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GSG in the News
December 5, 2011
The Mind of Mark
“Thoughts from Our Management Consultant”
For the last 20 years, I have focused on designing, developing and implementing world-class finance, process and technology solutions for clients ranging from Mom & Pop Start-ups to Fortune 500 corporations. What I have recognized during this time is that regardless of the organizations size and focus, issues and opportunities seem to be pretty consistent. This blog focuses on the good, the bad, and the ugly of what our clients face on a day to day basis.
How does your organization view technology?
This is a relatively simple question; however, its answer may have profound impact to your organization!
An organization’s IT capability correlates to how its leadership perceives the importance of IT in achieving its long-term strategy. This perception may fluctuate dramatically across organizations. One organization may view IT as a “necessary evil” with no strategic value, while another organization may view their IT team as critical to maintaining or achieving a competitive edge in the marketplace. Each of these perceptions of IT carries with it an investment cost. Below are the levels normally associated with perceived IT value:
- Strategy View: This view recognizes that IT is strategically important to developing and / or maintaining a competitive advantage in the marketplace. Expectations of the IT organization include innovation, establishing new business lines and driving into new markets.
Major Focus: Strategic Goals IT Investment: High
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Enabler View: This view recognizes IT as having mission critical dependencies with its functional business partners. Expectations of the IT organization include proactive business model support, anticipation of business needs, understanding of the business environment, and prevention of IT threats.
Major Focus Area: Business Requirements IT Investment: Medium – High
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Commodity View: This view sees IT as a basic support mechanism to the business. Expectations of the IT organization is that it is cost efficient, leverages standard processes and practices, provides a measurable / auditable environment, and takes direction from the business owners.
Major Focus Area: Customer Requirements IT Investment: Medium
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Scattered View: This view sees the IT environment as a series of per-function applications. The expectations of the IT organization include the installation and support of off the shelf software, project based / functional focused enhancements, and standard operations and support.
Major Focus Area: Product Support IT Investment: Low – Med
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No Strategic View: This view sees IT as a basic requirement. The expectations of the IT organization include just-in-time support, minimal enhancements / upgrades, and a small footprint / resource requirements.
Major Focus Area: Basic Technology IT Investment: Low
So, how do YOU view your IT resources and have you made the necessary investment for success? Do YOUR expectations match YOUR investment? If not, the resulting expectations / investment gap may result in an inefficient / ineffective IT operations environment.
It is now time to take a deep breath, outline your expectations, look at your investment to date, and determine if your level of investment is aligned with your IT goals and objectives! If you find that it is not, it is time to take action!
Best Regards,
Mark T. Warren, M.S.
Director of Business Consulting
Gorfine, Schiller & Gardyn, PA
443-632-5149
Mark Warren has over 20 years experience in business consulting, including business performance management, contract management and strategic sourcing. He works with clients of all sizes in greater Baltimore, Maryland and throughout the Mid-Atlantic.
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May 25, 2011
Scott D. Rodgville, CPA, Officer at Gorfine, Schiller & Gardyn, P.A., has been re-elected Treasurer of the Board of Directors of Paul’s Place, Inc. This will be his second three-year term as Treasurer for the organization’s Board of Directors.
Paul’s Place, Inc. advocates change and improvement of quality of life for residents of Washington Village/ Pigtown and the surrounding neighborhoods in Southwest Baltimore. The organization has served the community for over twenty years and offers more than a dozen services and programs to low-income individuals and families. Such programs and services include providing hot lunch five days a week, an adult basic literacy program, a nurses’ clinic and an affordable housing program.
Scott leads the firm’s Not-for-Profit service area and focuses on not-for-profit and employee benefit plan clients. In 2006, he was named one of the “Top 40 Accountants” in Maryland by SmartCEO Magazine. Scott received his CPA certification in 1998 and his M.S. in Taxation from the University of Baltimore in 2001. Additionally, he is on the Board of Directors of the American Health Assistance Foundation (AHAF).
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May 13, 2011
Ronald D. Rudich, CPA/ABV/CFF, Director of Business Valuation and Litigation Support Services at Gorfine, Schiller & Gardyn, P.A. has been appointed to the Board of Governors of the Institute of Business Appraisers (IBA). His three year term begins on June 11, 2011.
The IBA’s Board of Governors is comprised of ten individuals from across the country whose responsibilities include course and product development, research, authorship and the organization’s mentor program. Additionally, the Board provides leadership, supports innovative services and promotes a high level of proficiency and professionalism among its members.
The IBA was established in 1978 and is the oldest professional society devoted to the appraisal of closely-held businesses. It is a nationally recognized membership organization that provides professional accreditation and business appraisal education.
Ronald has over 30 years of experience in business valuation. He is Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF) accredited by the American Institute of CPAs. Ronald’s expertise includes forensic accounting, strategic business planning, business consulting, and forecasting services. He is a Certified Business Appraiser (CBA), Business Valuator Accredited for Litigation (BVAL) and Accredited in Business Appraisal Review (ABAR) accredited by The Institute of Business Appraisers, a Certified Valuation Analyst (CVA) accredited by the National Association of Certified Valuation Analysts, a Certified Machinery & Equipment Appraiser (CMEA) accredited by the NEBB Institute, a Senior Business Analyst (SBA) accredited by The Society if Business Analysts, and a Certified Merger & Acquisition Advisor (CM&AA) accredited by the Alliance of Merger & Acquisition Advisors.
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April 4, 2011
Gorfine, Schiller & Gardyn, P.A. will be an exhibitor at the Maryland State Bar Association 2011 Annual Meeting. The event takes place in Ocean City, MD. We will be in the exhibit hall June 8th through 10th. Stop by our booth to visit Evelyn Brunner, CPA, CVA, Officer, and to learn about our Business Valuation and Litigation Support Services.
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Evelyn Brunner, CPA, CVA, Chief Operating Officer at Gorfine, Schiller & Gardyn, P.A. has been selected to Chair the Education Committee of the Baltimore County Chamber of Commerce.
The Education Committee works to promote awareness of the education system and its needs by creating relationships between business, education and the community. The committee is also charged with administering the annual Merit Scholarship program and organizing the annual Teachers’ Awards for Excellence and determining the winners.
Evelyn is also on the Board of Directors of Suited to Succeed. She is a past president of the Reisterstown-Owings Mills-Glyndon Chamber of Commerce and served on the Board of Trustees of The Community College of Baltimore County for ten years.
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March 11, 2011
Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
Individual Income Tax:
Tax Rates
- 10% Rate extended through 2012
- 15% No change
- 25%, 28%, 33% and 35% Rates extended through 2012
- For taxpayers in the 25% or higher tax brackets the capital gains and dividend rates of 15% is extended through 2012.
Deductions
- Personal Exemptions Phase-out repealed through 2012.
- Itemized Deduction Limitation repealed for 2010 through 2012. Taxpayers are no longer subject to an itemized deduction limitation if AGI exceeds a certain level.
- Tax credit for qualified adoption expenses increased from $5,000 to $10,000 and also provides a $10,000 income exclusion for employer provided assistance programs. These benefits are extended through 2012 as refundable credits.
- Contributions to Coverdell Education Savings Accounts are increased from $500 to $2,000 and extended through 2012.
- Employees that receive Employer provided educational assistance may exclude from income $5,250 for undergraduate AND graduate education expenses through 2012.
- $250 Deduction for elementary and secondary school teachers extended through 2012.
- Qualified tuition and related expenses extended through 2012.
- State and Local Sales tax deduction extended through 2012.
- Taxpayers age 70 ½ may make tax free distributions from an IRA to a qualified charity up to $100,000 per taxpayer, per tax year. Transfers that occurred in January of 2011 may be treated as having been made in 2010.
- Self Employed Individuals can deduct SE Health Insurance Premiums paid to reduce their social security self employment tax in addition to their income tax liability.
Two-Year AMT Patch
AMT Exemption for individuals – $47,450 (2010) and $48,450 (2011)
AMT Exemption for Married Filing Joint – $72,450 (2010) and $74,450 (2011)
Non refundable personal credits are also allowable against AMT
Business Income Tax:
Depreciation:
- Beginning in 2010 or 2011 Business can expense up to $500,000 of the first $2,000,000 worth of qualified investment property placed into service under Code Section 179.
- Also in 2010 and 2011 up to $250,000 of qualified real property (qualified leasehold improvements, qualified restaurant property, and qualified retail improvement property) can be expense under Code Section 179.
- 50 % Bonus Depreciation on assets placed in service before September 8, 2010
- 100% Bonus Depreciation on assets placed in service after September 8, 2010 through December 31, 2011.
- 50% Bonus Depreciation on all assets placed in service after December 31, 2011 through December 31, 2012.
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February 18, 2011
Steven O’Brien, Senior Staff Auditor at Gorfine, Schiller and Gardyn, P.A., has been selected to participate in the 2011 class of Business Volunteers Unlimited Maryland’s Getting Involved with Volunteer Experience (GIVE) program.
The GIVE initiative introduces young professionals to civic leadership through volunteer opportunities, workshops and learning seminars. GIVE classmates spend two years learning about issues facing the Baltimore community and developing leadership skills. The experience culminates in a volunteer board position with a local nonprofit organization. Participants also gain hands-on experience by serving on the GIVE advisory board.
Steven has been with Gorfine, Schiller and Gardyn, P.A. since July 2008. He specializes in not-for-profit audits and is currently working towards his CPA.
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In an effort to show our continued support of Maryland nonprofits, GSG will be a sponsor and exhibitor at the Maryland Nonprofits 18th Annual Conference. The event will take place on March 2nd in Annapolis. Representing GSG will be Gina Snee- Principal, Michael Schuck- Senior Manager, and Scott Rodgville- Officer. Stop by our booth to see what we’re giving away and enter to win a raffle prize!
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February 3, 2011
Ronald D. Rudich, CPA/ABV/CFF, Director of Business Valuation and Litigation Support Services at Gorfine, Schiller & Gardyn, P.A. has been appointed Chair of the Accredited in Business Appraisal Review’s (ABAR) Appeals Task Force.
The ABAR credential enables a business appraiser to provide quality assurance to stakeholders in the business appraisal process by reviewing the reports of other certified appraisers; in essence, the expert’s expert. The Appeals Task Force provides technical guidance and support on ABAR reviews. In this capacity, Ronald will be responsible for preparing comments on voluntarily submitted requests for reviews of ABAR engagements.ABAR is a certification offered by The Institute of Business Appraisers (IBA). The IBA was established in 1978 and is the oldest professional society devoted to the appraisal of closely-held businesses. It is a nationally recognized membership organization that provides professional accreditation and business appraisal education.
Ronald has over 30 years of experience in business valuation. His expertise includes forensic accounting, strategic business planning, business consulting, and forecasting services. Ronald is a Certified Business Appraiser (CBA), Business Valuator Accredited for Litigation (BVAL) and Accredited in Business Appraisal Review (ABAR) accredited by The Institute of Business Appraisers, a Certified Valuation Analyst (CVA) accredited by the National Association of Certified Valuation Analysts, a Certified Machinery & Equipment Appraiser (CMEA) accredited by the NEBB Institute, a Senior Business Analyst (SBA) accredited by The Society if Business Analysts, and a Certified Merger & Acquisition Advisor (CM&AA) accredited by the Alliance of Merger & Acquisition Advisors.
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January 5, 2011
Gorfine, Schiller and Gardyn, P.A. of Owings Mills and Hagerstown, MD has been ranked the 9th largest accounting firm by the Baltimore Business Journal’s 2011 Book of Lists. GSG was ranked the 10th largest CPA firm the previous two years.
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