BKD on the ground in Pennsylvania with Malin Bergquist

BKD logo colorBKD, LLP, one of the country’s largest CPA and advisory firms, has acquired Pennsylvania-based accounting firm Malin Bergquist & Company, LLP. Malin Bergquist will officially join BKD on October 1, 2013.

“Malin Bergquist and BKD are well-matched in many regards, starting with our cultural commonalities,” said BKD CEO Ted Dickman. “A shared focus on integrity and an innovative approach to exceptional service has enabled both firms to build a loyal client base that values professionalism, expertise and responsiveness.”

Founded more than 50 years ago, Malin Bergquist is home to a dedicated staff of 75 that serves a diverse mix of clients from offices in Erie and Pittsburgh. As a result of the combination, BKD welcomes eight new partners, including Malin Bergquist CEO Jeffrey Deane. Deane will serve as managing partner of BKD’s Pennsylvania offices, which will remain at their current addresses.

“We’re thrilled BKD has chosen to enter the Mid-Atlantic region with Malin Bergquist, and we look forward to growing our client base here,” Deane said. “BKD is a fantastic firm with knowledgeable advisors and extensive resources that will enable us to keep delivering the high-quality, personal service our clients have come to expect and deserve.”

BKD’s thought leadership spans many industries and service areas, including wealth management, private equity, corporate finance, business transition, international, forensics, valuation and technology. In addition to strong tax and employee benefit plan audit practices, Malin Bergquist serves foreign-owned and closely held businesses in the manufacturing, distribution, real estate and construction industries.

With the addition of Malin Bergquist, BKD now has 33 offices in 15 states and combined annual revenues of more than $425 million. The firm’s aapproximately 2,100 professionals, including 250 partners, serve clients in all 50 states and internationally. BKD provides tax, assurance and accounting outsourcing services as well as specialized consulting to health care providers, financial institutions, insurance, manufacturers, distributors, construction and real estate companies, energy providers and a variety of not-for-profit organizations and governmental entities, including colleges and universities.

BKD already serves close to 200 clients—many in the health care industry—in the Keystone State.

About BKD is the top-tier U.S. CPA and advisory firm that delivers its experience and service with a deep understanding of your business, your needs and what it takes to improve your business performance. BKD’s approximately 2,100 personnel, including approximately 250 partners, serve clients in all 50 states and internationally. To learn more, visit bkd.com.

Praxity, AISBL, a global alliance of independent firms, enhances BKD’s ability to serve the dynamic needs of multinational clients. Praxity provides the gateway to tax, assurance and consulting services delivered by alliance firms committed to the highest standards required in international business.

BKD Announces Promotion

Robbie ConnellJon McDowell, managing partner of BKD, LLP’s San Antonio office, announces the promotion of Robbie Connell, CPA, to senior effective August 1, 2013.

Connell graduated from Texas A&M University – Kingsville with a Master of Professional Accountancy in 2010.  She joined the firm in January 2013 as tax staff and received her CPA license in Texas in February 2012.

About BKD
BKD, LLP is the top-tier U.S. CPA and advisory firm that delivers its experience and service with a deep understanding of your business, your needs and what it takes to improve your business performance.  BKD’s approximately 2,000 personnel, including approximately 250 partners, serve clients in 50 states and more than 40 countries.  To learn more, visit www.bkd.com.

Praxity, AISBL, a global alliance of independent firms, enhances BKD’s ability to serve the dynamic needs of multinational clients.  Praxity provides the gateway to tax, assurance and consulting services delivered by alliance firms committed to the highest standards required in international business.

U.S. Fiscal Cliff Averted But Challenges Remain For Taxpayers

Padgett Stratemann & Co.

Authored by: William Gerhardt, J.D., LL.M., Taxation

Although the United States fiscal cliff was averted, the American Taxpayer Relief Act of 2012 (the “Act”), which was passed by Congress on January 1, 2013 and signed into law by President Barack Obama the next day, still brings with it a number of challenges for U.S. tax payers. In an effort to help our readership understand key changes that may directly affect them, we have compiled the following summary of provisions concerning income taxes.

  • The maximum income tax rate increases to 39.6% (up from 35%) for individuals making more than $400,000 a year ($450,000 for joint filers; $425,000 for heads of household). These amounts will be indexed for inflation.
  • Dividends and capital gains are taxed at 20% (up from 15%) for individuals making at least $400,000 ($450,000 for joint returns). When accounting for new 3.8% surtax on net investment income and gains beginning in 2013, the effective tax rate on higher-income taxpayers will be 23.8%.
  • The two-percentage-point reduction in payroll taxes for Old Age, Survivors and Disability Insurance (“OASDI”) tax, commonly known as the Social Security tax, will be allowed to expire.
  • It patches the alternative minimum tax (“AMT”) for 2012 and indexes the exemption amounts for inflation going forward.
  • Reinstated is the Personal Exemption Phaseout (“PEP”) of personal exemptions and overall limitation on itemized deductions for married couples filing jointly earning over $300,000; $275,000 for heads of household; and single taxpayers earning over $250,000. Under the phaseout, the total amount of exemptions that can be claimed by a taxpayer subject to the limitation is reduced by 2% for each $2,500 (or portion thereof) by which the taxpayer’s adjusted gross income (“AGI”) exceeds the applicable threshold.
  • The “Pease” limitation on itemized deductions, which had previously been suspended, is reinstated with a phaseout threshold of $300,000 for joint filers and a surviving spouse, $275,000 for heads of household, $250,000 for single filers, and $150,000 (one-half of the otherwise applicable amount for joint filers) for married taxpayers filing separately. Thus, for taxpayers subject to the “Pease” limitation, the total amount of their itemized deductions is reduced by 3% of the amount by which the taxpayers’ AGI exceeds the threshold amount, with the reduction not to exceed 80% of the otherwise allowable itemized deductions.
  • The 50% bonus depreciation is extended through 2013.
  • Tax credits for businesses, including the research credit, the new markets tax credit, railroad track maintenance credit, mine rescue team training credit, work opportunity credit, the Section 179 asset expensing at $500,000, stock exclusion at 100%, empowerment zone incentives, and the domestic production activities deduction are generally extended through the end of 2013.
  • The reduction in S corporation recognition period for built-in gains tax is extended through 2013, with a 5-year period instead of a 10-year period.
  • A number of individual tax provisions have been retroactively extended through 2013: above the line deduction for teacher expenses, relief from cancellation of debt income for principal residences, parity for employer-provided mass transit benefits, deduction for mortgage insurance premiums as interest, election to deduct state and local sales taxes in lieu of income taxes, special rule for contributions of capital gain real property made for conservation purposes, above the line deduction for qualified education expenses, and tax-free distributions from IRA accounts for charitable purposes.
  • There is a five-year extension of credits that was enhanced as part of the stimulus, including the college tuition credit, the earned income tax credit, and the child tax credit.
  • Various energy credits are also extended, including non-business energy property credit, alternative fuel vehicle refueling property credit, credits with respect to facilities producing energy from certain renewable resources, and credits for energy efficient homes and appliances.

Having a full understanding of the direct impact these changes may have on you personally is the first-step to being prepared. To discuss your individual tax matter or gain greater detail on the information found within, we encourage you to contact your local PS&Co. tax professional…we are here to help.

Padgett Stratemann & Co., L.L.P.
Service. More Than Expected.
100 NE Loop 410, Suite 1100
San Antonio, Texas 78216

Padgett Stratemann & Co. earns industry, community recognition

Padgett Stratemann Ranked 107 Largest CPA Firm in US

The Platt Group, publishers of INSIDE Public Accounting (IPA), recently released its Beyond the IPA Top 100 –  a ranking of the nation’s Top 200 Accounting Firms.

For more than 20 years, IPA has maintained a tradition of compiling its annual lists of Top 100 Accounting Firms, the Best of the Best, and All-Stars. Each list devoted to showcasing U.S. based CPA firms who have helped to shape industry standards and who have defined the true meaning of customer service.

Padgett Stratemann couldn’t be prouder to be ranked alongside so many innovative CPA firms. Who like us – know the value of building strong teams in order to offer Service. More Than Expected.

Big Brothers Big Sisters of Central Texas Selects PS&Co. as Corporate Big of the Year  for 2012

When asked why PS&Co. was selected to receive its highest recognition awarded to a corporation, Alida Tallman – Vice President of Development for Big Brothers Big Sisters of Central Texas (BBBS) stated – “Padgett Stratemann is truly a unique corporate  philanthropic  partner.  From  sponsoring  several  of   BBBS’ signature events, including the Ice Ball gala and Leadership Circle reception, to volunteering at Bowl for Kids, the Holiday Party, and Hobie Day, Padgett’s year-round commitment to BBBS is unparalleled. The true giving spirit of Padgett’s leadership and staff represents the best in corporate commitment to helping children in need. In addition to the company’s ongoing support, their Director of Marketing – Maria Barrett – will serve as judge for the Texas Big of the Year submissions in January 2013.

PS&Co. Execs Rank Second in NSIDE Magazine’s Corporate Executive Fit Challenge

Partners: Bill Dimick and Joel Perez – HR Director: Michelle Wiederstein, and Senior Manager: Marc Sewell – competed in the Executive Fit Company Challenge hosted by NSIDE Magazine and Fit Company.

Contenders from across the city of San Antonio were put to the test to determine their levels of endurance and fitness. Competing against the clock and their personal best, the PS&Co.  team received two awards – a second place overall team ranking and an individual ranking by Michelle Wiederstein who received the Most Inspirational contender award. Michelle was a last minute step-in and completed the course in just over 24 minutes – bringing in the top ranking for the team, which helped to secure the teams 2nd place position over Digital Defense, Inc.

South San Antonio Chamber Awards Padgett Stratemann Silver In 2012 Healthy Workplace Awards

With a deep commitment to helping team members stay healthy in order to be the very best they can be for both their families and the communities in which they serve, the firm was pleased to be recognized for it’s wellness efforts by the South San Antonio Chamber.  PS&Co. will continue its efforts to educate team members on what it means to live healthy and strong, support their wellness efforts, and provide healthy alternatives in and outside the workplace.

In addition to our firm recognitions, several team members were recognized by the San Antonio Business Journal as leading business professionals for their commitment to excellence, including:

Denise Bendele Receives 2012 Women’s Leadership Award

Each year, the San Antonio Business Journal selects a group of leaders from the Alamo City to receive its coveted Women’s Leadership Award.  Although 100 nominations were submitted for the 2012 program, only the very best rose to the top – including Denise Bendele, who heads-up the firm’s Audit practice. Denise was one of two female business leaders to receive the Corporate Executive award.

“I am proud that I have been with the same company since I graduated from college” – stated Denise. “I have done just about every job here”, she continued.

Denise heads-up the firm’s construction industry practice, serves on its Executive Committee, and is the partner-in-charge of Padgett Stratemann University – the firm’s commitment to continued professional development of its team members. A Certified Public Accountant and Certified Financial Analyst, Denise leads by example in all she does.

Will Kothmann Named One of SA’s 40Under40

Each year, the San Antonio Business Journal selects 40 exceptional individuals under the age of 40 who are making great strides in their professional careers and are contributing positively to the San Antonio community.

This year’s winners were selected from a pool of more than 200 nominations – and although the competition was tough, Senior Manager – Will Kothmann – rose to the top as a business professional who more than understood the importance of family, community, and professional commitment.

The firm’s congratulates Will for immolating the characteristics needed to serve with the strongest of ethical convictions.