SmartCEO Panel of Philadelphia’s Top CPAs Features ParenteBeard Partner Joseph O’Neill
February 10, 2022

SmartCEO hosted a roundtable panel of Philadelphia’s top certified public accountants in November 2013, featuring ParenteBeard Partner Joseph O’Neill, vice president of tax services. The panel shared advice on preparing for an audit, avoiding IRS suspicion, structuring effective compensation and benefits, preventing fraud and tax planning for an exit.

One question Mr. O’Neill addressed - how to avoid raising a red flag with the IRS when audited.

According to him, red flags are being raised by failure to properly report foreign assets, bank accounts and investments. A number of audits generated in the last couple of years were based on failure to file. At ParenteBeard, we’ve been advising our clients to communicate with us about where they are going off shore. Through those conversations, our clients have brought forth information that has helped them maintain their compliance standards and avoid problems.

Mr. O’Neill’s 25 years of professional accounting experience includes working with private equity firms on fund and portfolio company tax issues. In addition, he leads our New York City-based China desk, which provides services tailored to clients either seeking to invest in China or China-based companies interested in expansion within the United States and our German desk, serving the increased market demands for high quality international consulting services for German companies and individuals looking to expand their presence in the United States.

For more insights on audits, IRS audits, compensation and benefits, fraud prevention and exit planning, the panel’s entire discussion is available on a podcast hosted on SmartCEO’s site.