Navigating Coverage, Claims and Complexities In the fast-paced world of professional services, where client trust and reputation are paramount, maintaining seamless operations is crucial. Business interruption insurance serves as a vital safety net, offering financial protection against unexpected disruptions, like natural disasters or cyberattacks. By covering lost income and operating expenses during such events, this insurance helps firms maintain stability and focus on recovery, ens...

In the latest episode of Cherry Bekaert’s Professional Services podcast, we discuss the importance of cybersecurity, privacy and data security within the professional services industry. Scott Duda, Professional Services Industry Leader, is joined by Steve Ursillo, a Partner with Cherry Bekaert’s Information Assurance & Cybersecurity practice, as they explore the top cyber threats facing the industry. Listen to learn more about: The top cyber threats facing the professional services ...

Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to have an adequate system review. In this episode of Cherry Bekaert’s Professional Services podcast, Brynn McNeil, an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Eric Poppe, a Managing Director in our Government Contractor Industry practice, to discuss the types of systems reviews and the advantages these reviews can provide emerging small businesses....

Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to provide overhead rates prepared in accordance with the Federal Acquisition Regulation (FAR). Many government agencies require that A&E firms have their overhead rates audited. In this episode of Cherry Bekaert’s Professional Service Podcast, Brynn McNeil, an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Mandy Grivnovics, an Audit Senior Manager in...

When the Inflation Reduction Act (IRA) was signed, it greatly increased the benefits of the Section 179D Energy Efficient Commercial Buildings Deduction (Section 179D) for A&E firms. A large part of the process when claiming the Section 179D deduction relies on keeping strict documentation. Form 7205 is a form in the claiming process that qualified businesses and individuals use to calculate the deduction, mark yourself as the designer or building owner, and provide information on the per...

What year-end, tax-saving steps can professional services businesses and their owners take? How can they prepare for tax law changes impacting 2023? In this episode of Cherry Bekaert’s Professional Services podcast series, Dale Hrapchak, Tax Partner in Cherry Bekaert’s Professional Services Industry practice, and Amber Teague, Tax Partner in the Firm’s Private Client Services practice, discuss year-end tax planning at the entity and individual levels, including pertinent information for...

The Inflation Reduction Act (IRA), signed into law on August 16, 2022, significantly increases IRC Section 179D energy tax deductions. These tax incentives are highly advantageous to architectural and engineering (“A&E”) firms responsible for the design components of government-owned, energy-efficient buildings. The IRA also extends the deduction to designers of commercial buildings owned by tax-exempt organizations, including not-for-profit organizations, churches and other religious organ...

IRC Section 179D energy tax deductions continue to provide opportunities and benefits for architecture and engineering (A&E) firms. Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice, sat down with Ron Wainwright, a Partner in the Firm’s Tax Credits & Incentives Advisory practice, and Sean O’Leary, a Senior Tax Manager to discuss ways 179D can help provide A&E firms with a competitive advantage. This podcast includes: An overview of 179D and...

Following our Digital Transformation in Law Firms Series Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice had the opportunity to sit down with Denise Tyson, the Head of Finance & Operations at Tyson & Mendes, and Jennifer Mackinnon, Senior Client Success Manager with our own Digital Advisory Practice. Denise joins us to talk about Tyson & Mendes’ journey of digital transformation for reporting, the power of data, and the benefits of using a powerful a...

The Infrastructure Investment and Jobs Act (“IIJA” or the “Infrastructure Bill”), a $1.2 trillion investment in our nation’s infrastructure and competitiveness, provides significant opportunities for businesses within the professional services sector. How will this increased activity impact professional services firms? What do professional services firms need to do to prepare for the influx in opportunities? Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services In...

Join host Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice as he sits down with Jeff Gump, Financial Advisor with Cherry Bekaert Wealth Management, to discuss VIP plans. Although many think of very important people when they hear VIP, in this case, it stands for Direct Recognition Variable Investment Plans. Coincidentally, although many may think they are familiar with these types of plans and have seen them before, there are some considerations that may have bee...

Cybersecurity and data threats are making headlines daily, particularly in the financial and professional services space. Law firms are responsible for handling a tremendous amount of private information for their clients. Ensuring your firm has a strong cybersecurity architecture is critical to mitigate risk and minimize disruption. In the final episode of this series Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice is joined by Dan Hulen, a Director and Busines...

Workforces empowered by digital solutions that enable collaboration and communication at any time, from any location on any device, enhances productivity and the customer experience, increases revenue and overall employee satisfaction, and accelerates speed to market. Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice and John Schrader, a Director and Business Applications Leader in the Firm’s Digital Advisory practice as they talk about how law fir...

Analytics can help reinvent your firm and allow you to compete—and scale—in a more informed way. Leveraging firm, customer and external data and integrating it into your business’ decision-making cycles can be transformative. Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice and Nita Sanger, a Director in the Firm’s Digital Advisory practice as they talk about how law firms can leverage digital transformation to innovate for growth. Discussion i...

Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice and Jim Holman, Leader of Strategy & Operations in the Firm’s Digital Advisory practice as they talk about how law firms can leverage digital transformation to optimize operations. Discussion includes: How a lack of process consistency can lead to inefficiencies, which can lead to higher internal processing costs, putting financial constraints on law firms and decreasing profitability, as well a...

Listen to leaders from Cherry Bekaert’s Professional Services Industry practice and Digital Advisory practice discuss a new series for law firms on digital transformation. Digital innovations are changing the way legal services are being delivered and received. Firms are looking for innovative ways to continue to meet changing customer needs and manage profitable revenue growth. Through digital enablement, law firms can nimbly meet evolving customer needs, expand their go-to-market foot...

Beginning January 2022, more A&E firms may qualify for the 179D energy efficient tax deduction with the expected passage of the Reconciliation Bill. If your A&E firm has not looked into the 179D tax deduction, or previously did not qualify, you should evaluate design projects from 2021 through 2025 to determine eligibility. Listen to Scott Duda, Partner and Leader of Cherry Bekaert’s Professional Services Industry practice, and Ron Wainwright, Strategic Tax Advisory Partner with the F...

There has been considerable consolidation in the marketplace over the last 18 months. Covid has created challenges causing owners to consider earlier exits than planned, PPP and other government subsidies have infused some firms with excess cash and Private Equity firms are buying smaller professional services firms and rolling them into a larger platform. If your company has a potential deal or if you have closed a deal, what should you be thinking about from a valuation perspective before y...

The COVID-19 pandemic has resulted in enabling employees to work remotely and many professional services companies are now looking at potential hybrid workplaces or a virtual workforce. What are the tax ramifications for professional services companies transitioning from a traditional office environment to a virtual work environment? How does having remote employees in different states or countries impact a company’s tax filings? Listen to Scott Duda, Leader of Cherry Bekaert’s Professional S...

The Infrastructure Investment and Jobs Act is expected to pass and become effective in January 2022, igniting a surge of business for Architecture and Engineering (A&E) firms as the United States embarks on bridge repairs, road improvement projects, transit rail and airport modernization, infrastructure expansion and more. How can A&E firms prepare for this growth opportunity? What steps should be taken now to secure the capital for this stream of new business? Cherry Bekaert’s Scott ...