Cherry Bekaert: Professional Services

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 its potential benefits 
• Types of real estate investments eligible for 179D
• Technical requirements to meet the energy-efficient benefits
• Impact on A&E firms from 179D provisions for government-owned properties
• Client case study
• Issues and impact of the Audit Technique Outline on 179D

If you have any questions specific to your business needs, Cherry Bekaert’s Tax Credits & Incentives Advisory team is available to discuss your situation with you.

Related Resources:

• Case Study: Global A&E Firm Saves $2 Million with 179D Tax Deduction
• Podcast: The Benefits of using a CPA Firm to Perform Credits & Incentives Projects

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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 analytics tool like Tableau Software.  

Discussion includes:

• An overview of the digital transformation journey for Denise and Tyson & Mendes 
• The real value of seeing information as knowledge
• Structuring for data security
• The transition from executive reporting to cross-collaboration between multiple departments and areas 

If you have any questions specific to your business needs, Cherry Bekaert’s Digital Advisory team is available to discuss your situation with you.

If you haven’t already, catch up on our series:

Digital Transformation in Law Firms: Part I – Understand Your Customer

Digital Transformation in Law Firms: Part II – Optimize Your Operations

Digital Transformation in Law Firms: Part III – Innovate for Growth

Digital Transformation in Law Firms: Part IV – Enable Your Workforce

Digital Transformation in Law Firms: Part V – Protect Your Business

Related Resources

Case Study: Tyson & Mendes: Improves Operations and Business Practices with Tableau

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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 Industry and Nita Sanger, a Director in the Firm’s Digital Advisory practice as they talk about how the Infrastructure Bill will impact the professional services industry and what companies need to do to position themselves for growth. Topics covered in this episode include:

·       How the increase in activity will impact different subsectors within the professional services sector

·       Areas you should examine to take advantage of increased demand and grow your business, including go-to-market, products and services offered, and how you operate as a business

As your company looks to prepare for the increase in opportunities, now is the time to revisit your people, processes, and technology to ensure you are giving your people the opportunity to be the most efficient and effective that they can be to take advantage of this once-in-a generation investment and maximize your full growth potential. 

To determine actions needed to optimize your business to take advantage of the Infrastructure Bill funding, we recommend your organization take a more holistic approach and conduct a “design-thinking” session facilitated by our team of strategists, technologists and analysts. Your journey will be unique, and we are here to guide you forward.

More Resources: 

Building a Better Roadmap: Are You Ready to Capitalize on Infrastructure Investment?

Is Your A&E Firm Ready to Capitalize on the Infrastructure Bill?

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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 been missed. In this episode, Jeff explains what sets these types of plans apart and why they are becoming more attractive to companies in the professional services space. 

Discussion includes:

• What is a Direct Recognition Variable Investment Plan (VIP) and how do these types of plans compare to other deferred compensation plans?
• What are the considerations for business owners and professionals?
• How a VIP differs from a traditional Cash Balance Plan
• Steps for exploring the implementation of a VIP Plan

DISCLOSURE: 

“Investment Advisory Services and insurance products are offered through Cherry Bekaert Wealth Management, LLC.  Cherry Bekaert Wealth Management LLC and Cherry Bekaert LLP are affiliated companies.  Cherry Bekaert Benefits Consulting and Cherry Bekaert Wealth Management LLC partner to service VIP but are not affiliated companies.”

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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 Business Applications Leader in the Firm’s Digital Advisory practice, and Dan Sembler, a Director in our Risk & Accounting Advisory practice, who share their insights into the biggest IT security threats law firms are facing, and what you can do to protect your business. 

Discussion includes:

• Major risks impacting law firms when it comes to data protection and preventative measures from security breaches and disclosure of sensitive information
• Data management, retention, and other data “infrastructure” considerations 
• How law firms can identify and evaluate reputational risks
• Utilizing Business Process Automation (or Robotic Process Automation) to reduce risk

Cyber threats are at the forefront of concerns for many in professional services, but there are tools and resources available to protect your business. If you have any questions specific to your business needs, Cherry Bekaert’s Digital Advisory team is available to discuss your situation with you.

If you haven’t already, catch up on our series:

• Digital Transformation in Law Firms: Part I – Understand Your Customer
• Digital Transformation in Law Firms: Part II – Optimize Your Operations
• Digital Transformation in Law Firms: Part III – Innovate for Growth
• Digital Transformation in Law Firms: Part IV – Enable Your Workforce

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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 firms can leverage digital transformation to enable your workforce. 

Discussion includes:

• Defining digital transformation from a people, process, and technology standpoint
• How law firms can enable their workforce in this digital age
• Case study examples of the benefits law firms have realized from digital transformation
• Where the biggest efficiencies to be gained are as part of digital transformation
• Where law firms should get started on their digital transformation journey

Empower your workforce with the digital tools needed to surpass the competition and deliver on an exceptional experience for your overall firm. If you have any questions specific to your situation, Cherry Bekaert’s Digital Advisory team is available to discuss your situation with you.

If you haven’t already, catch up on our series:

• Digital Transformation in Law Firms: Part I – Understand Your Customer
• Digital Transformation in Law Firms: Part II – Optimize Your Operations
• Digital Transformation in Law Firms: Part III – Innovate for Growth

View All Podcasts from this Series

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. 

• How the legal industry has done in 2021 and how that growth has been different for large and mid-tier firms.
• The actions mid-tier law firms should take to position themselves for growth.
• How the role of the General Counsel, as the buyer of legal services, has changed in recent times and what that means for mid-tier law firms.
• How alternate legal services providers are impacting mid-tier law firms.

• Digital Transformation in Law Firms: Part I – Understand Your Customer
• Digital Transformation in Law Firms: Part II – Optimize Your Operations

View All Podcasts from this Series

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 as increasing the chance for errors, not just errors within billing, but errors within the client experience.  
• How US firms are faring in terms of operational improvements compared to international firms and what can be learned from their operational challenges and changes.
• Areas within emerging technologies that law firms should consider as they look to remove redundancies and inefficiencies to improve operations, as well as available tools.

If you haven’t already, catch up on part one of our series:

• Digital Transformation in Law Firms: Part I – Understand Your Customer

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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 footprint, and compete more effectively.

In the first episode, Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice and Steve Holliday, a Director in the Firm’s Digital Advisory practice, talk about the importance of “Understanding Your Customer” and how law firms can leverage these capabilities to better know their customers and achieve better customer loyalty.

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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 Firm’s Credits and Accounting Methods practice, to learn about proposed legislation that will lower the energy efficiency standards while increasing the deduction rate and the tax incentives that the 179D energy tax deduction offers to A&E firms.

Topics covered:

• Status of pending legislation impacting 179D 
• Update on proposed changes to 179D 
• Steps A&E firms should take now to maximize 179D deductions

Contributors:

• J. Scott Duda, CPA, Partner and Professional Services Industry Practice Leader, [email protected]
•  Ronald G. Wainwright, Jr., CPA, MST, Strategic Tax Advisory Partner, Credits and Accounting Methods, [email protected]

Related Guidance:

• Podcast: How A&E Firms Generate Cash Flow from the 179D Energy Tax Deduction
• Brochure: Section 179D Energy Tax Deduction for A&E Firms
• Case Study: A&E Firm Achieves Tax Savings Through 179D Energy Deduction Study

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