CPA’s Dream Leads to 25 Years of Success
CPA’s Dream Leads to 25 Years of Success (Dayton, NJ – November 20, 2006) During 1981, Pac Man was sweeping the nation, fifty-two American hostages were released from Iran, and a first-class postage stamp cost eighteen cents.
At the same time, Marty Davidoff was a 29-year-old certified public accountant with a vision and a dream. He had been working at CPA firms in Woodbridge and New York City, and was preparing to add a New Jersey law license to his growing list of qualifications. He decided it was time to follow his dream and step out on his own.
On December 1, 1981, with encouragement and assistance from his wife Sheila, he launched E. Martin Davidoff, Certified Public Accountant, a sole-proprietorship in Edison, New Jersey. His reputation as a savvy tax professional enabled him to quickly attract clients. He focused on advising high-end individuals about their tax and cash flow planning and real estate syndications. A quintessential professional, Davidoff aimed to provide the best possible service to each client. He fine-tuned his expertise in taxation by frequently lecturing to the CPA community about S Corporations and various income tax topics.
Today, as the firm celebrates its twenty-fifth anniversary, Davidoff reflects proudly on his achievements. The firm has evolved into a CPA-Attorney dual practice specializing in taxation and has expanded its name to include “& Associates.” It caters to its clients with a full range of services including tax return preparation, financial planning, formation of corporations and limited liability companies, resolution of tax problems, retirement planning and estate planning. Davidoff’s specialty of tax controversy work – representing clients before tax authorities to resolve disputes – comprises half of the firm’s business.
At times, Davidoff relies on his contacts with high level IRS officials and Tax Department representatives to address specific client cases. He is well-versed in IRS procedures, particularly “offers in compromise.” If a client is unable to fully pay a tax debt, Davidoff might submit an offer to the IRS, stating that the client will pay a specified sum of money based on his or her financial situation, if the tax agency will accept that amount to absolve the entire debt. Although the IRS does not accept all offers in compromise, his success rate of more than 90% is substantially higher than the national average.
Client service is a top priority, so every incoming phone call is answered by a human voice. Davidoff attributes much of the firm’s success to his friendly, dedicated staff, many of whom have worked with him for years. Senior tax manager Robbin Weiner, CPA, who has been affiliated with the firm since 1992, handles tax planning, compliance, tax return preparation and consulting for computer accounting systems. Amy Marder, a tax controversy manager who works on representation matters, has been with the team for 24 years. The director of operations, Dana Davis, recently celebrated her 13th anniversary as an employee; she focuses on internal controls and productivity. Alison Cook joined the team six years ago and serves as a tax controversy manager. Davidoff regularly reaches out to the community to hire part-time high school students who assume general clerical duties. The employees work efficiently as a team, always striving toward their goal of providing every client with top quality, personalized service.
After realizing that many small business owners were busy servicing their customers and had little time to handle the vital, financial aspects of their company, Davidoff coined the phrase “CFO in a Box” and created a new service for his clients. His firm takes responsibility for functions a chief financial officer would handle, such as overseeing payroll, creating financial statements, budgeting, bill paying, and measuring business growth. This service has proven to be quite successful because it enables clients to devote their time to operating and growing their businesses.
Davidoff is well known among tax professionals. As the founder and chairman of the IRS Tax Liaison Committee for the American Association of Attorney-CPAs, he meets regularly with IRS officials to discuss important aspects of the administration of our nation’s tax laws. He meets with similar IRS groups in New Jersey and, when appropriate, on behalf of his clients. He has testified before Congress and the New Jersey legislature, urging simplification of tax laws. He also authored state legislation related to S Corporations and health insurance rates for small businesses.
Accounting Today, the premier newspaper for the accounting profession, has thrice named Davidoff to its list of the “Top 100 Most Influential People in Accounting” because “his views on issues affecting tax practice are heard at the highest levels of government.” Former Governor Christie Todd Whitman appointed him to represent the business community at the White House Conference on Small Business, and the U.S. Small Business Administration named him the region’s “Accountant Advocate of the Year” in 1997.
This year, Davidoff launched a new venture. Through a company called Cope Management Group, LLC, he will be teaching educational seminars for tax professionals. Licensed by the New Jersey State Board of Accountancy as a qualified sponsor, Cope presents topics that are not frequently offered in the seminar circuit. Davidoff’s expertise with IRS matters, including offers in compromise, provides the basis for the programs. He taps his network of state and IRS officials for guest speakers to join him at the podium. His January program, “Window into the IRS,” features two IRS Taxpayer Advocates who will explain when and how best to communicate with their offices. (For information, e-mail info@copeseminars.com.)
Although Davidoff is pleased with his overall success, he is also proud of his volunteer activities. Such efforts include coordinating an annual shopping spree for needy children for the past 24 years and collecting over 4,000 pounds of food for a local food pantry.
Looking to the future, he hopes to focus more of his time in the tax controversy area. Monitoring changes in tax laws is always high on his priority list. He will continue to advocate simplicity in the laws. With the success of his practice, Davidoff now enjoys more free time. He travels extensively with his family, including a recent week-long rafting trip down the Colorado River with his daughter, free of cell phones and computers. And, although Davidoff expects to spend more time with his family during the next twenty-five years, he will continue to have a significant positive impact upon his clients, the profession, and the development of our nation’s tax laws.
E. Martin Davidoff & Associates, Certified Public Accountants, and the tax law firm of E. Martin Davidoff, Attorney at Law, are located at 353 Georges Road, Suite K, Dayton, New Jersey. They can be contacted by phone at (732) 274-1600 and online at www.taxattorneycpa.com.