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 & Events
May 08, 2013
The End of Tax-Free Shopping?
On Monday, May 6th, the U.S. Senate approved The Marketplace Fairness Act of 2013, which will give states the power to collect sales taxes from Internet purchases regardless of whether the retailer has a physical presence in the state.
May 06, 2013
Individual Taxpayer Audits Decreased in 2012
May 02, 2013
Philadelphia Property Taxes Get a Makeover
Property abandonment in Philadelphia is at an all-time high, eroding neighboring home equity and reducing taxable values. The failure to collect outstanding taxes deprives the city and its programs of badly needed funds.
Eric Seidman Discusses MLB Mega-Trade
Eric Seidman, a Senior Accountant at Wouch, Maloney & Co, was on WYGM-740 The Game in Orlando, FL this week to discuss the tax ramifications of the baseball mega-trade between the Miami Marlins and the Toronto Blue Jays. Listen as Eric discusses "The Jock Tax", deductible expenses for athletes, and how the differences between the United States and Canada, and the state of Florida and the province of Ontario, will impact the traded players.
Tax Planning For Athletes and Entertainers
In July 2012, Wouch, Maloney & Co., LLP attended the 3rd annual EMG Sports Networking Event in New York City. The event featured numerous NFL players and was designed to connect athletes with professionals in various fields. We led a roundtable discussion with the players, highlighting the history and complexities of "The Jock Tax", general multi-state tax issues, the consulting and advisory services Wouch Maloney can offer to athletes and their business partners, and several important considerations specific to athletes as they begin their careers.
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.
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.
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.
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.
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.