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Date / Time / Location

Monday, September 18, 2017
8:15 AM - 11:55 AM
Registration: 7:45 AM

The Mansion at Mountain Lakes90 US-46
Mountain Lakes, NJ 07046

CPE Credits

  • 2.00 CPE Credits in TX
  • 2.00 CPE Credits in SK


  • $75.00 - Member
  • $175.00 - Non Member
  • $0.00 - Season Pass
This event is part of the Morris/Sussex Chapter Season Pass - 2017/18 event bundle.
Learn of the detailed rules of foreign asset disclosure: who needs to file and accounts that must be reported, and the potential liability of the taxpayer and tax preparer. Then, hear about contemporary trends of the CPA firm marketplace and the growth model for the firm of the future.


Earn 2 CPE credits in TX and 2 CPE Credits in SK.


Foreign Asset Disclosure

Parag P. Patel, Esq.

The IRS and other agencies are targeting taxpayers with unreported assets or payments to undocumented overseas suppliers.  Tax professionals must be able to operate in the new world of global transparency and be aware of the requirements of Form W-8 Ben (Certificate of Foreign Status for Withholding and Reporting), Form 8938 (Statement of Specified Foreign Assets) and Form 5471 (Information Return with Respect for Certain Foreign Corporations.)

The program will cover rules of foreign asset disclosure including who needs to file and the accounts that must be reported.  Best practices for compliance and benefits associated with IRS disclosure programs will be reviewed as well as penalties for nondisclosure for the tax payer and preparer will also be discussed.

Tax attorney Parag Patel is the presenter. He specializes in international reporting issues and has handled over 200 disclosure and tax controversy cases with the IRS and other government agencies. 

The Future of the Accounting Marketplace and the Impact on Strategy

Joe Tarasco and Nancy Damato, Accountants Advisory Group

In this program, we will address:

  • Strategies to adapt quickly to the needs of the changing marketplace as traditional services are commoditizing and becoming increasingly fee sensitive.
  •  How to become an “Integrated Solutions Provider” by developing truly innovative technical and advisory/consulting provider based on market demand and to complement existing compliance services.
  •  Properly positioning the firm in this ever-changing marketplace to gain a competitive edge.
  •  Aligning and bundling the firm’s services by leveraging technical and advisory resources to satisfy specific market demand.

Building a Talent Base for the Firm of the Future

  • “Continuous recruiting” for experienced professionals — “just in time” recruiting is no longer
    a practical and sustainable option for managing an accounting firm.
  • Top 10 retention factors, policies, and strategies for a contemporary and future workforce.

Leading and Managing the Firm of the Future

  • Leading and managing the firm through navigating the “Perfect Storm,” including:
  • Increased competition for clients and staff;
  • Succession planning as “Baby Boomer” partners are retiring with unfunded buy-outs;
  • Consolidation of the accounting industry; and
  • Bottom line pressures with increasing direct labor costs while traditional compliance services are facing increasing fee sensitivity.
  • Leading, motivating, and managing for results beyond partner accountability structures.
  • Different approaches to partner compensation to motivate and reward positive results. How
    to deal with mediocre performers and “comfort zoners.”
  • The fine art of managing the firm as a “business vs. a practice.”
  • Leading positive change and culture — Is your firm “future ready?”



Advance Preparation


Additional Notes

Season Pass holders must register for each event.

Course Materials
For handouts, please visit your My Events page. Handouts are added as received - remember to check back for updates.

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Nancy Damato

Nancy Damato
Accountants Advisory Group, LLC

Nancy A. Damato is the co-founder and President of Accountants Advisory Group and the Senior Consultant, Marketing & Business Development. Nancy has 25 years of accounting firm marketing experience, including with two Big 4 firms, a large national firm and a medium-size regional firm.

Throughout her career, Nancy has been instrumental in developing and implementing many firms’ marketing plans, strategies and initiatives and in assisting partners achieve their growth goals and attain higher levels of success. She has spearheaded innovative marketing and branding strategies and campaigns that have expanded market share, raised brand awareness and increased firm profitability. She has managed all facets of marketing and practice development programs, developed marketing infrastructures, marketing departments and budgets, and implemented targeted industry and niche marketing plans. Nancy has developed and managed internal and external marketing communications and thought-leadership initiatives, including seminars and speaking engagements, published articles and whitepapers, websites and SEO, branding, advertising, social media and public relations campaigns, marketing collateral and promotional materials, PowerPoint presentations and CRM selection and implementation.

Effective with firms ranging from two to 100 + partners, Nancy coaches partners in their marketing plans and guides their practice development activities. She counsels partners individually and in groups and works closely with them to define their marketing goals and enhance their business development skills. She assists partners in targeting and developing relationships with potential clients and key referral sources. Nancy also assists partners with their LinkedIn and other social media activities, in responding to requests for proposals and in managing any outside marketing vendor relationships.

Since the beginning of her career in accounting firm marketing, Nancy has been a member of the Association for Accounting Marketing. She is one of the founding members of the New York Metropolitan chapter of this national organization.

Nancy earned a Bachelor of Science Degree in Marketing and Management from Montclair State University in Montclair, New Jersey.

Parag Patel

Parag P. Patel, LL.M (Tax),
Tax Attorney
Parag P. Patel, Esq.

Parag P. Patel, Esq., is a tax attorney with the Patel Law Offices in Metro Park, Iselin, NJ. Mr. Patel’s practice concentration is in tax, business transactions and estate planning. He is a board certified estate planning law specialist, a board certified elder law attorney, and a frequent speaker on legal issues affecting tax, offshore tax planning and estate planning. Mr. Patel was recently named a New Jersey Super Lawyer by New Jersey Magazine for tax and estate planning. He has also received an AV rating from the Martindale-Hubbell Peer Review Rating System, which is the highest professional rating possible among lawyers. Mr. Patel is the 2011/12 chairman of the Tax Law Committee of American Bar Association’s GP Solo and Small Firm Division. He also serves as a part-time municipal court judge for Edison Township, New Jersey. Mr. Patel is a graduate of Georgetown (J.D.) and New York University (LL.M tax) law schools. He is a member of the New Jersey State, New York State, Middlesex County and American Bar Associations.

Joseph Tarasco

Joseph A. Tarasco, CPA
Accountants Advisory Group, LLC

Joseph A. Tarasco founded the Accountants Advisory Group, LLC, to assist the leaders of today’s public accounting firms in structuring and managing their practices to increase profitability, maximize value and achieve long-term success. Working closely with CPA firms, he assists them in achieving higher levels of competitiveness, profitability and longevity. Mr. Tarasco is experienced and insightful in all areas of firm practice management, including succession planning, firm governance, mergers and acquisitions, partner compensation structure, selection of new partners, practice development, and career development for partners and staff. When facilitating partner retreats, he draws on his extensive experience to provide partners and practice leaders with effective and innovative strategies to enhance the value of their practices. He began his career in the accounting industry with a Big 4 firm and his experience includes 15 years as the managing partner and executive committee member of a 125-person CPA firm based in New York City. In his role as managing partner, Mr. Tarasco was responsible for all areas of the practice, including managing the partner group, marketing, human capital, technology, administration and financial operations. The Journal of Accountancy, New Jersey CPA, CPA Practice Management, The Practical Accountant, and CPA Leadership Report have published articles authored by Mr. Tarasco regarding the management of accounting practices. Additionally, he frequently gives presentations and webinars that focus on various practice management topics. He has been recognized as one of the Top 10 Most Recommended Consultants by INSIDE Public Accounting. Twitter @JoeTarasco

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Pre-Registration Closed

Online pre-registration for this event is now closed.