New York, NY (PRWEB) February 05, 2015
O’Connor Davies, LLP, one of the nation’s fastest growing accounting and consulting firms, announced today the release of a new guide to help private business owners identify and avoid missteps that jeopardize their business and net worth. The book, entitled, "Maximizing Personal Wealth: An Advanced Primer for Successful Business Owners," provides private business owners with strategies to address income, estate and capital gains taxes, build meaningful retirement benefits and create and preserve maximum personal wealth.
Detailed in the book, a propriety study of 513 business owners revealed that a majority are not taking full advantage of available legally sanctioned strategies that can result in lower taxes and decrease the probability of losing their wealth in frivolous lawsuits. The study found that:
- Less than 40 percent of businesses surveyed had a qualified retirement plan.
- Less than 75 percent of business owners surveyed had estate plans and most of these plans were outdated.
- Less than 16 percent of business owners surveyed had asset protection plans.
- Less than 15 percent of business owners surveyed, who were interested in one day selling their companies, had taken steps to mitigate taxes on the sale.
“Business owners need to know the actions they can take on their own and with the guidance of select high-caliber professional advisors to protect their life’s work,” said Kevin J. Keane, Managing Partner of O’Connor Davies. “Our goal through the release of "Maximizing Personal Wealth" is to provide a blueprint for business owners to navigate the advanced planning process, identify opportunities to generate revenue, reduce pointless loss and risk, and increase the long-term value of their business.”
To request a copy of "Maximizing Personal Wealth: An Advanced Primer for Successful Business Owners" or to learn more about accounting, tax and advanced planning strategies for business owners, contact Ronald F. DeSoiza, CPA, ABV, Partner, at 914-421-5604 or rdesoiza(at)odpkf(dot)com.
About O’Connor Davies, LLP
O’Connor Davies, LLP is a full service Certified Public Accounting and consulting firm that has a long history of serving clients both domestically and internationally and providing specialized professional services of the highest quality. With roots tracing to 1891, eight offices in New York, New Jersey, Connecticut and Maryland, and more than 550 professionals, led by 90 partners, the Firm provides a complete range of accounting, auditing, tax and management advisory services. O’Connor Davies is ranked number 32 in Accounting Today’s 2014 “Top 100 Firms” list and the Firm is also recognized as a “Leader in Audit and Accounting,” a “Pacesetter in Growth” and one of the “Top Firms in the Mid-Atlantic.” O’Connor Davies is ranked number 33 in INSIDE Public Accounting’s 2014 “Top 100 Firms” list and the Firm is recognized as one of the “Top Ten Fastest-Growing Firms.” O’Connor Davies is also among the 20 largest accounting firms in the New York Metropolitan area, according to Crain’s New York Business and the Westchester and Fairfield County Business Journals.