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News Article | May 10, 2017
Site: globenewswire.com

Urges Stockholders Not to Let the Baksa Group or Gary A. Singer Disrupt the Positive Momentum SITO Mobile is Making under Its Current Board and Management Team Urges Stockholders to NOT Execute Any Gold Consent Cards JERSEY CITY, N.J., May 10, 2017 (GLOBE NEWSWIRE) -- SITO Mobile Ltd. (NASDAQ:SITO), a leading mobile engagement platform, today issued a letter to its stockholders in connection with the pending solicitation of consents from SITO’s stockholders by Stephen D. Baksa, Thomas Candelaria, Matthew Stecker, Thomas Thekkethala and the other participants in their solicitation (the “Baksa Group”) seeking control of the SITO Board of Directors. An infographic accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ab8073a3-6584-4672-955a-4b91eebd5ada The full text of the letter is as follows: Protect the value of your investment by discarding any gold consent card or other consent solicitation materials sent to you by the Baksa Group or any of its purported proposed nominees, including Matthew Stecker and Thomas Thekkethala, both of whom have close ties to the family of Gary A. Singer, and by executing, dating and mailing each and every WHITE consent revocation card you receive. SITO Mobile, Ltd.’s business plan is producing real value for stockholders. Our first quarter 2017 results exceeded expectations and SITO Mobile expects record results in the second quarter. SITO MOBILE IS HITTING ITS STRIDE AND CREATING VALUE FOR ALL STOCKHOLDERS The SITO Mobile management team has made excellent progress on a number of fronts, including: Since the new management team took over at SITO Mobile less than three months ago, the Company’s stock is up nearly 74%, including an approximately 39% improvement since the Company’s strong earnings report on May 3rd. We are excited about the future of our company! THE BAKSA GROUP HAS NO PLAN OTHER THAN TAKING ABRUPT CONTROL OF YOUR COMPANY WITHOUT PAYING A CONTROL PREMIUM – AND WE BELIEVE THIS WOULD DISRUPT SITO MOBILE’S SUBSTANTIAL PROGRESS AND MOMENTUM We believe that the Baksa Group is attempting to take control of SITO Mobile for the benefit of Gary A. Singer’s family and Evolving Systems, Inc. Additionally, the Baksa Group has been abundantly clear that it wants control of SITO Mobile without paying our stockholders any control premium for their shares. We believe this is intended to benefit the family of Gary A. Singer and the Singer family’s 21.2% ownership of Evolving Systems, Inc. Now is NOT the time to disrupt the extraordinary positive momentum SITO Mobile has created. We believe it is essential for stockholders that our management team continues to execute on its strategic initiatives underway to enhance SITO Mobile’s value. Simply put, SITO Mobile has the right platform, strategy and team in place to guide the Company forward during this pivotal time in our history. We urge you not to let the Baksa Group’s and Gary A. Singer’s pursuit of what we believe is a self-interested and undisclosed agenda disrupt the substantial progress SITO Mobile and its new management team have demonstrated in laying a solid foundation for growth and the creation of long-term stockholder value. IT IS IMPORTANT THAT STOCKHOLDERS HAVE THE FACTS ABOUT SITO MOBILE’S HIGHLY QUALIFIED AND EXPERIENCED MANAGEMENT TEAM In an effort to distract stockholders from the fact that neither the Baksa Group nor Gary A. Singer has any credible plan on how to operate SITO, the family of Gary A. Singer, who was convicted of fraud, among other criminal charges, in 1994 after a jury trial in federal court and who is permanently banned by the SEC1 from ever serving as an officer or director of a public company, has put forward a number of highly inflammatory, misleading, inaccurate and factually unsupported assertions, including by insinuating that Mr. O’Connell was the subject of investigations by the DOJ, SEC and IRS. This is patently false. All of the allegations targeted at Emergent Capital, Inc. by the DOJ, SEC and IRS and the resulting shareholder lawsuits, were regarding sales practices that pre-dated Mr. O’Connell’s employment at Emergent Capital, Inc. Given these facts, it is not surprising that Mr. O’Connell was never named as a target, suspect or even a witness in these investigations. In addition, the family of Gary A. Singer claims that Mr. Firestone, formerly the Chief Executive Officer of Qualstar Corporation, was terminated for cause by Qualstar Corporation. Again, this is highly misleading. The litigation commenced by Qualstar in 2013 focused on the severance owed to Mr. Firestone following his removal as CEO, which occurred after an activist shareholder abruptly took control of Qualstar.  In January 2015, the litigation was dismissed with prejudice and without any admission or finding of liability or wrongdoing as to the allegations made against Mr. Firestone in the complaint and without any admission or finding that Mr. Firestone’s termination was "for cause." The SITO Mobile Board remains steadfast in the belief that Messrs. O’Connell and Firestone are individuals of unquestionable integrity and highly relevant expertise and experience. The Board believes they are the right people to lead the Company forward at this pivotal point time in SITO Mobile’s history. PROTECT THE VALUE OF YOUR INVESTMENT – WE URGE YOU TO NOT EXECUTE ANY GOLD CONSENT CARD This may be the most important vote you have ever made regarding SITO Mobile and its future. To protect your investment in SITO Mobile, the SITO Mobile Board urges you to NOT execute any gold consent card and to DISCARD all materials sent to you by the Baksa Group or any member of the family of Gary A. Singer. The SITO Mobile Board urges you to: On behalf of your Board of Directors, we thank you for your continued support. Morgan, Lewis & Bockius LLP and Sichenzia Ross Ference Kesner LLP are serving as legal advisors to SITO. Mackenzie Partners, Inc. is serving as SITO’s proxy solicitor. SITO Mobile provides a mobile engagement platform that enables brands to increase awareness, loyalty, and ultimately sales. For more information, visit www.sitomobile.com. Cautionary Statement Regarding Certain Forward-Looking Information This press release contains forward-looking statements. These statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include statements concerning the following: SITO’s plans and initiatives, campaign volume and average campaign dollars, our guidance and/or expectations for future quarters, our possible or assumed future results of operations; our business strategies; our ability to attract and retain customers; our ability to sell additional products and services to customers; our competitive position; our industry environment; our potential growth opportunities; and risks, disruption, costs and uncertainty caused by or related to the actions of activist stockholders, including that if individuals are elected to our Board with a specific agenda, it may adversely affect our ability to effectively implement our business strategy and create value for our stockholders and perceived uncertainties as to our future direction as a result of potential changes to the composition of our Board may lead to the perception of a change in the direction of our business, instability or a lack of continuity which may be exploited by our competitors, cause concern to our current or potential customers, and may result in the loss of potential business opportunities and make it more difficult to attract and retain qualified personnel and business partners. You should not place undue reliance on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under “Risk Factors” in our Annual Report on Form 10-K and the reports we file with the SEC. Actual events or results may vary significantly from those implied or projected by the forward-looking statements due to these risk factors. No forward-looking statement is a guarantee of future performance. You should read our Annual Report on Form 10-K and the documents that we reference in our Annual Report on Form 10-K and have filed as exhibits thereto with the Securities and Exchange Commission, or the SEC, with the understanding that our actual future results and circumstances may be materially different from what we expect. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and we undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as may be required by applicable law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Important Additional Information and Where To Find It SITO Mobile, Ltd. (“SITO”), its directors and certain of its executive officers are deemed to be participants in a solicitation of consent revocations from SITO’s stockholders in connection with a pending consent solicitation by a stockholder (the “Consent Solicitation”). On May 2, 2017, SITO filed a definitive consent revocation statement (the “Consent Revocation Statement”) and accompanying WHITE consent revocation card with the SEC in connection with the Consent Solicitation. Information regarding the identity of participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the Consent Revocation Solicitation Statement, including the schedules and appendices thereto. INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH CONSENT REVOCATION STATEMENT AND THE ACCOMPANYING WHITE CONSENT REVOCATION CARD AND OTHER DOCUMENTS FILED BY SITO WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders can obtain the Consent Revocation Statement, any amendments or supplements to the Consent Revocation Statement, the accompanying WHITE consent revocation card, and other documents filed by SITO with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of SITO’s corporate website at www.sitomobile.com, by writing to SITO’s Corporate Secretary at SITO Mobile, Ltd., The Newport Corporate Center, 100 Town Square Place, Suite 204, Jersey City, NJ 07301, or by calling SITO at (201) 275-0555. 1 This discussion of the SEC enforcement action against Gary A. Singer is qualified in its entirety by reference to the complete text of the SEC’s March 10, 1997 Litigation Release No. 15278 which can be accessed at the SEC’s website at the following internet address: https://www.sec.gov/litigation/litreleases/lr15278.txt.


News Article | May 10, 2017
Site: globenewswire.com

Urges Stockholders Not to Let the Baksa Group or Gary A. Singer Disrupt the Positive Momentum SITO Mobile is Making under Its Current Board and Management Team Urges Stockholders to NOT Execute Any Gold Consent Cards JERSEY CITY, N.J., May 10, 2017 (GLOBE NEWSWIRE) -- SITO Mobile Ltd. (NASDAQ:SITO), a leading mobile engagement platform, today issued a letter to its stockholders in connection with the pending solicitation of consents from SITO’s stockholders by Stephen D. Baksa, Thomas Candelaria, Matthew Stecker, Thomas Thekkethala and the other participants in their solicitation (the “Baksa Group”) seeking control of the SITO Board of Directors. An infographic accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ab8073a3-6584-4672-955a-4b91eebd5ada The full text of the letter is as follows: Protect the value of your investment by discarding any gold consent card or other consent solicitation materials sent to you by the Baksa Group or any of its purported proposed nominees, including Matthew Stecker and Thomas Thekkethala, both of whom have close ties to the family of Gary A. Singer, and by executing, dating and mailing each and every WHITE consent revocation card you receive. SITO Mobile, Ltd.’s business plan is producing real value for stockholders. Our first quarter 2017 results exceeded expectations and SITO Mobile expects record results in the second quarter. SITO MOBILE IS HITTING ITS STRIDE AND CREATING VALUE FOR ALL STOCKHOLDERS The SITO Mobile management team has made excellent progress on a number of fronts, including: Since the new management team took over at SITO Mobile less than three months ago, the Company’s stock is up nearly 74%, including an approximately 39% improvement since the Company’s strong earnings report on May 3rd. We are excited about the future of our company! THE BAKSA GROUP HAS NO PLAN OTHER THAN TAKING ABRUPT CONTROL OF YOUR COMPANY WITHOUT PAYING A CONTROL PREMIUM – AND WE BELIEVE THIS WOULD DISRUPT SITO MOBILE’S SUBSTANTIAL PROGRESS AND MOMENTUM We believe that the Baksa Group is attempting to take control of SITO Mobile for the benefit of Gary A. Singer’s family and Evolving Systems, Inc. Additionally, the Baksa Group has been abundantly clear that it wants control of SITO Mobile without paying our stockholders any control premium for their shares. We believe this is intended to benefit the family of Gary A. Singer and the Singer family’s 21.2% ownership of Evolving Systems, Inc. Now is NOT the time to disrupt the extraordinary positive momentum SITO Mobile has created. We believe it is essential for stockholders that our management team continues to execute on its strategic initiatives underway to enhance SITO Mobile’s value. Simply put, SITO Mobile has the right platform, strategy and team in place to guide the Company forward during this pivotal time in our history. We urge you not to let the Baksa Group’s and Gary A. Singer’s pursuit of what we believe is a self-interested and undisclosed agenda disrupt the substantial progress SITO Mobile and its new management team have demonstrated in laying a solid foundation for growth and the creation of long-term stockholder value. IT IS IMPORTANT THAT STOCKHOLDERS HAVE THE FACTS ABOUT SITO MOBILE’S HIGHLY QUALIFIED AND EXPERIENCED MANAGEMENT TEAM In an effort to distract stockholders from the fact that neither the Baksa Group nor Gary A. Singer has any credible plan on how to operate SITO, the family of Gary A. Singer, who was convicted of fraud, among other criminal charges, in 1994 after a jury trial in federal court and who is permanently banned by the SEC1 from ever serving as an officer or director of a public company, has put forward a number of highly inflammatory, misleading, inaccurate and factually unsupported assertions, including by insinuating that Mr. O’Connell was the subject of investigations by the DOJ, SEC and IRS. This is patently false. All of the allegations targeted at Emergent Capital, Inc. by the DOJ, SEC and IRS and the resulting shareholder lawsuits, were regarding sales practices that pre-dated Mr. O’Connell’s employment at Emergent Capital, Inc. Given these facts, it is not surprising that Mr. O’Connell was never named as a target, suspect or even a witness in these investigations. In addition, the family of Gary A. Singer claims that Mr. Firestone, formerly the Chief Executive Officer of Qualstar Corporation, was terminated for cause by Qualstar Corporation. Again, this is highly misleading. The litigation commenced by Qualstar in 2013 focused on the severance owed to Mr. Firestone following his removal as CEO, which occurred after an activist shareholder abruptly took control of Qualstar.  In January 2015, the litigation was dismissed with prejudice and without any admission or finding of liability or wrongdoing as to the allegations made against Mr. Firestone in the complaint and without any admission or finding that Mr. Firestone’s termination was "for cause." The SITO Mobile Board remains steadfast in the belief that Messrs. O’Connell and Firestone are individuals of unquestionable integrity and highly relevant expertise and experience. The Board believes they are the right people to lead the Company forward at this pivotal point time in SITO Mobile’s history. PROTECT THE VALUE OF YOUR INVESTMENT – WE URGE YOU TO NOT EXECUTE ANY GOLD CONSENT CARD This may be the most important vote you have ever made regarding SITO Mobile and its future. To protect your investment in SITO Mobile, the SITO Mobile Board urges you to NOT execute any gold consent card and to DISCARD all materials sent to you by the Baksa Group or any member of the family of Gary A. Singer. The SITO Mobile Board urges you to: On behalf of your Board of Directors, we thank you for your continued support. Morgan, Lewis & Bockius LLP and Sichenzia Ross Ference Kesner LLP are serving as legal advisors to SITO. Mackenzie Partners, Inc. is serving as SITO’s proxy solicitor. SITO Mobile provides a mobile engagement platform that enables brands to increase awareness, loyalty, and ultimately sales. For more information, visit www.sitomobile.com. Cautionary Statement Regarding Certain Forward-Looking Information This press release contains forward-looking statements. These statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include statements concerning the following: SITO’s plans and initiatives, campaign volume and average campaign dollars, our guidance and/or expectations for future quarters, our possible or assumed future results of operations; our business strategies; our ability to attract and retain customers; our ability to sell additional products and services to customers; our competitive position; our industry environment; our potential growth opportunities; and risks, disruption, costs and uncertainty caused by or related to the actions of activist stockholders, including that if individuals are elected to our Board with a specific agenda, it may adversely affect our ability to effectively implement our business strategy and create value for our stockholders and perceived uncertainties as to our future direction as a result of potential changes to the composition of our Board may lead to the perception of a change in the direction of our business, instability or a lack of continuity which may be exploited by our competitors, cause concern to our current or potential customers, and may result in the loss of potential business opportunities and make it more difficult to attract and retain qualified personnel and business partners. You should not place undue reliance on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under “Risk Factors” in our Annual Report on Form 10-K and the reports we file with the SEC. Actual events or results may vary significantly from those implied or projected by the forward-looking statements due to these risk factors. No forward-looking statement is a guarantee of future performance. You should read our Annual Report on Form 10-K and the documents that we reference in our Annual Report on Form 10-K and have filed as exhibits thereto with the Securities and Exchange Commission, or the SEC, with the understanding that our actual future results and circumstances may be materially different from what we expect. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and we undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as may be required by applicable law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Important Additional Information and Where To Find It SITO Mobile, Ltd. (“SITO”), its directors and certain of its executive officers are deemed to be participants in a solicitation of consent revocations from SITO’s stockholders in connection with a pending consent solicitation by a stockholder (the “Consent Solicitation”). On May 2, 2017, SITO filed a definitive consent revocation statement (the “Consent Revocation Statement”) and accompanying WHITE consent revocation card with the SEC in connection with the Consent Solicitation. Information regarding the identity of participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the Consent Revocation Solicitation Statement, including the schedules and appendices thereto. INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH CONSENT REVOCATION STATEMENT AND THE ACCOMPANYING WHITE CONSENT REVOCATION CARD AND OTHER DOCUMENTS FILED BY SITO WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders can obtain the Consent Revocation Statement, any amendments or supplements to the Consent Revocation Statement, the accompanying WHITE consent revocation card, and other documents filed by SITO with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of SITO’s corporate website at www.sitomobile.com, by writing to SITO’s Corporate Secretary at SITO Mobile, Ltd., The Newport Corporate Center, 100 Town Square Place, Suite 204, Jersey City, NJ 07301, or by calling SITO at (201) 275-0555. 1 This discussion of the SEC enforcement action against Gary A. Singer is qualified in its entirety by reference to the complete text of the SEC’s March 10, 1997 Litigation Release No. 15278 which can be accessed at the SEC’s website at the following internet address: https://www.sec.gov/litigation/litreleases/lr15278.txt.


News Article | May 10, 2017
Site: www.prnewswire.com

The ACA and AHCA: Repeal, Replace, and Impact on Employer-Based Health Plans Ron E. Peck Senior Vice President and General Counsel The Phia Group, Braintree, Mass. Healthcare reform continues to be a hot topic, though what that means varies from person to person. Regardless of your view on healthcare, it cannot be denied that the majority of Americans have, and continue to receive, healthcare through their employer. How the cost of healthcare, existing and new laws, and other innovative methodologies impact employer based health plans, and the evolving nature of these plans -- today and in the future -- are topics Peck is available to discuss: "In the United States of America, our lawmakers have and continue to focus entirely on 'who' pays for healthcare. Ensuring every American has health insurance has not, and will not, solve the problem. The issue is that healthcare costs too much in this country. The only solution will come from a combination of consumerism on the part of patients -- who must care about the cost of care they receive -- creative processes implemented by payers, and more efficient, cost-effective providers. The industry must solve the problem of cost, as lawmakers seem unable or unwilling to challenge those who game the system, and dip deeply into what is perceived to be the bottomless pocket that is insurance." ProfNet Profile: http://www.profnetconnect.com/ronpeck Website: www.phiagroup.com Contact: Matthew Painten, mpainten@phiagroup.com Immigration and the Trump Administration Juan Carlos Gómez Director of Clinical Programs; Director of the Carlos A. Costa Immigration and Human Rights Clinic Florida International University, Miami Gómez was recently quoted on NBC 6 in Florida regarding Trump's executive order on immigration (article: http://tinyurl.com/l4dwyrt): "I think the community, while worried, should not panic. They should go get the correct information, understanding that this is only the beginning of a new policy but due process still exists in the United States." Gómez has been defending the rights of individuals in immigration matters for the last 20 years. During this time, he has represented persons before the United States Court of Appeals for the Eleventh Circuit, the United States Departments of Justice and Homeland Security in complex immigration matters. Within the field of immigration law, he has helped thousands of individuals in situations including removal and deportation proceedings, family immigration, and the transfer of professionals and executives to the United States. Gómez counsels international and national corporations on compliance with immigration laws. He also has coordinated teams of attorneys in multi-forum conflicts to effectively resolve clients' problems. As an attorney for a Central American Refugee Project, he coordinated the representation of thousands of individuals in the Southeastern United States in a national class action. He has represented refugees from every part of the world where there have been conflicts over the last two decades. As director of East Little Havana Legal Services, he led a team of attorneys to resolve the series of problems faced by clients in a holistic manner. Gómez is a highly sought-out attorney by other immigration attorneys for consultation on complex matters. In addition to having taught at a law school, he frequently lectures on immigration matters before professional organizations. He recently participated in a roundtable discussion on this topic: Part 1: http://tinyurl.com/mfeqezz, Part 2: http://tinyurl.com/lcfb53s, Part 3: http://tinyurl.com/mvv7tof Contact: Jessica Drouet, Jdrouet@fiu.edu GOP Reform/Repeal of Dodd-Frank Act Michael Imerman Assistant Professor of Finance Lehigh University Dr. Imerman is available to discuss proposals to reform or repeal the Dodd-Frank Act, passed in 2010 to provide financial regulation: "Both Dodd-Frank and the proposed replacement, the Financial CHOICE Act, seek to end Too-Big-To-Fail, reduce systemic risk, hold Wall Street accountable, improve transparency of complex markets, and protect the American taxpayer from government bailouts. I absolutely do not think that the Dodd-Frank Act needs to be repealed and replaced, and these attempts to do so are purely a matter of partisan politics. Is the Dodd-Frank Act perfect? Certainly not. But the answer would be to refine those areas that are not holding up so well, not eliminate the whole thing. Too-Big-To-Fail still is a real problem. In a soon-to-be-released paper, I show one of the most effective ways to combat TBTF is to require the largest banks to hold more capital. If banks find this to be too expensive, they can sell off assets and scale down their size; otherwise, they should be required to hold disproportionately more capital to reduce the risk of a taxpayer-sponsored bailout." Dr. Imerman's research focuses on credit risk modeling, banking and financial institutions, risk management, and derivatives. Bio: http://cbe.lehigh.edu/faculty/finance/michael-b-imerman Contact: Amy White, abw210@lehigh.edu Following are experts from the ProfNet network who are available for interviews regarding Trump's tax reform plan: Trump's Tax Plan Rebecca Kysar Professor of Law Brooklyn Law School Kysar is available for comment on Trump's tax plan. Here is an excerpt from a January op-ed she wrote for Slate: "It is not realistic to expect the tax code to be set in stone. But the pillars of tax reform should be stable enough to form the basis of long-term investment and growth. Radical, partisan tax reform will prove short-lived and ineffective. Reform that gives the lion's share of its benefits to the wealthy and adds trillions to the debt runs the risk of exacerbating inequality within and between generations, perhaps alienating Trump voters who elevated him to the White House based on his populist rhetoric." Kysar teaches and researches in the areas of federal income tax, international tax, and the federal budget and tax legislative processes. Her recent scholarship examines tax treaties, as well as the tax legislative process. Her articles have appeared in the Cornell Law Review, the Iowa Law Review, the Notre Dame Law Review, the University of Pennsylvania Law Review, the Washington University Law Review, and the Yale Journal of International Law, among others. Bio: https://www.brooklaw.edu/faculty/directory/facultymember/biography?id=rebecca.kysar Contact: John Mackin, john.mackin@brooklaw.edu President Trump's Tax Reform Proposal Robert Duquette Professor of Practice in Accounting Lehigh University Duquette is available to discuss President Trump's tax reform proposal, as well as the House proposal and the need for tax reform. He can comment on who benefits from these proposals, their projected impact on economic growth and national debt, whether they will pass, and why true tax reform is needed: "President Trump's plan consists of three individual tax brackets: 10 percent, 25 percent and 35 percent; and a doubling of the standard deduction. That would mean, for example, the first $24,000 of a couple's taxable income would be exempt from taxes. The House's version also provides for new, higher combined exemption deductions of $12,000 for singles ($18,000 with children), and $24,000 for couples filing jointly, and consists of three tax rates: 12 percent, 25 percent and 33 percent. Who benefits the most from these plans? The Tax Foundation projects that taxpayers would see an average increase in their after-tax income of between 1 percent and 10 percent in total over 10 years. However, the top 1 percent would benefit the most, with the wealthiest taxpayers seeing an increase in their after-tax income of 5 percent to 20 percent. What is the impact on economic growth and the national debt? A significant part of the cost would be offset by broadening the tax base through elimination of many deductions and credit, loss of business interest deductibility, loss of the domestic manufacturing deduction, and possibly a tax on some type of imports. All independent analyses of the proposals indicate there would probably be trillions of dollars added to the federal debt over the next 10 years. I'm not optimistic of passage of this tax reform in Congress. Even if it does pass, no reputable study has yet suggested it can help mitigate the growth in the national debt from the present $20 million to $30 trillion over the next 10 years." In addition to teaching taxation and accounting, Duquette is a CPA and has worked in tax and audit advising for three decades. Blog: http://cbe.lehigh.edu/blog Bio: http://cbe.lehigh.edu/faculty/accounting/robert-duquette Contact: Amy White, abw210@lehigh.edu Corporate, Trust and Estate Planning-Related Questions Michael Kosnitzky Partner Pillsbury Winthrop Shaw Pittman LLP "The Trump tax proposal to reduce rates on business income from flow through entities like S corporations and domestic limited liability companies has the potential to cause tax inequities. However, the Treasury and the IRS have ample tools under existing law to police this unfairness. Taxpayers should look to IRS policy on 'reasonable compensation' and the existing tax regimes under the so-called passive activity rules and net investment income tax rules for guidance on how the government will deal with aggressive taxpayers in similar situations." Bio: https://www.pillsburylaw.com/en/lawyers/michael-kosnitzky.html Contact: Matt Hyams, Matt.hyams@pillsburylaw.com Tax Rates for Businesses Larry Elkin, CFP, CPA President Palisades Hudson Financial Group, Fort Lauderdale, Fla. "President Trump thinks income generated by privately held Palisades Hudson Financial Group should be taxed at the same rate as income generated by Alphabet Inc., Google's publicly traded parent company. And he thinks the rate for both businesses should be an attractively low 15 percent. You might expect me to be delighted by this news. I am a Republican, and we Republicans generally believe tax rates should be as low as possible. I also happen to be the owner of Palisades Hudson Financial Group. And I would be delighted with Trump's proposal, except for one thing: It's a phenomenally bad idea. Trump's proposal that all business income be taxed at the same (low) rate makes rhetorical sense, but not logical sense. To see why, consider the two companies I just mentioned. Alphabet is what tax nerds call a C corporation. It pays its own income taxes and then, when it distributes remaining income to shareholders in the form of dividends, that income is taxed again at the shareholders' rate. This means that by the time a single dollar of Alphabet's pretax income reaches a shareholder, federal taxes have reduced it to as little as 52 cents. But Palisades Hudson is not taxed that way. Like nearly all owner-operated businesses, it does not pay its own taxes as a separate entity. Instead, its net income is included on the owner's tax return and is only taxed once. This is what is meant by a 'pass-through' entity. Cutting my taxes on Palisades Hudson's net income to 15 percent would mean my income would be taxed at half the rate of the wages I pay many of my employees, or even less. And this would be the case for many firms nationwide under the proposed rules, including some much larger than mine." Website: www.palisadeshudson.com Contact: Henry Stimpson, henry@stimpsoncommunications.com 'Pass-Through Rate' and 'One-Time Repatriation Tax' Michael Faulkender Professor of Finance and Associate Dean of Master's Programs University of Maryland's Robert H. Smith School of Business On the pass-through rate: "President Trump's 'pass-through' proposal asks for abuse. Small-business owners could easily reclassify expenses to be net income and vice versa. If one mechanism has a lower tax rate than the other, the reclassifications will take place. Ideally, all income is subject to the same rate at the personal level, thus eliminating the incentive to reclassify the income." On the one-time repatriation tax: "A one-time tax on accumulated foreign earnings rewards corporations that have moved operations to foreign jurisdictions for gaming the tax system. Firms in position to move profits abroad (by transfer pricing of intellectual capital), and that anticipated being subject to the tax on the differential, would see that tax liability fall from as high as 35 percent to perhaps 5-8 percent." Faulkender's "Taxes and Leverage at Multinational Corporations" is published in the Journal of Financial Economics (summarized here: http://tinyurl.com/n3bgpkt). Bio: https://www.rhsmith.umd.edu/directory/michael-faulkender Contact: Greg Muraski, gmuraski@rhsmith.umd.edu Eliminating State-Local Deductions Albert "Pete" Kyle Professor of Finance University of Maryland's Robert H. Smith School of Business "Eliminating the tax deductibility of state income taxes, while preserving the tax deductibility of property taxes, would encourage states like California and New York to lower income taxes and increase property taxes. In particular, I would expect property tax caps in California to be phased out over time if these changes are made." Kyle has served as an economic advisor to NASDAQ, the Financial Industry Regulatory Authority and the Commodity Futures Trading Commission. Bio: https://www.rhsmith.umd.edu/directory/albert-pete-kyle Contact: Greg Muraski, gmuraski@rhsmith.umd.edu Trump's Tax Reform Proposals and the GOP Blueprint Stephen M. Breitstone Partner and Vice Chairman Meltzer, Lippe, Goldstein & Breitstone, Mineola, N.Y. A tax attorney, Breitstone can readily discuss how Trump's tax reform proposals and the GOP blueprint could affect business in general, and especially the real estate industry, from commercial, office and rental owners and investors to individuals. Among other issues, Breitstone can discuss the implications of: standard and itemized deductions; repeal of the deductions for state and local taxes and the Alternative Minimum Tax (AMT); tax on business; Immediate expensing of capital expenditures and elimination of interest deduction; estate and gift taxes. Says Breitstone: "It is likely that any tax reform would also include 'immediate expensing.' The GOP blueprint proposes 'immediate expensing' of capital expenditures, including machinery and buildings, but not land. This is coupled with the elimination of the deduction for interest (all interest, except interest on personal mortgages, which hardly anyone would claim due to the increased standard deduction). For businesses that make investments in buildings and machinery (and probably for the owners of pass-through entities as well), the tax rate of 15% is mostly for show. The actual tax rate, at least for the next few years, will be zero. Immediate expensing will wipe out all income tax liabilities, at least in the short run. This may result in an increased flow of liquidity to these businesses to invest and to grow. But this will be short-lived. After the deduction for immediate expensing is used up, there will be no depreciation deduction and no interest deduction on the debt incurred to fund these investments. That means the effective tax rate on these businesses will soar." Breitstone further questions immediate expensing as proposed, as it doesn't target growth in areas where we really need it, such as education, technology and infrastructure. If you throw money at dying industries, it may only accelerate the further layoff of employees by encouraging increased automation. Bio: http://www.meltzerlippe.com/attorneys/stephen-breitstone/ Website: http://www.meltzerlippe.com Contact: Peggy Kalia, pkalia@epoch5.com Impact of Trump's Plan Adnan Mahmud Founder LiveStories LiveStories is a civic data intelligence platform used by local, state, and federal governments to make massive data stores easier to understand for the general public. The company released a report called, "Five Facts: State Taxes and Spending" that includes findings on state and local expenditures based on the most recent U.S. Census. Mahmud is available to explain what this data can tell us about how Trump's tax reform plan will impact Americans. He can use these findings to illuminate opportunities and challenges that need to be considered in light of these policy changes. Contact: Rosie Gillam, rosie.gillam@walkersands.com How Reform Will Impact Citizens at Different Tax Levels Jinette Chiappetta, CPA Wealth Manager Equity Concepts Chiappetta can discuss how reform will impact citizens at different tax levels, as well as the overall economy. She is a wealth manager at Equity Concepts, a Richmond, Va.-based wealth management firm that serves more than 2,000 households and oversees approximately $875+ million in assets. Prior to joining Equity Concepts, Chiappetta spent 20 years in the tax field, with 15 years of public accounting experience and five years of corporate tax experiences. As a CPA, she places an emphasis on analyzing the impact of investment strategies on tax situations. Website: http://www.equity-concepts.com Contact: Kelly Holcombe, Kelly@flackable.com Impacts on Individuals and Business Owners Bill Smith Managing Director, National Tax Office CBIZ MHM Smith is available to address the impacts of the plan on both individuals and business owners, the feasibility of the plan, and how it may evolve over time. He has more than 30 years of experience in both the public and private sectors, including five years in the office of General Counsel at Deloitte & Touche LLP, where he was responsible for all aspects of the firm's tax practice; five years as a tax lawyer for the Department of Justice in Washington, D.C.; and 12 years in private practice in San Francisco, representing businesses of all sizes and high-wealth individuals in developing and implementing tax strategies or negotiating with the IRS in Tax Court or administratively. Smith assumed his current position more than 15 years ago and is based in Bethesda, Md. In this role, he consults nationally on a broad range of tax services, including foreign and domestic transactional tax planning for corporations, partnerships, LLCs and individuals, such as mergers and acquisitions, domestic and international restructuring of businesses and investments, and negotiating partnership and other transactions. He is a frequent speaker at national conferences, and serves as a testifying expert in the area of accountants' professional duties and ethical obligations. Smith is well-versed on Trump's tax plan, having authored the following blog posts/columns: "Key takeaways of Trump's tax plan for business owners" (http://tinyurl.com/le365om), "The votes are in: Introducing the new president's tax plan" (http://tinyurl.com/nxja73y), "Comparing presidential candidates' tax reform plans" (http://tinyurl.com/k2tytgu), and "Trump's tax plan could help businesses, but questions remain (https://www.entrepreneur.com/article/293576). Contact: Lauren Davis, lauren@gregoryfca.com Retirement Planning Ed Slott, CPA Founder, Ed Slott & Company Creator, IRAhelp.com Slott is a New York-based nationally recognized IRA expert, television personality, and best-selling author who has dedicated his life to educating Americans on saving for retirement and the intricacies of IRAs. He was named "The Best Source for IRA Advice" by The Wall Street Journal, and USA Today wrote, "It would be tough to find anyone who knows more about IRAs than CPA Slott." He is the author of "The Retirement Savings Time Bomb … And How to Defuse It" and "Parlay Your IRA into a Family Fortune." His most recent books include "Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s" and "The Retirement Decisions Guide: 125 Ways to Save and Stretch Your Wealth." He is the host of the 2015 public television show "Ed Slott's Retirement Road Map," which airs in markets nationwide. He is a frequent columnist and resource for national media and has hosted many best-selling public television specials. Through his firm, Slott provides the highest level of IRA training to financial professionals, CPAs and attorneys; and through his website, he offers free resources to consumers. Website: http://irahelp.com Contact: Mindy Eras, mindy@advisorpr.com Tax Planning Greg Hammer Tax and Wealth Advisor Hammer Financial Group, Inc. Hammer specializes in coordinated, holistic financial planning for Lake County, Ind., and Chicago-area residents who are approaching retirement or currently retired. Bringing tax preparation and planning, Medicare supplements, estate planning, insurance and investments all under one roof, he aims to provide complete and convenient financial solutions for the best interest of the clients he serves. Hammer trains and coaches independent financial advisors nationwide on how to build their business to better serve the holistic financial needs of American families. In particular, he has helped develop and refine processes to integrate tax preparation and Medicare supplement services into a financial advisory practice -- a unique addition within the financial industry designed for the ultimate convenience and benefit of clients at and near retirement. He earned a B.A. in Applied Mathematics with a focus in economics from Yale University and has more than 23 years of experience in the financial services industry. In addition to his series 6, 63, 65 and 26 and life and health licenses, Hammer maintains Master Elite Membership with Ed Slott's Elite IRA Advisor Group for continued study and mastery of IRAs and applicable tax laws. Contact: Mindy Eras, mindy@advisorpr.com Retirement Planning Jeff Warnkin, CPA and CFP The JL Smith Group Warnkin specializes in holistic financial planning for the pre-retired and retired residents of Ohio. As a holistic planner, he incorporates investments, insurance, taxes and estate planning when building financial plans in order create an optimal solution for the retirement years. Warnkin has more than 25 years of experience in the financial services industry, Series 7 and 24 securities licensed, has a Master of Taxation (MT) degree, and is life and health insurance licensed. He has also been personally trained by nationally acclaimed IRA expert Ed Slott, CPA, as a member of the exclusive Ed Slott's Elite IRA Advisor Group. Website: www.JLSmithGroup.com Contact: Mindy Eras, mindy@advisorpr.com Impact on Families and Investors Bijan Golkar CEO, Senior Advisor FPC Investment Advisory Golkar is a Northern California investment advisor that has been a licensed tax preparer since 2007 and earned the Certified Financial Planner (CFP) certification in 2013. He is frequently quoted in national media as an expert on investing and financial planning topics. In addition to his duties as the firm's CEO, Golkar provides comprehensive advice to high-net-worth individuals and families. He often creates and leads teams of legal, accounting and insurance experts to help these clients meet their goals. He also consults with small businesses on buyouts, employee benefits and other matters. ProfNet Profile: http://www.profnetconnect.com/bijan_golkar LinkedIn: https://www.linkedin.com/in/bgolkar/ Expert Contact: bijan@fpcwealth.com Following are links to job listings for staff and freelance writers, editors and producers. You can view these and more job listings on our Job Board: https://prnmedia.prnewswire.com/community/jobs/ Following are links to other news and resources we think you might find useful. If you have an item you think other reporters would be interested in and would like us to include in a future alert, please drop us a line. PROFNET is an exclusive service of PR Newswire. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/profnet-experts-available-on-tax-reform-dodd-frank-ahca-more-300455385.html


IRVINE, Calif. & WALTHAM, Mass.--(BUSINESS WIRE)--The Dassault Systèmes U.S. Foundation and Base 11 today announced a workforce development initiative focused on training the next generation of engineers with the skills most in-demand by aerospace, high-tech and transportation industries. With a grant from The Foundation, the initiative will provide students with training in collaborative 3-D engineering design platforms used by many large employers including Boeing, Northrup Grumman, Lockheed Martin, Tesla, Honda, HP and IBM. “We are thrilled by the grant from The Dassault Systèmes U.S. Foundation as it will accelerate our ability to empower our academic partners with the tools and resources they need to transform high-potential, low-resource students into 21st century STEM leaders,” said Landon Taylor, CEO of Base 11, a nonprofit STEM (science, technology, engineering and math) workforce development and entrepreneur accelerator. The initiative will be piloted this summer at the University of California, Irvine’s Samueli School of Engineering with community college students participating in the Base 11 summer fellowship program being the first to receive training on the collaborative 3-D design solutions. “This workforce development initiative by Base 11 speaks to the huge demand for trained talent that we’re hearing from employers,” said Al Bunshaft, President, The Dassault Systèmes U.S. Foundation. “We are excited to support this innovative initiative that aims to create new educational content with the learning and discovery capabilities of 3D technology and virtual universes. This will offer a solution for employers, while simultaneously changing the lives of underserved students and their communities.” The Autonomous Systems Engineering Academy was based on a highly successful freshman engineering course at the Samueli School of Engineering featuring hands-on, project-based learning. In 2015, Base 11 funded an adaptation of the course as an 8-week residency based summer program geared toward high-potential, low-resource community college students. The inaugural cohort of that program was recruited from across the country and completed the program at UCI in the summer of 2016. (See video here.) The academy focuses around hands-on, interactive projects that encompass multiple engineering disciplines. Students learn the basics of aerospace design, computer aided design, 3-D printing, basic electronics and fabrication techniques through a series of mini projects. Each of those mini projects is a necessary component of the final capstone project, which is a fully operational unmanned aerial vehicle, or drone. In the first phase of the initiative, funded by The Dassault Systèmes U.S. Foundation, the process of designing the drone will be enhanced by access to and training on 3-D design platforms used by engineers at major corporations. Beginning January 2018, Base 11 will expand the ASEA curriculum into a full academic-year college credit-bearing engineering course at three community college campuses in Orange County, California, San Francisco and Phoenix including Orange Coast College, Skyline College and South Mountain Community College, with the potential to reach other markets in 2019. “The partnership with Base 11 and the financial support of The Dassault Systèmes U.S. Foundation is helping us expand our reach into community colleges and high schools, advancing our mission to prepare future engineers for matriculation at UCI and on to successful STEM-based careers,” said Gregory Washington, Stacey Nicholas dean of engineering, Samueli School. About Base 11 Base 11 is a nonprofit workforce development accelerator focused on solving the STEM talent pipeline crisis being fueled by the underrepresentation of women and minorities. Base 11 facilitates partnerships with industry, academia and philanthropy which deliver to employers a pre-recruitment pipeline of well-trained, highly skilled STEM talent. By establishing Innovation Centers integrated with hands-on project based learning and STEM entrepreneurship training, Base 11 and its partners set students on direct pathways to four-year STEM degrees, well paid STEM jobs, and the opportunity to launch their own STEM related business. For more information, please visit www.Base11.com. Base 11 is a DBA of the Center for Innovations in Education, a nonprofit 501(c) 3 – IRS exemption EIN# 26-4365936. About La Fondation Dassault Systèmes La Fondation Dassault Systèmes provides training and expertise about 3D virtual universe technologies to help schools, universities, research centers, museums and associations in Europe and the U.S. to push the limits of knowledge. Its mission is to inspire men and women with a passion for engineering, science and digital technology to create a better and more collaborative society. As part of this mission, it actively contributes to inventing new ways of sharing know-how and transforming learning practices that make it possible to detect new talents and help them achieve their dreams. For more information: lafondation.3ds.com


PHILADELPHIA, PA, May 11, 2017 /24-7PressRelease/ -- Chamberlain Hrdlicka Senior Counsel Kevin F. Sweeney, a former federal tax prosecutor, discussed the issue of preserving attorney-client privilege during internal investigations at a continuing education seminar sponsored by the Philadelphia Area Chapter of the Association of Certified Fraud Examiners (ACFE). As the featured speaker at the organization's meeting on April 25, Sweeney presented "Navigating the Minefield: Strategies for Establishing and Preserving Attorney-Client Privilege during Internal Investigations." The Association of Certified Fraud Examiners is the world's largest anti-fraud organization and provider of anti-fraud education and training. The association's 80,000-plus members are focused on reducing business fraud worldwide. At Chamberlain Hrdlicka, Sweeney puts his experience and longstanding connections to use representing individuals and corporate clients in IRS audits, civil tax litigation, white-collar criminal defense matters, and corporate investigations. Prior to joining Chamberlain Hrdlicka, Sweeney worked for the U.S. Department of Justice, Tax Division as a federal prosecutor, where he led many of its most successful tax cases, including offshore banking cases against prominent Swiss banks BSI SA, Union Bancaire Privee (UBP) SA, and Edmond de Rothschild SA. During his tenure, he investigated and litigated dozens of federal white-collar criminal cases including tax evasion, tax preparer, employment tax, FBAR, money laundering, currency structuring, Foreign Corrupt Practices Act (FCPA), and other financial fraud matters. About Chamberlain Hrdlicka - Chamberlain Hrdlicka is a diversified business law firm with offices in Houston, Atlanta, Philadelphia and San Antonio. The firm represents both public and private companies as well as individuals and family-owned businesses across the nation in a wide variety of practice areas, including commercial and business litigation, tax, tax controversy and litigation, federal white-collar criminal defense, corporate, securities and finance, employment law and employee benefits, energy law, estate planning and administration, intellectual property, international and immigration law, and real estate and construction law.


Edupliance Announces Webinar Dealing with Audits from the IRS and Other Agencies Hillsboro, OR, May 13, 2017 --( It is important to remember that it isn’t just the IRS that conducts employer audits. The federal Department of Labor (DOL), as well as the state counterparts to the IRS and DOL, also conduct audits to ensure compliance. Handling notifications promptly and accurately for all agencies goes a long way in avoiding a full-blown audit over what might be otherwise a simple error or misunderstanding. The 90-minute webinar will be conducted by Vicki Lambert, CPP, who has over 35 years of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author. Ms. Lambert has become the most sought-after and respected voice in the practice and management of payroll issues. She has conducted open market training seminars on payroll issues across the United States that have been attended by executives and professionals from some of the most prestigious firms in business today. Webinar attendees will learn: · How to determine what is—and is not—an IRS notice · Step by step instructions on how to respond to an IRS notice · Dos and don’ts of corresponding with the IRS or any government agency · Tips on preparing for an audit · How to beat them to it—strategies to conduct your own internal audit · Learn the best practices for payroll departments to avoid audits · Auditing for internal fraud: what to look out for including phantom employees and reverse deductions · Auditing for Wage and Hour law compliance on both the federal and state level · Auditing for tax law compliance on both the state and federal level · What to audit for: sample lists to get you started on your own audit · How to get management to buy into the idea of an “internal audit” · What to do if a compliance issue does arise during an internal audit · When to conduct the internal audit · New areas of audits on the horizon To register for the webinar, visit https://www.edupliance.com/webinar/audits-dealing-with-the-irs-other-agencies-and-conducting-your-own?utm_source=pr.com&utm_medium=pr About Edupliance Edupliance is an online information and compliance training provider which offers webinars (Live and On-Demand), DVD’s and downloadable resources that cover concurrent topics pertaining to various industries. With an expert panel of guest speakers, Edupliance brings state-of-the-art virtual technology solutions and industry-leading training sessions that are easy to learn, easily accessible and cater to people with varied interests. Edupliance is privately held and located in Hillsboro, Oregon. For more information, visit www.edupliance.com. Media Inquiries support@edupliance.com Hillsboro, OR, May 13, 2017 --( PR.com )-- Edupliance announces webinar titled, “Audits: Dealing with the IRS, Other Agencies and Conducting Your Own” that aims to update attendees on the best practices in preparing for an incoming audit from the IRS and other government agencies. The webinar goes live on Wednesday, May 24, from 01:00 PM to 02:30 PM, Eastern Time.It is important to remember that it isn’t just the IRS that conducts employer audits. The federal Department of Labor (DOL), as well as the state counterparts to the IRS and DOL, also conduct audits to ensure compliance. Handling notifications promptly and accurately for all agencies goes a long way in avoiding a full-blown audit over what might be otherwise a simple error or misunderstanding.The 90-minute webinar will be conducted by Vicki Lambert, CPP, who has over 35 years of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author. Ms. Lambert has become the most sought-after and respected voice in the practice and management of payroll issues. She has conducted open market training seminars on payroll issues across the United States that have been attended by executives and professionals from some of the most prestigious firms in business today.Webinar attendees will learn:· How to determine what is—and is not—an IRS notice· Step by step instructions on how to respond to an IRS notice· Dos and don’ts of corresponding with the IRS or any government agency· Tips on preparing for an audit· How to beat them to it—strategies to conduct your own internal audit· Learn the best practices for payroll departments to avoid audits· Auditing for internal fraud: what to look out for including phantom employees and reverse deductions· Auditing for Wage and Hour law compliance on both the federal and state level· Auditing for tax law compliance on both the state and federal level· What to audit for: sample lists to get you started on your own audit· How to get management to buy into the idea of an “internal audit”· What to do if a compliance issue does arise during an internal audit· When to conduct the internal audit· New areas of audits on the horizonTo register for the webinar, visit https://www.edupliance.com/webinar/audits-dealing-with-the-irs-other-agencies-and-conducting-your-own?utm_source=pr.com&utm_medium=prAbout EduplianceEdupliance is an online information and compliance training provider which offers webinars (Live and On-Demand), DVD’s and downloadable resources that cover concurrent topics pertaining to various industries. With an expert panel of guest speakers, Edupliance brings state-of-the-art virtual technology solutions and industry-leading training sessions that are easy to learn, easily accessible and cater to people with varied interests. Edupliance is privately held and located in Hillsboro, Oregon. For more information, visit www.edupliance.com.Media Inquiriessupport@edupliance.com Click here to view the list of recent Press Releases from Edupliance


Charles H. Helein, JD Recognized as a Professional of the Year by Strathmore's Who's Who Worldwide Publication Leesburg, VA, May 09, 2017 --( About Mr. Helein, JD Mr. Helein, JD has over 54-years experience in the legal field. He is the Owner and an Attorney at The Helein Law Firm PC, which provides legal services in Virginia and Washington, D.C. He practices administrative law targeting regulatory telecommunications, IRS tax, general corporate law, family businesses and small business law. Mr. Helein has received 6 American Jurisprudence Prizes in Corporate Law, Corporate Finance, Family Law, Legal Remedies, Procedure and Future Interests. He received the Missouri Bar Senior Counselor Award. He is affiliated with Alpha Sigma Nu, the Order of the Woolsack, the District of Columbia Bar, The Missouri Bar, and the Virginia State Bar. Born in Saint Louis, Missouri, Mr. Helein obtained a B.S., With Honors, in Philosophy, from St. Louis University in 1961 and a J.D., Cum Laude, from St. Louis University Law School in 1963. He began his career as Assistant Counsel to the United States Senate Subcommittee on Administrative Practice and Procedure of the Senate Judiciary Committee being appointed to that position from the top law school graduates in the State of Missouri for 1963 by then Senator Edward V. Long (D. Mo.). After a short stint with the Law Offices of Cornelius B. Kennedy, former counsel to Senator Everett M. Dirksen, (R. IL) then Minority Leader in the U.S. Senate, he joined Dow, Lohnes & Albertson, from 1967 through 1990. From 1990 through 1991 he served with Arter & Hadden, both of Washington, DC. He was a Partner with Galland, Kharash, Morse & Garfinkle from 1991 through 1993. From 1993 through 2007, Mr. Helein served with The Helein Law Group, P.C. He was a Senior Partner with Helein & Marashlian from 2007 through 2011 and served as Co-Founder and General Counsel with America's Carriers Telecommunications Association from 1985 through 1998. Mr. Helein served as an Adjunct Professor of Law with American University Washington College of Law in 2012. Mr. Helein is the author of numerous novels including "No Escape- A Maze of Greed and Murder," ISBN: 978-1625169983, "Seeds of Anarchy: Harvest of Indifference," ISBN: 978-1530975846, and "Dark Corridors: A Labyrinth of Lies, Loss, Lust, and Murder," ISBN: 978-1523302031. This information can be found on www.hhcharles.com. Mr. Helein is married to Kathleen and they have seven children. In his spare time he enjoys family activities, physical fitness and crossword puzzles. “I am not defined by what others think I should do, but by doing what needs to be done.” - Charles H. Helein For further information, contact About Strathmore’s Who’s Who Worldwide Strathmore’s Who’s Who Worldwide highlights the professional lives of individuals from every significant field or industry including business, medicine, law, education, art, government and entertainment. Strathmore’s Who’s Who Worldwide is both an online and hard cover publication where we provide our members’ current and pertinent business information. It is also a biographical information source for thousands of researchers, journalists, librarians and executive search firms throughout the world. Our goal is to ensure that our members receive all of the networking, exposure and recognition capabilities to potentially increase their business. Leesburg, VA, May 09, 2017 --( PR.com )-- Charles H. Helein, JD of Leesburg, Virginia has been recognized as a Professional Of The Year for 2017 by Strathmore’s Who’s Who Worldwide for his outstanding contributions and achievements in the field of law.About Mr. Helein, JDMr. Helein, JD has over 54-years experience in the legal field. He is the Owner and an Attorney at The Helein Law Firm PC, which provides legal services in Virginia and Washington, D.C. He practices administrative law targeting regulatory telecommunications, IRS tax, general corporate law, family businesses and small business law. Mr. Helein has received 6 American Jurisprudence Prizes in Corporate Law, Corporate Finance, Family Law, Legal Remedies, Procedure and Future Interests. He received the Missouri Bar Senior Counselor Award. He is affiliated with Alpha Sigma Nu, the Order of the Woolsack, the District of Columbia Bar, The Missouri Bar, and the Virginia State Bar.Born in Saint Louis, Missouri, Mr. Helein obtained a B.S., With Honors, in Philosophy, from St. Louis University in 1961 and a J.D., Cum Laude, from St. Louis University Law School in 1963. He began his career as Assistant Counsel to the United States Senate Subcommittee on Administrative Practice and Procedure of the Senate Judiciary Committee being appointed to that position from the top law school graduates in the State of Missouri for 1963 by then Senator Edward V. Long (D. Mo.). After a short stint with the Law Offices of Cornelius B. Kennedy, former counsel to Senator Everett M. Dirksen, (R. IL) then Minority Leader in the U.S. Senate, he joined Dow, Lohnes & Albertson, from 1967 through 1990. From 1990 through 1991 he served with Arter & Hadden, both of Washington, DC. He was a Partner with Galland, Kharash, Morse & Garfinkle from 1991 through 1993. From 1993 through 2007, Mr. Helein served with The Helein Law Group, P.C. He was a Senior Partner with Helein & Marashlian from 2007 through 2011 and served as Co-Founder and General Counsel with America's Carriers Telecommunications Association from 1985 through 1998. Mr. Helein served as an Adjunct Professor of Law with American University Washington College of Law in 2012.Mr. Helein is the author of numerous novels including "No Escape- A Maze of Greed and Murder," ISBN: 978-1625169983, "Seeds of Anarchy: Harvest of Indifference," ISBN: 978-1530975846, and "Dark Corridors: A Labyrinth of Lies, Loss, Lust, and Murder," ISBN: 978-1523302031. This information can be found on www.hhcharles.com.Mr. Helein is married to Kathleen and they have seven children. In his spare time he enjoys family activities, physical fitness and crossword puzzles.“I am not defined by what others think I should do, but by doing what needs to be done.” - Charles H. HeleinFor further information, contact www.theheleinlawfirm.com About Strathmore’s Who’s Who WorldwideStrathmore’s Who’s Who Worldwide highlights the professional lives of individuals from every significant field or industry including business, medicine, law, education, art, government and entertainment. Strathmore’s Who’s Who Worldwide is both an online and hard cover publication where we provide our members’ current and pertinent business information. It is also a biographical information source for thousands of researchers, journalists, librarians and executive search firms throughout the world. Our goal is to ensure that our members receive all of the networking, exposure and recognition capabilities to potentially increase their business. Click here to view the list of recent Press Releases from Strathmore Worldwide


WASHINGTON, May 09, 2017 (GLOBE NEWSWIRE) -- Marcia Wagner, the Managing Director of The Wagner Law Group, widely recognized as the country’s top ERISA and employee benefits law firm, is delighted to announce the celebration of the opening of the firm’s new office in Washington, D.C.  “This is an amazing opportunity to meet our new clients and friends in the area and to introduce all of our longstanding clients and friends to the staff of our crucial new office in the nation’s capital,” says Ms. Wagner.  The reception will take place on May 11, 2017, from 5:00 PM to 7:00 PM at The Metropolitan Club of the City of Washington and cocktails and hors d’oeuvres will be served.  Ms. Wagner, who will attend the celebration, is a preeminent thought leader in the area of ERISA and employee benefits and has staffed The Wagner Law Group’s Washington D.C. office with some of the country’s finest attorneys in that area of the law - Dan Brandenburg and David Pickle, partners, and Seth Gaudreau, associate.  Mr. Brandenburg has extensive experience and is a recognized expert in the areas of pension, 401(k) and welfare plans, executive compensation and executive employment.  He has substantial experience with association-sponsored member service programs and represents clients regularly before the IRS, the Department of Labor (DOL) and the Pension Benefit Guaranty Corporation (PBGC).  Mr. Brandenburg also counsels clients with respect to the IRS and DOL voluntary compliance programs and employee benefit plan related government audits and investigations.  Mr. Pickle specializes in all aspects of ERISA Title I provisions, including prohibited transactions and exemptions and reporting and disclosure rules.  His experience includes advising clients (including both plan sponsors and investment-related service providers) with respect to investment management services, investment transactions, mergers and acquisitions, and DOL investigations.  Mr. Gaudreau conducts legal research and drafts memoranda and briefs for ERISA and employment related cases, and coordinates the electronic filing of case materials.  He also prepares ERISA-related governmental filings and is active in the firm’s privacy and security law practice. The Wagner Law Group is dedicated to the highest standards of integrity, excellence and thought leadership and is considered to be the nation’s premier ERISA and employee benefits law firm.  The firm’s six offices, provide unparalleled legal advice to its clients, including large, small and nonprofit corporations as well as individuals and government entities, in over 45 states and several foreign countries.  Its 27 attorneys combine many years of experience with a variety of backgrounds.  Seven of the attorneys are AV-rated by Martindale-Hubbell as having very high to preeminent legal abilities and ethical standards.  Six of the firm’s attorneys are Fellows of the American College of Employee Benefits Counsel, an invitation-only organization of nationally recognized employee benefits lawyers.


Top AV-rated attorney highlights opportunities available now to support an effective wealth transfer plan NEW YORK, NY--(Marketwired - May 11, 2017) - The election of Donald Trump to the presidency and Republican control of both houses of Congress make estate tax reform extremely probable in the next two years. However, given the incoming administration's other proclaimed priorities, including the repeal of Obamacare, minimization of illegal immigration, increases in defense spending and infrastructure improvements, there are likely several months before Congress turns its attention to a tax system overhaul. McManus & Associates, a top-rated estate planning law firm founded by John O. McManus over 25 years ago, today named "10 Must-Do Estate Planning Strategies while Waiting for Congress to Act on Tax Reform," a recent chapter in its Educational Focus Series. During a conference call with clients, McManus -- the firm's Founding Principal and an AV-rated attorney -- highlighted appealing opportunities currently available as part of an estate plan. To hear his insight on timely tactics to support an effective wealth transfer strategy, go to http://bit.ly/2qU8qvB. "There is much uncertainty about particular aspects of the Republican tax proposal -- including a replacement tax on the wealthy -- and there is already concern about the likely impermanence of any new legislation," said McManus. "These factors highlight the importance of flexibility in preparing an estate plan and proceeding with wealth transfers suited to the current political and economic circumstances." It is still uncertain whether both the estate tax and the gift tax will be repealed. In the past, Congress has avoided taking action to repeal the gift tax, because it prevents individuals from shifting assets to create a loophole to minimize income taxes. Therefore, you should make annual exclusion gifts to chosen loved ones of $14,000 per recipient, contribute to 529 Plans (which grow free of income tax), and contribute unlimited gifts for the benefit of family members directly to educational institutions and medical facilities for their benefit. There has been no discussion about raising the annual gift exclusion amount of $14,000, but taking advantage of the opportunity early in 2017 will maximize the potential appreciation on this year's gift before 2018 gifts can be made beginning January 1st of next year. It is also prudent to consider completing these gifts in trusts, which protect the cash and investments gifted from attack by spouses, lawsuits and creditors, and can allow the donor flexibility to control and access the funds held in trust. For the same reason, the $5.49MM lifetime gift exemption should also be utilized. Larger gifts afford a far greater potential for shifting wealth because more assets are available for investment and, therefore, can compound in value to a greater extent. Again, relying upon an irrevocable trust as the vehicle through which patterned and consistent lifetime gifts are made is one of the most reliable and powerful means of ensuring a legacy of substantial wealth for future generations of the family. Effectively, the purpose of the GRAT is to make a loan of investment assets to your children or loved ones without using any of your lifetime gift exemption. Your loved ones benefit from any growth above the initial contribution. To be valid, the original contribution must be paid back (with modest interest) in installments over a fixed period of years. Since interest rates remain historically low, it remains an ideal time to implement GRATs, especially since there are indications that interest rates will continue to rise in the foreseeable future. When interest rates are lower, the GRAT pays less back to the grantor, meaning that more assets remain outside of the grantor's estate after the completion of the GRAT term of years. An installment sale to a grantor trust is a strategy that is comparable to the GRAT and works best with income-producing real estate, interests in a family business, or more illiquid investments with potential for significant future growth. In this form of planning, the investments are sold to an irrevocable grantor trust in exchange for a promissory note. Since the trust is a "grantor trust" for income tax purposes, no capital gains tax is realized at the time of the transfer. Additionally, since the trust buys the investments for fair market value, no lifetime gift tax exemption is used. All growth on the investment takes place within the trust and is therefore not taxed as a part of the estate. Many also find this strategy appealing because the revenue or proceeds generated by the investment can be paid back to the original grantor as satisfaction of the debt on the promissory note that the trust is obligated to pay. Proposed IRS regulations were issued in 2016 that would limit discounting of transfers of family business interests. The adoption of these proposed regulations has been delayed and their enforcement could be defunded by Congress, but they are still likely to be adopted by the Treasury for implementation under a future administration. Therefore, a family limited partnership remains a viable tax minimization strategy. Partnerships are sophisticated vehicles for centralizing family investments, providing for the orderly transfer of assets, providing asset protection, and expanding family investment opportunities. An ancillary benefit of establishing a partnership and funding it with assets is that the strategy has afforded the opportunity for discounts on wealth transfers to family members. The structure of the partnership segregates ownership between general partners, which control all management of the partnership, and limited partners, which only have a right to receive its profit but little other rights in operating the partnership. As such, gifts made of the interest owned by a limited partner can receive a discount on its valuation (often between 30% and 40%) because of their lack of control and marketability. This allows the underlying assets to be shifted without depleting nearly as much of your lifetime gift exemption, resulting in immediate estate tax savings upon the completion of the gift and preserving the exemption for future wealth transfers. Under the current tax laws, a step-up in the cost basis of an asset is granted when an individual passes away, meaning that the surviving family members can sell the asset without realizing any capital gains tax. This benefit is likely to be eliminated if the federal estate tax is repealed. Furthermore, there are few options for an individual to minimize or eliminate capital gains tax before death. While the step-up in basis remains available, consider giving appreciated assets to a trust specifically designed to cause the assets to be included in a less affluent parent's estate. Inclusion in the parent's estate would allow assets to be sold with minimal capital gains tax consequences within a reasonable period of time during the child's lifetime. The trust would then ensure that the proceeds would thereafter be held for the benefit of the child's family after the parent's death. It is not uncommon for a surviving spouse to desire to sell appreciated assets that were owned jointly while both spouses were living. Under such circumstances, the surviving spouse must still pay capital gains tax on 50% of the growth because only half of the property benefits from the step-up in basis upon the first spouse's death. The only exception to this is joint assets that are characterized as "community property" and which enjoy a full step-up in basis when the first spouse passes. Three states (Alaska, Tennessee, and South Dakota) currently allow for out-of-state spouses to create and fund a trust and to elect for the trust property to be treated as community property. This presents an opportunity that would allow a surviving spouse in the future to sell assets without paying any capital gains tax. Those wishing to sell appreciated assets, liquidate inherited assets that have a carryover basis, and otherwise diversify in a tax-efficient manner will continue to utilize CRTs. In establishing a CRT, the creator of the trust retains the right to receive an annuity or fixed percentage of the trust assets each year. After the term of years of the CRT or the creator's lifetime, the balance of the CRT assets pass to charitable organizations of your choosing, including a private family foundation. Since the beneficiaries after the CRT period are not-for-profit organizations, any sale of assets within the CRT does not realize capital gains. The only tax that is due is based on the amount of the annuity transferred back to the individual who funded the CRT. Many families choose to couple the CRT with life insurance so that the proceeds of the insurance coverage replace the wealth passing to the charities (and which would have otherwise been distributed to the family members) after the CRT period. If the step-up in basis is eliminated by Congress, then the advantages of keeping certain assets inside the estate evaporate. Therefore, without the step-up in basis, it is critical that you have reverse swap powers in the trust provisions, which would allow the swap of low basis, appreciating assets (that are likely to see the greatest appreciation once the assets are inside the trust) in exchange for the trust's high basis assets. Given the uncertainty of future tax changes and family circumstances, it is also critical for a trust to include limited powers of appointment for the beneficiaries (including a spouse) or the Trustee (referred to as a decanting). This will allow the beneficiary or trustee to transfer the assets to a new trust that contains the provisions that best reflect the tax laws and your wishes at that time. By including these authorities in an irrevocable trust, it provides important options for family members to adapt to dramatically different circumstances which may arise in the future. Rather than making gifts directly to charity and surrendering any say as to the application of the gifts thereafter, a Foundation allows you to retain control over the administration and investment of the assets that you have earmarked for future grant-making, while enjoying the full income tax benefit immediately. By making gifts to charities in increments over time, you and your family can maximize your influence over their ongoing use to the selected charities. The private foundation will be the recipient of any direct donations that you make and can also be the recipient of any assets remaining in the Charitable Remainder Trust. With respect to appreciated stock, you would not have to liquidate any securities positions in order to make the donation (and therefore pay income tax on the capital gains tax due upon the sale), which would reduce the net value of the gift to charity and deduction you may enjoy. Rather, you directly transfer the appreciated stock to the Foundation, getting a deduction for the full value of the positions transferred to the Foundation, and then the Foundation can subsequently sell those interests without any capital gains tax. "Even if tax legislation passes, it's likely that the rules of the game will continue to change -- perhaps frequently -- going forward," commented McManus. "It's essential to stay in the know regarding the potential impact of new laws, in addition to tools currently available to protect your wealth. McManus & Associates is committed to helping our clients stay apprised of the estate tax environment." For trusted guidance on estate planning strategies on which you can capitalize before Congress passes tax legislation, call McManus & Associates at 908-898-0100. Learn more about the award-winning firm at www.mcmanuslegal.com. About McManus & Associates Twenty-five years ago, McManus & Associates was founded to deliver the highest quality estate planning services that the largest firms promise with the more intimate, personalized relationships that a boutique firm can offer. Since that time, some of the most prominent families in finance, media, academia and medicine -- both domestic and international -- have relied on the firm to serve as their advisor in wealth and family mission planning.


News Article | May 11, 2017
Site: news.yahoo.com

President Donald Trump speaks to reporters after his meeting with Russian Foreign Minister Sergey Lavrov at the White House in Washington. (Photo: Kevin Lamarque/Reuters) In the latest twist to President Trump’s refusal to release his tax returns, he speculated in a new interview that he might publicize them after he leaves office, seemingly undercutting his long-stated reason that he is unable to release them because he is under audit. During the interview, published Thursday by the Economist, the magazine asked Trump a if he would consider releasing his tax returns in exchange for Democratic support for his tax reform plan. Maintaining that “nobody cares” about his tax returns “except for the reporters,” Trump floated the possibility he would release them after his presidency ends. “Maybe I’ll release them after I’m finished because I’m very proud of them, actually,” Trump said. “I did a good job.” The White House’s official reason for Trump not releasing his tax returns is that he’s under a years-long audit, which is also the reason the candidate gave during the campaign. An IRS rule mandates presidents are audited every year, and previous presidents have released their returns anyway. Before Trump, all major party nominees in modern political history have also released their tax returns, and the celebrity businessman-turned-political candidate initially indicated he would follow precedent before reversing himself. In the Economist interview, Hope Hicks, the White House director of strategic communication, jumped into the conversation to reinforce Trump’s stated reason for not releasing his returns. “Once the audit is over,” she added, after Trump’s quip about releasing the documents after his presidency is finished. Then Treasury Secretary Steven Mnuchin piped up, attempting to veer the conversation back to Democratic support of the White House tax plan. But the president cut in, returning to the subject of his tax returns. “By the way, so as you know I’m under routine audit, so they’re not going to be done,” Trump said. “But you know, at a certain point, that’s something I will consider. But I would never consider it as part of a deal.” Repeating his assertion that his tax returns are important only to journalists, the interviewer pressed Trump, pointing out the Democratic lawmakers have also called for their release. (They argue that the documents are needed to see Trump’s potential conflicts of interest abroad. Polls also show that the public broadly supports the disclosure.) “Well, don’t forget I got elected without it,” Trump said. “Somebody said, ‘Oh, but you have to do it.’ I said, ‘Look where I am.’”

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