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PKHB CPAs in Hudson Valley Acquires Kingston CPA Firm
Acquisition Allows PKHB to Expand Market Reach and Specialty Areas

Hudson, NY (Dec. 29, 2015) — PKHB CPAs PC, one of Columbia County's oldest and most respected accounting firms, acquired Kimball & O'Brien PC of Kingston, Ulster County, effective Jan. 1, 2016. The acquisition allows PKHB, founded in 1946, to expand its existing presence in Ulster County and gives Kimball & O'Brien access to a wider range of technology and resources.

Both firms provide accounting, audit, tax preparation, business advisory and tax planning services to a diversified client base of closely held businesses, nonprofits and government entities. 

The acquisition supports PKHB's strategic plan to further expand into the Ulster County market and grow its auditing and tax practice. Kimball & O'Brien has developed a specialty niche in quality control, whereby it performs "peer" reviews of other accounting firms. These peer reviews are increasingly more important as the financial industry comes under greater government scrutiny. KOB is also well respected in the not-for-profit and governmental auditing community.

"PKHB is excited to expand into Kingston and the surrounding area," said Matthew VanDerbeck, CPA, shareholder and head of Audit and Quality Control for PKHB.

"Not only will PKHB be able to offer additional services to Kimball & O'Brien's existing clients, but also PKHB's expertise is further enhanced by adding Kimball & O'Brien's four additional CPAs, all with decades of experience. These increased resources allow us to do more for our clients and serve new clients in the area. We know that together we complement each other," VanDerbeck said.

Talks between the two firms started a year ago. Mary Kimball said the firms share the same corporate culture and goals. The similarities became apparent when Kimball served on the team that performed three separate peer reviews on PKHB.

"One of the things that is so important to our firm is quality. I came to know the quality of PKHB's work in performing their peer reviews. We both have the same approach to quality," Kimball said. Plus, she and Dennis O'Brien, who will continue working with PKHB, want their employees to have the long-term benefits that a larger firm can offer.

The combined firm, which will operate as PKHB CPAs, now employs 62. This includes Kimball & O'Brien's four CPAs and three support personnel. PKHB CPAs will continue to operate from PKHB's Hudson Valley Region offices in Valatie, Hudson, Catskill and Saugerties, and Kimball & O'Brien's office in Kingston. PKHB has a growing client base in the Albany, NY area. The firm consistently ranks first on the Albany Business Review's Tax Preparers List, which ranks CPA firms based on the number of tax returns filed in the Capital Region in a given year.

Revenue Recognition Rules - FASB Update

On May 28, 2014 IASB and FASB isssued a converged standard for the recognition of revenue from contracts with customers which will "improve the financial reporting of revenue and improve comparability of the top line in financial statements globally"(FASB News Release–5/28/14). See here for more details.

Amendment to the NYS Wage Theft Prevention Act

"An Act to amend the labor law, in relation to increased penalties for violations of wage payment provisions and contractor accountability; to amend the limited liability company law, in relation to liability of members; and to amend the state finance law, in relation to establishing the wage theft prevention account"



PKHB Peer Review - System Review Report

We have reviewed the system of quality control for the accounting and auditing practice of Pattison, Koskey, Howe & Bucci, CPAs, P.C. (the firm) in effect for the year ended May 31, 2014. Our peer review was conducted in accordance with Standards for Performing and Reporting on Peer Reviews established by the Peer Review Board of the American Institute of Certified Public Accountants. Firms can receive a rating of pass; pass with deficiency(ies) or fail. Pattison, Koskey, Howe & Bucci, CPAs, P.C. has received a rating of pass.



Small Business Health Care Tax Credit

President Obama signed the Patient Protection and Afforable Care Act on March 23, 2010 and was effective with tax years beginning in 2010.

The new health reform law gives a tax credit to certain small employers, including organizations described in Code section 501(c), that provide health care coverage to their employers.



Reporting of Employer-Provided Health Coverage

Starting in the tax year 2011, the Affordable Care Act required employers to report the cost of coverage under an employer-sponsored group health plan. IRS Notice 2010-69, issued in the fall of 2010, made this requirement optional for all employers in 2011 to give employers time to update their payroll systems.



PKHB now offering Retirement Plans Services

PKHB offers full service recordkeeping for Profit Sharing and 401 (k) Plans.

Our services include contribution calculations and nondiscrimination testing, participant loans, distributions and 1099-R reporting, as well as Form 5500 preparation. We are here to keep your qualified retirement plan in compliance.

Charitable Contributions

Americans are generous. In 2010, Giving USA Foundation reported that Americans donated an estimated $291 billion to charitable organizations. When tax season comes along, it is always nice to see how your charitable contributions pay off as tax deductions.







 
  
  


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