Acontinuum of unique and unprecedented global and national events has elevated the strength and resilience of our firm in an entirely new way. It has shown me that we can keep our culture and conscience in the most challenging of environments. It has shown me that we can share our lives, our stories, and our work, despite our physical distance. Most importantly, it has shown me that investing in our foundation - our people, our clients, and communities, and our infrastructure - has equipped us to continue doing what we do best: delivering critical, value-added solutions for our clients’ increasingly complex needs.
As a firm, we constantly challenge ourselves to evolve ahead of our clients’ needs. Our professionals dig in on the front lines and work to provide clear and digestible information on the issues at hand, along with tools and resources so you can make informed, real-time decisions. Proactive planning, comprehensive solutions, and a collaborative approach are at the heart of our firm and lay the framework of our values that make our relationships with our clients so special.
To see the exceptional ways our firm has adapted over the past year is a testament to the unbelievable ingenuity of our Citrin
Cooperman team. Resources like our COVID-19 Response Unit, Transition Playbook, Evolution Pyramid, and Future Reimagined interview profiles have allowed us to provide our clients with consistent and reliable insights throughout this incredible year of change. Our internal initiatives like Charitable Giving Fridays, twice-weekly meditation practices, and the recently launched CC EDGE program enable us to support our staff and partners so they can continue focusing on what counts: providing you with the strategies and solutions that fit your unique needs.
I want to take this time on behalf of Citrin Cooperman to thank you, our clients and friends. The choices you have been forced to make over the past year have not always been easy. Pivoting your businesses and rearranging your personal lives have been Herculean tasks. Through it all, you have continued allowing us to be your counselors, advisors, and confidants and we have been honored to deliver value and clarity to help navigate you through this. We look forward to working with you to reimagine and reinvigorate your success going forward.
Joel Cooperman Chief Executive Officer
To say that 2020 has given a brand new meaning to our mantra, focus on what counts, would be an understatement. It has truly been a year of unprecedented firsts; a pandemic, lockdowns, and civil and social unrest - all of which have made us each deeply reflect on ourselves, our communities, and our values. “Normal” has become an ever-evolving concept to which we are perpetually adjusting. This constant state of change has indeed been a struggle, but I have found in it the opportunity to explore gratitude in a unique and novel way.
My gratitude begins first and foremost with the incredible team at Citrin Cooperman. Our staff and partners have risen to the challenges of 2020 in an extraordinary fashion. Repositioning from working in our offices and at our clients to a fully remote workforce is no easy task. To see the compassion, understanding, and consideration our team extended to each other during this transition made all the difference.
2020 has made me grateful for our Citrin Cooperman leaders, both past and present, who have always kept our mission - to enhance the lives and businesses of our clients - at the core of their decision making for the last 40-plus years. Decades of investing in our firm and people have put us in the position to remain focused on finding innovative solutions for our clients, even amongst the chaos of our current environment.
I’m grateful to our clients, who have allowed us to support them through this past year. They’ve let us into their lives and businesses in the most vulnerable of times. They’ve shared their stories of successes and failures. They’ve come to the table for the tough conversations and helped us learn how we can be our best despite the ever-increasing list of obstacles.
Eventually we will all settle into whatever the next version of “normal” looks like. We will adjust to the new rules and social norms. We will reshape our routines and schedules. I will explore these all with the deeper sense of gratitude the past year has taught me to find: for our team, for our firm, and for our clients.
This constant state of change has indeed been a struggle, but I have found in it the opportunity to explore gratitude in a unique and novel way.
Alan G. Badey President
2020 has been an unprecedented year of both turbulence and growth. Our firm was built through perseverance and innovation, leaving us well prepared to continue engaging our clients with an integrated approach and a consultative mind-set, and overall – being able to see and develop a future, reimagined.
January 2020 saw the continued expansion of Citrin Cooperman’s west coast expansion with the joining of LGSH, LLP giving the firm a new location in Encino, CA. In December 2020, Homes, Lowry, Horn & Johnson (HLHJ) joined Citrin Cooperman. The addition of HLHJ and their 21 team members provided Citrin Cooperman with a third DC Metro office in Fairfax, Virginia, accompanying the sister offices in Tysons, Virginia and Bethesda, Maryland.
Despite the challenges, 2021 is proving to be a significant year of growth for Citrin Cooperman, with numerous individuals and firms joining us from coast to coast. In California, we expanded our footprint with several lateral partner and staff hires joining our team in the Encino, CA office. Additionally, with the joining of Goren, Marcus, Masino & Marsh (GMMM) in early January 2021, we have established our fourth location, in West Los Angeles, California. We are working with our architects in New York City to continue our planned move to 50 Rockefeller Center in the fall of 2021. Our team is working hard to outfit the new space to fit our needs as a business and ensure the safety and comfortability of our employees and our community.
1980-2000:
Firms Joined: 6
New Locations: 2
2001-2010:
Firms Joined: 16
New Locations: 4
2011-2020:
Firms Joined: 17
New Locations: 10
Citrin Cooperman is founded by Niles Citrin and Joel Cooperman with seed money from two iconic rock ‘n’ roll bands, and they set up shop in a two-bedroom apartment in New York City.
Milestones: Citrin Cooperman moves to current NYC headquarters and, what began as a tour accounting firm, becomes a full-service tax, assurance, and business advisory firm.
Firms Joined: 1*
New Locations: 1*
Milestones: The firm launches Citrin Cooperman Wealth Management, forms a State and Local Tax Practice, and joins the international accounting association Moore Global Network Limited.
Milestones: Revenue exceeds $100M, then $200M for the first time. The firm celebrates its 40th anniversary in 2019, expands to the West Coast, launches the wealth management affiliate Apexium Financial LP, and restructures its Advisory Services line with a full suite of offerings including business management and family office, business process outsourcing, forensic and litigation services, healthcare advisory services, strategy and business transformation, technology, risk advisory, and cybersecurity, transaction advisory services, valuation advisory services, and wealth management and investment advisory services.
In addition to the joining of GMMM and the new West Los Angeles location, the firm also launched a new bankruptcy and restructuring services offering under its Advisory Services line.
*As of March 1, 2021. Check back often to see what’s new as we continue to grow our team and services to fit the needs of our clients.
CHIEF EXECUTIVE OFFICER
Joel Cooperman
PRESIDENT
Alan G. Badey
EXECUTIVE COMMITTEE
Alan G. Badey
Niles Citrin
Joel Cooperman
Patricia Cummings
Richard DeRienzo
Michael DeVito
Manny Diakogeorgios
Mark L. Fagan
Will Fernandez
Bo Fitzpatrick
Stacy Gilbert
Jan Goren
Daniel Howard
Mark Kaplan
Ken Kirkland
Matthew Kuchinsky
Salvatore Leone
Michael Rhodes
Michael Sabatini
Bob Schneider
Alex Serrano
OFFICE MANAGING PARTNERS
Peter Brown (Providence, RI)
Patricia Cummings (Philadelphia, PA)
Richard Dettore (Los Angeles, CA)
Bo Fitzpatrick (DC Metro)
Stacy Gilbert (New York, NY)
Jan Goren (West Los Angeles, CA)
Daniel Howard (Encino, CA)
Sean Killgoar (Boston Metro)
Matthew Kuchinsky (White Plains, NY)
Steve Lacher (Encino, CA)
Michael Sabatini (Melville, NY)
Alex Serrano (Livingston, NJ)
Robert Shuwarger (Los Angeles, CA)
FIRM MANAGEMENT
John Bonelli, Principal and General Counsel
Patricia Cummings, Partner and Chief Risk Officer
Nicholas DiMaio, Partner and Chief Financial Officer
Melanie Foss, Chief Human Resources Officer
Anna Galioto, Principal, Firm Administration
David Kells, Principal and Chief Operating Officer
Laura Kucera, Principal and Chief Marketing Officer
Kenny Li, Principal and Chief Technology Officer
Nancy Palmerin, Chief Learning Officer
John Porricelli, Chief of Staff
Peter Vocaturo, Head of Accounts Receivable
LOREM IPSUM DOLOR SITER AMET CONSECTETUR ADIPISCING ELIT VESTIBULUM
MANNA (METROPOLITAN AREA NEIGHBORHOOD NUTRITION ALLIANCE) MEALS ON WHEELS OF RHODE ISLAND
HEALTHCARE
HOLY CROSS HEALTH FOUNDATION
HOMELESS HEALTH CARE LOS ANGELES
ISLAND HARVEST FOOD BANK
GREATER BOSTON FOOD BANK
COMMUNITY FOOD BANK OF NEW JERSEY
FOOD BANK FOR NYC
FEEDING WESTCHESTER THE FOOD BANK OF LOWER
FAIRFIELD COUNTY, INC.
VETERAN SUPPORT
OPERATION PROTECT THE HEROES MISSION 22
HOUSING
HABITAT FOR HUMANITY OF GREATER LOS ANGELES
FIRM:
Best End-to-End Litigation Consulting Firm, DC Metro – National Law Journal DC 2020 Best of Survey
• Best Global Risk and Investigations Consultant, DC Metro – National Law Journal DC 2020 Best of Survey
Best Forensic Accounting Provider, DC Metro – National Law Journal DC 2020 Best of Survey
• Ranked Second Corporate Investigations Provider, DC Metro – National Law Journal DC 2020 Best of Survey
Ranked Ninth on ‘Top Accounting Firms’ list - Crain’s New York Business
• Top 10 Top Franchise Supplier 2020 – Entrepreneur
Top 50 Top Construction Accounting Firms – Construction Executive
• 2020 Best Places to Work in New Jersey (Large Company) – NJBIZ Magazine
Ranked 23rd on List of Top 100 Firms - Inside Public Accounting (2020 and 2021)
Top 10 Hedge Fund Consulting/Service Companies of 2020 – Capital Markets CIO Outlook
• Top 10 Capital Markets Technology Consulting/Service Companies of 2020 – CIOReview
TEAM:
Philip Baker
2021 Top Wealth Advisor – Washingtonian
Douglas Cammarano
2020 Top Business Manager – The Hollywood Reporter
2020 Business Managers Elite – Variety
Harry Carpenter
2020 Power 50 – NJBIZ
Nichol Chiarella
2020 Notable Women in Accounting & ConsultingCrain’s New York Business
Richard DeRienzo
2020 Top 25 Leaders and Achievers – Providence Business News
Mark DiMichael
2020 AICPA Forensic and Valuation Services (FVS)
Standing Ovation Recognition – AICPA
Jordan Epstein
2020 Rising Stars in Real Estate – Crain’s New York
Business
Sylvie Gadant
2020 Notable Women in Accounting & Consulting –Crain’s New York Business
Arnie Herrmann
2020 Top Business Manager - The Hollywood Reporter
2020 Business Managers Elite – Variety
Shawn Howard
2021 Top Wealth Advisor – Washingtonian
Mark Kaplan
2020 Top Business Manager – Billboard
Wayne Mejia
2020 Top Business Manager – The Hollywood Reporter
2020 Business Managers Elite – Variety
Gina Pellicano
40 Under 40 – Providence Business News
Kevin Ricci
2020 Tech10 Awards Recipient – Rhode Island Monthly
Matthew Segreto
2020 Top Business Manager – The Hollywood Reporter
2020 Business Managers Elite – Variety
Alex Serrano
2020 Power 50 – NJBIZ Influencers Power List 2020 – ROI-NJ
Sharon Sullivan
2020 Top Business Manager- The Hollywood Reporter
2020 Business Managers Elite – Variety
Soula Tsambiras
2020 Notable Women in Accounting & Consulting –Crain’s New York Business
Sean Williams
One to Watch Honoree – FUEL: The Ultimate Men’s Virtual Summit
Victor Wlodinguer
2020 Top Business Manager – Billboard
JEFFREY ALVANAS, CPA
Partner, Braintree, MA Industries: Not-For-Profit
Services: Accounting Advisory Services, Audit and Attest, Business Combinations, Lease Accounting, Revenue Recognition, Reviews and Compilations, Tax Compliance
MATTHEW BART, CPA
Partner, DC Metro - Maryland Services: High Net Worth Individuals, Tax Compliance, Tax Research and Planning, Trust and Estate Services
PRADEEP BUDHIRAJA, CPA
Partner, Encino, CA Industries: Manufacturing and Distribution, Real Estate, Technology and Life Sciences
Services: Agreed-Upon Procedures, Employee Benefit Plan Audit, Financial Statement Audit, Going Public Readiness, Public Company Audit Services, Revenue Recognition, Reviews and Compilations
DOUGLAS CAMMARANO, CPA
Partner, New York, NY
Industries: Entertainment, Music, and Sports Services: Business Management and Family Office, High Net Worth Individuals, Tax Research and Planning
ANASTASIA CANDELLO, CPA
Partner, New York, NY
Industries: Financial Services, Real Estate Services: Commercial Tax Services, Tax Compliance, Tax Research and Planning
MICHAEL CARR, CPA, MSA, MST
Partner, Braintree, MA Industries: Construction Services: Accounting Advisory Services, Audit and Attest, Financial Statement Audit, Reviews and Compilations
JOE CASHEL, CTP, CIRA
Principal, New York, NY
Industries: Entertainment, Music, and Sports, Franchising, Healthcare, Manufacturing and Distribution, Restaurants and Hospitality, Technology and Life Sciences, Transportation and Logistics
Services: Bankruptcy and Restructuring Services, Forensic and Litigation Services, Transaction Specialty Solutions, Valuation Advisory Services
FRED CORSO, CPA, MST, MBA Partner, Providence, RI Industries: Manufacturing and Distribution, Private Equity, Technology and Life Sciences Services: International Taxation Services
CATHERINE EBERLY, CPA
Partner, DC Metro - Virginia Industries: Automotive Dealerships, Construction, Financial Services, Government Contracting, Real Estate Services: Audit and Attest, Business Consulting, Employee Benefit Plan Audit, Tax Compliance, Tax Research and Planning
FREDERICK FANUCCI, CPA
Partner, DC Metro - Maryland Industries: Construction, Government Contracting, Private Equity, Real Estate Services: Tax Accounting and Provisions, Tax Compliance, Transaction Advisory Services
JOHN FINNERTY, CPA, MST Partner, Providence, RI Industries: Construction, Manufacturing and Distribution, Not-For-Profit, Real Estate Services: Commercial Tax Services, Tax Compliance, Tax Research and Planning
JAN GOREN, CPA, CFF Partner, Los Angeles, CA Industries: Law Firms, Real Estate Services: Forensic and Litigation Services, High Net Worth Individuals, Transaction Advisory Services
MICHAEL GRADY, CPA Partner, New York, NY Industries: Financial Services, Manufacturing and Distribution, Private Equity, Real Estate Services: IRS Representation and Tax Controversies, State and Local Tax (SALT), Tax Accounting and Provisions, Tax Compliance, Tax Research and Planning
JENNIFER HOGENCAMP, CPA, CHAE
Partner, Providence, RI
Industries: Manufacturing and Distribution, Not-ForProfit, Restaurants and Hospitality, Technology and Life Sciences
Services: Agreed-Upon Procedures, Business Combinations, Business Consulting, Business Process Outsourcing, Finance and Operations, Financial Statement Audit, Lease Accounting, Reviews and Compilations
J. CHRISTOPHER HULL, CPA
Partner, New York, NY
Industries: Entertainment, Music, and Sports
Services: Forensic and Litigation Services, Intellectual Property (IP) Disputes, Royalty Audit, Compliance, and Consulting
LAURA JENKINS, CPA
Partner, Braintree, MA
Industries: Manufacturing and Distribution, Real Estate, Restaurants and Hospitality
Services: IRS Representation and Tax Controversies, Mergers and Acquisitions Tax, Tax Compliance, Tax Research and Planning
JENNIFER KATRULYA, CPA, CITP, CGMA
Partner, White Plains, NY
Services: Accounting Advisory Services, Business Process Outsourcing
DAVID KIM
Principal, DC Metro - Maryland
Services: High Net Worth Individuals, Private Client Services, Tax Compliance, Tax Research and Planning, Trust and Estate Services
KENNETH LAKS, CPA
Partner, Melville, NY
Industries: Construction, Franchising
Services: Commercial Tax Services, Tax Accounting and Provisions, Tax Compliance, Tax Research and Planning
BRUCE LEV, CPA
Partner, New York, NY
Services: Business Management and Family Office, High Net Worth Individuals, Tax Compliance, Tax Research and Planning, Trust and Estate Services
RICHARD MARCUS, CPA, CFP, PFS
Partner, Los Angeles, CA
Industries: Entertainment, Music, and Sports, Manufacturing and Distribution, Real Estate
Services: High Net Worth Individuals, Tax Accounting and Provisions, Tax Compliance, Tax Research and Planning
FREDERICK MARTIN, CPA
Partner, Encino, CA
Industries: Entertainment, Music, and Sports, Real Estate
Services: Business Management and Family Office, High Net Worth Individuals, Tax Research and Planning
GARY MASINO, CPA
Partner, Los Angeles, CA Industries: Real Estate
Services: High Net Worth Individuals, IRS Representation and Tax Controversies, Tax Compliance, Tax Research and Planning
JAMIE MONTANIO, CPA
Partner, Encino, CA
Industries: Entertainment, Music, and Sports, Financial Services, Real Estate, Staffing
Services: Business Management and Family Office, High Net Worth Individuals, Tax Compliance, Tax Research and Planning
MICHELLE MOOMEY, CPA, MST
Partner, DC Metro - Virginia
Industries: Construction, Government Contracting, Manufacturing and Distribution, Not-For-Profit, Real Estate, Restaurants and Hospitality, Technology and Life Sciences
Services: High Net Worth Individuals, Mergers and Acquisitions Tax, Not-For-Profit Tax, Tax Accounting and Provisions, Tax Compliance, Tax Research and Planning, Trust and Estate Services
ADAM NAVA, CPA
Partner, New York, NY
Industries: Broker-Dealers, Financial Services Services: Audit and Attest
MARIA NG-HUANG, CPA, CFP
Partner, Los Angeles, CA
Industries: Entertainment, Music, and Sports, Real Estate, Restaurant and Hospitality
Services: High Net Worth Individuals, Private Client Services, Commercial Tax Services, Tax Compliance, Tax Research and Planning
ALLISON PARSONS, CPA
Partner, DC Metro - Virginia
Industries: Government Contracting, Not-For-Profit Services: Audit and Attest, Business Consulting, Employee Benefit Plan Audit, Financial Statement Audit
KATHLEEN POORBAUGH, CPA, MST
Partner, DC Metro - Virginia
Industries: Construction, Financial Services, Government Contracting, Healthcare, Real Estate Services: Commercial Tax Services, High Net Worth
Individuals, Mergers and Acquisitions Tax, Private Client Services, Tax Compliance, Tax Research and Planning, Trust and Estate Services
EMILY RICHI, CPA
Partner, Braintree, MA
Industries: Construction, Manufacturing and Distribution, Not-For-Profit
Services: Audit and Attest, Business Consulting, Employee Benefit Plan Audit Tax Compliance
CHELSEA ROSEN, CPA
Partner, White Plains, NY
Industries: Healthcare, Manufacturing and Distribution, Real Estate
Services: Agreed-Upon Procedures, Audit and Attest, Employee Benefit Plan Audit, Financial Statement Audit, Reviews and Compilations
MATTHEW ROTHSTEIN, CPA, MST
Partner, DC Metro - Maryland
Industries: Automotive Dealerships, Construction, Manufacturing and Distribution, Real Estate, Technology and Life Sciences
Services: High Net Worth Individuals, Mergers and Acquisitions Tax, Tax Research and Planning, Trust and Estate Services
BRIAN SOSA, CPA
Partner, New York, NY
Industries: Construction, Manufacturing and Distribution, Real Estate, Transportation and Logistics
Services: Accounting Advisory Services, Agreed-Upon Procedures, Audit and Attest, Business Consulting, Financial Statement Audit, Reviews and Compilations
JOSEPH VENTURA, CPA
Partner, Encino, CA
Industries: Manufacturing and Distribution, Real Estate, Technology and Life Sciences Services: Agreed-Upon Procedures, Business Combinations, Employee Benefit Plan Audit, Financial Statement Audit, Going Public Readiness, Lease Accounting, Revenue Recognition, Reviews and Compilations
CONSTANCE WRIGHT
Principal, Braintree, MA
Industries: Technology and Life Sciences Services: Business Process Outsourcing
The first quarter of 2020 rapidly pushed us all into uncertain territorywith the impact of the coronavirus pandemic, potential for recession, and an election year - our future state was far from business as usual.
Preparation is oftentimes the difference between success and failure. Even as 2021 is underway, one thing is certain – now is the time to go back to basics and ensure we are as prepared as we can be to survive and thrive in any outcome. Every business needs a strong plan to weather the types of changes we face today.
The partners and professionals at Citrin Cooperman are trained to help. To that end, we constructed the COVID-19 Response Unit (CRU) for clients to leverage as a resource center. In addition to this CRU portal, we established key service areas that were designed to aid businesses in these challenging times.
For the past few years, words like disruption and innovation have been used when describing the business climate. While that wasn’t wrong – the true meaning behind these ideas were likely never imagined with the urgency needed for them today. The impact of COVID-19 has hit hard, turning “business as usual” into a foreign concept as business owners are now forced to evolve, transition, and in some cases re-invent themselves at a rapid rate to ensure their survival.
Preparation, planning, and strong leadership are all crucial now more than ever, and can be the key difference-makers between success and failure. Tomorrow’s business world will be anything but normal. Every business needs a comprehensive playbook to navigate the types of changes we face today and transition into tomorrow’s re-imagined normal. (See Citrin Cooperman's Transition Playbook to learn more.)
When the COVID-19 crisis began, we knew we had to immediately provide our clients with resources and tools to help them navigate the uncertain times ahead.
As part of our response, we created a proprietary Endurance Assessment to help businesses determine their ability to sustain themselves through the months ahead. This assessment helped clients identify specific, highpriority projects to focus on in order to address the biggest challenges they were facing. Each business received their own scorecard that showed how they fared in our five major categories of endurance, and provided specific guidance on how to improve their score in each area. The volume of responses allowed us to share insights into how each company compared to industry averages and against all companies in the data pool.
Four associations partnered with us to push the assessment out to their members and helped drive more than 450 business leaders to complete the assessment. Industry responses varied and included financial services, healthcare organizations, franchising, and more.
Through all the months of data collection, one theme continued to permeate the results. Forecasting, business analytics, and scenario modeling capabilities were leading indicators of how confident executives felt in their ability to drive their business through the crisis.
Score Ranges
Maturity: 1 (Low maturity) to 5 (High maturity)
Bubble size indicates company size
More than 1 in 5 companies do not generate a full budget or forecast to inform their planning
Entering 2020, few companies could have foreseen the economic instability and market turmoil that the coronavirus pandemic would create. A recent Crain’s New York Business survey sponsored by Citrin Cooperman found that 80% of corporate leaders across a variety of industries had changed their outlook regarding their finances in response to the crisis. These leaders offered little consensus about the short-term prospects for the economy: Among the industries represented in the survey, only technology and telecom companies consistently signaled optimism for the remainder of the year.
Redo their
forecasts regularly enough to adapt quickly to changing
Do not use metrics beyond monthly financial reports Expect
Despite that uncertainty, most organizations lack the tools necessary to adapt quickly to changes in the economy or their markets.
The uncertainty spurred by the pandemic demonstrates the importance of flexible planning as organizations have been forced to adapt to unprecedented disruptions in real time. Without hard metrics to guide their planning, however, companies are just guessing at the data that informs their decisions.
Focusing on tools that make finance functions more efficient and flexible will be the key to developing a more robust decisionsupport structure and taking the guesswork out of planning for the future. By investing in new technology that supports realtime analytics and sophisticated forecasting, organizations will be better able to adapt to the types of rapid changes that will likely continue to take place even after the pandemic has passed.
In today’s environment, executives are expected to do more with less. Focusing on what counts has become more difficult as leaders are forced to make more complex decisions in an increasingly dynamic environment. Often, businesses do not have all the resources required to make these decisions.
Citrin Cooperman’s Business Processing Outsourcing (BPO) practice can elevate your finance capabilities to provide timely and meaningful information that brings your decision making to the next level. It’s like building high-performing, sophisticated finance and IT departments in-house, and having them scale with you rapidly as your business evolves.
The BPO team offers specialized finance and IT professionals who have significant experience providing outsourced solutions to businesses in need. Our team frequently collaborates with other Citrin Cooperman offerings including tax advisory, wealth management, transaction advisory, management and technology consulting, and more. Citrin Cooperman’s personalized, holistic approach to advisory allows us to add value to your business in a variety of ways and evolve alongside your team as the business grows and changes.
As a result of Citrin Cooperman’s rapidly growing Advisory Services line, the firm welcomed Joe Cashel as a principal and leader of the Bankruptcy and Restructuring Services Practice. This newly-formed, independent practice primarily provides financial advisory and restructuring services to distressed entities and various creditor and lender constituents both inside and outside of the bankruptcy process. Joe also specializes in providing expert witness services to both plaintiffs and defendants in a variety of bankruptcy litigation matters.
The firm’s bankruptcy and restructuring team focuses heavily on bankruptcy administration, litigation, and taxation, restructuring and turnaround services, interim management, creditor and lender advisory, and trustee, examiner, and receiver services. Working cohesively with the rest of the advisory services team, including the forensic litigation and valuation services groups, ensures that regardless of the crisis or distress you may face, our seasoned professionals can provide you with objective guidance.
The past 10 years have been a seller’s market with a large amount of dry powder, mostly from private equity funds, which has continuously pushed valuation multiples to frothy levels. Today, private equity firms and strategic buyers are taking a break from investing due to the uncertainty caused by the pandemic. I am hopeful that M&A activity will rebound, once we have a workable vaccine.
— Sylvie Gadant, Partner, and Transaction Advisory Services Practice leader Citrin Cooperman
In the midst of this seismic shift in economic reality and expectation, it was important for us to continue our independent sponsor research and capture the significance of these challenging times while exploring their implications for the future. As we noted in our inaugural 2017 report, the independent sponsor path “is not for the faint of heart.” Four years later, that phrase has never been more true.
Virtually overnight, independent sponsors and their portfolio companies woke up to a new world, facing business shutdowns and changed consumer behavior. As this year’s 2020 Independent Sponsor Special Report: Weathering the Storm shows, independent sponsors are rising to meet these challenges. They are helping their portfolio companies streamline operations, manage expenses, and pivot as needed. They are being creative in how they approach valuations and deal structures and shifting more risk to sellers in response to an uncertain environment. They are also considering new capital sources and financing alternatives, recognizing the landscape may have shifted for the foreseeable future.
As our prior independent sponsor reports have shown and this year’s report underscores, independent sponsors are adaptable, resilient, and adept at managing uncertainty and risk. Now, during COVID-19, they are doing what they do best: riding the choppy seas, managing the risks on the horizon, and weathering this storm. For those who can make it through, the potential for reward is great.
When COVID-19 hit, Citrin Cooperman hit the ground running - advising the restaurant community, providing consulting services, and distributing timely regulatory information and other news affecting the industry. We also assembled a team of dedicated industry resources, with specialized knowledge of PPP loans and pandemic-related regulation, to address the specific needs of our clients.
The restaurant community is working hard to maintain consumer confidence. While we continue to service our clients, our Restaurant & Hospitality Practice is also providing actionable support for the industry by spotlighting some of our restaurant clients who have made strategic business decisions to reinvent their business. In order to do this, we created a Supporting the Restaurant Industry webpage, spotlighting clients who have asked us to list them as those that have pivoted to introduce new products and services to their customers. Together, with a social media campaign, we have brought a considerable number of new visitors to our support site, promoting awareness that there are still many options for people to do business with a favorite restaurant.
The COVID-19 pandemic was especially devastating to the restaurant and hospitality industry. Businesses were forced to close and business owners lost their revenue sources overnight. What seemed to be a temporary, short-term problem turned into a long-term, industry-wide disaster. Information became a priceless commodity, and Citrin Cooperman became the go-to firm for industry information and updates regarding regulatory developments. In addition to alerts, webinars, and conference calls, the Restaurant and Hospitality Practice developed two programs to share information with clients and non-clients struggling to get answers.
The onslaught of after-effects from COVID-19 closures left many restaurant owners without answers and unsure of what to do next. Citrin Cooperman’s Restaurant & Hospitality Practice professionals, deeply concerned for the industry, donated their time to help members of various restaurant associations. Any restaurant owner who wanted to speak one-onone with one of Citrin Cooperman's Restaurants & Hospitality Practice leaders could reserve a Table for Two for a 30-minute, complimentary consultation. The response was overwhelmingly positive and helped several owners address immediate challenges, primarily with respect to the CARES Act, and developing a plan for the future.
When an industry is facing a major disruption, business owners look to their peers to see what they are doing. As a service provider to hundreds of hospitality businesses, we wanted to provide a setting where owners of similar establishments could have private, interactive discussions. This invitation-only event, hosted by Citrin Cooperman's Restaurants & Hospitality Practice professionals, was an opportunity to have a candid and meaningful conversation about restaurant owners’ specific concerns, and to gain the individual perspectives of their industry peers.
Owners from restaurants with 10 - 500 employees, from various geographies, were able to have open, interactive discussions about the issues that were having the most impact on their business in real time, and share what steps they were taking to get through the COVID-19 crisis and keep the doors open for tomorrow. Top of mind was the Paycheck Protection Program (PPP), but there was also a lot of discussion around leasing, employee retention, alternative business models, and peer resources.
Your business needs people with the right mix of skills and a deep understanding of your industry working together with an eye towards the future. In this business, experience is everything. We focus on industry specialization because we know that having deep industry expertise allows us to be strategic and offer our clients nuanced solutions that fit their unique needs.
Here’s what is happening in some of our key focus industries and some perspective on their future, reimagined.
To say that 2020 was one of the most difficult years the construction industry has ever seen would be an understatement. Construction firms have had to navigate a constant stream of obstacles; temporary shutdowns of nonessential construction projects by various state and local government agencies have forced contractors to make tough decisions regarding downsizing their workforce and cash flow priorities, while also adapting to a remote office environment and changing safety guidelines on the job site. These challenges have provided us with many opportunities to work closely with our construction clients - to help them navigate through these difficulties, while also taking advantage of opportunities to improve operations.
The Paycheck Protection Program (“PPP”) presented a tremendous lifeline for contractors; however, the constant release of changes and clarifications to the program by the Small Business Administration (“SBA”) created a lot of confusion and anxiety. In order to guide our clients through this confusing process, from preparation of the initial application all the way through applying for loan forgiveness, we assembled dedicated teams of professionals and firm committees to continuously monitor updates from the SBA and be proactiveadvising our clients in real time.
Due to the hardships the pandemic caused for many of our construction clients, we have been working closely with these companies to help
Shifting consumer trends and massive economic changes demand a new approach to providing creative solutions for our clients. At Citrin Cooperman, we’ve always been industry-focused and now, more than ever, we’re industrydriven. Using our industry expertise to bring the insights, clarity, and resolutions our clients need to thrive.
them “reimagine” their business. This includes having frequent discussions about the changes needed to avoid being caught flat-footed in the event of a potential future crisis. “What lessons have we learned? ” Perhaps being forced to work in a remote environment made management realize that its current IT environment was not adequate to accommodate employees who had to work from home or generate timely financial information to make informed business decisions. Potential disruptions in the supply chain forced companies to review their purchasing process and the need to purchase certain products from multiple suppliers. The challenge of being forced to work with a reduced workforce created opportunities to streamline processes and procedures and made management realize that they can be more efficient with less people. Reduced revenue may have compelled companies to do a better job at preparing cash flow forecasts and projections. These are all areas where we have been able to help our clients adapt and be prepared for whatever hurdles are around the corner.
We continue to see our clients invest in technology to remain competitive in the marketplace and increase efficiencies. This includes upgrading project management, accounting, and bidding and estimating software, as well as enhancing the use of mobile technology in the field. Implementing these new systems takes tremendous planning and coordination, so working closely with our clients has been important to ensure a smooth transition.
Other challenges we continue to see impacting contractors are shortages of qualified labor (including project managers), increasing insurance rates, costs related to maintaining and enhancing safety programs, pricing of raw materials, and exposure to cybersecurity threats.
While companies have generally had strong backlog coming out of the early phases of the pandemic, many firms are concerned of potential slowdowns in 2021. Due to the strains on state and local governments caused by COVID-19, budget constraints have slowed growth in public sector projects. There is still uncertainty regarding federal infrastructure spending programs and nonresidential and residential starts have shown signs of slowing down in the second half of 2020. Considering these uncertainties, planning is more important than ever to identify threats, take advantage of opportunities, and always be able to adapt and pivot as circumstances change.
WE CONTINUE TO SEE OUR CLIENTS INVEST IN TECHNOLOGY TO REMAIN COMPETITIVE IN THE MARKETPLACE AND INCREASE EFFICIENCIES.
2020 has been an extraordinary year – one that we will never forget. Coronavirus forced companies to go back to basics: reevaluate their business operations and priorities; understand their cash flow, liquidity, and access to additional or alternative financing; and make some key decisions. In the financial services industry, the impact of the coronavirus pandemic was mixed - some companies struggled, while others did very well because of the volatility in the markets.
As we move into 2021, many companies in the industry have adapted to this new reality and adjusted strategies accordingly. In our core segments within financial services, we expect many broker-dealers and alternative investment funds to continue to need help as they navigate the pandemic and any changes to the accounting and regulatory environment. We also expect digital transformation, cybersecurity, and divestitures to all remain very relevant into 2021. Consolidation among smaller broker-dealer entities is likely dependent on the regulatory environment going forward. While hedge funds launched in 2020 were at historic lows, institutions are expecting to increase allocations to hedge funds in 2021 as part of a broader diversified portfolio allocation and in response to equity and credit market volatility.
companies due to market volatility in valuations. How much longer is anybody’s guess at this point. Fund managers will primarily ensure their portfolio companies can stay liquid and profitable and, in some cases, will need to make additional capital investment.
Some alternative investment funds that experienced difficulty raising capital during 2020 will move to raise capital and launch new funds in 2021. While the coronavirus has had a significant impact on some portfolio companies, very positive fundraising over the last two-to-three years, continued record amounts of dry powder, and a competitive market to put money to work will lead to more deals being made in 2021. We also expect hold periods are going to be extended for some portfolio
As clients navigate the ever-changing accounting and regulatory environment, we continue to stay close to our clients and serve as a valuable resource. Our audit and tax services continue to be important, but our suite of advisory services help differentiate us in the marketplace. As a firm and as an industry practice, we continue to invest in talent and advisory solutions that we can offer to companies in the industry. It is important, now more than ever, to bring to the table the entire breadth of expertise that the firm has to offer. We are spending more time not only walking our clients through accounting and regulatory matters, but also on topics that could affect the business more broadly, such as cybersecurity and digital transformation. As advances in technology shape the way our clients do business, it is critical to serve not just as their accountant, but as a true, trusted business advisor.
We were off to a fast start in 2020, building off the momentum from 2019. The year started off with the continuation of private equity investments at the franchisor level and private equity consolidation at the multi-unit franchisee level. When COVID-19 hit, it affected virtually every industry, in many ways. Franchising, though, is very resilient and the community came together to help.
Our deep involvement with the International Franchise Association (‘IFA’) gave our firm the opportunity to support our clients and the industry. One of our practice leaders is currently serving on the executive committee of the IFA Board of Directors, chairing the IFA’s Supplier Forum Advisory Board, and is a member of the IFA Budget and Finance Committee. Other members of the leadership team are on the IFA’s Membership Committee and the steering committee for the Task Force on Franchising in the Social Sector. Our involvement gave us opportunities to host educational webinars on many important regulatory and industry topics. Our commitment was also recognized for the second year in a row by Entrepreneur Magazine, who named Citrin Cooperman a Top 10 Franchise Supplier.
During the year-end 2019 audits, franchisors were tasked with the challenge of implementing the new revenue recognition standard known as ASC 606 (‘606’). This standard completely changed how franchisors recognize revenue over franchise fees and caused many franchisors to restate their opening equity to a deficit. Citrin Cooperman’s Franchising Accounting and Consulting Practice was a leader in this space and many of our clients and other audit service providers relied on us for assistance with implementation and an overall understanding of the new rules.
In June of 2020, the IFA FASB (Financial Accounting Standards Board) Task Force was successful in influencing the FASB in instituting a 606 deferral for one more year. Citrin Cooperman was proud to have been the only accounting firm asked to participate on the Task Force. Initially, the 606 deferral was going to be just for franchisors; however, the FASB deferred it for all private companies that did not adopt 606 as of the deferral date. We worked with the IFA FASB Task Force to prepare and submit comments to the FASB for a potential practical expedient to be made available to non-public franchisors.
Thanks to the hard work of the IFA FASB Task Force, on January 28, 2021, the FASB released Accounting Standards Board Update 2021-02 to Topic 606, an “expedient” that can be adopted by non-public franchisors on their December 31, 2020 financial statements. The intent of the expedient is to simplify the identification of performance obligations, which would potentially allow non-public franchisors to recognize more of their initial franchise fee as revenue. This could create an income pickup for franchisors, compared to the amount of income being recognized based on prior rules, as they are now allocating more of the transaction price identified.
Franchising has historically performed well during economic downturns and we are seeing signs of franchising coming back stronger than ever. Franchisors have continued to look to grow their brands and adapt to the new environment. We have a positive outlook on the future of franchising, as we’ve seen several new franchisors come to market, start new businesses, and look to expand into new territories. Additionally, since June 2020, there has been a tremendous influx of interest to all franchisors throughout the industry from prospective franchisees - another indication of a positive outlook for franchising.
Healthcare organizations endured an extremely turbulent 2020, as they continued to adapt to stagnant reimbursement, challenges in maintaining market share, rapid consolidation, and continuing changes in technology and medical science, while simultaneously facing the dual challenges of the COVID-19 pandemic – providing frontline workers to treat patients, while bearing the economic brunt of patients delaying or skipping elective procedures altogether. While many healthcare organizations have successfully adapted to lower in-person patient volumes through the increased use of telehealth, reduced operating costs to match revenue expectations, social distancing of patients in medical facilities, and the receipt of federal funds from the CARES Act, significant uncertainty and challenges exist for the industry as it moves towards 2021.
As the federal funds from the CARES Act dwindle and healthcare organizations continue to battle the COVID-19 winter surge, 2021 promises to accelerate many of the trends seen in 2020. And where there is uncertainty and challenges for many, others, including many investors, will see immense opportunity to build new and innovative competing businesses and invest in fundamentally sound businesses at a significant discount.
Citrin Cooperman’s Healthcare Practice is perfectly poised to help healthcare organizations navigate the current environment, with a suite of services directed towards helping organizations position themselves for profitability, sustainability, and future growth.
Hospitals and Health Systems
• Academic Medical Centers
Physician Practices
• Ambulatory Surgery Centers
Outpatient Facilities
• Managed Services Organizations
Payors and Plans
Managed Care Organizations
Government Entities
Advocacy and Not-For-Profits
• Boards
Investors and Private Equity
• Long-Term Care Facilities
Home Health
• Hospice
Physical Therapy and Rehabilitation
Behavioral Health
How do you pivot during times of economic uncertainty, make difficult decisions, and re-focus your vision for success? This has been the focus of our Manufacturing and Distribution Practice as COVID-19 impacted our clients and the worldwide economy. This massive disruption gave business owners and management a variety of issues to navigate and quickly adapt to. This has clearly been a year of change for all of us and we have worked diligently to be ahead of the curve as it relates to these changes and the impacts they had, will have, and are having on our clients.
This year our practice launched the firm’s first Manufacturing and Distribution Survey to take the pulse of the industry’s senior leadership, measure the current health of their businesses, and take stock of future priorities, concerns, and challenges amid the pandemic.
THERE WERE THREE BIG FINDINGS FROM THE SURVEY:
Revenues and earnings among companies in this industry are surprisingly steady.
of respondents mentioned online sales having grown between 11-50% over the last 12 months.
Survey respondents rank technology and e-commerce as the key areas of focus for future growth. Companies should consider investments and improvements in the automation of processes moving forward. COVID-19 has changed distribution in a variety of ways, most prominently changing the demand of product. 44% of the survey respondents see changing their business models as their top priority challenge for the upcoming year.
With this, our Manufacturing and Distribution Practice team has adapted to servicing the ever-changing needs of the industry and preparing our clients for these future challenges. In addition to providing high-quality, efficient tax compliance and attest work, our practice group also advises clients on loans and grants, guidance on cash flow management and forecasting, and support with identifying technology and automation systems to best fit each company's needs.
2020 has been a challenging year for all of us but it has allowed our Manufacturing and Distribution Practice group to leverage our deep bench of knowledge to provide excellent service to the industry and assist them through a myriad of matters - from difficult times and tough decisions to huge financial windfalls created from new business pivots.
The unforeseeable events of the COVID-19 pandemic have seismically altered the landscape of the real estate industry. Despite uncertainty, our business has been strong, and clients and prospects are still relying on us for our insights and guidance on how to navigate the changing environment. Given the continued focus on compliance requirements and adherence to industry regulations, we are also frequently called upon to handle compliance reporting issues.
The industry has slowed down in terms of new deals being made, which has been mitigated by the lack of dispositions and related fall off. But we are seeing a large increase in potential distress investments and rescue capital being deployed. Clients are also raising funds and aligning themselves with new capital sources to capitalize on lucrative opportunities. Each new deal is like another new business from a deal standpoint and sometimes from a capital partner standpoint, which allows real estate companies to pivot and redefine themselves without drowning in their current
We have been seeing the pandemic have less of an impact in certain markets – mainly outside of the urban markets. The pandemic has forced companies to explore new opportunities in other sectors outside of their comfort zone. In terms of infrastructure, we are seeing companies looking to upgrade their internal operations including IT, accounting, and reporting functions, which opens the door for more strategic business opportunities as a result of better metrics.
As we move through 2021, we are seeing continued challenges alongside a recovery, as the pandemic situation improves. In terms of our own operations, the pandemic created an opportunity to restructure our practice and focus on solutions that are most suited to the current environment, but that will also allow our clients to thrive in any outcome. We are in a great position to help our clients come out the other side of this stronger and better positioned for success.
Between advances in technology, client needs, and continued industry consolidation – not to mention the significant pivots all today’s business environment has had to endure with the unprecedented landscape laid out to us all with the pandemic, Citrin Cooperman continues to shift and adapt to ensure we remain focused on the future. For us, the keys to success are engrained within our firm mission and fundamental principles.
We must ensure our strategy stays aligned with both our client’s increasingly complex needs in today’s environment, and the industry changes coming at us. In addition, we must also keep looking ahead at what is coming down the road for the industry and our clients, and grow our firm in advance. We must be philosophically nimble, innovative, and entrepreneurial in our approach. We must be willing to be consistently adaptable to sustain and grow in today’s market. To that end, Citrin Cooperman relies on our 5 key fundamental principles
CULTURE – The key to our culture is to maintain focus on consistency, positivity, and transparency across all our offices, service lines, and industries. Culture is defined by the characteristics and personality of an organization. The tenets of our culture are – caring, firm values ahead of personal agendas, open communication, and a dedicated professional workforce aligned to deliver the highest level of collegial and integrated client service.
WHAT DOES ALL THIS MEAN FOR YOU?
Citrin Cooperman strives to be a deep strategic and financial advisor to our clients – accountant, technology consultant, business advisor, etc. More than that, though, we stay committed to being visionary in our thinking to anticipate future requirements early, be ready with timely and innovative technological and client relationship solutions as they emerge, adapt quickly, engage clients with an integrated approach and more consultative mind-set, and overall – be there to help our clients realize their future reimagined
CITRIN COOPERMAN’S MISSION: TO BE THE MARKET THAT CLIENTS CAN DEPEND ON AND ADVISORY SERVICES THAT WILL BRING
Citrin Cooperman’s corporate culture is what ultimately defines our legacy – more than just agreeing to the idea of culture, we take to heart actively living these values each day.
ONE
FIRM
driven services to our clients, actively securing our spot as their Trusted Advisor. Our professionals strive to keep a business development mindset and integrated team approach to continually expand client services, and increase new business and long-term relationships through proactive, added-value insights and solutions.
GROWTH – If we aren’t seeking ways to grow we become obsolete. Growth through new clients, expanded services and new strategic service lines, as well as growth through strategic M&A are key drivers in our strategy to ensure we remain relevant to our clients and market.
At Citrin Cooperman, everyone plays a role in where and how we grow.
TRANSFORMATION – Never more true than in 2020 – change is now – the way we do business needs to have the capacity to evolve quickly and be nimble, including getting our partners and professionals to become the clients' number one trusted business advisor. We remain dedicated to continuously taking a fresh look into re-defining our business, and being ahead of the curve as our clients’ needs and demands for services evolve and change.
PROFITABILITY – We are collectively focused on driving profitability to help ensure our ability to continue to transform and sustain growth to meet client needs. To help do this, we are committed to actively providing consistent, high-quality, value-
BUSINESS ADVISORY SOLUTIONS APPROACH ASSURANCE
CC audit and attest professionals have deep knowledge across all accounting, reporting, controls, and compliance standards (GAAP/ IFRS/OCBOA)
BAS
Deep understanding of general business consulting and knowledge of key middle market business issues
Focus on providing a comprehensive business approach to traditional services
Quarterback integrated approach to solutions
TAX
Depth of expertise with high-end tax compliance and planning concerns, policy changes, and technical tax issues
FOCUS ON FUTURE REIMAGINED
How do you transition an entire workforce to a virtual environment in a matter of days? For Citrin Cooperman, it meant relying on the investments we’ve made in technology, systems, and processes over the last decade to carry us through a pandemic that would go on to change everything about daily life.
CLIENT SERVICE – We love being with our clients. Seeing how their businesses work firsthand and developing lasting relationships with their team help us to generate value-added ideas and solutions. It’s precisely because of our emphasis on hands-on involvement that our clients call on us to provide the same incredible services even when we can’t be there in person.
WORKING FROM HOME – Investing in technology and educating our staff on how to work remotely has always been a priority for our firm. That investment allowed us to keep our employees safe by instituting work-fromhome procedures early and providing the support our team needed while adjusting to the many changes of the past year.
KEEPING OUR CULTURE – Arguably, one of the biggest challenges of an entirely remote workforce is figuring out how to maintain the same culture in a completely novel setting. We took this challenge to heart, instituting numerous touchpoints, resources, and teambuilding activities, including twice-weekly meditation classes, a firm-wide Jeopardy series, and email-free weekends in a continuous effort to help our team feel as supported and connected as possible.
Citrin Cooperman professionals rose magnificently to the challenges of 2020 in many aspects, not least of which was our dedication to learning and development. When the pandemic hit, our Citrin Cooperman Learning and Development (CCLEAD) team took initiative, pivoted quickly, and responded to current events. Part of the response was working to help our professionals adapt to communicating in different ways across the firm and with our clients.
We have put a lot of emphasis on continuing to build this global learning culture from top to bottom for 2021. We will continue to offer our curriculum in our ‘virtual classroom,’ leveraging digital training, micro-learning and other remote-learning strategies. We have invested in Cornerstone, our learning management system, to help us offer blended learning solutions across disciplines to all our professionals, regardless of remote office location.
TRAINING INITIATIVES HIGHLIGHTS:
2,566
ONLINE COURSES
COMPLETED IN 2020 BUDDY PROGRAM
ADVANCED TAX AND ASSURANCE TRAINING
22
2 DIGITAL WEEKS OF CORE CONSULTING SKILLS BD REIMAGINED SERIES
INDUSTRY DAY
CC EDGE PANELS
MARKETING AND BD PRESENTATIONS
6
UNCONSCIOUS BIAS PRESENTATIONS
MAIN CONTACT
Patricia A. Cummings Managing Partner, Industries
T: 347.505.6307
E: pcummings@citrincooperman.com
AUTOMOTIVE DEALERSHIPS
Will Fernandez, Partner
T: 973.218.7143
E: wfernandez@citrincooperman.com
Ellen Kera, Partner
T: 914.358.3401
E: ekera@citrincooperman.com
CANNABIS ADVISORY SERVICES
Mitzi Keating, Partner
T: 401.567.2132
E: mkeating@citrincooperman.com
Harry W. Carpenter, Partner
T: 973.218.7103
E: hcarpenter@citrincooperman.com
CONSTRUCTION
Sal Leone, Partner
T: 646.695.7836
E: sleone@citrincooperman.com
Sean Killgoar, Partner
T: 781.817.1168
E: skillgoar@citrincooperman.com
Scott Derco, Partner
T: 973.218.7130
E: sderco@citrincooperman.com
ENTERTAINMENT, MUSIC & SPORTS
Matthew Segreto, Partner
T: 646.979.6087
E: msegreto@citrincooperman.com
MUSIC
Mark Kaplan, Partner
T: 310.273.7769 x 105
E: mkaplan@citrincooperman.com
FILM AND TELEVISION
Wayne Mejia, Partner
T: 310.273.7769 x 111
E: wmejia@citrincooperman.com
SPORTS
Douglas J. Cammarano, Partner
T: 646.839.5993
E: dcammarano@citrincooperman.com
ROYALTY AUDIT & CONTRACT COMPLIANCE
Christopher Hull, Partner
T: 347.505.6359
E: chull@citrincooperman.com
FINANCIAL SERVICES
Including Private Equity
Alexander Reyes, Partner
T: 646.695.7842
E: areyes@citrincooperman.com
PRIVATE EQUITY
Alexander Reyes, Partner
T: 646.695.7842
E: areyes@citrincooperman.com
INDEPENDENT SPONSORS
Shawn M. Howard, Partner
T: 301.834.2489
E: showard@citrincooperman.com
Sylvie Gadant, Partner
T: 973.218.7178
E: sgadant@citrincooperman.com
FRANCHISING
Aaron Chaitovsky, Partner
T: 646.695.7820
E: achaitovsky@citrincooperman.com
Michael Iannuzzi, Partner
T: 646.979.6079
E: miannuzzi@citrincooperman.com
GOVERNMENT CONTRACTING
Shawn Howard, Partner
T: 301.834.2489
E: showard@citrincooperman.com
Sirena Johnson, Partner
T: 301.834.2491
E: sjohnson@citrincooperman.com
HEALTHCARE
Aaron Cohen, Principal
T: 301.834.2473
E: acohen@citrincooperman.com
John Bryan, Partner
T: 914.517.4445
E: jbryan@citrincooperman.com
Michael Criscione, Partner
T: 401.567.2128
E: mcriscione@citrincooperman.com
MANUFACTURING & DISTRIBUTION
John P. Giordano, Partner
T: 347.505.6351
E: jgiordano@citrincooperman.com
Mark Henry, Partner
T: 781.817.1179
E: mhenry@citrincooperman.com
Mark L. Fagan, Partner
T: 914.517.4446
E: mfagan@citrincooperman.com
TRANSPORTATION AND LOGISTICS
Dmitry Bogdashevsky, Partner
T: 818.461.5214
E: dbogdashevsky@citrincooperman.com
NOT-FOR-PROFIT, Including Public Sector
John Eusanio, Partner
T: 646.979.6091
E: jeusanio@citrincooperman.com
PUBLIC SECTOR (GOVERNMENTAL)
Michael Stephens, Partner
T: 240.858.8772
E: mstephens@citrincooperman.com
PROFESSIONAL SERVICES
BJ Hoffman, Partner
T: 267.479.0115
E: bjhoffman@citrincooperman.com
Michael Zyborowicz, Partner
T: 267.479.0139
E: mzyborowicz@citrincooperman.com
ARCHITECTURE & ENGINEERING
Gil Watkins, Partner
T: 203.847.1294
E: gwatkins@citrincooperman.com
LAW FIRMS
Scott Rutter, Partner
T: 646.695.7811
E: srutter@citrincooperman.com
STAFFING
BJ Hoffman, Partner
T: 267.479.0115
E: bjhoffman@citrincooperman.com
Michael Napolitano, Partner
T: 973.218.7147
E: mnapolitano@citrincooperman.com
Robert A. Schneider, Partner
T: 646.695.7819
E: rschneider@citrincooperman.com
Michael Zyborowicz, Partner
T: 267.479.0139
E: mzyborowicz@citrincooperman.com
REAL ESTATE
Mark Mindick, Partner
T: 646.695.7896
E: mmindick@citrincooperman.com
MAIN CONTACT
Joseph Turkewitz, Partner, Assurance Practice Leader
T: 646.695.7876
E: jturkewitz@citrincooperman.com
AUDIT AND ATTEST
AGREED-UPON PROCEDURES
Danielle Russo, Partner
T: 646.698.7849
E: drusso@citrincooperman.com
Mark L. Fagan, Partner
T: 914.517.4446
E: mfagan@citrincooperman.com
EMPLOYEE BENEFIT PLAN AUDIT
John M. Eusanio, Partner
T: 646.979.6091
E: jeusanio@citrincooperman.com
Patricia A. Cummings, Partner
T: 347.505.6307
E: pcummings@citrincooperman.com
RESTAURANTS & HOSPITALITY
Stacy Gilbert, NYC Managing Partner
T: 212.697.1000 x6136
E: sgilbert@citrincooperman.com
Roy Tumpowsky, Partner
T: 646.979.6160
E: rtumpowsky@citrincooperman.com
Bob Gilbert, Partner
T: 973.218.0500 x2376
E: rgilbert@citrincooperman.com
TECHNOLOGY & LIFE SCIENCES
Michael E. Rhodes, Partner
T: 646.695.7812
E: mrhodes@citrincooperman.com
CRYPTOCURRENCY, TOKENS, AND BLOCKCHAIN
Michael E. Rhodes, Partner
T: 646.695.7812
E: mrhodes@citrincooperman.com
David J. Rosenbaum, Principal
T: 929.281.2664
E: drosenbaum@citrincooperman.com
Mark DiMichael, Partner
T: 646.979.6095
E: mdimichael@citrincooperman.com
SPORTS TECH
Michael E. Rhodes, Partner
T: 646.695.7812
E: mrhodes@citrincooperman.com
FINANCIAL STATEMENT AUDIT
Mark L. Fagan, Partner
T: 914.517.4446
E: mfagan@citrincooperman.com
Michael DeVito, Partner
T: 646.695.7893
E: mdevito@citrincooperman.com
Patricia A. Cummings, Partner
T: 347.505.6307
E: pummings@citrincooperman.com
Michael A. Sabatini, Partner
T: 631.930.5610
E: msabatini@citrincooperman.com
PUBLIC COMPANY AUDIT SERVICES
Patricia A. Cummings, Partner
T: 347.505.6307
E: pcummings@citrincooperman.com
Michael A. Sabatini, Partner
T: 631.930.5610
E: msabatini@citrincooperman.com
Joseph Turkewitz, Partner
T: 646.695.7876
E: jturkewitz@citrincooperman.com
REVIEWS AND COMPILATIONS
Mark L. Fagan, Partner
T: 914.517.4446
E: mfagan@citrincooperman.com
Michael DeVito, Partner
T: 646.695.7893
E: mdevito@citrincooperman.com
ROYALTY AUDIT, COMPLIANCE, AND CONSULTING
J. Christopher Hull, Partner
T: 347.505.6359
E: chull@citrincooperman.com
Andrew Adler, Director
T: 212.697.1000
E: aadler@citrincooperman.com
Justin Buencamino, Director
T: 212.697.1000
E: jbuencamino@citrincooperman.com
ACCOUNTING ADVISORY SERVICES
Joseph Turkewitz, Partner, Assurance Practice Leader
T: 646.695.7876
E: jturkewitz@citrincooperman.com
BUSINESS COMBINATIONS
Louise Cody, Partner
T: 347.505.6316
E: lcody@citrincooperman.com
GOING PUBLIC READINESS
Patricia A. Cummings, Partner
T: 347.505.6307
E: pcummings@citrincooperman.com
Michael A. Sabatini, Partner
T: 631.930.5610
E: msabatini@citrincooperman.com
Joseph Turkewitz, Partner, Assurance Practice Leader
T: 646.695.7876
E: jturkewitz@citrincooperman.com
LEASE ACCOUNTING
Peter T. Brown, Partner
T: 413.707.1071
E: pbrown@citrincooperman.com
Michael A. Sabatini, Partner
T: 631.930.5610
E: msabatini@citrincooperman.com
REVENUE RECOGNITION
Mark L. Fagan, Partner
T: 914.517.4446
E: mfagan@citrincooperman.com
Joseph Turkewitz, Partner, Assurance Practice Leader
T: 646.695.7876
E: jturkewitz@citrincooperman.com
MAIN CONTACT
Joe Bublé, Partner, Tax Practice Leader
T: 646.695.7876
E: joeb@citrincooperman.com
COMMERCIAL TAX SERVICES
IRS REPRESENTATION & TAX CONTROVERSIES
Leon M. Reimer, Partner
T: 347.505.6309
E: lreimer@citrincooperman.com
Craig Cafaro, Partner
T: 347.505.6311
E: ccafaro@citrincooperman.com
MERGERS AND ACQUISTIONS TAX
Shawn M. Howard, Partner
T: 301.654.9000 x 2489
E: showard@citrincooperman.com
Paul H. Dailey, Partner
T: 347.505.6357
E: paul.dailey@citrincooperman.com
NOT-FOR-PROFIT TAX
Paula Vuksic, Partner
T: 973.218.7123
E: pvuksic@citrincooperman.com
Joseph Barreca, Director
T: 212.697.1000 x 6097
E: jbarreca@citrincooperman.com
TAX ACCOUNTING & PROVISIONS
John C. Genz, Partner
T: 347.505.6308
E: jgenz@citrincooperman.com
TAX COMPLIANCE, TAX RESEARCH & PLANNING
Allison Brack, Partner - S Corporations
T: 646.695.7878
E: abrack@citrincooperman.com
Andrew Rotter, Partner – Partnerships
T: 646.695.7831
E: arotter@citirincooperman.com
John C. Genz, Partner - C Corporations
T: 347.505.6308
E: jgenz@citrincooperman.com
INTERNATIONAL TAXATION SERVICES
Leon Dutkiewicz, Partner
T: 973.218.7830
E: ldutkiewicz@citrincooperman.com
STATE & LOCAL TAX (SALT)
David Seiden, Partner
T: 914.949.2990
E: dseiden@citrincooperman.com
Eugene Ruvere, Partner
T: 914.517.4447
E: eruvere@citrincooperman.com
FILM PRODUCTION TAX INCENTIVES
John C. Genz, Partner
T: 347.505.6308
E: jgenz@citrincooperman.com
Danielle Russo, Partner
T: 646.698.7849
E: drusso@citrincooperman.com
PRIVATE CLIENT SERVICES
HIGH NET WORTH INDIVIDUALS
Patrick Daly, Partner
T: 646.695.7877
E: pdaly@citrincooperman.com
Ronald Hegt, Partner
T: 914.358.3342
E: rhegt@citrincooperman.com
MAIN CONTACT
Richard J. DeRienzo, Partner, Leader, Advisory Services
T: 401.421.4800
E: rderienzo@citrincooperman.com
BUSINESS CONSULTING
BUSINESS MANAGEMENT AND FAMILY OFFICE
Paul LiRosi, Partner
T: 646.979.6052
E: plirosi@citrincooperman.com
HEALTHCARE ADVISORY
Aaron D. Cohen, Principal
T: 301.834.2473
E: acohen@citrincooperman.com
STRATEGY AND BUSINESS TRANSFORMATION
Steve Ronan, Principal
T: 203.628.2439
E: sronan@citrincooperman.com
Edward Berardi, Partner
T: 781.817.1141
E: eberardi@citrincooperman.com
OFFSHORE VOLUNTARY DISCLOSURE INITIATIVE
Craig Cafaro, Partner
T: 347.505.6311
E: ccafaro@citrincooperman.com
Leon M. Reimer, Partner
T: 347.505.6309
E: lreimer@citrincooperman.com
TAX COMPLIANCE
Ronald Hegt, Partner
T: 914.358.3342
E: rhegt@citrincooperman.com
Edward Berardi, Partner
T: 781.817.1141
E: eberardi@citrincooperman.com
Heyam Janell, Director
T: 401.421.4800
E: hjanell@citrincooperman.com
TRUST AND ESTATE SERVICES
Howard Klein, Partner
T: 914.517.4242
E: hklein@citrincooperman.com
BUSINESS PROCESS OUTSOURCING
Steve Ronan, Principal
T: 203.628.2439
E: sronan@citrincooperman.com
TECHNOLOGY, RISK ADVISORY, AND CYBERSECURITY (TRAC)
Michael Camacho, Partner
T: 401.567.2126
E: mcamacho@citrincooperman.com
TRANSACTION SPECIALTY SOLUTIONS
BANKRUPTCY AND RESTRUCTURING SERVICES
Joe Cashel, Principal
T: 929.448.2027
E: jcashel@citrincooperman.com
FORENSIC AND LITIGATION SERVICES
Ken Yormark, Principal
T: 347.505.6350
E: kyormark@citrincooperman.com
TRANSACTION ADVISORY SERVICES
Sylvie Gadant, Partner
T: 973.218.7178
E: sgadant@citrincooperman.com
VALUATION ADVISORY SERVICES
Mandeep Trivedi, Principal
T: 646.695.7851
E: mtrivedi@citrincooperman.com
BUSINESS ADVISORY SERVICES
Will Fernandez, Partner
T: 973.218.7143
E: wfernandez@citrincooperman.com
WEALTH MANAGEMENT AND INVESTMENT ADVISORY SERVICES
Our affliliate, Apexium Financial LP (“Apexium Financial”) offers comprehensive financial planning, investment advisory, insurance, and risk management services to high net worth individuals, their families and corporate clients.
Robert Brown, Partner
T: 212.225.9500
E: rbrown@apexiumfin.com