In the latest episode of Cherry Bekaert’s Professional Services podcast, we discuss the importance of cybersecurity, privacy and data security within the professional services industry. Scott Duda, Professional Services Industry Leader, is joined by Steve Ursillo, a Partner with Cherry Bekaert’s Information Assurance & Cybersecurity practice, as they explore the top cyber threats facing the industry.

Listen to learn more about:

• The top cyber threats facing the professional services industry
• Why managing cyber risk is important for professional service organizations
• How cyber threats affect the overall well-being and operational integrity of professional service firms
• What measures professional services firms should implement to reduce their exposure to cyber threats
• How Cherry Bekaert’s team assists professional service organizations to help manage the threat landscape

Professional services firms can benefit from expert assistance to effectively manage their cybersecurity threats to better ensure compliance, protect client data and maintain operational integrity.

Cherry Bekaert’s Information Assurance & Cybersecurity practice offers a full range of cybersecurity, privacy, attest and risk mitigation services to help protect your information systems, data and people from cyber threats. Our team can assist in identifying relevant cyber and privacy risks to create practical solutions and plans to reduce the likelihood and impact of any potential system or data breaches. Don't wait until it's too late to protect your firm from cyber threats. Contact us today to collaborate with our professionals and tailor a flexible and scalable solution to meet a variety of cyber, privacy and risk needs.

Related Guidance

• Alert: Reducing Vulnerability: Strategies for Managing Cybersecurity Risks in IT Supply Chains
• Article: Third-Party Risk Management (TPRM): Top Strategies for Managing Vendor Risks
• Webinar Recording: Getting Ahead of CMMC Compliance: Latest Insights & How to Prepare
• Article: The Imperative of Cybersecurity Vigilance to Safeguard Critical Assets in Light of Nation-State Threats

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Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to have an adequate system review. In this episode of Cherry Bekaert’s Professional Services podcast, Brynn McNeil, an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Eric Poppe, a Managing Director in our Government Contractor Industry practice, to discuss the types of systems reviews and the advantages these reviews can provide emerging small businesses.

Listen in to find out about:

• The types of system reviews and why an A&E firm would need one
• Size limitations and/or system limitations that A&E firms face when maintaining an adequate accounting system
• Determining the best time to get a system review and the length of validity
• Understanding who can perform these types of engagements
• Best practices for preparing for a successful system review
• Analyzing why a system review might be beneficial for an emerging small business

Cherry Bekaert’s Professional Services team is well versed in guiding A&E firms in the development and maintenance of compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.

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

Related Resources:

• Podcast Series: Contractor Business Systems
• Podcast: What Are Indirect Rate Overhead Audits and When Is It Required?
• Podcast: Form 7205: What A&E Firms Need To Know To Claim the Section 179D Tax Deduction
• Article: The FAR Audit: Does Your Architectural/Engineering Firm Need One?

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Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to provide overhead rates prepared in accordance with the Federal Acquisition Regulation (FAR). Many government agencies require that A&E firms have their overhead rates audited.

In this episode of Cherry Bekaert’s Professional Service Podcast, Brynn McNeil, an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Mandy Grivnovics, an Audit Senior Manager in our Professional Services practice. Together they define an indirect rate audit and its drivers. They also discuss key considerations and best practices to get through an indirect rate overhead audit.

Listen in to find out about:

• Overhead rate audits and their drivers
• Determining factors for A&E firms that work with State Departments of Transportation whether an audit is needed
• Critical audit components, including timekeeping/labor and cost allowability
• Key considerations relating to allowable costs and unallowable costs
• Best practices for preparing and successfully getting through an overhead rate audit

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

Related Resources:

• Webinar Recording: 2022 Professional Services Series: Understanding Overhead Rate Basics
• Article: The FAR Audit: Does Your Architectural/Engineering Firm Need One?

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When the Inflation Reduction Act (IRA) was signed, it greatly increased the benefits of the Section 179D Energy Efficient Commercial Buildings Deduction (Section 179D) for A&E firms. A large part of the process when claiming the Section 179D deduction relies on keeping strict documentation. Form 7205 is a form in the claiming process that qualified businesses and individuals use to calculate the deduction, mark yourself as the designer or building owner, and provide information on the person performing the certification and completing the allocation.

The Internal Revenue Service (IRS) released an updated Form 7205 in February 2023. In today’s Professional Services podcast, Cherry Bekaert leaders Scott Duda, Professional Services Industry Leader, and Ron Wainwright, Tax Credit & Incentive Advisory Partner, discuss:

• Background on Form 7205
• Form 7205 benefits for A&E firms
• Impact of the IRA on A&E firm eligibility for Section 179D benefits
• Requirements to qualify for Section 179D benefits
• Form 7205 requirements
• Form 7205 utilization
• Future focus areas for A&E firms in 2023

Related Guidance

• New IRS Form 7205 for Returns Requiring Section 179D Documentation
• How Can A&E Firms Take Advantage of New Tax Credits in the Inflation Reduction Act?
• What the New Audit Technique Guidelines Mean for Cost Segregation

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What year-end, tax-saving steps can professional services businesses and their owners take? How can they prepare for tax law changes impacting 2023?

In this episode of Cherry Bekaert’s Professional Services podcast series, Dale Hrapchak, Tax Partner in Cherry Bekaert’s Professional Services Industry practice, and Amber Teague, Tax Partner in the Firm’s Private Client Services practice, discuss year-end tax planning at the entity and individual levels, including pertinent information for professional services businesses.

Listen in to find out about:

• Methods to reduce current year income for both accrual method basis and cash method basis taxpayers
• Other year-end planning considerations, including fixed assets and bonus depreciation
• Employee Retention Credit (ERC)
• Research & Development (R&D) Tax Credit
• Section 179D Energy-Efficient Tax Deduction
• Pass-thru entity considerations
• Tax planning, including quarterly projections to avoid surprises
• Planning around capital gains (potential loss harvesting)
• Retirement plans, including VIP retirement plans and health saving contributions to manage income
• Charitable contributions
• Year-end gifting

If you need help with year-end tax planning, Cherry Bekaert tax advisors are available to discuss your situation. We welcome the opportunity to identify tax planning opportunities for you and your company.

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The Inflation Reduction Act (IRA), signed into law on August 16, 2022, significantly increases IRC Section 179D energy tax deductions. These tax incentives are highly advantageous to architectural and engineering (“A&E”) firms responsible for the design components of government-owned, energy-efficient buildings. The IRA also extends the deduction to designers of commercial buildings owned by tax-exempt organizations, including not-for-profit organizations, churches and other religious organizations, tribal organizations, and not-for-profit schools and universities.

Ron Wainwright, a Partner in Cherry Bekaert’s Tax Credits and Incentives Advisory group, joins Scott Duda, Leader of the Firm’s Professional Services Industry practice, to discuss how A&E firms can take advantage of these expanded tax incentives.

Listen in to find out about:

• An overview of the Inflation Reduction Act
• How the IRA will impact A&E firms
• IRC Section 179D Changes
• 45L Energy Efficient Home Credit Changes
• What A&E firms should look out for

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:

• Article: Inflation Reduction Act Nearly Triples Section 179D Tax Incentives
• 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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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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