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Designations

  • Certified Public Accountant (CPA)
  • Certified Insolvency & Reorganization Advisor (CIRA)
  • Certified Valuation Analyst (CVA)
  • Chartered Global Management Accountant (CGMA)
  • Master of Business Administration (MBA)

Memberships and Associations

  • American Institute of Certified Public Accountants (AICPA)
  • New York State Society of Certified Public Accountants (NYSSCPA)
  • Massachusetts Society of Certified Public Accountants (MSCPA)
  • Association of Insolvency & Restructuring Advisors (AIRA)
  • Turnaround Management Association (TMA)
  • National Association of Certified Valuation Analysts (NACVA)
  • American Bankruptcy Institute (ABI)
  • Greater Hudson Valley Family Health Center – Board of Directors, Treasurer
  • St. John’s Episcopal Church – Past Treasurer
  • Leadership Orange
    • Graduate of Class of 2006

Education

  • Michigan State University
    • Master of Business Administration, Finance, cum laude
  • Rochester Institute of Technology
    • Bachelor of Science, Accounting, cum laude
  • Cayuga County Community College
    • Associate in Applied Arts, Accounting, magna cum laude

Designations

  • Certified Public Accountant (CPA)

Memberships and Associations

  • American Institute of Certified Public Accountants (AICPA)
  • New Jersey State Society of Certified Public Accountants (NJSCPA)
  • New York State Society of CPAs (NYSSCPA)
  • McQuade Children’s Services
    • Past Chair
  • Junior League of Orange County
    • Past President
    • Past Treasurer
  • Leadership Orange
    • Past Board Member
    • Graduate of Class of 2001
  • Belmont Abbey College Alumni Association

Honors, Activities and Achievements

  • St. Christopher’s, Inc. – Driver Award (Assisted organization with driving awareness and building funds for programs)
  • Junior League of Orange County – Volunteer of the Year Award

Education

  • Belmont Abbey College
    • Bachelor of Arts, Accounting

Designations

  • Certified Public Accountant (CPA)

Memberships and Associations

  • American Institute of Certified Public Accountants (AICPA)
  • New York State Society of Certified Public Accountants (NYSSCPA)
  • AICPA Employee Benefit Plan Audit Quality Center
  • Leadership Dutchess
    • Graduate of Class of 2007

Education

  • State University of New York at Binghamton
    • Bachelor of Science

Designations

  • Certified Public Accountant (CPA)

Memberships and Associations

  • New York State Society of Certified Public Accountants (NYSSCPA)
    • Member
    • Political Action Committee Trustee: 1999 – 2005
    • Foundation of Accounting Education (FAE) Trustee: 2000 - 2001
    • Board of Directors: 1995 – 1998
  • Mid Hudson Chapter of NYSSCPA
    • President: 1988 -1989
    • Federal Tax Committee, Past Chairman; Board of Directors: 1982 - 1988

Education

  • Loyola University of Chicago
    • Bachelor of Business Administration

Proposed Valuation Change to Family Businesses

The IRS has proposed changing the rules for valuing family limited partnerships and other family-controlled businesses, including corporations and partnerships (collectively “Family Businesses”). Valuations of these Family Businesses are needed for gifting and estate tax purposes. The current rules allow the application of discounts for lack of control (“DOLC”) and discounts for lack of marketability (“DOLM”) to the Family Businesses. These discounts typically can range from 10% to 40%. The IRS has proposed a regulation that will eliminate the DOLC and DOLM discounts for the Family Businesses, increasing the value of the gifted shares and potentially the estate tax on these assets. The proposed regulations have been issued for comment, no effective date has been set yet, but several business valuation experts are concerned that these rules will be made effective as of January 1, 2017 which is approximately 30 days after the comment deadline.

In order to not be impacted by these regulations, it is prudent for any family who is considering transferring shares of a Family Businesses in the near term that could be impacted by estate taxes, to strongly consider having a valuation prepared in 2016 prior to the implementation of the new regulations.

Day Seckler is available to prepare a valuation of your or your client’s Family Businesses. We would be glad to provide a brochure documenting our qualifications and experience in this area. Please contact Wayne Day at Wday@dayseckler.com or 845-765-0705 if you have any questions regarding the valuation of your or your client’s Family Businesses.