2022 / 2023 Tax Letter

2022/2023 Greetings!

So, like most businesses, we are pretty much back to normal, and I say this with gratitude. Some post Covid changes involve modest increases to working remotely and using Zoom and Teams, but we still enjoy being in the same office with each other and meeting face to face with our clients when warranted, which is a good thing.

We continue to update our technology to automate our tax return input and processing procedures. This year we implemented a scan input system at the front end and a streamlined, easy to understand communication of tax return results and instructions to our clients’ system at the final stage. We think you will notice the efficiency.

At the very end of 2021, our firm successfully navigated through a rigorous mandated tri- annual peer review examination with flying colors. We are taking seminars and updating our knowledge of the new tax laws contained in the Inflation Reduction Act, the Covid related tax laws and opportunities, the Secure Act relating to retirement distribution requirements, and the continuing impact of the 2017 Tax Cuts and Jobs Act. The employee retention credit which in many cases returns significant dollars to businesses has been a focus of our attention. We also continue to improve inter-office communications, employee relations, job sharing, work flow, filing and retention systems and to cosmetically spiff up the office.

Nevertheless, it is our people that are by far our greatest asset, and our firm maintains a healthy mixture of the young and eager, the teachers and experienced professionals – all of whom are still aspiring.

At this point, it is again to be acknowledged that Samuel Infurchia and Timothy Frawley have been instrumental in the firm’s development and so we are reminding our clients of their recent admission as partners to the firm.

Joe Rybaruk, a CPA, maintains his unsurpassed, steady and productive work effort. Eddie Florian has taken on more complex assignments and responsibilities. Patrick Kryskiewicz, a CPA, has become a deft tax researcher for us and is heading up our initiative to identify and calculate our clients’ claims for the new employee retention credit. Greg Churchill has moved from intern to full time and is eagerly learning and acquiring new skills with diligence and thoroughness. Allison Infurchia, with her quick perceptions, has become a key go-to-person in getting assignments and large special projects done. Beth Anderson is our office manager and manages the office from both sides – clients and staff. She is always on the lookout for a better system and is always taking the time to sit with a client at pick up. Jackie Gallagher was hired in the front office this year to provide broad support in this critical area, and her friendly and engaging manner together with her experience have been invaluable.

Samuel Infurchia, CPA, a partner, is in the Masters in Taxation program at Villanova, has a business valuation credential and is doing some of the most sophisticated work in the office including foreign taxation, trusts and estates, high net worth client services and tax audit representation. He is continually bringing new ideas, ways of doing things and clients to the firm, all of which have significantly contributed to our firm’s growth.

Timothy Frawley, CPA, a partner, is now our financial audit specialist and maintains the accounting and tax compliance for some of our largest assignments. Not by intention, but just because of his generous and patient demeanor, he has become a good part of the social glue of the firm. He has taken a lead role in training the newer staff and is integral in maintaining our successful peer review status.

Frank Infurchia, Jr, CPA, a co-managing partner, is a primary initiator, leader, researcher, locomotive, business valuator specialist, business developer, and expert in tax compliance, planning, and financial statement presentation at all levels.

Larry Silvestro, CPA, a co-managing partner, has been with us almost from the beginning and sets the standard for client service, business development, high-end financial statement presentation, tax compliance and planning, and daily office leadership. We go back to childhood, although I lament that I am older!

Barbara Infurchia, my wife of 45 years, has been with us from the very beginning, in those days balancing her time raising a family and administering to the fledgling business. Barbara heads up the billing process and does all the firm’s bookkeeping. As such she has become one of the firm’s important monitors.

Bob Meissner has been with us from literally the beginning and continues to maintain a seasonal part-time position, and we are glad to have him.

Frank Infurchia, Sr, CPA, (me) remains thoroughly engaged in the firm I founded 39 years ago. Like the partners, I am a set of fresh eyes at the end of an engagement looking for better ways of financial statement presentation, reporting, tax positions taken and tax planning strategies to employ.

As a guiding philosophy, the partners remain steadfast advocates of our client interests not only in our daily dealings but also during the intermittent IRS and DRS tax audits that arise.

So, as I said at the outset, we all have a lot to be grateful for.

We look forward to meeting with you either in person or by Zoom or Teams or by correspondence as we help you with your end of the year tax plans and projections.

We are including with this update our latest tax newsletter which summarizes the significant individual and business tax developments and planning ideas. Audrey (my granddaughter and Frank Jr’s daughter) had a hand in stuffing these envelopes and so the legacy continues! Ha! Tim’s children are next!

Please make arrangements to get us your tax data, electronically, if possible, as soon as you can once we round the year.

We wish you continued health, prosperity and happiness.


Francis S. Infurchia and all others discussed in this letter