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John McGovern

Rodman & Rodman’s John McGovern Cites Key Role for CPAs at Bank of America SBA 504 Loan Seminar

John McGovern, CPA, ABV, CVA

John McGovern, CPA, ABV, CVA and partner at Rodman & Rodman, P.C., an independent accounting and tax firm catering to small and medium sized businesses throughout New England, shared his vast knowledge at Bank of America’s recent SBA 504 Loan Seminar held at Eastern Nazarene College in Quincy.

During the two-hour seminar, McGovern discussed the key role of the CPA in SBA 504 loans, as it relates to the depth of and the type of financial, due diligence, and personal information applicants need when applying for the loan.

McGovern reviewed the critical areas in which loan applicants can benefit from a CPA’s expertise, which included the business plan, due diligence, SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis, determining type of business entity, tax benefits and deductions, a cost segregation study, tax increment financing and financial statement terminology.

“This was an in-depth, hard-hitting seminar meant to address many of the questions asked by clients when they are considering obtaining an SBA 504 loan. Essentially, a CPA can identify, organize and provide the necessary documentation which helps to ensure that those seeking this type of additional financing, obtain it,” noted McGovern.

McGovern plays a key role in Rodman & Rodman’s audit, accounting and tax engagements, with a particular emphasis in pass-through entities such as S Corporations and Limited Liability Companies. He has over 28 years of experience in valuing privately held businesses in a number of different industries, is Accredited in Business Valuation (ABV) and a Certified Valuation Analyst (CVA) as well as a CPA.

At the seminar, McGovern was joined by fellow experts Lisa Alberti of Bank of America, Bruce Miller of Pierce Atwood, LLP and Laurie Driscoll of SEED Corporation.

“The Bank of America SBA 504 Seminar was well-received and we’re planning to hold a second seminar in the near future,” noted McGovern.

About Rodman & Rodman P.C.

Founded in 1961 and listed in the Boston Business Journal’s “Top 50 Firms,” Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies. The Rodman & Rodman “Green Team” is a specialized green energy and clean technology accounting and tax services practice within Rodman & Rodman, P.C. that serves “green” clients throughout the U.S. The company is Green Business Certified and has been named by “Accounting Today” as one of the “Best Accounting Firms to Work For” in 2010, 2011, and 2012. For more information, email info@rodmancpa.com, visit their website at www.rodmancpa.com or contact (617) 965-5959.

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Rodman & Rodman CPAs Provide Insight on Recent HIRE Act

Rodman & Rodman, P.C., a firm of CPAs and Business Strategists based in Newton and Braintree, provides insight on the Hiring Incentives to Restore Employment (HIRE) Act, that carries hiring incentives and stimulus measures.

Last month, President Obama signed into law H.R. 2847, otherwise known as the HIRE Act.

Rodman & Rodman outline what the act means to employers who hire qualified unemployed workers:

Under the HIRE Act, employers are exempt from paying the employer share of Social Security employment taxes on wages paid in 2010 to newly hired, qualified unemployed workers. The payroll tax relief applies only for wages paid with respect to employment beginning March 19th and before 2011. There are stipulations though. It applies to workers who: (1) begin employment with the employer after February 3, 2010 and before January 1, 2011; (2) were previously unemployed and; (3) do not replace other employees of the employer.

Employers will receive an up-to-$1,000 tax credit for retaining qualified unemployed workers. The workers must be employed by the employer for a period of not less than 52 consecutive weeks, and their wages for such employment during the last 26 weeks of the period must equal at least 80% of the wages for the first 26 weeks of the period.

For tax years beginning in 2010, the Act boosts to $250,000 the maximum amount that can be expensed under Code Sec. 179, and boosts to $800,000 the beginning of the investment based phaseout amount.

The Act allows issuers of certain tax credit bonds to elect to receive a direct payment instead of a tax credit to the bondholder.

The Act enacts a comprehensive set of measures to reduce offshore noncompliance.

HIRE Act also delays the application of worldwide allocation of interest for an additional three years.

Large corporations should be aware that the HIRE Act tinkers with their estimated tax payments in future tax years.

Rodman & Rodman advises employers to check with their accountant(s) to ensure they have a thorough understanding of the provisions of the new law. To speak with a CPA at Rodman & Rodman,

contact 617-965-5959.

Rodman & Rodman, P.C.

Founded in 1961, Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies throughout New England. With a focus on strategic planning, Rodman & Rodman goes beyond traditional accounting services and takes a proactive approach when serving clients to increase, preserve and sustain clients’ financial net worth.

From business valuations, taxation, audits, fraud detection and prevention services and succession planning to a variety of accounting IT services including software selection, implementation and training, the team at Rodman & Rodman serves as comprehensive advisors to clients. For individual clients, the company offers personal advisory services such as planning for real estate transactions, obtaining financing, estate planning and retirement planning as well as planning for college education. Rodman & Rodman Certified Public Accountants are located at 3 Newton Executive Park in Newton and 25 Braintree Hill Office Park in Braintree, Mass. For more information, visit their website at www.rodmancpa.com or contact (617) 965-5959.

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“How Much is Your Business Worth” Seminars in Braintree and Newton, co-sponsored by PR Works

Rodman & Rodman, P.C., Certified Public Accountants and Business Strategists, will hold a seminar in September geared towards entrepreneurs, family-owned businesses and small ownership groups entitled “How Much is Your Business Worth”.

The seminar will be held on the following dates from 7:30 a.m. to 9:30 a.m.:

· Tuesday, September 15th at Rodman & Rodman offices located at 3 Newton Executive Park in Newton

· Tuesday, September 22nd at Rodman & Rodman offices located at 25 Braintree Hill Office Park in Braintree

Light refreshments will be served.

The seminar will cover:

· How businesses are valued.

· Why businesses are valued that way.

· Rules of thumb.

· The types of buyers that are out there.

· Why goodwill is important.

· The only way the actual value of your business can be determined.

These seminars will be led by John McGovern, CPA, ABV, CVA, Partner at Rodman & Rodman. McGovern performs business valuations for small and medium-sized businesses and will provide attendees a good understanding of the basics of business valuation. He will also answer questions that business owners may have about valuation principles specific to their industry or their unique situation.

“These seminars are ideal for anyone who is considering restructuring, selling or transferring ownership in their business. Understanding the principles will help business owners manage their business better and manage their financial future with greater certainty. This is the first in a series of seminars that we think business owners will find extremely beneficial,” explained McGovern.

To register for a seminar, contact Jen Minor at Rodman & Rodman at (617) 965-5959 or email jen@rodmancpa.com.

Rodman & Rodman, P.C.

Founded in 1961, Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies throughout New England. With a focus on strategic planning, Rodman & Rodman goes beyond traditional accounting services and takes a proactive approach when serving clients to increase, preserve and sustain clients’ financial net worth.

From business valuations, taxation, audits, fraud detection and prevention services and succession planning to a variety of accounting IT services including software selection, implementation and training, the team at Rodman & Rodman serves as comprehensive advisors to clients. For individual clients, the company offers personal advisory services such as planning for real estate transactions, obtaining financing, estate planning and retirement planning as well as planning for college education. Rodman & Rodman Certified Public Accountants are located at 3 Newton Executive Park in Newton and 25 Braintree Hill Office Park in Braintree, Mass. For more information, visit their website at www.rodmancpa.com or contact (617) 965-5959.

“How Much is Your Business Worth” Seminars in Braintree and Newton, co-sponsored by PR WorksRead More

Rodman & Rodman CPA to Hold “How Much is Your Business Worth” Seminars in Braintree and Newton

Rodman & Rodman, P.C., Certified Public Accountants and Business Strategists, will hold a seminar in September geared towards entrepreneurs, family-owned businesses and small ownership groups entitled “How Much is Your Business Worth”.

The seminar will be held on the following dates from 7:30 a.m. to 9:30 a.m.:

· Tuesday, September 15th at Rodman & Rodman offices located at 3 Newton Executive Park in Newton

· Tuesday, September 22nd at Rodman & Rodman offices located at 25 Braintree Hill Office Park in Braintree

Light refreshments will be served.

The seminar will cover:

· How businesses are valued.

· Why businesses are valued that way.

· Rules of thumb.

· The types of buyers that are out there.

· Why goodwill is important.

· The only way the actual value of your business can be determined.

These seminars will be led by John McGovern, CPA, ABV, CVA, Partner at Rodman & Rodman. McGovern performs business valuations for small and medium-sized businesses and will provide attendees a good understanding of the basics of business valuation. He will also answer questions that business owners may have about valuation principles specific to their industry or their unique situation.

“These seminars are ideal for anyone who is considering restructuring, selling or transferring ownership in their business. Understanding the principles will help business owners manage their business better and manage their financial future with greater certainty. This is the first in a series of seminars that we think business owners will find extremely beneficial,” explained McGovern.

To register for a seminar, contact Jen Minor at Rodman & Rodman at (617) 965-5959 or email jen@rodmancpa.com.

Rodman & Rodman, P.C.

Founded in 1961, Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies throughout New England. With a focus on strategic planning, Rodman & Rodman goes beyond traditional accounting services and takes a proactive approach when serving clients to increase, preserve and sustain clients’ financial net worth.

From business valuations, taxation, audits, fraud detection and prevention services and succession planning to a variety of accounting IT services including software selection, implementation and training, the team at Rodman & Rodman serves as comprehensive advisors to clients. For individual clients, the company offers personal advisory services such as planning for real estate transactions, obtaining financing, estate planning and retirement planning as well as planning for college education. Rodman & Rodman Certified Public Accountants are located at 3 Newton Executive Park in Newton and 25 Braintree Hill Office Park in Braintree, Mass. For more information, visit their website at www.rodmancpa.com or contact (617) 965-5959.

Rodman & Rodman CPA to Hold “How Much is Your Business Worth” Seminars in Braintree and NewtonRead More