Wouch, Maloney & Co., LLP is a regional certified public accounting firm that provides closely-held business and personal clients with a wide array of accounting services. Our domestic multi-state and international clients have come to rely on our highly technical and personalized expertise. For over twenty-five years, our firm has provided these services in a proactive, knowledgeable, and caring manner. We skillfully respond to the varied goals and needs of our clients, as we help to preserve and enhance their economic well-being.
Latest News & Alerts
May 08, 2012
May 2012 Word to the Wise
The latest monthly edition of Wouch Maloney & Co. newsletter, "Word to the Wise"
March 19, 2012
Incorrect PA 2012 Unemployment Contribution Rate Notices
February 16, 2012
John F. Maloney Obtains ABAR Certification
Recent Accomplishments
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Tax Planning For Athletes and Entertainers
In July 2011, Wouch, Maloney & Co., LLP attended the 2nd annual EMG Sports Networking Event in Atlantic City. The event serves to connect professional athletes with professionals in various fields. We held roundtable discussions with NFL players on various aspects of tax planning specific to their circumstances, including residency, the differences in state and local taxes, and how their schedule factors into their bottom line.
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Mergers and Acquisitions
Wouch, Maloney & Co., LLP successfully assisted a major client with structuring a buy-in. The buy-in encompassed a commercial real estate portfolio valued at over $166 million owned by 9 separate partnerships. Advice on entity selection and extensive tax planning resulted in a structure that was acceptable to the purchaser yet enabled our client to complete the transaction at a tax cost that was several million dollars less than the taxes that would have resulted from the original proposed structure.
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Business Restructuring
Wouch, Maloney & Co., LLP provided valuable assistance to a client in connection with the re-structuring of its existing businesses. We successfully developed a structure that enhanced asset protection, provided positive tax benefits, and also leveraged estate planning opportunities. We also worked with the client’s attorney to draft a Shareholders Agreement which contained business continuity provisions that were acceptable to both the majority and minority owners as well as structured compensation agreements.
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Business Restructuring
Wouch, Maloney & Co., LLP assisted a client with developing a new business structure for his various business entities. The prior structure made it difficult to reward key employees with entity ownership interests without adverse tax effects. Further, measuring performance in the prior structure was cumbersome. The new structure provides for simple ownership transitions on a tax-advantaged basis. The new structure also facilitates the use of profit centers which allows the client to make timely and relevant performance measures.
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Tax Penalty Abatement
Wouch, Maloney & Co., LLP successfully negotiated the settlement of a $28,000 late filing penalty assessment with the State of Pennsylvania. The negotiations were complicated by an unusual fact pattern since a tax amnesty period had passed. Generally, the PA Department of Revenue is precluded from making any reduction of penalty after an amnesty period has passed. Our client was pleased that the settlement amount was reduced to $8,000 (a $20,000 savings) under these circumstances.
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Litigation Support
A client was faced with a $50,000 assessment for PA personal income taxes related to losses incurred in client’s horse racing and breeding operation over a number of years. Wouch, Maloney & Co., LLP developed arguments and supporting documentation in support of the client’s position that the horse operation was a business, not a hobby. This information was presented by the client’s attorney to counsel for the PA Revenue Department. The Department withdrew their assessment prior to the hearing date before Commonwealth Court.
