THE INSIDER
October 2016
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WeiserMazars LLP is an independent member firm of Mazars Group.
WELCOME TO THE JULY/AUGUST 2016 ISSUE
CONTENTS New Wins & New Hires/Highlighted Wins
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Partner Retreat
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Upcoming Events/Thought Leadership
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Office Community
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We Are WeiserMazars
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Firm Initiatives
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Social Media
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Press Mentions
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Intenrational Mobility
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Webcasts
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WOW
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Workday
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WEISERMAZARS INTERNAL NEWSLETTER THE LEDGER - OCTOBER 2016 ISSUE
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lick here to read the latest edition of the WeiserMazars Ledger!
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New Wins
Citizen Distilling $325,000 Fred Kaplan Organica Water $100,000 Robert Wilson Transilwrap $50,000 David McRoberts Kevin Riley $40,000 Robert Wilson Angeles IPA $39,000 Russ Foster
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New Hires
New York Office Nicolas Planchot Gregory Stefanatos Jane Herb Frederic Caufriez Michelle Lisath Jeff Goldman Ngoc Huynh Long Island Office Kerri-rae Opatovsky Saira Rana Gurbinder Singh Mark Freudenthal James Wienclaw
Pennsylvania Office Jonathan Scherr New Jersey Office Paula Johnson Xuya Chen California Office Colleen Park Shawn Dunphy
HIGHLIGHTED WINS Through a connection of Vinny Burke’s, the Services to Lenders team was awarded a due diligence on behalf of Guggenheim Insurance Services. The team went through many loan agreements, agreeing them to the books of several entities, analyzed covenant compliance, validated cash flows and traced financial instruments to financial statements. The work resulted in the generation of nine reports and billings of $150,000.
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UPCOMING EVENTS 11/15 - 8th Annual New York Multifamily Summit
11/22 - PAO Partner Meeting
11/16 - PA Food & Beverage Forum
11/22 - Media, Presentation Skills & Sales Trainings
11/18 - Last Day to Donate to Food Drive
11/23 - NJO Partner Meeting
11/21 - NYO POM
11/28 - SEC Practice Group Meeting
11/21 - Media, Presentation Skills & Sales Trainings
THOUGHT LEADERSHIP Tax Alert: New Jersey Legislature Passes Bill to Eliminate Estate Tax Tax Alert: Treasury Releases Final Debt-Equity Regulations - Part I Tax Alert: New Jersey's Estate Tax Repealed
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Cybersecurity Alert: The Internet of Things and Your Security
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Real Estate Advisor
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NonProfit Trends: Succession Planning: Who Is Responsible for Its Success?
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Real Estate Alert: Governor Cuomo Signs New York Airbnb Bill
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HealthCare Trends: Potential Quality Issues Overview - What and Why PQI
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Tax Alert: Treasury Releases Final Debt-Equity Regulations - Part II
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Financial Services Trends: Recent PCAOB Developments in the Broker Dealer World
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WE ARE WEISERMAZARS UPCOMING EVENTS Mark your calendars with the following firm events!
November 18 - Dress down for those who donate to the food drive December 16 - Ugly Sweater Day and dress down for those who donate to the toy drive
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WE ARE WEISERMAZARS MAKING STRIDES AGAINST BREAST CANCER Thank you to all who participated in the Making Strides Against Breast Cancer walk at Jones Beach on October 16. Our team proudly raised $3,325. That's $1,325 more than last year! As always, WeiserMazars will contribute $2,500 to our collection, bringing our grand total to $4,650. Thank you all for your generous support.
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SOCIAL MEDIA HAPPY HALLOWEEN! Check out the Halloween costumes of our employees, their kids and pets!
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INTERNATIONAL MOBILITY As the independent U.S. member firm of Mazars Group, we are able to offer unparalleled international mobility opportunities ranging from three months to three years, to CPAs at the senior level and above. Read about Tatsiana Martynava’s experience working in Australia. November 3, 2016: 1st day back at WM New York office after my 3-months secondment in Australia. Does it feel different? Yes. Do I feel different? Yes. Do I look different? They say – yes. My 1st day back feels a bit overwhelming, as I see a lot of colleagues and get asked the same question: “So, how was your trip?” “It was great!” I say – but this would not represent a quarter of how I really feel. “It was perfect!” I could have said – but this answer could have been more appropriate for a return from vacation, when you know exactly what to expect from your trip. I had no idea of what to expect. So, here’s my answer: I’d heard about the secondment (work exchange) program during my initial interview when I joined WeiserMazars in 2014. An opportunity arose for me to be seconded to Mazars in Australia, an experience to remember. Mazars in Australia is a recent addition to the Mazars group. The Sydney office traditionally had a focus on providing accounting and financial services and, as a result of the Mazars involvement, the audit practice is currently in a growth phase. I worked on audits for a number of the firm’s clients in various suburbs around Sydney, with most of the audit team members. My IDEA skills, in particular, were appreciated, as the Mazars in Australia had just acquired a few IDEA licenses. I was also introduced to the team at Corality – which has now been incorporated into the Mazars group as Mazars Infrastructure Finance. A training session with Corality also broadened my Excel knowledge base and helped me understand what lies behind financial modelling. (An interesting fact I didn’t know: there is such a thing as Financial Model Audit). Of course, there was a learning curve for me, where I needed to learn new audit software, how to research Australian Accounting Standards and other Australian-related nuances of Audit and Accounting. Everyone at Mazars in Australia, from staff to partners, was very accessible, ready to help and answer my questions. During my 1st week in Sydney, a partner had a barbeque for the audit team, which was a great way for me to get to know everyone. And I did. I made some great friends, who I hope will stay in my life for a long time. But, enough about work – what else did I do? Well, on my way there, I’d stopover in Dubai, where I spent a few unforgettable and full of activities days, including a visit to Burj Khalifa, the tallest structure in the world, and a desert safari. I would travel most weekends to various sites around Sydney with a few longer trips to the Great Barrier Reef, Melbourne and Tasmania. I climbed the Harbor Bridge, I fed kangaroos, I petted koalas and I took a selfie with an emu. I attended a few performances at the Sydney Opera House, I snorkeled at a Great Barrier Reef, I have seen Tasmanian devils and I have tasted Australian, Tasmanian and New Zealand wines. I have visited numerous botanical gardens, national reserve parks, beaches and rainforests. It was fascinating to learn about aboriginal culture in Australia (there are over 500 tribes) and meet Maoris, indigenous people of New Zealand.
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INTERNATIONAL MOBILITY The three months flew past and it was time to return home, to the hustle and bustle of New York – although with a stop in California, to do some audit work on the way. Travelling home I went via New Zealand and spent a week exploring this scenic country, with its world heritage sites, such as Milford Sound (amazing!), glaciers, geysers, mud pools, sulphur pools (unrealistic), hot springs, kiwi birds and, of course, the Haka dance. But that’s a story for another day… Honestly, I do not know how to answer the question so I could summarize all my feelings, emotions and share my experiences in one short sentence. There is only one way for you to know how I feel – DO IT! P.S. Thanks to all involved in making this secondment opportunity possible – Heather Cohen and Kathryn Byrne from WeiserMazars and Paul Collins and Rose Megale from Mazars in Australia. This program is a great opportunity for cross-pollination of skills across the Mazars group and it is something I would encourage all of you to take advantage of.
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WOMEN OF WEISERMAZARS
To “Be Visible” means taking a proactive approach to demonstrating leadership while empowering others through shared knowledge. Our Be Visible campaign highlights women leaders who embody the core values and principles that the firm seeks to promote. Our featured leaders were nominated by peers, direct managers and executives because they exemplify the leadership attributes that contribute to a successful career. These attributes were established by a cross-section of WeiserMazars staff and partners. This month’s featured leader is Manager Lauren Reo. Hear what she has to say about what it takes to be a leader and about the adrenaline horseback riding and busy season give her. Find out what words of advice she offers to our future leaders.
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WOMEN OF WEISERMAZARS
Watch the video below for a WOW recap and find out what's to come!
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PA R T N E R R E T R E AT See the highlights from our 2016 Partner Retreat by clicking our Storify below!
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OFFICE COMMUNITY
NAWC WATER SUMMIT WeiserMazars sponsored the 2016 NAWC Water Summit on October 2-4. The event provided a dynamic forum for leaders in the water industry, public officials and other key stakeholders to exchange ideas, learn from one another and share solutions that sustain businesses and communities.
THE BUSINESS OF PAIN MEDICINE CONFERENCE The Business of Pain Medicine is a conference that addresses the important business issues challenging each of us daily. This conference is specifically dedicated to helping our businesses survive and thrive. By bringing together thought leaders in our industry, knowledgeable attorneys and economists, leading consultants and business-minded conference attendees, they aim to facilitate in-depth discussions about the challenging economic, regulatory, and legal climate facing our specialty as a whole. Check out the photo of our own Marc Lion speaking at the event.
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OFFICE COMMUNITY
NATIONAL DESSERT DAY The LIO and NJO indulged in honor of National Dessert Day, celebrated every October 14th!
NJCPA CAREER NIGHT Some of our Audit and ESG professionals attended the NJCPA Career night event at the Pines Manor in Edison, NJ. Attendees were Sofia Cordero, Cintya Montero, Howard O'Neill, Biley Kakou and Matthew Fiorino.
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OFFICE COMMUNITY
LIO MEET & GREET On Wednesday, October 19th, the LIO held a Meet & Greet soiree so employees new and old could take some time to get to meet each other! It was wonderful to see everyone from all different departments and levels interacting with each other. What a great way to create connectivity!
NASDAQ CLOSING BELL On October 19, Katie Byrne attended the Market Bell Ceremony in Times Square, publicizing biopharmaceutical company AzurRx BioPharma.
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OFFICE COMMUNITY
LONG ISLAND'S TOP 50 WOMEN Congratulations to LIO Senior Manager, Jen Safran, for being recognized by Long Island Business News as one of Long Island’s Top 50 Women in Business. Jen received her award on October 20th at the award ceremony held at Crest Hollow Country Club in Woodbury, Long Island.
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OFFICE COMMUNITY
CIANJ WeiserMazars was the Speaker Sponsor at the 89th Annual CIANJ Luncheon on Friday, October 21, 2016 at the Hilton Woodcliff Lake. Howard Dorman introduced the esteemed speaker, Paul Fireman, Chairman of Fireman Capital Partners, LLC and founder and former Chairman and CEO of Reebok. Howard also was honored with the Chairman’s Outstanding Volunteer Award. Congratulations, Howard!
#SQUADGOALS Mike Brescia, Peter Sverdlov and John Confrey kicked off their week of Real Estate training right with their sharp bowties.
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OFFICE COMMUNITY EIRP That’s a wrap! The students of the St. John’s EIRP program, gave their final presentations to WeiserMazars on Thursday, October 20th. The EIRP is a unique feature of The Peter J. Tobin College of Business at St. John’s University that provides both the undergraduate and graduate students in-school opportunities to engage in real-world business consulting with actual business and non-profit organizations. The mission of the Program is closely aligned with that of the College: to give students experiential learning opportunities that are reflective of the real world of business into which they will graduate, and to make students more effective leaders through such experiences. WeiserMazars has the privilege of working with these bright students every year.
NY FOOD & BEVERAGE EVENT On October 25th the Food and Beverage Group hosted their annual Food & Beverage Forum at the Harmonie Club in NYC. This was the first year this event was held in NYC and proved to be a hit location with nearly 150 guests! This year’s speakers included: Michael Bohlsen, CEO, Bohlsen Restaurant Group, Michael Lessing, COO, Lessing’s, Inc. and Court Williams, CEO, HVS Executive Search. Pictured from L-R: Court Williams, Michael Lessing, Lou Biscotti and Michael Bohlsen.
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OFFICE COMMUNITY IFRS CERTIFICATE PROGRAM Congratulations to Antoine Leroy of the NYO, who will be taking on a new role as IFRS Expert to the professional staff! He had set a goal to become a technical referent for IFRS standards within WeiserMazars, in which he will take on responsibilites such as: • Ensuring our teams are trained for any engagement involving an IFRS Reporter – Antoine will serve as a relay for technical training from Mazars University here in the US • Ensuring our clients are kept aware of the latest standards and have to tools to implement them – Antoine will host webinars and other training • Positioning WeiserMazars as source of technical excellence regarding IFRS – and use this as a business development tool. Antoine was able to reach his goal by joining the IFRS Task Force of the Mazars Group, completing the IFRS Certification training of the AICPA and applying to join the International Accounting and Auditng committee of the New York State Society of CPAs.
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OFFICE COMMUNITY
SILLY HAT CONTESTANTS FOR HALLOWEEN The New Jersey Office rocked their silly hats in honor of Halloween. Congratulations to Ted Westhelle, who won for the silliest hat!
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OFFICE COMMUNITY HALLOWEEN TRIVIA On Halloween, our offices sent out 5 trivia questions related to the holiday. Our quickest reponders were awarded Dunkin' Donuts or Starbucks gift cards. Check out a collage of our LIO winners below!
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FIRM INITIATIVES
GREEN TEAM Help build environmental awareness among your colleagues by joining the Green Team! As a Green Team member, you can help develop green initiatives throughout our offices and participate in the planning and implementation of fun events! Click here to read our Introductory Guide to WeiserMazars’ Green Team or email us for more information!
Our most recent initiative was partnering up with our client, Citi Bike, to make bike riding available at a low rate for all of our employees! Annual memberships cost $155, but with WeiserMazars’ new program it will only cost $70 to get started. Reach out to Antoine Leroy for more information on how to sign up with your discounted rate.
TOASTMASTERS Worried about your next big presentation? Toastmasters can help! Toastmasters will help improve your communication skills and open doors in your personal and professional life. Instead of laboring in an academic setting or spending money on costly seminars, you’ll learn in a self-paced atmosphere of fun and fellowship. • • • •
Develop better speaking and presentation skills. Learn to think quickly and clearly on your feet. Build strong leadership abilities. Hone your listening skills.
Reach out to Michael Laux or Anthony Maiello for more information.
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FIRM INITIATIVES WEISERMAZARS TV Now you can catch up on what’s going on around the firm just as easily as with your favorite television programs. If you have missed any of the slides, they’re now up on KB! Click here to view them. To better communicate important information, every week there will be updates covering material from newsletter and other email alerts to keep you informed. Have something you want shared? Send it to Chris Rossi in the New York office and he will get it in the next week’s edition.
WEISERMAZARS BOOK CLUB - NYO CHAPTER The NYO Chapter of the WeiserMazars Book Club is currently reading Shoe Dog by Phil Knight. In this candid and riveting memoir, Nike founder and board chairman Phil Knight shares the inside story of the company’s early days as an intrepid start-up and its evolution into one of the world’s most iconic, game-changing, and profitable brands. What is the WeiserMazars Book Club? The book club meets monthly outside of busy season to discuss business books voted on by members. Invest in yourself by keeping up to date with business literature! These stimulating books provide conversation material for discussion with clients and colleagues. Business books provide ideas for improving your own skills and open your mind to the latest trends and ideas in the marketplace. Contact Gina Pollakis or Melissa Suen.
Join us for lunch and discussion on November 17 from 12:00 - 1:00.
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FIRM INITIATIVES
BOX TOP$ FOR EDUCATION As part of our continuing efforts to help the less fortunate by teaming with the Mercy Inn Soup Kitchen in Long Island, we are getting involved with their program Box Tops for Education, which helps schools in the surrounding area raise money for education supplies. If you would like to participate, click here to see all of the participating products whose packaging you can collect. Please send all labels to Lisa Bott in LIO. Thank you!
SHARE YOUR STORY! Have you attended a recent charitable event or raised money for a favorite cause? Tell us your story! As part of a new Share Your Story series, we want to highlight the charitable contributions of our firm and employees. Click on the image to fill out the Sharing Form or here to access it on KB to make sure your contribution is included. With your permission, we might highlight your story in a future issue of The Insider, on WeiserMazars’ social media, or in our firm’s year-end Annual Giving Report! We also want to know if you are a member or board member of a committee or organization in your community. Send an email to
[email protected] explaining your involvement and why your cause is important to you!
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PRESS MENTIONS “WeiserMazars Taps Fine to Lead Woodbury Office” Long Island Business News, October 3, 2016, featuring Craig Fine “The Seaport's Sea Change,” The Real Deal, October 3, 2016 “The Last Line of Defense,” Your Water Colorado Blog, October 6, 2016 “WeiserMazars Announces Promotions And Names Five New Partners” INSIDE Public Accounting, October 10, 2016, featuring Jonah Gruda, George Moffa, John Ohannessian, Lorenzo Prestigiacomo and Michael Rofman “Professionals on the Move,” CPA Practice Advisor, October 14, 2016 featuring Michael Coletti, Craig Fine, Charles Abraham, Kirk Eldridge “WeiserMazars Announces Leadership Changes,” INSIDE Public Accounting, September 19, 2016, featuring Victor Wahba, Kirk Eldridge, Mike Coletti, Charles Abraham and Craig Fine “Fine Time to Lead,” Long Island Business News, October 18, 2016 featuring Craig Fine “Sussex Bank Named One of State's Fastest Growing Companies” The Advertiser News, October 21, 2016 “Tax Specialist, James Wienclaw, CPA, Joins WeiserMazars LLP’s Manufacturing & Distribution Group as Partner,” Press Release "Taxing Event: How Accounting Firms Are Preparing Clients for Sudden Change in Laws Around N.J.-Pennsylvania Border," NJBiz, October 24, 2016 featuring Christopher Lieto “WeiserMazars LLP Combines with Integrity Consulting Solutions LLC, Expanding its Business Consulting Services,” Press Release
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PRESS MENTIONS WEBCAST Don't miss our "Revenue Recognition Changes for the Asset Management Industry" webcast on November 15 at 11:00 AM. This webcast will be led by Charles Abraham and Barry Goodman and discuss the new revenue recognition standard, which will soon replace all existing U.S. GAAP revenue related regulations, and its effects on the Asset Management industry. Take full advantage of this opportunity to hear from experts at WeiserMazars LLP as they discuss the nuances of this new standard and what this will mean for your business. Register here.
Don't miss our "Revenue Recognition Changes for Manufacturing & Distribution" webcast on November 21 at 11:00 AM. This webcast, led by Michael Rofman, Adam Yanasak and David Rim, will discuss the revenue recognition standard which will soon replace all existing IFRS revenue related regulations. Learn how these changes will affect the Manufacturing & Distribution industry, specifically Transportation and Logistics, Consumer Products, and Industrials. Take advantage of this opportunity to hear experts at WeiserMazars LLP discuss the nuances of this new standard and what these changes will mean for your business. Register here.
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WORKDAY WorkDay gives you the ability to easily manage and maintain your personal data online, at any time, with the click of a button. Some of the key functions of WorkDay self-service are:
• Change address & phone numbers • Update tax elections and direct deposit details • Update emergency contacts • Add professional licenses & skills • View office, phone number and email addresses of other WeiserMazars employees
You now have the ability to view your personal compensation history and benefit information, including the firm’s contribution to your benefits. WorkDay is available 24/7 via an app on your computer, tablet and smart phone. Learn more by reading our Lets Get Started - Welcome to WorkDay guide or accessing WorkDay via the icon on your desktop and by clicking here!
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