Patrick Hom, CPA, MST
Patrick Hom has more than 25 years of diverse tax experience including tax planning, tax research, and compliance work associated with the preparation and review of corporate, partnership, individual, fiduciary and not-for-profit tax returns. He has also helped a variety of organizations with corporate restructuring and recovery. Formerly a Director with Protiviti Inc., Patrick joined GSG in December 2017.
Patrick has extensive experience in partnership taxation relating to IRC Section 704(b). He has reviewed and analyzed partnership agreements for a multi-tiered partnership entity as it related to the special allocations of the partnership’s profit or loss, including the computation of the distributable income to the various partners, and the distribution of cash flows.
He has assisted in the planning and compliance for one of Baltimore’s most prominent developers whose partnership was valued in excess of $90 million. He also worked with the partners to achieve the divestiture of certain partners through like-kind exchanges and distributions.
Patrick has experience preparing an expert report computing the damages associated with the sale of partnership properties by the general partner. This includes analyzing and reviewing the sale transactions and preparing projections determining the potential cash flows had the partnerships continued operating for a period of years with the contribution of property to an Umbrella Partnership with a Real Estate Investment Trust and the ultimate sale of the REIT shares.
For more than 22 years, he has assisted in the ongoing planning and compliance for a prominent District of Columbia family. This includes analyzing, planning and researching issues regarding potential business acquisitions and dispositions.
As an experienced tax advisor, Patrick has analyzed the potential tax impact of a sale of a large technology company, ranging from $150 to $250 million as a stock sale versus a stock sale with a Section 338(h)(10) election. This includes analyzing a potential gross up to the sale price to account for the differential in tax rates for the various sales analyses.
Patrick received his Bachelor of Business Administration degree in Accounting from Loyola College of Maryland in 1991 and his Master of Science degree in Taxation from the University of Baltimore in 1995. He received his CPA certification in 1998.
He is an active member of the American Institute of Certified Public Accountants (AICPA) and the Maryland Association of Certified Public Accountants (MACPA).
Currently, Patrick is the treasurer of Grace and St. Peter’s Church in Baltimore and also serves on the board at Wilkes School at Grace and St. Peter’s.