Accounting For Lawyers

Marty Abo lectured for the New Jersey Bar Association’s Institute for Continuing Legal Education in a program The Financial Side of a Law Practice-What They Forgot To Tell You in Law School. The Association acknowledged that attorneys are well prepared for the practice of law, but this seminar prepared attendees for the business of law. They know how to practice law but the three hour lecture attempted to teach how to make money doing it. Lawyers often joke “I went to law school because I can’t add” but attorneys do need some accounting acumen in order to help their firms become profitable businesses.  Attorneys who are sole practitioners or in boutique firms often serve as their own CFO, accounts payable clerk, billing staff, chief accountant and human resource officer. Whether they were thinking about leaving a firm to start their own, just beginning in the legal profession or had been running their own firm for years, this seminar was full of essential, easy to understand pieces of information to help the participants become successful. Marty’s exhaustive handouts are available by just contacting the firm.
 

Expert Comments on Roth IRA

Nationally renowned author and expert on IRAs, Ed Slott, selected and used insightful tax commentary from Managing Member, Marty  Abo,  in Ed Slott’s IRA Advisor , a monthly newsletter used by 4,000 financial planners throughout the country.  Marty received permission from Ed to share the entire January newsletter with you.  View it HERE.

Abo Recognized by NJ Supreme Court

The Supreme Court of New Jersey issued a certificate thanking Martin H. Abo, CPA for serving on the state’s district IV ethics committee. The district ethics committees investigate and prosecute ethics cases involving New Jersey attorneys.

“Because of your selfless and untiring contribution of time and talent in the performance of your duties, the Judiciary, the legal profession and the citizens of New Jersey are assured a higher degree of accountability, legal competence and ethical conduct from those who serve the public in the practice of law,” the certificate reads in part.

The district ethics committees are made up of attorneys and public members. Attorney members investigate and, if necessary, prosecute grievances docketed with the committee. Public members serve together with two attorneys on three-member panels that decide cases where formal complaints have been filed after investigations.

The state’s 17 District Ethics Committee are overseen by the Office of Attorney Ethics. Any recommended sanction recommended by the panel is reviewed by the state’s Disciplinary Review Board. Final discipline is imposed by the New Jersey Supreme Court, which reviews sanctions recommended from below.
 

Quoted in Financial Planning Magazine

Martin H. Abo CPA/ABV/CVA/CFF was cited in the national publication, Financial Planning Magazine, in their search for strategies and technical issues for the extended and expanded homebuyer’s tax credit.

Judging Business Plans

The Center for Innovation and Entrepreneurship of Rowan University appointed Martin Abo as a judge for its Roher Business Plan Competition.  The competition is open to undergraduate and graduate students enrolled in programs ranging from Engineering to Education as well as Marketing and Finance.  The business proposals focus on technology ventures, new products and/or service businesses.

Addressing Connecticut Business Appraisers

To help the members of the Connecticut Chapter of the National Association of Certified Valuation Analysts (NACVA), the organization asked founding member, Martin H. Abo CPA/ABV/CVA/CFF to instruct on how the buy-sell agreement can help or hurt them in litigation: divorce or shareholder disputes. The buy-sell provisions of a partnership, LLC or shareholders' agreement, involves complex issues of corporate and business law, tax law, estate planning, accounting and insurance, as well as ethical considerations.

Addressing Chester County Bar Association

Martin H. Abo CPA/ABV/CVA/CFF was also asked to address a packed room of lawyers of the Chester County Bar Association, fashioned after his similar lectures to the New York City Bar Association and the New Jersey State Bar Association, on "The Complexities of Buy-Sell Agreements" where he again shared his "122 Point Checklist on Buy-Sell Agreements" and "Abo's Hitlist to Consider in the Buy Sell Valuation or Formula" which is made available to friends of the firm. The lists allow an enterprise’s counselors, attorneys and accountants alike, to assist business owner clients in addressing fundamental issues relating to the continuity of their venture and an orderly transition of ownership.  It identifies key areas of substantive business, tax and estate planning for all such closely held businesses.

The Forensic Files - Where's The Money?

The Estate & Financial Planning Council of Southern New Jersey invited Martin H. Abo CPA/ABV/CVA/CFF and a CPA colleague to be “the dueling forensic experts” in a program entitled “The Forensic Files:  Where’s the Money?”  The organization, comprised of accountants, lawyers, trust officers, insurance and other financial planning professionals, sought valuation tips and traps for the unwary from these two professionals "in the trenches" noting that  business valuation is as much of an art as a science. 

Lawyers in Transition Guided by Abo

Recognizing the challenges that many of its members are facing in a tough economy, the Camden County Bar Association asked Marty Abo to launch its “Lawyers in Transition” program, providing specific insight for those of its members not working and actively in a job search. The program also provides programming to parents who are returning to work after an absence to raise a family. Lawyers in Transition consists of programming on skills and talents needed by those looking for legal employment. Abo responded to a diverse litany of questions from financial issues in surviving joblessness, use of home equity loans vs tapping retirement plans, tax aspects of “hanging a shingle”, unemployment benefits, taking early social security, trust accounting as a sole practitioner, aspects of utilizing credit cards and numerous issues ironically covered in the firm’s “tip of the month” emailed to clients and colleagues and on its website.

Alternative Dispute Resolution-It’s Day Has Come

The Dispute Resolution Section of the New Jersey Bar Association reached out to Marty Abo to join other state and nationally reknown speakers at its ADR (Alternative Dispute Resolution) Day XII geared to attorneys, arbitrators, mediators and other professionals looking to enhance their conflict management techniques.
 

Talking About Billing and Collection Techniques

Martin H. Abo, CPA/ABV/CVA/CFF, Managing Member of Abo and Company, LLC – Certified Public Accountants / Litigation & Forensic Consultants - was honored to have his accounting and business expertise tapped as a key presenter for two separate forums.

Truth be told, the information in Abo and Company’s special report he used entitled “Selected Collection Techniques and Tips” came from a presentation partner Marty Abo gave to the National Employment Lawyers Association at their New Jersey conference entitled “In Pursuit of Justice (and How To Get Paid)”.  If you hadn’t guessed, the topic was so universally applicable to all businesses that it was also used at Marty’s lecture in Atlantic City to the New Jersey Association of Osteopathic Physicians, the largest physician convention in the state. Sounds corny but, you get it: the doctor, the lawyer, the accountant, the butcher, the baker, the candlestick maker…. The report focuses on one point: You did the work, now it’s time to get paid.  It’s available online at www.aboandcompany.com or by requesting a printed copy from the firm.  

The title of his presentation spoke for itself and took on heightened significance to the attendee professionals, equally applicable to any businessperson and not just law firms or medical practices.  Said Marty "With the tightening of the economy and everyone's financial belt, what better way to access capital - your own!  That's why taking control of your accounts receivable and keeping bad debts and lackluster cash flow at bay requires constant vigilance. I'm hopeful my handout of solid ideas (albeit many just a logical approach) provides additional tools for your arsenal of resources to fight this never ending battle."
 

Abo and Company Expands

Recession be damned-full steam ahead - Abo and Company expanded its workforce by 40% due to workload demands and by bring in the accounting practice of seasoned professional, Dominick Mauro. We welcome aboard his diversified client base and all seven members of Dom's team to ours.  We employ a staff of 17 skilled and dedicated professionals, paraprofessionals and service personnel, supported by a fully networked computer system spanning both our offices. To meet diverse individual and business needs, the firm has developed a practice which specializes in tax planning and compliance; financial and management consulting; accounting and review services; and business valuation and other litigation support services.

Speaking to Financial Statement Manipulation

Martin H. Abo, CPA/ABV, CVA presented a program entitled “Looking Out For Financial Statement Manipulation” to the South Jersey Chapter of RMA (The Risk Management Association serving the financial services industry). With the integrity of the corporate landscape badly impaired in the wake of the Anderson-Enron, WorldCom and Adelphia scandals, to name a few of the more noteworthy, seasoned bankers and CPAs were warned to on the lookout when reviewing financial statements.  Abo shared with this audience of lending and other financial executives his credible insight, even if they moved the decimal point to the left a notch or two or three.
 

Deborah Appoints Martin Abo to Board

Deborah Heart and Lung Center has announced the appointment of Cherry Hill resident Martin Abo, CPA/ABV, CVA to its board of directors. Abo is managing partner of Abo and Company, LLC, a certified public accounting firm, and specialty litigation and forensic consultants, with offices located in Voorhees, New Jersey and Morrisville, Pennsylvania.

A graduate of Syracuse University, Abo brings a wide range of business experience to his board position, and had served as a director of a local bank and, fourteen times, had been one of 150 participants selected by the Securities & Exchange Commission from CPAs, lawyers, bankers, venture capitalists and economic development experts, from across the nation for its annual conference on issues relating to Small Business Capital Formation.

Beyond his being a Certfied Public Accountant, Abo holds the professional designation of Certified Valuation Analyst from the National Association of Certified Valuation Analysts and has been awarded the designation of ABV, Accredited in Business Valuation, by the American Institute of Certified Public Accountants. Abo has served as President of the Estate and Financial Planning Council of Southern New Jesery, served as Director as the Chamber of Commerce of Southern New Jersey, chaired for several years the Litigation Services Committee of the New Jersey Society of CPA's and serves on its Matrimonial Accounting Interest Group.

Deborah Heart and Lung Center is 139-bed specialty heart, lung, and vascular hospital in Browns Mills.
 

Martin H. Abo, CPA/ABV, CVA Recognized by Professional Organizations

Martin H. Abo, CPA/ABV, CVA, Managing Member of Abo and Company, LLC – Certified Public Accountants / Litigation & Forensic Consultants - was honored to have his tax and valuation expertise tapped by two separate forums.

Marty was a key presenter at New Jersey Institute for Legal Education's live, on-line program entitled "Tax Aspects of Personal Injury Awards" made available to members of the New Jersey State Bar Association. Handout materials are available to friends of the firm.

Marty was also asked to address a packed room of the New York City Bar Association on "The Complexities of Buy-Sell Agreements - Drafting & Preparing Made Simple" where he also shared his "112 Point Checklist on Buy-Sell Agreements" and "Abo's Hitlist to Consider in the Buy Sell Valuation or Formula" which is made available to friends of the firm.