Wanting to Enhance Professional Possibilities, Committee Holds Seminar for Small Businesses

Small-business owners and advisers met with the Cooperation with Community Businesses Committee of the New York State Society of CPAs late last summer to learn about financing alternatives, business strategies, estate planning, business valuation, commercial insurance, and other topics.

The 10-year-old committee typically holds an annual seminar for business groups, partly to promote services offered by CPAs beyond tax preparation and consulting. Crain’s New York Business publicized the seminar to the small-business community. The seminar attracted 40 attendees to the Society’s offices in New York City.

Marc Albaum, a sole practitioner in New York City, discussed business financing alternatives for different phases of the business cycle from start-up to the mature business, including family loans, various U.S. small-business administration loans, bank loans, and non-bank sources of finance, including stocks, bonds and equipment leasing.

Maurice Berkower, of Sultanik Krumholz and Berkower LLC in Teaneck, N.J., spoke about various business strategies, including how to choose among the different types of business entities, how to structure an operating agreement and a buy-sell agreement, and how to address nexus issues when operating in multiple jurisdictions.

Kevin Berman, of Israeloff Trattner and Company CPAs P.C. in Valley Stream and formerly of the Internal Revenue Service, discussed estate planning for business owners and how recent estate tax law changes affect business owners.

The discussion included a review of the revised estate and gift tax rates and the carryover basis rules.

Robert C. Meier, a certified valuation analyst and forensic accountant, spoke on the issue of business valuation, including regulatory guidance, terminology, how to define earnings, capitalization, and discount rates.

An insurance specialist reviewed important changes in commercial insurance in the wake of the attack on the World Trade Center. Business owners were reassured that the insurance industry is still sound and there are enough funds to cover all losses. Professional liability insurance issues were discussed for the CPAs present.

A question-and-answer period followed each speaker’s presentation.

The committee is seeking topics for future seminars—which in the past have included the types of entity to form when starting a business, and payroll issues—to be presented to business groups and chambers of commerce. The committee is also looking into holding a joint seminar with a bank.

Leaders are looking to expand the committee’s active membership to further enhance the small-business community.