
TPC Wins 2011 Alfred P. Sloan Award for Business Excellence in Workplace Flexibility
July 25, 2011 – True Partners Consulting was recently named one of Florida’s Best Companies To Work For.
One-hundred companies were recognized in small, medium and large company categories. The rankings – the third annual statewide Best Companies list – appear in the August issue of Florida Trend and on FloridaTrend.com.
The Best Companies To Work For in Florida program was created by Florida Trend and Best Companies Group and endorsed by the HR Florida State Council.
“Companies that retain the best employees with strong workplace programs typically stand out from the crowd by offering exceptional customer focus from a friendly, upbeat staff,” says Florida Trend Publisher Andrew Corty. “It’s our pleasure to recognize these great organizations and encourage others to join them in building Florida’s competitive advantage.”
To be considered for participation, companies or government entities had to employ at least 15 workers in Florida and be at least a year old.
Companies that chose to participate in the Best Companies To Work For in Florida process underwent a two-part survey process. The first part consisted of evaluating each company’s workplace policies, practices, philosophy, systems and demographics. The second part consisted of an employee survey to measure employee satisfaction. The combined scores determined the top companies and the final ranking. Best Companies Group managed the overall registration, survey and analysis process and determined the final rankings. Companies were not required to pay a participation fee to go through the online assessment process.
“One strong theme in this month’s Best Companies coverage is how companies keep good employees. We highlight companies that take sophisticated, enlightened approaches to training, communicate the company’s values clearly, and listen to employees as they try to improve the workplace and make the company more productive.” says Mark Howard, executive editor.
For a complete list of the 100 Best Companies to Work For in Florida, go to www.FloridaTrend.com/BestCompanies
About Florida Trend
Florida Trend magazine provides excellent, forward-looking, and in-depth reporting on business, finance and public policy in Florida. Florida Trend reaches more than 250,000 business executives, government officials and civic leaders. In addition, the magazine’s website reaches approximately 80,000 unique visitors monthly. For more information, please visit www.FloridaTrend.com.
About Best Companies Group
Best Companies Group works with national and local partners around the country and in Canada to establish and manage “Best Places to Work,” “Best Companies,” and “Best Employers” programs on a national, statewide and regional basis. Through its thorough workplace assessment, utilizing employer questionnaires and employee-satisfaction surveys, BCG identifies and recognizes companies that have been successful in creating and maintaining workplace excellence. For more information, please visit www.BestCompaniesGroup.com.
Laurie Kulikowski
January 24, 2011
To view this article online Click Here
Location, location, location. It’s the mantra real estate agents live by, but can also be vital for small businesses.
States differ wildly on various tax and business-specific programs that can make or break a business, especially a small start-up.
Whether it’s because of the startlingly high numbers of workers out of jobs or just a tactic to bring revenue to suffering state fiscal budgets, many states are increasingly courting small businesses and start-ups. The conventional wisdom says small businesses create two-thirds all jobs.
“The climate for a start-up almost anywhere frankly is about as positive as I have ever seen it,” says Dr. Charles “Chuck” Morrissey, an associate professor at Pepperdine University’s Graziadio School of Business and Management.
In Rhode Island, for instance, state Rep. Donna Walsh (D-36), who is on the state’s House Committee on Small Business, introduced a bill Jan. 19 to eliminate the corporate tax for many small businesses.
The legislation would eliminate Rhode Island’s minimum corporate tax, now $500 for firms grossing less than $250,000 annually, and set up a graduated tax system based on gross receipts. “Besides equity, its greatest benefit is to provide tax relief for small businesses and start-ups to whom every dollar counts,” Walsh said in a statement.
Ideally for small businesses, states could compete to be known to be as welcoming to them as Delaware is to larger firms. Delaware claims to be where more than 50% of all U.S. publicly-traded companies and 60% of Fortune 500 companies are incorporated.
The state is pro-business and shareholder friendly, with modern corporation statutes and well-developed case law that facilitates business planning; a helpful state legislature; and a non-juried Court of Chancery dealing specifically with corporate issues.
“Once firms get beyond $20 million to $25 million in annual revenue, they should consider changing to a corporation,” says Mariano Sori, a state taxation expert at True Partners, “but small businesses that intend to expand can also take advantage of the environment.”
Morrissey, who led Pepperdine B-school’s entrepreneurship program, notes that many student business plan lack “location strategy,” which could be detrimental to a start-up’s success.
“In many cases the business models assumed they would be in a location that would be [start-up] friendly,” which isn’t always the case, Morrissey says.
“It’s no coincidence that the Apples and Googles just happen to come from very few areas,” he says.
TheStreet is highlighting the five best and worst states for small businesses as compiled by the Small Business & Entrepreneur Council as part of its annual Small Business Survival Index, released in December.
The index ranks states by their public policy climates for small business and entrepreneurship, measuring the costs and burdens of state government on small business and looking at policy areas that enable competitiveness and growth.
Low labor costs and a lack of corporate income tax are common denominators in the best states, while the opposite is true for some of the worst states, experts say.
“A lot of states have instituted programs for small businesses, or even large businesses, that want to relocate to the state,” Sori says, citing grants, tax credits and temporary property tax reductions. When entrepreneurs can choose where to base a business, things to look at include corporate income tax rate, property tax and the sales tax burden.
The top and bottom five, according to the council:
The fifth-best: Washington
The only state named after a president is home to a number of well-known corporations including Microsoft, Boeing, Starbucks and Costco, but it has plenty to offer small businesses.
Washingtonians and their businesses enjoy a lack of taxes for personal income, individual income, corporate income and corporate capital gains. It also boasts low electric utility costs, according to the SBE Council’s report.
That being said, Washington has high unemployment taxes, “very high” consumption-based taxes, a large number of health insurance mandates and a high state minimum wage.
Yet Washington has a renewed focus toward business, particularly small businesses. Democratic Gov. Chris Gregoire signed an executive order in October to facilitate small-business recovery in her state.
Among other things, the order directs state departments to “review current practices, tax and rate structures with the goal of reducing state imposed costs for small businesses,” as well as find ways to reduce the complexity of the state’s sales tax system.
“I want our business owners spending less time understanding what tax rate they should pay and more time ensuring their business succeeds,” Gregoire said in a statement.
Additionally, Gregoire is looking to consolidate small-business licensing, registration and certification guides into one resource and develop strategies to streamline regulatory processes.
Fourth-best: Wyoming
Home to Yellowstone National Park and Grand Teton National Park, Wyoming also boasts no tax on personal income, individual capital gains, corporate income, corporate capital gains or estates.
It also has the lowest electric utility costs, and very low gas and diesel taxes, according to the SBE Council.
On the other hand, Wyoming has high property, consumption-based and unemployment rates, as well as high workers’ compensation costs.
Wyoming’s new governor, Republican Matt Mead, owns farming and ranch operations in the state and is considered likely to make job and small-business measures a priority while in office.
Third-best: Texas
The Lone Star State has no taxes related to personal income, individual capital gains, corporate income, corporate capital gains or estates. Texas also boasts a low level of state and local government spending and low workers’ compensation costs, the SBE Council says.
The state does have high property and consumption-based taxes, as well as a large number of health insurance mandates and a very high crime rate, the council notes.
According to the website of Republican Gov. Rick Perry, Texas has brought in more jobs than any other state in the past 10 years.
Texas boasts a business-friendly atmosphere, particularly for start-up technology firms, including the Texas Enterprise Fund, which functions as a “deal closing” fund to enable the state to compete “directly with incentives offered” in other states, and the Emerging Technology Fund, which helps early stage tech firms as they get their footing, the website says.
Beginning in October, Perry’s office has hosted 14 “Small Business Forums” across the state offering business owners access to information on work force development, training grants, expanding markets and other business growth opportunities.
Second-best: Nevada
It’s understood that “what happens in Vegas, stays in Vegas,” but small-business owners will be happy to know the state also doesn’t want them leaving.
Nevada does not tax personal income, individual corporate gains, corporate income or corporate capital gains. It also has no death taxes and low workers’ compensation costs, according to the council report.
On the downside, Nevada does have high consumption-based taxes, high unemployment taxes and a high state minimum wage.
It is among states hardest-hit by the housing crisis and unemployment — topping 14.5%, according to a Friday press release from the governor’s office.
Bringing in jobs will be a high priority for the state’s new governor, Republican Brian Sandoval.
“We cannot burden struggling businesses with tax increases … We must allow sunsetting taxes to expire at the end of June and provide businesses the environment in which to begin hiring again,” he said Friday, referring to a tax package passed in 2009 that included temporary reductions to payroll taxes for small businesses, among other measures. The package is set to expire June 30.
He is expected to release his budget today.
Best: South Dakota
The top small-business-friendly state is South Dakota, which boasts, like some of the other top states, no taxes on personal income, individual capital gains, corporate income, corporate capital gains or estate transfers.
The state, home to historical Mount Rushmore, also has the lowest crime rate, a low level of state and local government spending and a low number of health insurance mandates, the SBE Council reports.
Gov. Dennis Daugaard is saddled with the task of fixing the state’s budget as he takes office this month. He has said he is opposed to raising taxes, instead preferring spending cuts.
Daugaard, a Republican, plans to spur economic growth in the state by fostering innovation and encouraging business in high-tax states to move to South Dakota and businesses already in South Dakota to “increase their production and the number of people they employ,” he said in his State of State Address two weeks ago.
He also said he plans to move money into the $10 million Revolving Economic Development Initiative Fund and revamp the state’s “bureaucratic” microloan program for small businesses, among other measures.
“We have the best business climate in the nation, and I intend to keep it that way. Our first advantage is our low tax burden,” Daugaard says.
Fifth-worst: Vermont
Vermont is among the list of states with high taxes on personal and corporate income, as well as high taxes on individual and corporate capital gains. The state also has high property taxes, high electric utility costs and high workers’ compensation costs, according to the SBE Council’s report, as well as poor private property protections.
On the flip side, the Green Mountain state has very low crime and no individual or corporate alternative minimum tax, SBE Council says.
That being said, Vermont’s new governor, Democrat Peter Shumlin, a small-business owner himself, pledged to create jobs and relieve taxpayers of the high burden of state taxes.
In his inaugural address this month, Shumlin put forth an aggressive agenda in which fostering entrepreneurship and combating the high cost of health care were priorities.
“Finally, my jobs agenda will expand the ability of emerging enterprises and businesses to access capital and credit when they need it the most,” Shumlin stated in his speech. “If our Green Mountain State can be recognized by young entrepreneurs as the innovative leader in financing and venture capital for micro-businesses when banks say ‘no,’ small businesses will thrive.”
Shumlin identified one possibility: taking advantage of the federal EB-5 Immigrant Investor program for venture capital.
Fourth-worst: California
California has high personal and corporate income taxes as well as high taxes on individual and corporate capital gains. And the list goes on. According to the SBE Council, California has the highest gas and diesel taxes, an additional tax for S-corporations, an added estate tax, poor private property protections, a large number of health insurance mandates and high workers’ compensation costs.
California is suffering a $28 billion fiscal deficit and has the worst credit rating among the 50 states, according to new Gov. Jerry Brown, a Democrat who also led the state in the 1970s and early ’80s. The Golden State has one of the highest unemployment rates in the country — 12.4% as of November, according to the Department of Labor. Thousands of Californians face foreclosure on their homes as a result of the housing bust.
Brown proposes a $12.5 billion cut to California’s state budget to close a large deficit and is reconsidering various tax credits, including the small-business-focused Enterprise Zone Hiring Credit, as he takes on a multiyear effort to shore up the state budget.
“The credit was one of the best jobs credit in the entire country, but cost the state much-needed revenue”, True Partner’s Sori says.
Still, the state prides itself on supporting venture capital and the entrepreneurial spirit, especially in technology. It’s that home to Apple of which Morrissey spoke, as well as to countless other high-tech firms packed into its Silicon Valley.
Third-worst: New York
Like California and Vermont, New York has high personal and corporate income tax rates and taxes on individual and corporate capital gains. It also has high property taxes, high consumption-based taxes, high gas and diesel taxes, an added estate tax and poor private property protections, among other things, according to the SBE Council.
“New York is a real killer because the state imposes a 7.1% [corporate tax rate] and New York City has their own tax rate of 8.85%,” Sori says. “If you’re doing business in the city of New York, it’s almost 16%.”
Among Democratic Gov. Andrew Cuomo’s agenda as he relocates to Albany is to transform New York’s economy.
“Business built New York, and we are declaring that New York is once again open for business,” Cuomo said in his State of the State Address.
Priorities include “holding the line on taxes and working to lower taxes in the future,” specifically property taxes. Cuomo is looking to foster job creation, in part by enhancing the state’s Excelsior Tax Credit Program, he says.
Cuomo also wants to expand support for minority- and women-owned small businesses, including “directing state agencies to double the current [Minority and Women-Owned Business Enterprises] participation goal from 10% to 20%; ease bonding restrictions for these business owners and expand the Owner-Controlled Insurance Program model to improve opportunities for small businesses,” according to his address.
Second-worst: New Jersey
New Jersey has a history of being unfriendly to business.
Like others on the list, New Jersey has high personal income and corporate income taxes as well as individual and corporate capital gains. It also has the second-highest property taxes in the nation, behind New Hampshire, according to the SBE Council’s report.
On the other hand, the Garden State has fairly low consumption-based taxes, a low crime rate and low gas and diesel taxes, the report notes.
Gov. Chris Christie seems dedicated to keeping businesses in New Jersey, but his plans are unclear.
The Republican governor “quietly dismantled” the state’s program for minority- and women-owned small businesses last year, according to media reports, but signed into law Senate Bill No. 2370, which calls for expanding New Jersey’s Business Retention and Relocation Assistance Grant program.
The program has helped businesses preserve jobs, expand operations and reinvest through the award of corporation business tax credits. Through the program, corporations will get a maximum tax credit of $2,250 per year for six years, per job retained in the state, versus a maximum one-time tax credit incentive of $1,500 per job retained.
In an address this month, Christie said he plans to put forth proposals to reform the state tax system.
“If New Jersey is to be a home for growth, we need to reform the taxes we place on business and individuals and begin to roll them back,” Christie said.
Worst: District of Columbia
Topping the list of worst states for small businesses is the District of Columbia. Our nation’s capital has the second-highest corporate tax rate income, behind Pennsylvania, and high personal-income, individual capital-gains rates and corporate capital-gains taxes.
The Washington, D.C., area also has high property taxes, an added tax for S-corporations, high electric utility costs, an imposed estate tax and the highest crime rate among the 50 states, according to the SBE Council.
Democratic Mayor Vincent Gray says he is looking to support small businesses in the area. One way is by increasing the opportunities for small businesses in the area to compete for government contracts.
Firms that make most of their money in Illinois will feel biggest hit
By Kathy Bergen, Tribune reporter
January 22, 2011
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When Chicago-based investment research house Morningstar Inc. pays its state corporate income taxes for this year, the sting from the recent rate hike is expected to be negligible.
For the city’s financial exchanges, the rub is likely to be a bit more uncomfortable, with some analysts estimating it could shave 1.5 to 3.6 percent from 2011 earnings.
And for an Illinois medical-device firm, the hike and the suspension of a key deduction could bring its state tax bill from zero to as much as $95,000 — a stunning blow for a company that only became profitable in 2008. As a result, it may scrap plans to hire two research and development associates.
While the politically charged rhetoric continues to fly over the 46 percent increase in the corporate income tax, from 4.8 to 7 percent of Illinois earnings for the next four years, interviews with local companies and financial experts indicate the level of pain will vary significantly, depending on a company’s circumstances and structure.
While established companies with far-flung operations may wince briefly, those that make most of their money in-state will bear a greater burden.
And within that Illinois-centric group, those heading into the black for the first time and those returning to profitability after the deep slump will take it on the chin. That’s because for the next four years, they cannot offset their annual tax bill by taking a deduction for previous net operating losses. State lawmakers suspended that deduction at the same time they raised the tax rate.
“If you are kind of already struggling to get by year to year, even though you’ll be able to carry over net operating losses in 2015, that is a long time for a company that does not have a lot of wiggle room,” said Kathleen Thies, a state income tax analyst with CCH, a Riverwoods-based tax research firm.
The bottom line, say a number of observers, is that while some Illinois companies will threaten to leave the state to escape the tax increase (Jimmy John’s Gourmet Sandwiches is one that has voiced the threat) an exodus appears extremely unlikely. But economic recovery may be slowed and the state’s appeal as a place to expand a business or build a new one may be diminished — a possibility that has Indiana and Wisconsin sharpening their knives and corporate relocation marketing campaigns.
“I don’t think businesses are going to flock out of Illinois over this,” said Jim Kane, managing director of True Partners Consulting, a Chicago-based tax advisory firm. “The bigger effect will be on new investments a company wants to make.”
For Morningstar, which sells its investment research and consulting services worldwide, the tax hike “is not a significant change at the corporate level,” said Scott Cooley, chief financial officer. To get a sense of the added expense, the firm recalculated its 2009 tax burden using the new rules, and the extra cost was $266,000, less than 1 percent of an overall U.S. tax tab of more than $35 million.
Northern Trust Corp., another locally based company with global reach, last week estimated a $4 million annual hit to earnings. For a company with $669.5 million in earnings last year, this likely would amount to a reduction of less than 1 percent.
For the companies that operate two prominent Chicago financial exchanges, the potential hit is greater because much of their income is subject to Illinois taxes. While analysts have not yet altered their earnings projections for next year, they have indicated it is a possibility.
The corporate income tax hike could shave 1.5 percent from 2011 earnings for CME Group, which operates the Chicago Mercantile Exchange, according to an estimate by Sandler O’Neill & Partners. JPMorgan puts the potential hit at 3.2 percent.
The impact to the Chicago Board Options Exchange could be 2.4 percent, according to Sandler O’Neill. JPMorgan analysts estimate it could be closer to 3.6 percent.
The companies declined interview requests but issued separate written statements expressing their displeasure with the tax hikes. “These significant tax increases, which are not tied to any corresponding spending cuts, will negatively impact jobs and business opportunities for Illinois residents and stifle economic growth in our state,” the CME Group stated.
Corporations also pay a 2.5 percent tax on income, called the personal property replacement tax, which is collected by the state and flows to local government. That brings the effective rate on corporations to 9.5 percent, the third-highest in the country, according to the Tax Foundation.
That could translate into a 2011 tax bill of as much as $95,000 for a medical-device firm that launched in 2000, first became profitable eight years later and is expecting to make a $1 million profit this year, according to Jim Schultz, a partner at Effingham-based Open Prairie Ventures, an investor in the firm. He declined to identify the company, citing competitive issues.
The firm had planned to take a deduction for earlier losses, which would have canceled out its tax liability, but the state suspended such deductions for four years.
“It’s devastating to them,” said Schultz. The firm’s board now must rework its budget and scale back its hiring plans, he said.
The rule change also could cause cash-flow problems for Midwestern firms linked to the auto industry, many of which had losses in recent years and are just starting to make money again, noted Bill Danielson, a tax director at accounting firm Plante & Moran in Elgin.
“You can’t send Illinois receivables, you have to send cash,” he said.
For all the uproar over the corporate tax, only about one-third of the firms filing state income tax returns typically pay taxes. The rest either have no profits in Illinois or have sufficient deductions or tax credits to offset what they owe, though the ability to apply deductions will dwindle during the next four years due to the suspension of the net operating loss deduction.
And closely held firms and partnerships do not pay the corporate income tax, except for a reduced personal property replacement tax of 1.5 percent of Illinois income. Their company profits flow to shareholders and partners and are taxed at individual rates, which the state hiked from 3 to 5 percent until 2014.
This is still a relatively low individual rate — the Tax Foundation ranks Illinois the 14th-best state on this tax — but some local employers say it too will contribute to a weakening of the business climate.
Caterpillar Inc., of Peoria, estimates the hike in the individual rate will mean an additional $42 million will be taken from employee paychecks, making it more expensive for the manufacturer of earthmoving equipment to maintain employee pay levels in the state.
“It’s no secret that when making investments, businesses have to consider the costs,” Doug Oberhelman, chairman and CEO, stated in a recently published opinion piece.
Tax rates are a key factor weighed by businesses as they plan expansions and relocations, noted Brent Pollina, a relocation consultant based in Park Ridge. But many other issues come into play, too, among them the education level of the work force, the cost of utilities and the quality of state incentive programs, he said.
As well, “businesses don’t like to go to a state that is about to go insolvent,” said J. Fred Giertz, an economics professor at the University of Illinois at Urbana-Champaign. “If Illinois hadn’t done anything, it was on the verge of breakdown. It was a no-win situation.”
For steelmaker Evraz Inc. NA, which announced Thursday it was moving its headquarters from Portland, Ore., to Chicago, the tax hikes were not an issue, particularly because Illinois rates remain below those in Oregon, said Mike Rehwinkel, the company’s president and CEO.
The city’s key attraction was its central location and its major airports, which will allow executives to fly out to visit far-flung customers and plants more quickly and cheaply, he said.
“We truly believe being close to customers will allow us to grow our revenue base … so we’re willing to take a risk on the cost of a move,” he said.
“Higher taxes are always disappointing … and I believe it may stunt the growth of the economy,” Rehwinkel said. “Hopefully things will improve and they will reverse them in several years.”
Federal corporate income tax specialist brings more than 25 years of diversified experience to corporate clients
CHICAGO – September 27, 2010 – True Partners Consulting LLC today announced that Robert M. Gordon, 57, has joined as a managing director in its Chicago office.
Gordon possesses more than 25 years of experience in the Federal corporate income tax sector, including structuring and implementing a range of transactions such as mergers and acquisitions.
“We are pleased to have Bob join the Chicago team and be able to offer his deep expertise on all aspects of domestic and international corporate and partnership matters to our clients,” said Cary McMillan, chief executive officer of True Partners. “At True Partners, we place a high level of importance on experience and talent, and Robert will undoubtedly be a significant leader and valued consultant across a number of our practices.”
As a managing director, Gordon’s consulting responsibilities will center on domestic and international corporate and partnership matters, including corporate simplification, tax risk assessments, transfer pricing, tax planning for environmental spending, captive insurance and taxation of alternative energy, oil and gas. He also will provide guidance related to mergers and acquisitions, including post-merger integration and restructuring, and structuring complex joint venture transactions to optimize tax results.
Prior to joining True Partners, Gordon spent 20 years in various in-house tax counsel roles at BP America, formerly Amoco Corporation, ultimately holding the role of assistant general tax counsel and head of tax for the United States-based manufacturing and retail division.
“I love helping companies navigate our country’s complex tax environment. My experience allows me to add real value partnering with tax directors and CFOs,” Gordon said. “I am excited to be joining True Partners and am pleased to be able to bring additional perspective and knowledge to the company to help better serve the firm’s impressive client roster.”
Gordon graduated with a Bachelor of Arts degree from the University of Illinois at Chicago and received a Juris Doctorate degree from Northwestern University School of Law. Gordon also serves as an officer of the Corporate Tax Committee and as a past-chair of the Energy and Environmental Taxes Committee at the American Bar Association Tax Section and is also a member of the Illinois State and Chicago Bar Associations.
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. 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, negotiates 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; Denver; 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.
Samantha R. Petersen brings unclaimed property consulting experience to new branch
DENVER – September 23, 2010 – True Partners Consulting LLC today announced the opening of its first office in Denver, as well as the promotion of Samantha R. Petersen, 38, to managing director.
The new office, located in the Denver Tech Center, will be led by Samantha Petersen as she steps into the role of managing director. Petersen joined True Partners Consulting as a manger in 2005 and has been an integral part of the firm’s national unclaimed property practice primarily based in Los Angeles.
“We are delighted that Samantha will lead the new Denver office, as she has demonstrated strong leadership skills during her time with True Partners,” said Cary McMillan, chief executive officer of True Partners. “She will be a tremendous asset to the office and will continue to assist some of our top clients in issues related to unclaimed property.”
Petersen has nearly 15 years of experience in unclaimed property, and state and local tax, including both industry practice and public accounting consulting. Samantha has over 12 years of public accounting experience and prior to joining True Partners, held the position of Southwest Region Unclaimed Property Practice Leader for KPMG.
Before her extended stint in public accounting, Petersen worked for Federal Express Corporation in Memphis, where she played an integral role in drafting and implementing the company’s unclaimed property processes, policies and procedures.
Through her vast experience in the area of unclaimed property consulting, Petersen is a recognized authority in the use and implementation of unclaimed property systems and has extensive experience in the development of formalized policies and procedures related to unclaimed property. She has represented Fortune 500 clients in the defense of unclaimed property audits, performing comprehensive diagnostic reviews, developing process improvement techniques, and identifying planning opportunities.
“It is an amazing opportunity to be able to play a leadership role in the new office and continue to use my background to assist a broad cross-section of unique clients,” said Petersen. “As True Partners continues to expand, I look forward to contributing to the firm’s growth.”
Petersen earned her Master of Business Administration degree from Colorado Christian University in Denver, Colorado, and a Bachelor of Science degree in Accounting from Christian Brothers University in Memphis. She is a regular speaker before trade and industry groups on the subject of unclaimed property and currently co-chairs the Unclaimed Property Professionals Organization’s (UPPO) Members as Mentors committee.
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, negotiates 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; Denver 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
New COO will lead U.S. market and focus on continued growth for True Partners
CHICAGO – May 19, 2010 – True Partners Consulting LLC today announced that Susan Gallagher, 51, has joined the firm as chief operating officer.
True Partners recruited Gallagher for this position as part of its broader efforts to double its business organically over the next four years, according to the firm’s chief executive officer, Cary McMillan.
“Susan fits very well into our unique culture at True Partners, which is built around having senior-level counselors work closely with our clients on complex tax advisory engagements,” said McMillan. “Susan has the enthusiasm and leadership skills to help us continue to attract and grow the best professionals and keep our teams working together to solve complex client problems for years to come.”
Gallagher brings extensive experience in strategic development through the design and implementation of marketing and sales programs to drive growth. In her new role with True Partners, she will lead the U.S. region, work closely with each market to drive growth, maintain client satisfaction and help set the firm’s overall business strategy.
“With the tax environment becoming more complex – both for public, as well as private, companies – corporations have a real opportunity to re-examine and improve their tax strategies. True Partners is ideally positioned to meet this need,” said Gallagher. “I’m truly delighted to be joining this dynamic firm with such talented leadership and staff, especially at this vital point in the firm’s evolution.”
Gallagher has more than 26 years of experience in professional services and is recognized nationally in the consulting market, with a diverse range of clients heavily focused on Fortune 500 companies. She has provided analysis on international and inter-company pricing disputes, calculated potential damages in trade secret cases and identified the features and impact of intricate fraud schemes.
“We are very pleased with the success of our portfolio company, True Partners, and are excited about the addition of a new chief operating officer,” said Reeve Waud, founder and managing partner, Waud Capital Partners. “We are confident that the senior leadership in place will help drive True Partners’ continued success and growth.”
Before joining True Partners Consulting, Gallagher worked at Huron Consulting Group, where she was one of the 25 founding managing directors of the company. She was responsible for driving growth nationally in the legal business and played a key role in developing the strategies to initiate and sustain relationships with clients and legal counsel.
Gallagher also served as the head of client relationship development for Arthur Andersen’s Chicago office, where she restructured the marketing function to align it with the various business units.
Gallagher received a Bachelor of Business Administration from St. Mary’s College in Notre Dame, Indiana. She is also a certified public accountant in Illinois.
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. 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, negotiates 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.
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.
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.
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.
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”.
Expanding West Coast Presence Meets Growing Tax Expertise Needs of Area Businesses
SAN JOSE – March 9, 2009 – True Partners Consulting LLC today announced the opening of two new California locations: one in San Francisco, an extension of its existing San Jose office, and one in Woodland Hills, an extension of the firm’s existing Los Angeles office. The increased West Coast presence will allow the firm to expand its ability to meet the growing needs of public companies and private enterprises with significant local operations for navigating the numerous international, federal and state tax laws and increasingly complex financial and legal regulations.
Michael Chen, a Managing Director for True Partners Consulting in San Jose who brings extensive experience in advising on federal and international tax matters with an emphasis on FAS 109 and accounting for income taxes, will oversee the San Francisco location. The firm also plans to double the size of the San Jose office this summer.
“The opening of the two new locations in Southern and Northern California is one more step towards broadening our network of strategically located offices in growth regions to meet increasingly complex client needs,” said Chen. “In just over three years, we have experienced an increased need for service capabilities in the state due to new clients, expansion of existing relationships and referrals.”
True Partners Consulting provides a broad range of compliance and consulting services. These include analysis and counsel concerning the tax impact of business issues such as organic or acquisition-driven growth; filing practices; and 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 – and does all of this without Sarbanes-Oxley-created conflicts by offering tax consulting but not audit services.
With nearly 25 years of experience in corporate and international tax consulting in the United States, United Kingdom and Mexico, Raymond Montero, Managing Director, True Partners Consulting in Los Angeles will lead the Woodland Hills satellite location.
“The high demand for skilled tax and business consulting services has helped propel True Partners Consulting as one of the fastest growing companies in the industry,” said Montero. “We look forward to further strengthening our position to serve local mid-market companies, especially those in the technology sector with limited or no internal tax resources.”
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 Bay, Fla.; Boston; and London, as well as locations in San Francisco and Woodland Hills, Calif. There are also member firms in Paris; Turin, Italy; Barcelona, Spain; and Beijing, through the True Partners Consulting International network. Find additional information at http://www.tpctax.com/.
Raymond Montero, Joseph McTague and Andrew Jackson add strength to leadership team
CHICAGO – November 12, 2008 – True Partners Consulting LLC today announced the addition of three new managing directors: Raymond Montero, 47, and Joseph McTague, 47, in the Los Angeles office, and Andrew Jackson, 48, at True Partners Consulting (U.K.) LLP in London, the rapidly growing firm’s first wholly owned office outside the United States.
"As part of our growth strategy, we continue to recruit some of the industry’s most talented and knowledgeable professionals to focus on our clients’ needs,” said Cary McMillan, chief executive officer of True Partners Consulting. "Raymond, Joseph and Andrew bring deep knowledge of complex tax issues in their respective regions and will infuse fresh energy and specialized expertise into our leadership teams in the L.A. and London offices."
Montero brings more than 23 years of experience with corporate and international tax consulting in the United States, United Kingdom and Mexico. In 2004, Montero formed a Professional Corporation to counsel public and private clients about cross-border structuring, transfer pricing related matters, outbound international planning and consultation relating to foreign tax credit.
Previously, Montero was a partner for six years in KPMG’s International Corporate Services (ICS) practice based in Los Angeles. Before joining KPMG, he was a partner with Arthur Andersen in London, where he led the firm’s U.S. Tax Practice based in London. A member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants, Montero has been a featured speaker at a number of industry seminars.
McTague has been a featured speaker at local, regional and national tax and economic development conferences on issues relating to income and other tax credits and business incentives, and he has led numerous focus groups relating to tax and client relations issues and shared his views on tax credit and business incentive issues with lawmakers in a number of states. McTague has been extensively involved in the California Enterprise Zone program and has worked diligently to successfully influence tax and audit policy at the agency and legislative levels. A graduate of the University of Florida, McTague earned a bachelor’s of science degree in telecommunications.
A Value Added Tax (VAT) Partner with True Partners Consulting’s London office, Jackson brings nearly 20 years experience with Big 4 firms and smaller practices. He specializes in providing indirect tax advice across a range of sectors, both private and public, and has been involved in a wide range of cross border transactions advising as part of a multidisciplinary team.
Previously, Jackson worked for HM Revenue & Customs for seven years as a VAT specialist. He has written and lectured on indirect tax issues, with a particular emphasis on property and financial service issues, and graduated from the London School of Economics.
True Partners Consulting (U.K.) LLP advises companies based in the United Kingdom, as well as multinational companies doing business there and other European markets, on a range of tax and business issues including transfer pricing, VAT, cross border transactions, structuring business operations and reorganizations. The office also undertakes all local compliance requirements.
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 Bay, Fla.; Boston; and London. There are also member firms in Paris; Turin, Italy; Barcelona, Spain; and Beijing, China; through the True Partners Consulting International network. Find additional information at www.tpctax.com.
Rapidly growing firm establishes offices in China, Italy and Spain
CHICAGO – Sept. 10, 2008 – True Partners Consulting LLC today announced that True Partners Consulting International Network, an association of tax consulting firms in select markets around the world, has reached agreement with three new affiliates in key international markets.
The three new member firms will join TPCI’s growing affiliates network in Beijing and Shanghai, China; Barcelona, Spain; and Turin, Italy; the company announced. The affiliates, which will be identified as “Member Firms of the True Partners Consulting International Network,” are:
•True Partners Consulting International (China) "挚盟咨询";
•Toda & Nel-lo Abogados, (Spain); and
•Studio Manzoni Pagliero Vanz e Associati (Italy).
“It is thrilling to further strengthen our ability to support our clients in the important global markets where they do business,” said Cary McMillan, chief executive officer of True Partners Consulting. “In less than three years of existence we have made aggressive efforts to support our clients wherever they do business and we’ll continue moving in that direction as we look ahead.”
The three new member firms of True Partners Consulting International will offer a powerful blend of services that True Partners Consulting clients can utilize in key international financial markets, according to McMillan.
True Partners Consulting International – China, is being formed by the owners of Hua-Ander, one of the first partnership accounting firms approved by the Ministry of Finance of the People's Republic of China. Hua-Ander is a full-service accounting, auditing and attestation firm. The new firm will provide tax services. True Partners China, will be led by Wang Guoqi, who has a rich knowledge of tax and international accounting, finance and auditing, and extensive experience in servicing multinational businesses. Guoqi and his partners have served a number of foreign investment enterprises (FIEs) and hi-tech ventures in China in the fields of business services, IFRS audit and review, due diligence, financial advisory, and management consultancy.
Founded in 1991, Toda & Nel-lo Abogados is a mid-sized Spanish firm in Barcelona, also servicing the rest of Spain (especially in Madrid), that specializes in tax & legal services. Serving clients throughout Spain, the firm’s main practice areas are taxation, company & commercial law, litigation, real estate, administrative law and labor law, and for clients in a variety of industries, such as administration (public and semi-public), real estate, pharmaceutical, health, chemical, energy and finance. The founding partners are Ignacio Toda, public prosecutor (abogado del Estado) on voluntary leave, and Ricard Nel-lo. Joan Pons is the partner who leads the tax department and will head the firm’s work with the TPC International Network.
Studio Manzoni Pagliero Vanz e Associati has been providing tax and business legal assistance for nearly four decades to select domestic and foreign clients who are leaders in their fields. The firm has significant experience in M&A transactions, business reorganization and enterprise appraisals, and its lawyers represent clients in disputed tax law matters in all degrees of Italian jurisdiction, including the Supreme Court of Cassation (Corte di Cassazione). Founded by Michele Pagliero, the firm was enlarged to Ignazio Manzoni and Giuseppe Vanz, professors of tax law at the University of Turin, and to other professionals. Natalia Operti, partner of the firm, will lead the work with the TPC International Network.
Through TPC International (a network of independently owned tax advisory firms), True Partners also has an affiliated member firm in Paris, ArtemTax International. Its first wholly owned office outside the United States is located in London and named True Partners Consulting (U.K.) LLP.
About Hua-Ander Certified Public Accountants
Now in its 11th year, Hua-Ander’s international expertise and experience, facilitated by strong English communication abilities, gives Hua-Ander an advantage in servicing foreign entities in China. The knowledge and insight into the practice of local tax and other regulatory requirements enables the firm to provide practical solutions. High quality services, personal attention to each client and issue, and reasonable fees, make Hua-Ander the best cost-effective alternative to the 'Big Four' in China.
About Toda & Nel-lo Abogados
Founded in 1991, Toda & Nel-lo Abogados offers clients 18 professionals with more than 290 years of combined experience in multidisciplinary and diverse tax and legal issues, including work with “Big Four” advisory firms, the Spanish government and major Spanish universities. Toda & Nel-lo Abogados always provide clients with traditional values, professionalism, integrity, confidentiality, honesty, and ethics, to ensure their objectives and needs are met.
About Studio Manzoni Pagliero Vanz e Associati
Established in 1971, Studio Manzoni Pagliero Vanz e Associati provides tax and business legal assistance to select domestic and foreign clients who are leaders in their fields. Made up of seven partners and eleven professionals with law and economics expertise, the firm works to create customized solutions for clients, leveraging a multidisciplinary and global approach. Studio Manzoni Pagliero Vanz e Associati also maintain close working relationships with Turin University and the academic community, and some of its members teach and/or contribute to legal and economic publications.
About TPC (UK) LLP
TPC’s London office provides tax and business advice and specializes in transfer pricing, cross border tax planning, structuring and reconstructions, start up operations and VAT and Customs Duties advice throughout the EU. With its expanding professional team, the London office offers constructive tailored advice and also provides cost effective tax compliance services. For a complementary expert tax consultation, visit www.tpctax.com
About ArtemTax International
ArtemTax International is a tax law firm specializing in inbound and outbound transactions. The team is at the forefront of tax structuring, having implemented one of the first cross-border mergers between two entities in France and in the Netherlands that encompasses tax and accounting matters. ArtemTax International is characterized by its independent and personalized approach, without the restrictions of Sarbanes-Oxley and the French law on financial securities (“Loi sur la Sécurité Financière”), and by granting clients access to a dedicated partner from start to finish, ensuring the highest level of service. The team also differentiates itself through its global approach in taking into consideration financial, accounting, and economic services.
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 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. True Partners provides a wide range of services to its multinational clients, including global structuring, transfer pricing, repatriation planning, international compliance and treaty planning. The firm also conducts refund reviews, analyzes clients’ tax exposure and prepares responses to audit inquiries, in addition to helping clients address compliance issues.
True Partners has offices in Chicago; New York; Los Angeles; San Jose, Calif.; Tampa, Fla.; Boston; and London. Find additional information at www.tpctax.com.
Corporate tax, intellectual and real estate property specialist strengthens firm’s expertise
LONDON – August 27, 2008 – True Partners Consulting LLC today announced Iain Robertson, 52, has joined True Partners Consulting (U.K.) LLP in London, the rapidly growing firm’s first wholly owned office outside the United States.
“Our tremendous growth over the past two and a half years partially has been fueled by clients that find themselves in need of counsel from experts with deep knowledge of European tax issues. Many of our U.S. clients are expanding, or considering possible expansion, within Europe, which is why we continue to seek top talent like Iain, whose expertise will prove invaluable for both UK-based companies and multinational corporations that do business there,” said Cary McMillan, chief executive officer of True Partners.
Robertson specializes in a range of corporate tax issues and has advised companies of all types including start ups, large private groups and larger companies with a presence in Europe, the United States and the Far East. His areas of expertise include intellectual and real estate property planning and sales, disposals and reorganizations.
“My experience in developing innovative solutions customized to clients’ particular needs and helping businesses meet their filing requirements effectively in an increasingly challenging environment will be a great complement for the London office,” said Robertson. “I’m excited to further build upon my accomplishments and help support this ever-growing, talented team here in London.”
Prior to joining True Partners Consulting, Robertson worked at one of the Big Four firms for 11 years, and since 1999 he has served as a partner in both a national firm, where he was National Head of Tax Technical for four years, and at a well-respected regional firm present in London.
Robertson was educated at Cambridge and Oxford Universities and is qualified as a fully trained Inspector of Taxes. He has authored and presented about tax matters at various venues and serves as a technical committee member at the Chartered Accountants Tax Faculty. True Partners Consulting (U.K.) LLP advises companies based in the United Kingdom, as well as multinational companies doing business there and other European markets, on a range of tax and business issues including transfer pricing, VAT, cross border transactions, structuring business operations and reorganizations. The office also undertakes all local compliance requirements.
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 Bay, Fla.; Boston; and London. There is also a Paris office, ArtemTax International, which is the first member firm in the True Partners Consulting International network. Find additional information at http://www.tpctax.com/.
Nancy Barrett, Keith Shaffer and Scott Thomas join rapidly growing office
BOSTON – August 6, 2008 – True Partners Consulting LLC today announced Nancy Barrett, 38; Keith Shaffer, 53; and Scott Thomas, 46, have joined the firm’s Boston office as managing directors.
“We’ve seen a real need for our services in Boston, and we are delighted to be further enhancing our capabilities here through the addition of some of the best and brightest tax and business consulting minds in the industry,” said Cary McMillan, chief executive officer of True Partners. “As the fastest-growing tax firm in the country, we are committed to attracting top talent to serve our top-tier clients, and I’m confident these three leaders will be a tremendous fit.”
Barrett has more than 15 years of experience in both public accounting and the industry, which includes audit defense, FAS 109, tax due diligence, and research and tax planning, with a focus on state and local tax issues. In her new role, she manages the flex staffing service line for True Partners Consulting in New England. In addition to flex staffing, TPC also provides loan staff and direct hire solutions for corporate clients.
Prior to joining True Partners Consulting, Barrett was a managing director with an international public accounting firm. She has also served as income tax manager for a FORTUNE 100 firm, and worked in the corporate tax practices of PricewaterhouseCoopers and Arthur Andersen.
Barrett received her Bachelor of Science degree from Boston University. She is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants (AICPA), the Massachusetts Society of Certified Public Accountants (MSCPA), and the New York Society of Certified Public Accountants. Additionally, she is a regular speaker and contributor to organizations such as Lorman Education Services, a leading provider of continuing education seminars, and the Tax Executives Institute (TEI).
With more than 25 years of tax experience, Shaffer is an expert in corporate taxation and specializes in reviewing the tax postures of large multinational companies and then implementing high value tax planning strategies that have a positive impact on the effective tax rate, cash flow management and shareholder value. He is experienced in business acquisitions, divestitures, reorganizations, due diligence tax issues, and all aspects of income tax accruals, FAS 109 and FIN 48 analysis.
Previously, Shaffer was a tax partner with Deloitte. He received his Bachelor of Science degree from Northern Illinois University and is a member of AICPA and MSCPA.
Thomas has more than 20 years of tax experience serving clients in the areas of manufacturing, retailing, finance, telecommunications, transportation and entertainment. His main areas of specialization include corporate income and franchise tax planning and controversy, which include representing clients in state tax examinations and before the appellate divisions of state agencies, as well as the development, implementation, and maintenance of effective tax rate planning with a focus on the business of clients. More specifically, these services include reviews of existing tax returns, changes to corporate structures, due diligence, and the filing of amended state tax returns. Additionally, Thomas has led numerous sales, employment and property tax engagements.
Thomas joins True Partners Consulting as a multistate tax partner, after serving as the New England regional director of tax for an international accounting firm. Prior to that, he served as a multistate tax partner at Deloitte. In his previous professional experiences, Thomas was based in both Massachusetts and Connecticut.
Thomas received a Bachelor of Arts degree from the University of Connecticut, and a Juris Doctorate and Master of Laws in Taxation degree from the University of Bridgeport’s School of Law in Bridgeport, Conn. He is also licensed to practice law in the state of Connecticut, and currently teaches multijurisdictional taxation for the Bentley College Master of Science in Taxation (MST) program in Waltham, Mass.
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 Bay, Fla.; Boston; and London. There is also a Paris office, ArtemTax International, which is the first member firm in the True Partners Consulting International network. Find additional information at http://www.tpctax.com/.
Managing Director’s deep state income tax expertise increases firm’s strength
CHICAGO – May 16, 2008 – True Partners Consulting LLC today announced that Mariano Sori, 44, has joined its Chicago office as managing director.
With 19 years of experience in state tax consulting, Sori will concentrate on state income and franchise tax issues such as jurisdiction to tax, apportionment of income, unitary taxation, business/non-business income, allocation of partnership items, and state filing options.
“We’re pleased to be welcoming Mariano, who will help enhance the Chicago office and make significant contributions to clients across our network,” said Cary McMillan, chief executive officer of True Partners. “We are committed to bringing in top talent to ensure we offer our clients the very best tax and business consulting services.”
Sori will deliver state tax diagnostic reviews designed to provide businesses with an assessment of their state tax position, including the identification of refund and prospective filing opportunities and the reduction of exposure in multiple jurisdictions. As part of his practice, he will perform corporate restructuring projects that assist companies in designing and implementing structural enhancements to minimize their state tax liabilities and generate long-term state tax reductions.
Additionally, Sori will consult on all aspects of state income tax, including participating in mergers and acquisition transactions that evaluate the state tax impact of expanding or diversifying business operations, drafting opinion letters that analyze the state tax consequences of business transactions, and assisting companies with compliance requirements, state tax accrual reviews, and state tax controversy. He has worked with Fortune 500 and mid-sized companies in various industries including manufacturing, retail, financial services, real estate, and transportation.
Before joining True Partners, Sori worked for 10 years at Deloitte & Touche LLP as part of the firm’s national state and local tax practice, where he was Director of several state income tax offerings. Prior to Deloitte & Touche LLP, he was with KPMG Peat Marwick’s State and Local tax practice.
“I’m looking forward to contributing to the firm by leveraging my state income tax consulting expertise,” said Sori. “It’s exciting to become part of the fastest-growing tax practice in the country.”
Sori has a bachelor of science degree in accounting from Indiana University and a juris doctorate degree from IIT-Chicago Kent College of Law. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants, the Illinois Certified Public Accountants Society, and the American Bar Association.
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 Bay, Fla.; Boston; and London. There is also a Paris office, ArtemTax International, which is the first member firm in the True Partners Consulting International network. Find additional information at www.TPCtax.com.
Unclaimed property specialist strengthens firm’s expertise
LOS ANGELES – May 1, 2008 – True Partners Consulting LLC today announced that Cathleen Bucholtz has been promoted to managing director and national unclaimed property practice leader.
As the 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 brings more than 16 years of experience in both unclaimed property and sales and use tax consulting, including statistical sampling, training client personnel, and identification of planning opportunities.
“Cathleen was a natural fit for this position,” said Cary McMillan, chief executive officer of True Partners. “Her proven excellence in this area is of utmost value to the firm, and her industry leadership and involvement will help us continue our tremendous growth.”
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, where she was responsible for conducting a wide variety of field audits of major corporations in various industries.
“It is exciting to continue leveraging my background on behalf of the firm’s clients. The in-depth experience I have gained over the last 16 years has enabled me to provide the highest quality service to my clients.” said Bucholtz “I look forward to applying that knowledge and experience to an increased segment of clients in my new role.”
Bucholtz has a long standing history and commitment to the education of industry professionals in the area of unclaimed property. She has spoken before numerous trade and professional organizations 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 and is responsible for the development and execution of the organization’s annual and regional educational conferences for hundreds of participants annually from a wide variety of industries, including transportation, financial, insurance, retail, manufacturing, and health care. She was recently nominated for candidacy as the second vice president to the UPPO Board of Directors for 2008, a prominent leadership position that automatically succeeds to first vice president in 2009 and president in 2010.
A graduate of the University of California in Santa Barbara, Bucholtz earned a Bachelor of Arts degree in business economics, and is a licensed Certified Public Accountant (CPA) in the states of California and Washington. Bucholtz is also a member of the American Institute of Certified Public Accountants.
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 Bay, Fla.; Boston; and London. There is also a Paris office, ArtemTax International, which is the first member firm in the True Partners Consulting International network. Find additional information at www.tpctax.com.
Rapidly growing firm extends global reach to serve multinational clients
CHICAGO – April 18, 2008 – True Partners Consulting LLC announced today that it is launching its first wholly owned office outside the United States, which will be located in London and named True Partners Consulting (U.K.) LLP.
The new office will be led by Kim Brandt and Les Secular, who together have more than 40 years’ experience advising on tax issues throughout Europe, particularly for U.S. companies expanding operations overseas.
“The tremendous growth we’ve experienced in the last two years has greatly increased our need to establish a global presence for our clients with operations around the world,” said Cary McMillan, chief executive officer of True Partners. “We are thrilled to add a London office that will enhance our ability to provide clients in key global markets with ‘world-class’ tax and business advisory services.”
Additional new offices are currently in the discussion phase for Spain, the Netherlands, Italy and China—some of which will be network member firms through TPC International, an affiliated company, formed in October 2007. There is also a Paris office, ArtemTax International, which is the first member firm in the True Partners Consulting International network.
True Partners Consulting (U.K.) LLP will advise companies based in the United Kingdom, as well as multinational companies doing business in the United Kingdom and other European markets, on a range of tax and business issues including transfer pricing, VAT, cross border transactions, structuring business operations and reorganizations. The office will also undertake all local compliance requirements.
“We are extremely pleased to be part of True Partners Consulting,” said Kim Brandt, Partner, True Partners Consulting (U.K.) LLP. “We believe that the firm’s distinctive approach is well-suited to the needs of companies doing business in Europe, and we look forward to providing a differentiated offering to companies in need of fresh thinking on corporate tax and other business issues.”
Les Secular, Partner, True Partners Consulting (U.K.) LLP, added, “The core service strengths we offer in the London office will be further complemented by True Partners’ ability to work fluidly across geographies to access specialized areas of industry expertise and create customized solutions that fit clients’ needs.
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 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.
True Partners has offices in Chicago; New York; Los Angeles; San Jose, Calif.; Tampa, Fla.; Boston; and London. Find additional information at www.tpctax.com.
Former General Counsel for Ill. Department of Revenue strengthens firm’s legal expertise
CHICAGO – February 14, 2008 – True Partners Consulting, LLC today announced that Mark Hellner has joined the Chicago office as the firm’s General Counsel and as a Managing Director.
Hellner brings 30 years of legal experience in both private practice and with the State of Illinois, where he served as General Counsel for the Illinois Department of Revenue. He has a wide variety of corporate and litigation experience, including working and navigating laws in more than 30 states.
“My previous work in a cross-section of legal disciplines will help me build this important capability for True Partners,” said Hellner. “I look forward to bringing my complementary expertise to the firm and offering clients an additional perspective for tax and business-related consulting issues.”
A licensed attorney in Illinois, Hellner is also admitted to the U.S. Supreme Court, several Federal District Courts and the Sixth, Seventh and Eighth U.S. Circuit Courts of Appeal. He has been actively involved with the Illinois State Bar Association, where he served three terms on its Assembly and chaired several of its committees, including Supreme Court Rules, Judicial Evaluation and the Civil Practice Section Council.
“Since launching the company two years ago, we’ve placed a great emphasis on growing and broadening our expertise, and we saw a real benefit to adding an experienced legal expert,” said Cary McMillan, chief executive officer of True Partners Consulting. “Mark’s leadership and unique background will help continue the success we’ve established, as well as create vital opportunities in new areas.”
Hellner earned a Bachelor’s degree from Illinois State University and a Juris Doctorate degree from the University of Illinois, where he is an Adjunct Professor of state and local tax.
He has been a frequent speaker and author for a wide variety of Continuing Legal Education (CLE) programs including State and Local Tax Conferences at Georgetown University Law Center and New York University, as well as the National Multi-State Tax Symposium in 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 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 Bay, Fla.; Washington D.C.; and Boston. There is also a Paris office, ArtemTax International, which is the first member firm in the True Partners Consulting International network. Find additional information at www.tpctax.com.
Sales tax specialist strengthens firm’s expertise
LOS ANGELES – January 29, 2008 – True Partners Consulting LLC today announced that Dena Hall, 41, has been promoted to managing director.
As the national leader for True Partners’ Sales and Use Tax Compliance and Automation Services practice, Hall oversees the firm’s sales tax compliance center, which is responsible for the preparation of clients’ monthly sales and use tax returns. She has more than 15 years of public and private expertise in multi-state sales and use tax consulting and compliance, including specialized knowledge in the retail, manufacturing, wholesale distribution and software arenas.
“I’m delighted to join the leadership team of this firm, as my experience in a wide range of sales and use tax processes and automated solutions has been welcomed by a number of clients, and I look forward to serving an expanded set of clients in my new role,” said Hall. “It will be exciting to continue leveraging my background on behalf of clients, as well as my in-depth knowledge of Vertex and Taxware software.”
Prior to joining True Partners Consulting, Hall was the national sales tax compliance and technology leader for Jefferson Wells International. She was directly responsible for the development of Jefferson Wells’ Transaction Tax Process Solutions practice, with a focus on sales tax department process design, re-engineering and best practice reviews. Previously, she was the western area leader for Arthur Andersen’s Contract Tax Services practice.
“We strive to provide our clients with the best and brightest tax and business consulting minds, and Dena exemplifies this commitment,” said Cary McMillan, chief executive officer of True Partners. “Her extremely relevant experience and command of industry IT tools are an excellent resource for the firm.”
Hall has spoken on the topic of sales tax outsourcing, process and technology at various events, including the Institute for Professionals in Taxation Sales Tax Symposium, Vertex’ Annual Exchange and the World Resource Group.
A graduate of the California State University at Fullerton, she earned a bachelor of administration degree in accounting. She is a member of the Association for Computers and Taxation (ACT) and the Institute for Professionals in Taxation (IPT).
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 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 Bay, Fla.; Washington D.C.; and Boston. There is also a Paris office, ArtemTax International, which is the first member firm in the True Partners Consulting International network. Find additional information at www.tpctax.com
Joanne Chun Hughes and Dorothy Radicevich join Chicago leadership team
CHICAGO – January 29, 2008 – True Partners Consulting LLC today announced that Joanne Chun Hughes, 36, and Dorothy Radicevich, 36, have been promoted to managing directors in the Chicago office.
“Joanne and Dorothy’s specialized expertise have benefited a number of our clients, and we are extremely pleased to add their unique strengths to our leadership team,” said Cary McMillan, chief executive officer of True Partners.
Primarily specializing in federal corporate tax consulting with an emphasis on Section 199 and accounting methods, Chun Hughes has more than ten years of tax and legal experience.
“I’m delighted to continue contributing to a firm that is an ideal fit for my background,” said Chun Hughes. “As a managing director in the Chicago office, I will have the opportunity to provide tax planning counsel to an even broader cross-section of True Partners clients.”
Before joining True Partners Consulting, Chun Hughes was a practicing attorney where she assisted multinational corporations with tax protests and contractual and litigation matters in both federal and state courts. Prior to that, she was with the Chicago and national offices of Deloitte & Touche LLP’s Federal Tax practice and the Chicago office of Arthur Andersen’s Large Corporate Tax Consulting practice primarily focused on implementing various federal tax consulting strategies for Fortune 500 companies.
Chun Hughes earned a bachelor of arts degree in political science from the University of Illinois at Champaign-Urbana, and a juris doctorate degree from the Loyola University of Chicago School of Law. She is a licensed attorney in Illinois and Michigan.
Radicevich has more than 11 years of experience in state and local taxation, specializing in property taxes. Her industry focus has been in manufacturing, retail/distribution, airline, service and telecommunications.
“My wide range of state and local tax experience in various industries is directly in line with the types of services clients seek from True Partners,” said Radicevich. “It’s exciting to be recognized for contributing those skills to the firm, and to gain the additional growth opportunities offered by the strong leadership and unique environment offered at this firm.”
Prior to joining True Partners Consulting, Radicevich was a senior manager at Deloitte & Touche LLP in Chicago. Previously, she spent more than eight years with the Chicago office of Arthur Andersen’s State and Local Tax practice.
Radicevich has managed contract tax services engagements for personal and real property for large corporations in the manufacturing industry, including compliance, tax bill payment, real estate, incentive, appeal and negotiations functions. Additionally, she has performed real and personal tax diagnostics on behalf of Fortune 500 and other large companies, and has managed property tax engagements involving obsolescence studies.
Radicevich has been involved in the firm-wide property tax methodology team and participated in the ongoing development and update of process methodology utilized in ensuring quality and efficiency in all property tax engagements performed by the firm.
A graduate of Northern Illinois University, she received a bachelor of science degree in accountancy, and is a member of the Institute for Professionals in Taxation (IPT).
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 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 Bay, Fla.; Washington D.C.; and Boston. There is also a Paris office, ArtemTax International, which is the first member firm in the True Partners Consulting International network. Find additional information at www.tpctax.com
2007/2008 Federal Tax Conference
Presented by the ISBA Federal Taxation Section
Presenting – David F. Jarmusz, ESQ, CPA
Subject – Corporate and Partnership Update
Dates and Locations
Springfield
Friday, January 11, 2008
Prairie Heart Institute at St. John's Hospital
James T. Dove Conference Center
619 E. Mason Street
Chicago
Friday, January 25, 2008
Chicago Chapter Appraisal Institute
205 W. Wacker Drive, Suite 200 A & B
For more information about the 2007/2008 Federal Tax Conference, click here.
TRUE PARTNERS CONSULTING TO FORM TRUE PARTNERS CONSULTING INTERNATIONAL; FIRST MEMBER FIRM OUTSIDE U.S. OPENS IN PARIS
Rapidly growing firm expanding to support multinational clients
CHICAGO – October 24, 2007 – True Partners Consulting LLC (TPC) announced that it is forming True Partners Consulting International, an affiliated company that will become a network of tax consulting firms in select markets around the world.
The first member firm in the network opens today in Paris, the company announced. To be known as ArtemTax International, “a Member Firm of the True Partners Consulting International Network,” the new firm will be led by Hervé Bidaud, who has nearly 30 years of experience in international tax matters, cross border transactions, group restructuring mergers and acquisitions, and joint ventures.
“We have referred to True Partners as a ‘world-class’ tax and business advisory firm since our founding 18 months ago, and today we are very pleased to have extended our services beyond the U.S. into other parts of the world,” said Cary McMillan, chief executive officer of True Partners. “As the world of business becomes increasingly globalized, we need to be able to support our clients wherever they do business – and we soon will be taking additional steps in that direction.”
Through TPC International, True Partners eventually will have affiliated member firms in strategically selected markets in Europe, Asia and potentially, Latin America.
ArtemTax International will advise companies based in France, as well as multinational companies doing business in France, on a range of tax and business issues including management of tax risks, the optimization of effective tax rates and the implementation of transfer pricing policies. Artemtax International is also handling tax litigation matters.
“The senior professionals of our global network, including ArtemTax International, have the technical skills and problem-solving ability to understand the accounting, financial and economic aspects of international business challenges,” said Hervé Bidaud. “In addition, many of our network members have been part of networks of independent accountants in the past, exerting a great deal of leadership on the accounting and economic aspects of structuring international transactions, including transfer pricing issues.”
About ArtemTax International
ArtemTax International is a tax law firm specializing in inbound and outbound financial transactions. The team is at the forefront of tax structuring, having implemented one of the first cross-border mergers between two entities in France and in the Netherlands that encompasses tax and accounting matters. ArtemTax International is differentiated by its independent and personalized approach, without the restrictions of Sarbanes Oxley and the French law on financial securities (“Loi sur la Sécurité Financière”), and by granting clients access to a dedicated partner from start to finish, ensuring the highest level of service. The team also differentiates itself through its global approach in taking into consideration financial, accounting, and economic services.
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 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.
Thefirmhas offices in Chicago; New York; Los Angeles; San Jose, Calif.; Tampa Bay, Fla.; Washington D.C.; and Boston. Find additional information at www.TPCtax.com.
Joel Gross and Thomas McQueen join as partners to lead newest location
BOSTON – September 10, 2007 – True Partners Consulting LLC today announced Joel Gross and Thomas McQueen have joined its new Boston office as managing directors.
“As the fastest-growing tax practice in the country, we are committed to attracting top talent to ensure we offer our customers the very best tax and business consulting services,” said Cary McMillan, True Partners’ CEO. “Joel and Thomas will be an integral part of our success in moving the firm forward and continuing to offer the best and brightest tax and business consulting minds to our clients.”
Gross has more than 10 years of experience in the areas of federal and international tax planning and transfer pricing. His clients have included Fortune 500 and mid-sized companies in a variety of industries, including manufacturing, retail, financial services, technology and life sciences.
“I look forward to playing a leadership role in the new Boston office and providing tailored solutions to clients through my work in federal and international tax planning and transfer pricing,” said Gross. “It’s exciting to bring complementary expertise to True Partners, a rapidly growing firm that in just over a year already possesses a unique culture and strong leadership.”
In addition to serving clients within the federal and international taxing industry, Gross will provide consulting services including subpart F planning, worldwide tax minimization planning, global reorganizations, foreign tax credit planning, international tax structuring, and tax controversy.
Prior to joining True Partners Consulting, Gross worked with Arthur Andersen and Ernst & Young, as well as Robinson & Cole LLP, a regional law firm.
Gross received a Bachelor of Arts degree in Government/Political Science from Skidmore College, where he was a member of the Periclean Honor Society. He received a law degree from the Western New England College School of Law and his Master of Laws in Taxation degree from the Boston University School of Law Graduate Tax Program with a concentration in International Taxation. He is a member of the Boston Bar Association and Massachusetts Bar Association.
McQueen specializes in the areas of international tax, federal tax, transfer pricing, and tax controversy. He has extensive tax problem solving skills and has assisted multinational companies in over 65 countries in resolving both inbound and outbound issues. McQueen represents clients before the IRS in tax controversy matters, as well as advising clients in mergers and acquisitions.
“My technical expertise and extensive business acumen allow me to navigate through the intricate nature of the current tax laws while communicating effectively to multinational clients in an easily understood manner,” said McQueen. “I look forward to being part of the team committed to building upon the strong foundation that has been established within the company’s first year.”
Prior to joining True Partners Consulting, McQueen served as the head of the international tax practice at a regional law firm of 225 lawyers. In that capacity, he provided international tax and transfer pricing services to numerous companies, including several Fortune 50 companies. He also served as one of the technical leaders of the Global Tax Minimization team at a Big Four firm. In this capacity, he advised senior executives and corporations on tax controversy, international tax planning, and mergers and acquisition matters. Additionally, for several years McQueen led the international tax services group for two Fortune 20 companies.
McQueen received his Bachelor of Science in Business and a Master of Science in Taxation degrees from the University of Minnesota. He is a Certified Public Accountant and a member of the America Institute of Certified Public Accountants (AICPA), the Minnesota Society of Certified Public Accountants, and the Connecticut Society of Certified Public Accountants.
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 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 Bay, Fla.; Washington D.C.; and Boston. Find additional information at www.TPCtax.com.
New East Coast Location of Tax Consulting Firm to Meet Needs of Area Businesses
BOSTON – September 10, 2007 – True Partners Consulting LLC announced today the opening of its Boston location, the seventh office for the rapidly growing tax and business advisory firm. The new Boston office will help public companies and private enterprises navigate the numerous international, federal and state tax laws and increasingly complex financial and legal regulations.
“Our expansion in the Boston area was a natural fit for the wide range of local mid-size public and private companies in the areas of manufacturing, life sciences, high technology, financial services and insurance,” said Joel Gross, managing director, True Partners in Boston. “Our unique offering of tax expertise and consulting will offer them ‘Big Four’ technical capabilities while avoiding potential Sarbanes-Oxley-related conflicts.”
“Another key attribute that differentiates us from the ‘Big Four’ is our expansive network, which gives us access to industry experts with a range of expertise, and allows us to develop solutions that are tailored to our clients,” added Thomas McQueen, managing director in Boston.
True Partners provides an extensive range of compliance and consulting services. These include analysis and counsel pertaining to the tax impact of business issues such as organic or acquisition-driven growth; filing procedures; and business restructuring or bankruptcy. The firm also conducts refund reviews, analyzes clients' tax exposure and creates responses to audit inquiries, in addition to helping clients address compliance issues. Among other areas, the Boston office will also be able to assist their clients with mergers and acquisitions, transfer pricing and representing clients in tax controversies before federal and state authorities.
“The opening of the Boston location is one more step toward broadening our network of strategically located offices around the country to meet expanding client needs,” said Cary McMillan, chief executive officer and founding member of True Partners. “Our expectation that the great demand in the market for skilled tax consulting services would fuel rapid growth for us has proved true, as True Partners Consulting has become the fastest-growing company in the industry.”
McMillan and 25 other former Andersen partners and staff launched True Partners in February 2006. The founders created a distinctive business model for the firm that eliminates much of the hierarchy traditionally associated with the “Big Four.” True Partners provides an entrepreneurial culture and collegial environment to its expanding employee base of more than 125 tax professionals.
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 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.
Thefirmhas offices in Chicago; New York; Los Angeles; San Jose, Calif.; Tampa Bay, Fla.; Washington D.C.; and Boston. Find additional information at www.TPCtax.com.
New East Coast Location of Tax Consulting Firm to Meet Needs of Area Businesses
WASHINGTON, D.C. – July 31, 2007 – True Partners Consulting LLC announced today the opening of its Washington, D.C., location, the sixth office for the rapidly growing tax and business advisory firm. The new location will help Fortune 500 companies in the Washington, Baltimore, and Richmond, Va., areas navigate the full range of federal and state tax laws. Additionally, the office will facilitate the firm’s access to Washington-based tax agencies and organizations such as the Department of Treasury, Internal Revenue Service (IRS), Multistate Tax Commission (MTC) and Federation of Tax Administrators (FTA).
“Our new presence in D.C. provides an exciting option for local businesses seeking high quality, sophisticated tax services, without the Sarbanes-Oxley-created conflicts inherent in offering both consulting and audit services,” said Doug Richards, managing director, True Partners in Washington.
James Sweeney, managing director in Washington and company co-founder, added, “Our core service strengths will be further complemented by True Partners’ freedom to collaborate across other offices to tap into various areas of industry expertise and offer clients solutions customized to their needs.”
True Partners provides an extensive range of compliance and consulting services. These include analysis and counsel pertaining to the tax impact of business issues such as organic or acquisition-driven growth; filing procedures; and business restructuring or bankruptcy. The firm also conducts refund reviews, analyzes clients' tax exposure and creates responses to audit inquiries, in addition to helping clients address compliance issues. Among other areas, the Washington office will specialize in FAS 109, Accounting for Income Taxes; FIN 48, Accounting for Uncertainty in Income Taxes; and Sarbanes-Oxley Section 404 implementation.
“The opening of the Washington, D.C., location is one more step toward achieving our goal of becoming a universally recognized next-generation tax consulting services firm,” said Cary McMillan, chief executive officer and founding member of True Partners. “The increased demand for skilled tax consulting services that we’ve seen since our launch last year has been instrumental in True Partners becoming the fastest-growing tax business in the country.”
McMillan and 25 other former Andersen partners and staff launched True Partners in February 2006. The founders created a distinctive business model for the firm that eliminates much of the hierarchy traditionally associated with the “Big Four.” True Partners provides an entrepreneurial culture and collegial environment to its expanding employee base of more than 125 tax professionals.
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 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 Bay, Fla.; Washington D.C.; and Boston. Find additional information at www.TPCtax.com.
Senior managers in three of rapidly growing company’s offices are promoted to managing director level
CHICAGO – April 5, 2007 – True Partners Consulting LLC today announced that it has promoted four of its senior managers to managing directors: Lawrence P. Salus, Jr. and John P. Bennecke, in its Chicago headquarters, Tracey G. Sellers, in its Tampa, Fla. office, and Gregg P. Dluginsky, in its New York office.
“We’re delighted to be promoting these four people who exemplify the best of True Partners, and all of whom have made significant contributions to the firm’s early success,” said Cary McMillan, chief executive officer of True Partners. “As the fastest-growing tax practice in the country, we are committed to fostering an environment that recognizes top talent to ensure we offer our customers the very best tax and business consulting services.”
As a federal and international tax consultant for 16 years, Salus, 42, specializes in tax planning, mergers and acquisitions and accounting for income taxes. In addition, he has experience with corporate and partnership tax compliance and representing clients in tax controversies before federal and state authorities.
A tax professional with both public and industry accounting expertise, Bennecke, 40, has more than 15 years of experience specializing in tax compliance and consulting for large and mid-size multinational corporations, partnerships and individuals. Bennecke also provides services in the areas of tax due diligence, research and tax planning, and audit defense.
Sellers, 43, offers more than 18 years of experience serving clients in a variety of industries in the areas of state and local taxation, with an emphasis on transactional taxes. Other areas of expertise include income and franchise taxes, intangible personal property taxes and unclaimed property taxes.
An 18-year veteran of the public accounting industry, Dluginsky, 40, is a tax professional with extensive experience serving various corporations, partnerships and individuals in tax planning, Sarbanes-Oxley Section 404 review, FASB 109, and tax compliance. Additionally, he specializes in tax services related to mergers, acquisitions and divestitures.
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 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 Bay, Fla.; Washington D.C.; and Boston. Find additional information at www.TPCtax.com.
Senior manager Tracey Sellers promoted to managing director
CHICAGO – April 5, 2007 – True Partners Consulting LLC today announced that it has promoted senior manager Tracey Sellers to managing director in its Tampa, Fla. office.
Sellers, 43, offers more than 18 years of experience serving clients in a variety of industries in the areas of state and local taxation, with an emphasis on transactional taxes. Other areas of expertise include income and franchise taxes, intangible personal property taxes and unclaimed property taxes.
“I look forward to playing a greater leadership role in providing tailored solutions to clients through my work in specialized tax services,” said Sellers. “It’s exciting to be part of the team committed to building upon the strong foundation that has been established within the company’s first year.”
In addition, Sellers has experience completing a variety of state tax projects, including reverse sales and use tax audits, audit defense/protests and penalty abatement proceedings, sales tax compliance systems, system studies, and negotiating agreements with government officials.
“We’re delighted to be promoting Tracey, who has helped build the Tampa office from the ground up and made significant contributions to the local market,” said Cary McMillan, chief executive officer of True Partners. “As the fastest-growing tax practice in the country, we are committed to fostering an environment that recognizes top talent to ensure we offer our customers the very best tax and business consulting services.”
Prior to joining True Partners, Sellers worked for 10 years at two Big Five accounting firms, and for eight years at the Florida Department of Revenue. She has served clients in a variety of industries such as healthcare, electric utilities, professional sports teams, retail/distribution, manufacturing, telecommunications, and hospitality.
Sellers received her Bachelor of Science degree in accounting from Florida State University. She is a certified member of the Sales and Use Tax Section of the Institute for Professionals in Taxation and a member of the State Tax Section of the Florida Institute of Certified Public Accountants. Sellers has spoken at numerous industry and national state tax seminars, and has designed and taught several courses in the areas of state and local taxation. She is also a certified Tax Decision Maker (TDM) Specialist for Vertex, Inc.
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 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.
Thefirmhas offices in Chicago; New York; Los Angeles; San Jose, Calif.; Tampa Bay, Fla.; Washington D.C.; and Boston. Find additional information at www.TPCtax.com.
Senior manager Gregg Dluginsky promoted to managing director
CHICAGO – April 5, 2007 – True Partners Consulting LLC today announced that it has promoted senior manager Gregg Dluginsky to managing director in its New York office.
An 18-year veteran of the public accounting industry, Dluginsky, 40, is a tax professional with extensive experience serving various corporations, partnerships and individuals in tax planning, Sarbanes-Oxley Section 404 review, FASB 109, and tax compliance. Additionally, he specializes in tax services related to mergers, acquisitions and divestitures.
“I’m energized by the opportunity to join a leadership team that shares a deep commitment to providing tailored solutions to clients,” said Dluginsky. “Together we will work to further strengthen the unique culture and solid values proposition that have been quickly established within the company.”
Prior to joining True Partners, Dluginsky held tax manager and senior tax manager positions with Arthur Andersen and KPMG International. Throughout his career, he has represented numerous clients in various industries, such as technology, consumer product, media and entertainment, manufacturing and distribution.
“We’re delighted to be promoting Gregg, who has helped build the New York office from the ground up and made significant contributions to the local market,” said Cary McMillan, chief executive officer of True Partners. “As the fastest-growing tax practice in the country, we are committed to fostering an environment that recognizes top talent to ensure we offer our customers the very best tax and business consulting services.”
Dluginsky received his Bachelor of Business Administration degree in accounting from Hofstra University. He is a licensed Certified Public Accountant in New York and a member of the New York State Society of Certified Public Accountants.
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 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.
Thefirmhas offices in Chicago; New York; Los Angeles; San Jose, Calif.; Tampa Bay, Fla.; Washington D.C.; and Boston. Find additional information at www.TPCtax.com.