News

Accounting Today: Blackman Kallick Elects 3 Partners

2012-02-10T16:42:22Z

Timothy Bowling, Toni Diprizio and Jill Elden Rorem have been elected partners in Top 100 Firm Blackman Kallick.

Bowling works in the audit services practice, and helped build the firm's Service Organization Control Reporting Services Group. A CPA, he holds a BS in Business from Virginia Tech.

Diprizio works in the not-for-profit practice, with a focus on arts and cultural institutions, social service organizations, trade and professional associations, private schools, and foundations. A CPA, she holds a BS in Accounting from the University of Illinois at Chicago.

Rorem leads the firm's ProjecTemps LLC legal staffing department, as well as direct-hire placement of legal, administrative and financial professionals. She holds a BA in Psychology from the University of Iowa, and a JD from Chicago-Kent College of Law

"As a firm, we take great pride in announcing these promotions, as they further strengthen three of our already robust practices. Each of these partners has made significant contributions to the firm and are among the new generation of leaders who will fuel Blackman's continued growth," said managing partner Steve Schneider. "Our goal as a firm is to provide specialized expertise for clients, and these promotions enhance our ability to provide the services that impact our clients' businesses."

Daniel Hood, “Blackman Kallick Elects 3 Partners,” Accounting Today, February 8, 2012, http://www.accountingtoday.com/ci_news/Blackman-Kallick-Elects-Three-Partners61685-1.html

Webinar Available Online: State Tax Planning — What You Should Know About Sales Tax on Services

2012-02-07T18:58:48Z

This webinar provides the latest information on important changes to state and local tax (SALT). The presenters review various topics that affect businesses with multistate operations.

Sales tax — it happens every month. Even if you’re a service provider, you need to be concerned. Actually, maybe even more concerned. With states desperate for new revenue, they are looking to subject more and more services to sales tax. This seminar provides attendees with an overview of sales tax on common services and the latest and greatest information on digital goods.

Webinar topics and takeaways include:

Sales Tax overview
Common services subject to sales tax
Mixed transactions: What is being sold? Services or property?
The digital age: Is it software? A service? Something else?
Luxury services: Really, you’re taxing my yoga class?
SALT legislative update

View a recording of the webinar

Request a copy of the presentation slides

Presenters:

Deb Rood, CPA, MST, is the Practice Leader of Blackman Kallick’s State and Local Tax (SALT) Practice. She is a frequent speaker on state and local tax issues for professional and business groups. Deb has authored articles for professional journals and is a regular contributor to Blackman Kallick’s tax publication, Tax Highlights. She consults with clients on state and local issues including, but not limited to, compliance, nexus, voluntary disclosure and examination issues.

Jennifer A. Zimmerman, JD, is an attorney in the SALT Practice Group at Horwood Marcus & Berk, where she concentrates her practice in state and local tax planning and the resolution of state and local tax controversies for multi-state and multi-national corporations. She has advised Fortune 500 companies as well as mid-size and closely-held businesses that engage in a variety of industries on issues related to all types of state and local tax, including, but not limited to, income tax, sales/use tax, franchise tax, public utility and fuel taxes, and unclaimed property.

More about Blackman’s SALT Practice.

More about Horwood’s SALT Practice.

Blackman Kallick Expands Emerging Enterprises and Technology Team

2012-02-06T19:32:55Z

Contact:
Stuart Baum, Director of Marketing
312-980-3211
sbaum@BlackmanKallick.com

Press Release – For Immediate Release
February 7, 2012

CHICAGO, IL – Blackman Kallick, the Chicago-based audit, tax and consulting firm, has recently expanded its Emerging Enterprises and Technology practice with the addition of John Klisch as Partner. This move reaffirms Blackman Kallick’s commitment to serving the growing number of Chicago-area emerging enterprises and technology companies.

Previously, Mr. Klisch led the Atlanta assurance practice of BDO USA, where he helped expand the technology practice. Over his 20-year career, Klisch has worked with public and private companies in the technology and technology-enabled service sector as well as with media, manufacturing and distribution concerns. Drawing on his extensive industry experience, Klisch excels at guiding companies through growth and financing initiatives, such as mergers and acquisitions, global and domestic expansion, initial public offerings (IPOs), secondary offerings, and private equity and debt financings.

“The reality is that the Chicago marketplace is expanding rapidly as a hub of entrepreneurial growth and tech-related companies,” says Blackman Kallick’s Emerging Enterprises and Technology practice leader Brian Langham. “Many of these companies are on the verge of exponential growth, and Blackman has the unique skill set to help support the growth of these enterprises, so they can achieve their vision.”

Mr. Klisch agrees. “The importance of good oversight cannot be overestimated,” he says. “These companies need to be looking down the road and planning for the big changes they will encounter two, three or even five years from now. We bring an experienced perspective on best practices they can establish sooner than later. Whether they ultimately are looking to raise capital, invest in technology, or make sound acquisitions, we make sure they are well positioned to grow their companies to their fullest potential.”

Steve Schneider, Managing Partner of Blackman Kallick, added, “Expanding our Emerging Enterprises and Technology team with Klisch's expertise demonstrates our commitment to support our clients’ growth as they prepare to emerge from their early years of investment."

The decision to join Blackman Kallick, Mr. Klisch explains, brings him a great sense of excitement. “There is an exuberance here that is invigorating,” he says. “The passion of the partners and the mentor atmosphere Blackman cultivates provides for great opportunities for success in this market – both for our clients and our professionals. Blackman is certainly the place to be.”

About Blackman Kallick

Blackman Kallick provides audit, tax, and consulting services for privately held and public companies as well as not-for-profit organizations. Founded in 1962, Blackman Kallick is the ninth largest accounting and consulting firm in Chicago (Crain’s Chicago Business, October 17, 2011), employs more than 220 professionals, and is a leading member of HLB International, a worldwide network of independent professional accounting firms and business advisors in 450 offices spanning 100 countries. With specialized industry practices that include Emerging Enterprises and Technology, Manufacturing and Distribution, Construction, Family Office, Food, Hospitality, Insurance, Not-for-Profit, Private Equity and Venture Capital, Real Estate, and Healthcare Services, Blackman Kallick combines sophisticated, market-leading services with an accessible and personal approach.

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McNally Awarded for Largest Transaction of the Year by MBBI

2012-02-03T14:35:06Z

The Midwest Business Brokers and Intermediaries (MBBI) association presented Patrick McNally, Partner in Charge of Blackman Kallick's Corporate Finance Consulting group, with an award for the “Largest Transaction of the Year 2011.” The award was presented at the 2012 MBBI January Conference at the Fountain Blue Banquet and Conference Center in Des Plaines, Illinois.

Congratulations to Pat on this achievement!

About Midwest Business Brokers and Intermediaries
The Midwest Business Brokers and Intermediaries (MBBI) association is one of the largest organizations of M&A advisors in the Midwest. Its membership comprises business brokers, M&A intermediaries, investment bankers, attorneys, accountants, banks, SBA lenders, valuation service providers, individual buyers, private equity groups, and corporate buyers. To find out more about MBBI visit mbbi.org.

Lau and Zhong's Form 8938 Tax Alert Published by ICPAS

2012-02-01T15:55:32Z

Paul C. Lau and Amanda Zhong of Blackman Kallick's Tax Services group were published in the Illinois CPA Society's (ICPAS) international business tax alert issued on January 19, 2012. The alert "Beware: New Form 8938 – Statement of Foreign Financial Assets" explores the Form 8938, "Statement of Specified Foreign Financial Assets." The authors provide guidance for certain U.S. individual taxpayers (as well as bona fide residents of American Samoa and Puerto Rico) holding financial assets outside of the U.S. and reporting those assets to the IRS for taxable years beginning after March 18, 2010.

Read the complete alert, "Beware: New Form 8938 – Statement of Foreign Financial Assets"

For further information, please contact Paul C. Lau at plau@BlackmanKallick.com or 312-980-2935, Amanda Zhong at azhong@BlackmanKallick.com or 312-980-3324, or your Blackman Kallick representative.

Blackman Kallick Expands Insurance Services Practice

2012-02-01T13:28:57Z

Contact:
Nancy Null, Marketing Manager
312-980-3217
nnull@BlackmanKallick.com

Press Release – For Immediate Release
February 1, 2012

CHICAGO, IL – Blackman Kallick, LLP the Chicago-based audit, tax and consulting firm, today announced that they have added John Fritz as Senior Manager and Michael Seitz as Audit Senior to Blackman Kallick’s top-rated Insurance Practice. They join a dedicated insurance practice that already has more than 40 professionals and services clients nationally.

In his role as Senior Manager, Fritz will provide audit, accounting, and consulting services to Blackman’s insurance clients throughout the U.S. He will draw on more than a dozen years of insurance industry experience in managing financial statement audits in accordance with Statements of Statutory Accounting Principles (SSAP) and US generally accepted accounting principles (US GAAP), assisting in the evaluation and implementation of new accounting pronouncements, and recommending opportunities to strengthen internal controls, improve internal processes, and protect against risks of fraud and misstatement.

As Audit Senior, Seitz will perform a range of operational and financial activities. He will supervise fieldwork for financial-statement audits, participate in value-added consulting services, assess risks of fraud and misstatement, and evaluate the day-to-day operations of our clients to improve efficiencies and strengthen controls.

Jerry Hufton, a partner in Blackman Kallick’s Insurance Practice, said, “Their talent as audit and accounting insurance professionals will enhance our extensive industry experience to deliver high-quality solutions designed to meet the growth opportunities of our clients. We are poised more than ever to expand our national insurance platform by adding John and Michael to our team.”

“We have an ongoing commitment to provide outstanding service. John and Michael bring in-depth knowledge and insight that will help our current and prospective clients be successful,” said Doug Youngren, partner of Blackman Kallick.

Jeff Dertz, partner of Blackman Kallick, added, “The firm’s mission statement, ‘make a difference to the success of our people and clients,’ is at the heart of everything we do. John and Mike bring the requisite skills, resources and enthusiasm that drive Blackman Kallick.”

Blackman Kallick’s Insurance Practice provides audit, tax compliance and consulting services for clients in 16 states and three countries, and has been serving insurance companies for more than 40 years. Our insurance professionals specialize in serving insurance and reinsurance companies, insurance agencies, managing general agencies, premium finance companies and other related insurance businesses operating across North America.

About Blackman Kallick

Blackman Kallick provides audit, tax and consulting services for privately held and public companies as well as not-for-profit organizations. Founded in 1962, Blackman Kallick is the ninth largest accounting and consulting firm in Chicago (Crain’s Chicago Business, October 17, 2011), employs more than 220 professionals and is a leading member of HLB International, a worldwide network of independent professional accounting firms and business advisors in 450 offices spanning 100 countries. With specialized industry practices that include Manufacturing and Distribution, Construction, Family Office, Food, Hospitality, Insurance, Not-for-Profit, Private Equity and Venture Capital, Emerging Enterprises and Technology, Real Estate and Healthcare Services, Blackman Kallick combines sophisticated, market-leading services with an accessible and personal approach.

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Lau and Lies Column, "Tackling Taxes," Published in Taxes—The Tax Magazine, December 2011

2012-02-01T07:50:39Z

Paul C. Lau and Richard L. Lies III of Blackman Kallick were published in the December 2011 issue of Taxes—The Tax Magazine. Their column, "'Tax-Affecting' S Corporation Income—Part II," presents some of their views on the unsettled topic of tax-affecting S corporation’s income.

Read Paul and Rich's column, "'Tax-Affecting' S Corporation Income—Part II" (PDF)

In case you missed it read Paul and Rich's previous column, "Food for Thought on 'Tax-Affecting' S Corporation Income—Part I" (PDF)

Blackman Kallick Elects Three New Partners

2012-01-31T18:23:40Z

Contact:
Nancy Null, Marketing Manager
312-980-3217
nnull@BlackmanKallick.com

Press Release – For Immediate Release
January 31, 2012

Firm strengthens Not-for-Profit, Service Organization Control and Staffing practices

(Chicago, IL) – Chicago-based accounting and consulting firm Blackman Kallick is pleased to announce that Timothy Bowling, Toni Diprizio and Jill Elden Rorem have been elected partners in the firm, effective January 1, 2012.

“As a firm, we take great pride in announcing these promotions, as they further strengthen three of our already robust practices. Each of these partners has made significant contributions to the firm and are among the new generation of leaders who will fuel Blackman’s continued growth,” said Blackman Managing Partner Steve Schneider. “Our goal as a firm is to provide specialized expertise for clients, and these promotions enhance our ability to provide the services that impact our clients’ businesses.”

Timothy R. Bowling, 36, was elected Partner in Blackman’s Audit Services Practice. Tim’s expertise has helped build Blackman’s Service Organization Control (SOC) Reporting Services group, formerly known as the SAS 70 Practice. Tim also manages the audits for many of the firm’s emerging enterprises clients engaged in technology, service and retail. Drawing on both his public accounting experience and time spent as an internal audit manager for a public company, Tim leads internal control audits and risk assessment engagements that comply with the SOC reporting framework issued by the American Institute of Certified Public Accountants (AICPA). This expertise enables Tim to help clients assess risk and establish effective internal control that mitigates financial, operational and compliance risk. He also provides counsel on complex revenue recognition matters. Tim is a frequent writer and speaker on SOC audits as well as other related topics and recently presented at the central states regional conference of the Insurance Accounting & Systems Association (IASA).

Toni M. Diprizio, 39, was elected Partner in Blackman’s Not-For-Profit Practice. Toni’s clients include many of Chicago’s prominent arts and cultural institutions, social service organizations, trade and professional associations, private schools and foundations. She is passionate about her clients and committed to their success. Many not-for-profit board members look to Toni for guidance on audit and finance committee composition, ethics, and conflict-of-interest policies. She is also a frequent speaker at Blackman’s not-for-profit accounting and auditing update conferences and CFO roundtables. An active volunteer, Toni is on the board and finance committee of Emerald City Theatre Company, a member of the Eleanor Foundation Finance Committee and a Steering Committee Member of Blackman’s Women’s Initiative: Strategies for Excellence (WISE).

Jill Elden Rorem, 38, was elected Partner in Blackman Kallick Staffing Services. Jill leads both the ProjecTemps LLC legal staffing department as well as direct-hire placement of legal, administrative and financial professionals. Under her leadership, ProjecTemps has become a nationally-known contract legal staffing firm whose revenue has tripled in five years. Jill regularly presents “Demystifying the Contract Attorney Process” to associations, law firms and other companies and is a regular contributor to legal blogs, including Attorneys in Transition (for Chicago Lawyer Magazine) and Just Below the Law. She is a member of both Blackman’s Long-Term Planning Committee and the firm’s Women’s Initiative: Strategies for Excellence (WISE). Jill is also an ambassador to the Board of the American Cancer Society.

About Blackman Kallick

Blackman Kallick provides audit, tax, and consulting services for privately held and public companies as well as not-for-profit organizations. Founded in 1962, Blackman Kallick is the ninth-largest accounting and consulting firm in Chicago (Crain’s Chicago Business, October 17, 2011), employs more than 220 professionals and is a leading member of HLB International, a worldwide network of independent professional accounting firms and business advisors in 450 offices spanning 100 countries. With specialized industry practices that include Manufacturing and Distribution, Construction, Family Office, Food, Hospitality, Insurance, Not-for-Profit, Private Equity and Venture Capital, Emerging Enterprises and Technology, Real Estate, and Healthcare Services, Blackman Kallick combines sophisticated, market-leading services with an accessible and personal approach.

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Blackman Builds Not-for-Profit Practice with New Partner

2012-01-20T18:54:10Z

Blackman Kallick recognized the significant contributions of Toni M. Diprizio to the firm’s Not-for-Profit Practice by promoting her to Partner effective January 1, 2012.

Toni’s clients include many of Chicago’s prominent arts and cultural institutions, social service organizations, trade and professional associations, private schools and foundations. She is passionate about her clients and committed to their success. Many not-for-profit board members look to Toni for guidance on audit and finance committee composition, ethics, and conflict-of-interest policies.

She is also a frequent speaker at Blackman’s not-for-profit accounting and auditing update conferences and CFO roundtables. Toni also shares her knowledge of not-for-profit accounting and governance topics through Blackman’s Not-for-Profit Edge newsletter.

An active volunteer, Toni is on the board and finance committee of Emerald City Theatre Company, a member of the Eleanor Foundation Finance Committee and a Steering Committee Member of Blackman’s Women’s Initiative: Strategies for Excellence (WISE).

Read Toni’s full bio.

New Partner Strengthens Blackman's SOC Audit Practice

2012-01-20T18:54:08Z

Blackman Kallick strengthens its Audit Services Practice with the promotion to Partner of Timothy R. Bowling effective January 1, 2012.

Tim’s expertise has helped build Blackman’s Service Organization Control (SOC) Reporting Services group, formerly known as the SAS 70 Practice. Tim also manages the audits for many of the firm’s emerging enterprises clients engaged in technology, service and retail. Drawing on both his public accounting experience and time spent as an internal audit manager for a public company, Tim leads internal control audits and risk assessment engagements that comply with the SOC reporting framework issued by the American Institute of Certified Public Accountants (AICPA). This expertise enables Tim to help clients assess risk and establish effective internal control that mitigates financial, operational and compliance risk.

Tim frequently writes and speaks on SOC audits and matters affecting service organizations. His article, “More Options to Enhance Trust: New Reporting Framework Provides Assurance on Service Organization Controls,” provides a comprehensive overview of the SOC reporting framework. He recently presented on the topic at the central states regional conference of the Insurance Accounting & Systems Association (IASA).

Read Tim’s full bio.

Waggoner Chosen to Participate at Financial Accounting Foundation Roundtable

2012-01-20T17:51:32Z

Joan Waggoner, Partner in Charge of Quality Assurance for Blackman Kallick, has been selected to participate at the Financial Accounting Foundation (FAF) Roundtable on January 26, 2012 in Dallas/Fort Worth, Texas. The roundtable will focus on FAF's recently issued proposal to establish the Private Company Standards Improvement Council (PCSIC).

The FAF's website accountingfoundation.org provides more information on PCSIC:

Under the FAF proposal, a new Private Company Standards Improvement Council (PCSIC) would identify, propose, deliberate, and formally vote on specific exceptions or modifications to U.S. Generally Accepted Accounting Principles (U.S. GAAP) for private companies. Throughout the deliberative process, the PCSIC would work closely with the Financial Accounting Standards Board (FASB), which would ratify proposed changes and integrate them into U.S. GAAP.

FAF Roundtable in Dallas/Fort Worth, Texas
January 26, 2012
American Airlines Training & Conference Center
4501 Highway 360 South
Fort Worth, TX

Rorem Named Partner in Staffing Services

2012-01-18T14:09:22Z

Blackman Kallick enhanced its Staffing Services by electing Jill Elden Rorem to Partner. Jill heads the ProjecTemps LLC legal staffing department as well as direct-hire placement of legal, administrative, and financial professionals.

Under Jill’s leadership, ProjectTemps revenues have tripled in five years as the visibility and recognition of the firm’s contract legal staffing capabilities have expanded regionally and nationally. Jill also led Blackman’s extensive build-out of a legal review suite containing more than 50 dedicated document review stations.

Jill understands the urgency of the discovery process and the importance of matching legal expertise to the type of case. Jill’s ability to work with a variety of personalities under intense pressure, due in part to a two-year stint booking talent and recruiting staff for a major TV industry talent agency, means that she is able to put the right team in place to achieve a successful resolution to the project — on time and on budget.

Jill regularly presents to associations, law firms, and corporations on “Demystifying the Contract Attorney Process.” She also is a regular contributor to legal blogs, including Chicago Lawyer magazine’s Attorneys in Transition and Just Below the Law.

Read Jill’s full bio.

Egelston Speaks at Greater North Shore Estate and Financial Planning Council

2012-01-17T15:20:38Z

Amy Egelston, Senior Manager in Blackman Kallick’s Forensic and Litigation Practice, presents “The Dodd-Frank Act and How it Impacts the Advisory Professions” at the Greater North Shore Estate and Financial Planning Council on Wednesday, January 18, 2012. The presentation includes how the AICPA and SEC have reacted to the financial meltdown and the current status among the key regulatory bodies. The presentation will also cover auditor quality and investor protection, current SEC and PCAOB activities, including recent family office regulation, the Dodd-Frank Act and how it impacts the advisory professions, including accountants, lawyers, financial planners, as well as current SEC and PCAOB enforcement actions related to Ponzi schemes and other frauds as a result of the financial meltdown.

Date: Wednesday, January 18, 2012, 8:00 a.m.

Location: Highland Park Country Club
1201 Park Avenue West, Highland Park, IL

View complete event overview

Webinar: State Tax Planning — What You Should Know About Sales Tax on Services

2012-01-11T16:03:44Z

This webinar will provide the latest information on important changes to state and local tax (SALT). The presenters will review various topics that affect businesses with multistate operations.

Sales tax — it happens every month. Even if you’re a service provider, you need to be concerned. Actually, maybe even more concerned. With states desperate for new revenue, they are looking to subject more and more services to sales tax. This seminar will provide attendees with an overview of sales tax on common services and the latest and greatest information on digital goods.

Webinar topics and takeaways include:

Sales Tax overview
Common services subject to sales tax
Mixed transactions: What is being sold? Services or property?
The digital age: Is it software? A service? Something else?
Luxury services: Really, you’re taxing my yoga class?
SALT legislative update

View a recording of the webinar

Request a copy of the presentation slides

Presenters:

More about Blackman’s SALT Practice.

More about Horwood’s SALT Practice.

*CLE credit is available pending specific state approval. For questions please contact Carolyn Sprinchorn at csprinchorn@hmblaw.com or 312-606-3200 x4126.

AICPA Webinar: Residence and Home Mortgage Interest Tax Issues for Individuals

2012-01-10T22:35:52Z

Join four members of the AICPA Tax Division’s Individual Income Tax Technical Resource Panel as they discuss residence and home mortgage interest tax issues for Form 1040 filers.

This 90-minute webcast will focus on tax issues relating to residences, vacation homes and rental properties. The panel will discuss the basics of home acquisition indebtedness, home equity loans, and the sale of a residence. The event will also include coverage on a wide-variety of advanced tax issues:

Tax Consequences of Foreclosures & Repossessions
Recapture of Homebuyer Credit Upon Sale of Home
New 3.8% Medicare Tax on Unearned Income (in 2013)
Transfers of the Home to Family Members & Trusts

Presented by:

Melissa Labant, AICPA
Daniel T. Moore, D.T. Moore and Company, LLC
Teri E. Newman, Blackman Kallick
Kenneth L. Rubin, RubinBrown LLP

When: Wednesday, January 18, 2012, 1:00 p.m. – 2:30 p.m. (CST)
Cost: AICPA members $50, non-members, $75
Register online at the AICPA Store

To learn more about residence and home mortgage interest tax issues, please contact Teri E. Newman at tnewman@BlackmanKallick.com or 312-980-2926