Each day I talk to business leaders about what they like best – and least – about their Certified Public Accountants (CPAs). The responses range from, “I won’t buy a mobile phone without checking with Mary,” to “Mark is okay, but he likes my rival football team and that’s unacceptable.”

Clearly, there are many factors that can solidify or dissolve a relationship with a trusted advisor such as your CPA. Some, while not preferred, are tolerable; others are absolute deal breakers. Still, the services of a CPA are crucial to the success of any company. That’s why you should ask yourself these five questions to determine if your CPA is meeting your needs, or it’s time to move on to someone else.

Does my CPA understand my business and industry?

As the business development manager of a “Top 50” accounting and wealth management firm, I hear the term “generalist” quite often. In the accounting world, the label applies to a professional with clients in multiple industries. Traditionally, a CPA’s role was to have a working knowledge of each of their clients’ industries. Today, top firms specialize in precise areas of focus to ensure they are experts in the tax laws that govern their clients’ industries. For example, if you own a construction company and the only construction company your CPA works with is your own, are you certain you are taking advantage of every potential tax benefit and functional process available to streamline and grow your operations?

Am I getting the value I deserve?

Value has different meanings for different people. Accounting value is leverageable by:

• Knowing your CPA is always there when you have questions
• Trusting your CPA is current with the ever-changing tax laws that govern business owners
• Counting on your CPA to complete important tasks on time

Value is essentially whatever you perceive it to be. Knowing what is important to you and your business will help you identify problems when your expectations of value are not being met. Make sure you can define “value” when working with your CPA, who must be a trusted advisor to be effective.

Have I outgrown my CPA?

You likely have a good relationship with your CPA. He or she has been with you since the beginning, seen your kids grow up, been there through tough times and good. But does that alone ensure he or she is the best partner for your company today? Can he or she guide you through the complex scenarios your business faces? In many cases after a consultation with their CPA of so many years, a business owner realizes the CPA is not only overwhelmed by the company’s growth, but also ill-prepared to help the company capitalize on its success. This is a dangerous place for a business owner.

Am I receiving the level of service I have come to expect from my CPA?

Do you feel like every time you call, your CPA isn’t in, and it takes forever to get a return call? Are you only meeting with your CPA once a year to drop off your tax documents? Have you ever had to write an unexpectedly large check to the IRS without knowing in advance why you owed so much? Think about what services you believe are most valuable to you, then ask yourself, are you receiving the level of service that you expect from your current CPA?

Are accounting services the only services the firm offers?

In today’s world, accounting firms must take a holistic approach to providing added value and top-level financial services. Does Mike from XYZ Tax do your accounting, Mary from the bank your 401k, and Diane from ABC Investments a business succession plan? What if your business could work with one company in a single location for all that? When the left hand knows what the right hand is doing, you gain significant efficiencies. Can you afford to not have all of your trusted business advisors working together, sharing information, and strategizing about your best options?

Having a trusted advisor as your CPA is more than simply hiring someone who belongs to your club or likes the same sports teams you do. It’s about partnering with a reliable professional who is a specialist in your field of business and who will help guide you and your company to the next level of financial success and security.

July 28, 2022 – Again this year, HBK CPAs & Consultants (HBK) is ranked by Construction Executive magazine as one of the nation’s Top 50 accounting firms with a dedicated construction practice. The magazine boasts an audience of more than 150,000 leading construction business owners, C-suite executives and top decision-makers including all 21,000 member companies of Associated Builders and Contractors nationwide.

HBK ranked 37th in the study, which is based on data submitted by CPA firms, including:

• 2019 revenues from construction practice
• number of CPA’s in construction practice
• percentage of firm’s total revenues from construction practice
• number of construction clients in 2019
• number of office locations with a construction accounting practice
• number of employees with CCIFP certification
• year construction accounting practice established

The HBK Construction Solutions Group includes 65 CPAs working with 641 construction companies. The specialized group serves a broad range of clients, including general contractors, heavy construction, homebuilders, bridge painters, and other specialty trades. Team members are active in the industry, have obtained their Certified Construction Industry Financial Professional (CCIFP) certificate, and are involved in various construction organizations. HBK is a BDO Alliance member and team members serve on the Alliance’s Construction Industry Group Executive, Education and Value-Added committees.

HBK also ranked 49th in the nation and 6th in its region in the latest study by Accounting Today magazine.

“Our continued growth is gratifying given the challenges posed over the past two years by COVID and the related issues,” noted HBK CEO and Managing Principal Christopher Allegretti, CPA. “Again, we can point to how we have worked together, despite unprecedented challenges, to help our clients through the difficult, unanticipated issues they have faced in 2020 and 2021.”

HBK provides small to mid-market businesses and their owners and operators a wide range of financial solutions, including accounting, tax and audit services; wealth management; business valuation; corporate finance; forensic accounting; litigation support services; and business consulting, including specific expertise in a number of major industries. The CPA firm dates back to 1949 and added its wealth management practice in 2001. The financial professionals of HBK CPAs & Consultants and HBKS Wealth Advisors serve clients locally out of offices in Columbus, Youngstown and Alliance, Ohio; Pittsburgh, Philadelphia, Erie, Hermitage, Meadville and Blue Bell, Pennsylvania; Princeton, Cherry Hill and Clark, New Jersey; and Fort Myers, Naples, Stuart, Sarasota and West Palm Beach, Florida.

Article updated April 2024.

With each industry comes a wide array of disputed topics, many of which are shared throughout multiple industries. One of those shared disputes is the question of employee attraction and retention. Specifically, how can an employer within a specific industry attract and retain talent? As markets and businesses mature, attracting and retaining talent is becoming more and more competitive. There are numerous valuable incentives that Companies can offer to compete at the top of attracting and retaining talent. One of those incentives that can be beneficial to offer is a retirement plan. When a prospective employee is weighing options at different companies in their consideration, typically, pay, health benefits, and foundation are included in their choice. Often, those qualities are similar across multiple employers, and that is why a top-notch retirement plan could make the difference between accepting and rejecting your job offer. While a retirement plan can help solve the problem of attracting and retaining employees within an industry, it can be difficult for a typical industry to develop the perfect plan. One specific industry, however, faces unique challenges from banking to regulatory and tax laws, and developing the right retirement plan can be another difficult addition that a Company may face. That not-so-typical industry is known as the cannabis industry and this industry will most benefit from cannabis-specific professionals to help them navigate through these challenges.

HBK Cannabis Solutions was among the first CPA firms to specialize in accounting services for the cannabis industry and we have worked beside entrepreneurs in all industry segments—cultivators, processors, and retailers—from small businesses with a single facility to multi-location and vertically integrated operations. We can assess your current accounting system, advise, and install accounting that complies with GAAP and IRS rules. In addition, HBK is a member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Audit Quality Center. Our professional staff serving employee benefit engagements uses this affiliation to keep abreast of the latest developments in accounting for employee benefit plans, communicating with AICPA staff and other members on technical benefit issues, and continuing education and technical research in the field. HBK CPAs & Consultants can help you determine whether you need an audit, help prepare you for an audit in the future, and conduct the audit.

HBK has summarized some tips to help your Company get started and remain guided along the way:

• Consult with your financial institution: A financial institution representative will be able to establish a meeting with potential third-party administrators, advisors, and investment managers who are familiar with the cannabis space.
  
  
• Structure: Your Company should be as transparent as possible with third parties when discussing the structure of your business. Advisors may back out due to your Company’s relationship with cannabis and that issue is best addressed at the forefront of the process. For example, if there is an entity structure in place where plant-touching employees are employed by a different company that does cannabis accounting and provides the retirement plan, it is best to share that information with all parties.
  
  
• Honesty: Businesses in the cannabis space are known to face challenges. The challenges that are specific to most cannabis companies and clients in your Company should be communicated with the professionals you are working with. It is important to be honest and upfront with cannabis clients as early in the process as possible.
  
  
• Advising: An advisor is a good choice of a professional to develop a relationship with, because advisors may understand many of the challenges faced by a cannabis business. Advisors are not just likely to understand these challenges, but they can aid cannabis businesses in solving them. One way to find out if an advisor is familiar with the cannabis industry is to ask trusted advisors for their past experiences with cannabis Companies and request to review a copy of their most recent SOC1 report.
  
  
• ERISA: Retirement plans are beneficial for companies and employees if operated efficiently. The cannabis industry, medical or recreational, is scrutinized enough by federal law; you don’t want compliance issues with the Department of Labor or the Internal Revenue Service over a retirement plan. It will be an important step to consult with an ERISA attorney to keep these issues out of your Company.
  
  
• Budget: Developing and maintaining a proper retirement plan does not come free of cost. It is important that your Company knows the potential cost of establishing and maintaining said plan. Your Company’s plan should make financial sense as there are many questions that factor into the cost of the plan. For example, will the employer or the plan be responsible for paying administrative expenses?
  
  
• Legal obligations: The focus of an employee benefit plan is that it is a long-term commitment to provide a financially secure retirement to participating employees. While outsourcing certain administrative functions of the plan is an option, you are ultimately responsible for plan oversight. It is crucial that your Company understands all of the legal obligations that are attached to the plan.

After a Company has implemented a retirement plan, the work may not be done. It is wise to consult with your individual CPA or CPA firm, as a substantial number of employee benefit plans are going to be subject to an employee benefit plan audit.

The first step in determining if your retirement plan needs an audit is to determine if your Company’s plan is classified as a “small plan” or a “large plan”. As of 2023, this determination is measured by the number of participants with account balances at the beginning of the plan year. Small plans generally have under 100 participants at the beginning of the plan year, while large plans have more than 100 participants. However, there is one exception to this determination which is called the “80-120 Participant Rule”. Exactly as it sounds, if the number of participants is between 80-120 and a Form 5500 was filed in the prior plan year, then your Company may elect to complete the return as it was filed in the prior year, whether that was small or large.

The main difference between the “small” and “large” plan is the type of form that is required to be filed. A small plan requires a Schedule I, which will not trigger an employee benefit plan audit. On the contrary, a large plan requires a Schedule H, which will. In the case that your Company is required by state laws to have an employee benefit plan audit, it is wise to acquire consulting services of a strong CPA firm to assist you with this process.

Preposterous question? Maybe. Paying less for something, especially if the work seems satisfactory to you, can be a good thing. However, when it comes to SOC (System and Organization Controls) reports, it’s not just about you. Too many SOC reports either are of poor quality or lack utility, or both. These reports have a purpose, internally as well as externally, and you want to be sure your report can be relied on to accommodate the reasons you invest in them.

What you pay for

First, as with any audit, you’re paying for an independent, professional examination. In today’s digital world, cybersecurity and information assurance is critical, and for the sake of your business you want an independent review and the opportunity to learn about any weaknesses or other areas where you need to make improvements. An SOC audit should not consist of a rubber stamp; it shouldn’t be a check-the-box exercise, which can be the case with a low bid.

Secondly, there’s a good chance you undergo an SOC audit because of customer demand. Even if it is a proactive measure, your customers request these reports. Unfortunately, in the past it wasn’t uncommon for customers to request a report, then file it away without getting past the cover page. The request might have originated from a need to demonstrate their vendor’s risk management process, or because they know their auditors will demand them.

But the times are changing. Your customers are scrutinizing your SOC reports, and they need to provide your customers crucial information about your systems, operations, and internal controls. Poor quality reports can leave your customers questioning the legitimacy of … well … everything—the auditor, the auditor’s tests, the audit results, and even management’s decisions.

Some ways you can determine that you’re not getting a quality report:

• The auditor testing only includes inquiry. Per American Institute of Certified Public Accountants (AICPA) guidance, when testing a control, auditors cannot rely on inquiry alone. They must conduct inspection, observation, or re-performance in conjunction with any inquiry. However, it’s not uncommon to find reports where an auditor’s testing only includes inquiry. Not only is inquiry a weak form of testing and not in conformity with AICPA guidance, readers can’t and don’t rely on it.

• The issuing CPA does not undergo peer review. SOC reports can only be issued by CPAs, and only by CPAs who undergo peer review. If the issuing CPA firm doesn’t undergo peer review, the report is not legitimate. You can check to determine whether a CPA has undergone peer reviews through this link: https://peerreview.aicpa.org/public_file_search.html.

• Frankenstein’s monster. Does it appear that sections, paragraphs, and sentences have been cut and pasted to make up the report? Not only does this signal poor quality, it could also mean the auditor is blindly transferring sections from one report to another. Such a practice, at the very least, questions the legitimacy of the report.

Why pay more

• Cybersecurity professionals. Your auditor should have professionals with the proper training, experience, and credentials. Look for auditors with the CISA (Certified Information Systems Auditor), CISSP (Certified Information Systems Security Professional), and CISM (Certified Information Security Manager) designations. Sometimes firms will discount their services given the lack of professional resources on staff. Is that a sacrifice you want to make?

• Quality control. There are, or should be, back-end processes supporting the audit that might not be apparent because as they are not customer-facing—such as quality control. Quality control means more than correcting grammatical and formatting errors; it should serve to ensure conformity with AICPA standards. Because quality control is not customer-facing, it is an easy corner to cut. But cutting corners often leads to oversights or errors that compromise the legitimacy of the audit.

• Assurance. The audit is a mechanism to evaluate and provide information you can use to improve your security controls. A more thorough, professional audit might be a little more expensive, but it could also be the difference between security and experiencing a much costlier security breach.

For more information on SOC audits and reporting, contact HBK Risk Advisory Services at 724-934-5300, or by email at mschiavone@hbkcpa.com.

Contributing Authors: Peter Roupas, CPA, JD, Amelia Mateer, CPA, Josh Masters,CPA, Nabat Mammedova, CPA, Joyce Gebrosky, and Mary Manolakos

If you’re a small business owner and haven’t yet filed your 2021 business tax return, you’re likely talking to your CPA right now. With the deadline looming, you might be in a hurry to complete your return and put taxes behind you, so you can focus on other more pressing business matters. But don’t rush. There are several things to discuss with your CPA before you finalize your return, including some changes in the tax law resulting from the COVID pandemic that could generate substantial savings for you and your business.

Here are three issues that as a small business owner you’ll want to discuss with your CPA:

Employee Retention Credit

The Employee Retention Credit (ERC) is incredibly generous and broad. It can yield a cash refund of up to $7,000 per employee, per quarter. To qualify, your business must have experienced a 20% decrease in revenue in any quarter compared to that same quarter in 2019 (i.e. to pre-COVID levels). For most businesses, the credit expired after quarter three.

Some small business owners, in particular sole proprietors organized as single member LLCs, are overlooking the ERC. Remember, you need only one employee other than yourself to qualify for the credit. Assume, for example, your business has one employee, an administrative assistant and bookkeeper, whose salary for the year is $40,000. You could potentially receive a credit of $7,000 per quarter for quarters one, two, and three. That’s a total credit of $21,000, a significant cash inflow for a small business owner. For businesses with more than one employee, multiply that credit by your number of employees, and you can understand the magnitude of this generous credit.

If you’re a start-up business, and don’t have 2019 revenues, that doesn’t preclude you from taking the credit. Talk to your CPA to determine if your business qualifies as a Recovery Startup Business.

Many businesses, particularly those with 2021 annual revenues that were similar to pre-COVID levels, are surprised to discover that they qualify for the credit. Remember, if your sales dipped by 20% in a particular quarter compared to 2019, you may qualify. Hence, businesses who experience inconsistent revenues from quarter to quarter during the year should be extra mindful to perform those sales comparisons to 2019!

If you qualify for the ERC, your 2021 tax return will be impacted, as the expenses related to the credit are not deductible, which means an increase in taxable income. So be sure to factor this spike when tax planning with your CPA.

Business Meals

New and more generous tax deductions are available for 2021 food and beverage expenses. The rules—some of the changes are considered temporary by the IRS—include:

• Meals are 100 percent deductible if purchased from a restaurant between December 31, 2020, and January 1, 2023. The IRS defines a restaurant for purposes of this provision as a business that prepares and sells food or beverages for immediate consumption. The definition does not extend to businesses that primarily sell pre-packaged food or beverages not specifically for immediate consumption, like grocery stores; beer, wine, and liquor stores; and vending machines. Nor is an eating facility located on the business’s premises considered a restaurant, even if it’s operated by a third-party.
• The 50 percent deduction limitation still applies to food and beverage purchases made at non-restaurants.
• Entertainment expenses remain non-deductible. However, food and beverages purchased at an entertainment event can be deducted if stated separately from the entertainment costs. They can be on a separate bill or listed as separate line items on the bill.

To ensure you maximize your food and beverage deductions, be sure to discuss those expenses with your CPA.

Retirement Plan Options

Tax time is always an appropriate time to discuss your retirement plan funding options with your CPA, as you have until the filing deadline, including extensions, to make your contribution. Have your CPA run different scenarios to determine the appropriate amount to contribute. And if you need more time to determine your contribution for 2021, consider filing an extension.

If you don’t currently have a retirement plan, setting one up now can yield a tax deduction for 2021. And if you have a retirement plan, consider upgrading to another plan, particularly if your earnings for the year increased over previous years, or if you anticipate increases in your future earnings.

Business owners have several plans to choose from, each with its set of rules and requirements:

Traditional IRA:

Self-Employed IRA (SEP):

SIMPLE IRA:

401(k):

So before you finalize your business return this season, be sure to pause and consider whether you’ve fully vetted the above considerations. The tax savings could be significant.

Just as all jobs are not built the same, construction companies differ in their costs. Contractors need to win jobs to stay busy, but the real trick is making enough profit to cover your costs and have something leftover. Having a customized estimating strategy is crucial and requires a thorough understanding of your business’ unique cost structure.

While your previous year’s numbers might be a good starting point for considering the overhead you need to recover this year, you also need to consider changes you have made that will impact your costs:

• Have you hired office personnel, such as additional estimators, accounting personnel, or secretaries?
• Have you purchased additional trucks for construction supervisors?
• Has there been a significant increase in employee benefits?
• Have you increased your office space by renting an additional facility or adding to your existing office space?
• Do you warranty a portion of your work? Do you have a lag summary to estimate the amount of future claims you might need to cover?

Once you have a budget for your overhead, consider how you will allocate the dollars among your projects. Are all of your projects performed similarly? Are some more labor-intensive while others are more equipment-intensive? An estimating strategy that allocates overhead appropriately will more accurately portray the profit on your jobs and help you submit more competitive bids. No estimating strategy is perfect, nor is it a “one and done” process. You will want to re-evaluate periodically and no less than annually—assuming no major changes in your overhead in the interim.

You can use job estimates for more than winning work. You can compare your estimates during open projects to real-time data to ensure jobs are on track. If something looks awry then investigate. Is something going wrong on the job that’s causing additional work or overruns? Is there a change order or claim that needs to be submitted? Can you make corrections and get the project back on track? Was something missed during the bidding process, and if so, how can you prevent that from happening in the future?

If you find your company consistently losing out in your bidding, consider a bid analysis:

• Are you losing out on one type of job but winning bids in other areas? Is it because your overhead isn’t allocated appropriately? Is your overhead top-heavy and you need to find ways to reduce it?
• Do you have a team of estimators with some hitting bids but others falling short? Do you need to conduct cascade training?
• Are you losing consistently to the same competitors? What are the spread on the bids you lose and they win?
On the other hand, if you are consistently winning bids, build analysis to determine if you are leaving money on the table.

A CPA expert in your industry can help you analyze your business’ unique cost structure to determine where you can afford to make cuts in either your costs or your bids. An industry-savvy CPA can help you find niches in types or sizes of jobs where you can win bids and maximize your profits, and even provide training to your team to get everyone estimating more effectively.

Understanding your cost structure is imperative to helping you attain the profit you require to grow your company and your personal wealth. A CPA focused on the construction industry can be a trusted advisor and provide invaluable support.

Internal Revenue Code section 280E prevents businesses engaged in the trafficking of a Schedule I or II controlled substance* from taking federal income tax deductions for ordinary and necessary business expenses—allowing deductions only for costs of goods sold. However, in certain situations, S corporation shareholders may receive a tax benefit from these otherwise non-deductible expenses due to stock basis ordering rules.

Generally, losses may be deducted by a taxpayer only to the extent of their basis, that is, the amount invested. Basis is adjusted in the following order: (1) income, (2) non-dividend distributions, (3) non-deductible expenses, and (4) losses.

When a shareholder’s loss or deduction items are disallowed due to basis limitations, they are suspended and carried over to the succeeding taxable year. The suspended losses and deductions are treated as incurred in that succeeding year, are added to the shareholder’s loss and deduction items actually incurred during that year. Under Treas. Reg. 1.1367-1(g), however, a shareholder can elect to have basis adjusted in a different order: (1) income, (2) non-dividend distributions, (3) losses, and (4) non-deductible expenses. The effect of the election is that any unused non-deductible expenses are carried forward until they are used to reduce stock or debt basis. Once the election is made, the shareholder must continue to use that ordering rule unless the IRS approves a change back to the standard rule. The election may be made on an original return or an amended return.

Consider the following illustration:

George is the sole shareholder in an S corporation. At the beginning of the year, he has $100,000 in basis. The company has a taxable loss of $250,000 for the year, plus $600,000 of non-deductible expenses.

If the shareholder makes—or has previously established—a 1.1367-1(g) election, they can apply $100,000 of taxable loss to their basis first. The loss will be taken on their individual return and the remainder—$150,000 of losses and $600,000 of non-deductible expenses—carries forward to the next year.

If the shareholder has not made the election, the $100,000 of beginning basis will be reduced by $100,000 of the non-deductible expenses. The entire $250,000 loss is then carried forward to the next year. However, the $500,000 of non-deductible expenses exceeding the basis are not deductible and do not carry forward. By making the election, the shareholder receives a tax benefit even though the expenses are in theory non-deductible.

On the surface, the 1.1367-1(g) election seems like a good idea. It allows the use of a tax-deductible loss now instead of a future year. However, making the election could have negative consequences for S corporation shareholders, as any deductions for non-deductible expenses that aren’t used up due to basis limitations are lost.

These rules affect all S corporation shareholders, but it’s particularly important for cannabis companies because under the limitations of the Controlled Substances Act they tend to have large amounts of non-deductible expenses. Taking advantage of the stock basis ordering rules is an involved process requiring many considerations; it is critical to use a tax preparer familiar with these rules. Making a 1.1367-1(g) election without considering the consequences, or being unaware of the carryover rules and tracking non-deductibles incorrectly, could be extremely costly. Make sure you have a CPA who knows the rules and can apply them to your benefit.

* The Controlled Substances Act (CSA) is the statute establishing federal U.S. drug policy under which the manufacture, importation, possession, use, and distribution of certain substances is regulated. It was passed by the 91st United States Congress as Title II of the Comprehensive Drug Abuse Prevention and Control Act of 1970 and signed into law by President Richard Nixon.[1] The Act also served as the national implementing legislation for the Single Convention on Narcotic Drugs.

Canfield, Ohio – HBK CPAs & Consultants (HBK) has promoted two former Senior Managers to the role of Principal: Darby L. Beaverson, CPA of its Naples, Florida office, and Richard P. Mishock, CPA from its office in Stuart, Florida.

HBK CEO and Managing Principal Christopher Allegretti, CPA, made the announcement internally prior to the public notification.

Beaverson has been with the firm since 2014, specializing in a variety of accounting, tax, and assurance services. Much of her work has been done in the construction industry and for nonprofit organizations. She also serves many other types of small businesses, their owners and families. Darby holds a Master’s in Accounting from the University of Wyoming, and is a member of the American and Florida Institutes of Certified Public Accountants and serves as treasurer of the Cancer Alliance of Naples.

“Darby has established herself in our office as a leader and a really effective problem solver,” noted Barry Holes, Principal-in-Charge of our Southwest Florida region. “Her teammates regard her as a good listener, level-headed and very objective in her thinking. People count on her for smart, sensible decisions.”

Rich began his public accounting career with HBK in our Salem office upon graduation from Slippery Rock University in 1995. He transferred to Florida in 1998 and is licensed in both Florida and Pennsylvania. He has extensive experience in the areas of financial reporting, taxation, business consulting, and audit and assurance. He provides accounting, tax and consulting services to individuals as well as a wide range of industries, including construction, real estate, manufacturing, wholesale distribution, professional firms and non-profit organizations. In addition to his membership in the American, Florida and Pennsylvania Institutes of Certified Public Accountants, he devotes time to several community organizations, including the Treasure Coast Builders Association (TCBA), Treasure Coast Manufacturers Association (TCMA), and as treasurer to the Port St. Lucie Police Foundation. He has also served as past chairman and treasurer of the YMCA of the Treasure Coast, and past treasurer of SafeSpace.

“Rich is a well-rounded professional who works hard, is dependable and loyal, and well-respected by clients,” said Greg Nuttall, Principal-in-Charge of our Stuart office. “He has a strong concentration in work related to the construction industry and non-profit organizations, and he’s very active in HBK’s IT Advisory Committee. He’s also quite involved in the Treasure Coast business community and has developed key relationships therein. He’ll play a key role in transitioning business in the coming years.” said Nuttall.

Allegretti mentioned several other team members in various HBK office locations who were also promoted (listed below), noting, “These HBK professionals have distinguished themselves by their performance and we congratulate them all on a job well done!” All promotions became effective September 1, 2019.

Senior Director
Mary Jane Grossi – Cherry Hill, NJ

Senior Managers
Matthew Thompson – Pittsburgh, PA
Sarah Gaymon – West Palm Beach, FL (Tax Advisory Group)
Daniel Thomas – Youngstown, OH
Michael Metzinger – Youngstown, OH
Brandon Dougherty – Naples, FL
Michael Thakkar – Naples, FL
Ben Buemi – Naples, FL
Matthew Hendricks – Fort Myers, FL
Antonio Ribeira – Cherry Hill, NJ

Managers
Beth Stearns – Pittsburgh, PA
Joshua Masters – Pittsburgh, PA
Robert Petersen – Youngstown, OH (IT Department)
Jordan Baierl – Pittsburgh, PA (Dealership Industry Group)
Ryan DiNunzio – Stuart, FL
Kyle Offringa – Stuart, FL
Kaitlyn Cook – Alliance, OH
Jarod Williams – Alliance, OH
Jena Baun – Youngstown, OH
Jacob Gebhart – Youngstown, OH
Anthony Savasta – Clark, NJ
Nathan Ditz – Hermitage, PA
Rosa Rodriguez Mejia – Naples, FL
Emily Swope – Naples, FL
Tyler Tomalavage – Princeton, NJ
Sean McKinnon – Meadville, PA
Griffin Todd – Youngstown, OH

Senior Associates
Trevor Martin – Pittsburgh, PA
Amelia Mateer – Pittsburgh, PA
Christa Foy – Pittsburgh, PA
Joshua Pinkerton – Pittsburgh, PA
Michael O’Dell – Youngstown, OH (IT Department)
Emily Stipkovich – Columbus, OH
Cassandra Baubie – Youngstown, OH (Tax Advisory Group)
Kurt Blackburn – Youngstown, OH (Dealership Industry Group)
Ken Toth – Youngstown, OH (Dealership Industry Group)
Christopher Jensen – Stuart, FL
Philip Metzinger – Youngstown, OH
Anthony Uberti – Youngstown, OH (Valuation Group)
Zach Politsky – Youngstown, OH (Valuation Group)
Alexis Corrente – Naples, FL
Drew Blakeslee – Ft. Myers, FL
Jessica Camara – Ft. Myers, FL
Nicholas Elliott – Princeton, NJ
Teal Strammer – Sarasota, FL
Breann Machingo – Youngstown, OH

Associates
Madison Woolman – Youngstown, OH (Human Resources)
Hollianne Dohrn – Ft. Myers, FL
Lisa Chance – Youngstown, OH (Finance)

Paraprofessionals
Sara Herrera – Naples, FL
Jessica Santana – Naples, FL

HBK CPAs & Consultants (HBK) announced the signing of a conclusive merger agreement with the Spire Group of Clark, New Jersey. The merger gives HBK its northernmost office and the newest office in its mid-Atlantic region, which is comprised of Princeton and Cherry Hill in New Jersey and Blue Bell, Pennsylvania.

“We are pleased to welcome the Spire Group team to HBK,” noted HBK Mid-Atlantic Principal-in-Charge, Jim Bartolomei, who made the announcement. “They are a group of outstanding and accomplished professionals who will strengthen our position in the region.”

The Spire Group is comprised of 50 team members, five of whom are joining HBK as Principals. The firm has operated as the Spire Group since 2012 with the merger of two of the region’s leading full-service CPA and consulting firms, SGA Group of Clark, and Carr Daley Sullivan & Weir of Livingston, New Jersey.

“The Spire Group was built on the pillars of client service, entrepreneurship and a culture that is centered around our team members’ success,” noted Spire Managing Principal Tom Angelo. “We found those same pillars in the HBK family. We are excited to be able to bring our talents and expertise to scale collectively with the breadth and depth of HBK. Together, we will bring tremendous opportunities to our clients and our team members in the years to come.”

The Spire Group was recognized as one of the “Top 50 Best Workplaces of 2017” by Inc. magazine, was a “Best Firms to Work For” selection for the past four years by Accounting Today, and was chosen as one of the “Best Places to Work” for the past four years by NJBIZ.

In addition to its tax, advisory and assurance practice, Spire operates Spire IT. Spire IT was founded in 2010 to provide businesses reliable technology and consulting services.

“We are excited to welcome these proven leaders to our growing team,” said Christopher M. Allegretti, CPA, CEO and Managing Principal of HBK. “The Spire Group has succeeded at building an award-winning culture and growing a highly-respected office in a very competitive market. And their successful IT practice is proof of their innovative and entrepreneurial practice style.”

We’ve all heard the saying that on their deathbeds, people never regret not having worked more. Nor is it likely that any dying wish would involve wanting to have spent more money on one’s divorce proceedings and litigation.

There is no doubt, divorce is difficult even under the best of circumstances and painful when the conditions are not amicable. It is a transition time in one’s life when, most often, emotions are elevated, which can lead to poor decision making. The following five recommendations are strongly suggested for anyone going through a divorce:

1. Do not let anger and/or revenge motivate you.
You may want your spouse to suffer financially. However, what you may not realize is that so will you and your children, most likely. You will probably spend more money on attorney and Certified Public Accountant (CPA) fees if you let anger dictate your thought process. This means you will have less money for your living expenses (and your children’s, if you are a parent) and/or you will have to dip into savings or retirement accounts — or both. Either way, your financial situation (and ultimately, your children’s, if you have them) will be compromised if you spend an inordinate amount of money on attorney and CPA fees as part of your divorce. Remember, also, that if you do end up in court, you may receive a verdict leaving you less money than you had hoped to secure.

2. Do not let your guilt guide you.
Even though you may have made mistakes or perhaps had done something during the course of your marriage about which you feel guilty, you must live with the results of your divorce settlement for a long time. Be certain to make the smartest decisions during the process so that you receive an equitable result at the end of it all.

3. Do not hide or divert assets.
The bottom line is that you will most likely eventually get caught and it’s not worth the consequences. Even if you somehow manage to escape legalities associated with criminal actions related to your divorce proceedings, the truth has a way of surfacing at some point, (whether you want it to or not) so you may as well be honest from the start.

4. Do not take the advice of friends (without first discussing it with your attorney or CPA).
Unless your friend is a divorce lawyer or CPA, he/she will be guiding you based on biased emotions. Turn to friends for moral support, but do not let their opinions or experiences influence your decision making. They are not you; their ex-spouse is not your spouse; their financial situations aren’t yours. Lean on them for friendship, not legal or accounting expertise.

5. Do not agree to or sign anything without first discussing it with your attorney or CPA.
Your attorney and CPA are looking out for your best interests — that is why you hired them. Yet sometimes, in the heat of the moment during a divorce, people are tempted to agree with or sign something that ultimately has adverse financial consequences for them. Be careful and do not let this happen to you. Talk to your attorney and CPA before you make any binding agreements – verbally or in writing.

Please contact Stacey Udell at sudell@hbkvg.com with questions.