Industry Committee Happenings

Here’s a look at some of the recent developments and topics of discussion within the New York State Society of CPAs’ industry committees.

Chief Financial Officers Committee

On Sept. 11, Richard R. Upton, Esq., of Patterson, Belknap, Webb & Tyler LLP, gave a presentation on the new tax laws applicable to CPAs in industry to the Chief Financial Officers Committee. In his presentation, Upton discussed recent revenue rulings, court cases and changes in New York state tax laws.

Chip Thomas, from the American Export Training Institute, gave a presentation on how CFOs can grow their companies without overextending their line of credit, at the committee’s Oct. 10 meeting. Thomas teaches companies how to interpret the terminology used in evaluating a letter of credit as well as conveys the importance of such letters. He explained the various payment terms used in a line of credit contract, the four different payment types and other pertinent information applicable to a line of credit.

Committee members received one continuing professional education credit for attending each presentation.

Apparel and Textile Committee

Richard Kestenbaum, chairman of Kestembaum & Associates LLC, made a presentation at the committee’s regular meeting on Sept. 21. Kestenbaum’s investment banking firm provides mergers and acquisitions services to companies in the apparel, accessories, home furnishing, retail, cosmetics and other merchandising-content business. The chairman also made a presentation at the Apparel & Textile Breakfast Conference on Nov.13 at the Yale Club in Manhattan.

For more information on the Chief Financial Officers Committee, contact the chair, Mark Ellis, at marke@mcfina.com. For more information on the Apparel and Textile Committee, contact the chair, Paul D. Schuldiner, at pschuldiner@mindspring.com. For information on the Society’s industry committees, contact Kim Patterson, industry member relations coordinator, at (212) 719-8363 or kpatterson@nysscpa.org.