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The Latest Word on ESOPs: What We All Need to Know

Has the new federal tax regime set forth the grounds to reconsider an ESOP? An ESOP is a qualified retirement plan that can use debt financing to buy company stock from the company’s owner(s). It’s a serious option for any business owner who wants to liquidate some or all of his or her ownership. Martin Staubus reviews how ESOPs work, as well as the benefits they provide to buyers (employees) and sellers (o ...

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Providing Effective Litigation Services (Part 3 of 4)

An overview of the Federal Rules of Evidence, Federal Rules of Civil Procedure and leading pre- and post-Daubert cases In this third part of a four-part series, the focus turns to the rules of evidence and standards used to admit the testimony of expert witnesses. While a minority of jurisdictions follows the Frye standard, the majority has adopted the Daubert standard. Objective testimony is critical, whic ...

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Experts Estimate Dodd-Frank to Be Complete in December

According to Bloomberg News, financial regulators have reported that new measures on the Dodd-Frank Act should be mostly complete by the end of 2013.  The law, created in 2010, was designed to prevent a repeat of the 2008 worldwide credit crisis.  Among the new rules are tougher leverage requirements for eight of the nation’s largest banks, a risk-based capital surcharge for systemically important banks and ...

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Do Business Valuation Standards Apply to Non-Accredited CPAs?

Will the valuation report prepared by the non-accredited CPA be admitted? The author was recently involved in an Oklahoma domestic relations case where the opposing expert contended he did not have to abide by AICPA valuation standards, reporting or otherwise, since he was not a member of the organization. This article summarizes how this issue was handled by the Oklahoma judge. ...

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Using Valuation Skills to Help Prepare a Business for Sale

A proactive approach pays off for selling shareholders A business valuation analyst has the training, valuation skills, and experience to provide meaningful feedback to owners seeking to exit their businesses. When and how to conduct the pre-sale valuation is crucial to maximizing profit potential. This article will provide insight into using your valuation skills to help prepare a business for sale. ...

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Providing Effective Litigation Services (Part 2 of 4)

Professional accounting valuation accrediting standards for effective litigation In this second part of his four-part series, Mark Shirley, CPA/ABV, CVA, MAFF, CFE, focuses on complicated professional standards. Here, the article examines AICPA’s Code of Professional Conduct and Statement on Standards for Consulting Services (SSCS), which sets forth the scope and limitations of  practice. While the AICPA ha ...

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Fannie & Freddie May Be History

Senators, Bob Corker (R-TN) and Mark Warner (D-VA) introduced a bill on June 25th that would eliminate government-sponsored Freddie Mac and Fannie Mae.  Over a five-year phase out, the institutions would be replaced by a new government reinsurer, a Federal Mortgage Insurance Corp (FMIC). Originally reported by National Mortgage News, the structure of the FMIC would be similar to the Federal Deposit Insuranc ...

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REITs Fall Sharp Amid Doubts of Commercial Real Estate Recovery

REIT stocks fell sharply in the second quarter, ranging between 11 and 15 percent.  Originally reported by the Wall Street Journal, the Dow Jones Equity All REIT index posted a 2 percent negative return in the second quarter.  The index hasn’t reported a performance that weak since the third quarter of 2011.  Analysts are saying REITs took a dive because investors are nervous about rising interest rates sta ...

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Rigging the Cost of Equity

Suggested benchmark analysis to assess the reasonableness of the cost of equity In the February/March 2013 issue of the Financial Valuation & Litigation Expert (FVLE), Issue 41, Jim Hitchner authored “How to â€Rig’ a Valuation: The Discount Rate.” This is the first of a two-part FVLE series. The article provides suggested guidance to unmask the intentional “rig.” ...

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Providing Effective Litigation Services (Part 1 of 4)

Procedural phases in litigation: the role of the expert from drafting of the complaint through trial In this first part of a four-part series titled “Providing Effective Litigation Services” Mark Shirley, CPA/ABV, CVA, MAFF, CFE presents an overview of the phases in a civil case, from filing of the complaint through trial.  An effective expert is a professional that understands the procedure, rules, his or ...

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Bank of America Moving Valuation Reports Offshore

“Bank of America spokesman Terry Francisco told Bloomberg that the lender’s program prevents paperwork errors from delaying loan applications and that the overseas completeness checks don’t replace in-depth reviews done by licensed U.S. staff.” According to the Appraisal Institute and Bloomberg, Bank of America (BofA) has opened an office in Bangalore, India to deal specifically with reviewing valuation rep ...

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Tax Court Analysis of 2703 Issues Instructive to Planning for Valuation Discounts

Fractional interest discounts allowed In Estate of Elkins v. Commissioner, the U.S. Tax Court sides with petitioners holding they were entitled to a ten percent discount from pro rata fair market value with respect to a decedent’s interest in various works of art.  In Fancher v. Prudhome, the Louisiana Court of Appeals upholds a trial court’s determination that using the Income Approach to value a withdrawi ...

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Pass-Through Entity Valuations and Fair Market Value: A New Perspective

How to apply the landmark cases Delaware MRI (2007) and Bernier (2012) Eric J. Barr, CPA/ABV/CFF, CVA, CFE, analyzes two landmark court decisions—Delaware MRI and Bernier—and offers more clarity on the proper way to value an ownership interest in a pass-through entity under the fair market standard of value.  ...

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The Last Frontier of the Digital Accounting Firm: How Technology is—Finally—Transforming Practice Management

Five key questions to determine whether it’s time to switch to a digital system At many firms, practice management software is often referred to as the “last frontier”, according to Matt Jagst, Director of Enterprise Product Management in the tax & accounting business of Thomson Reuters. Most firms manage to get by with outdated systems and processes. Switching to digital software that integrates time, ...

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