Conference Promises to Capture Committee Spirit

Conference Promises to Capture Committee Spirit

By Scott M. Cheslowitz

The Closely Held and S Corporations Committee, one of 15 in the New York State Society of CPAs’ Tax Division, runs monthly meetings typically abuzz with energized roundtable discussions about topics ranging from outsourcing services and tax reform to (of course) specific closely held and S corporation tax issues.

Many meetings feature guest speakers, who cover areas such as business, estate or investment planning for the closely held entity and its business owner. These presentations always prompt discussion and exchange of information.

Our diversity and the regular flow of information allow the committee and its members to make contributions to the Society at large. Our committee’s members sponsor technical sessions, contribute articles to The CPA Journal and carry over the spirit of our regular meetings to the committee’s annual conference.

On July 27 our committee once again will sponsor an annual tax conference for closely held and S corporations, at the Marriot Marquis in New York.

The conference, cochaired by Mark Israel and David Gibson, will feature several discussions centering on the new manufacturing deduction stemming from the American Jobs Creation Act of 2004, which served as a basis for one of the committee’s livelier discussions of late. There will also be updates on state and federal taxation, discussion of cost-segregation studies and business valuation, and other topics.

Attendees of past conferences have walked out well satisfied, and this year should not be any different.

The annual tax conference is but one of the functions of our committee; we as a group are very active. We have a lot of talented professionals who enjoy giving something back to the membership. As mentioned above, our members contribute several articles a year to The CPA Journal. Stewart Berger, Alan Frankel, Zev Landau, Randy Schwartzman and myself are among the writers who over the last few years have authored or coauthored pieces on e-filing, bankruptcy issues for S corporations, and treatment of built-in gains and losses, to name a few of the subjects.

In addition to writing articles, Berger has over the past few years chaired our Technical Session Subcommittee, which sponsors about two such sessions annually. Berger’s next session on June 8 will be on long-term and eldercare issues.

Many of our committee members also volunteer for the NYSSCPA’s technical hotline. Members such as Berger, Bob Gilbert, Mark Israel, Robert Spierer, Mark Shayne—our business valuation expert—and Steve Winchester all participate in the hotline.

Due to length considerations, I couldn’t name every substantial contributor from our committee in this very short article but you are invited to view that list of professionals on www.nysscpa.org under the Closely Held and S Corporations Committee.

I hope to see you at the annual conference or one of committee meetings this summer.

Scott M. Cheslowitz is the outgoing chair of the NYSSCPA’s Closely Held and S Corporations Committee and a partner with Rothenberg & Peters PLLC in Great Neck.