Mary F. Bernard, of Kahn, Litwin, Renza & Co. Ltd, has been named president of the Rhode Island Society of Certified Public Accountants. She has more than 20 years’ experience and focuses on corporate multi-state tax issues.
Bernard has a bachelor’s degree in mathematics from Bridgewater State College in Bridgewater, Mass., a master in accounting from Bentley College in Waltham, Mass., and a master’s degree in taxation from the University of Hartford in Hartford, Conn.
PBN: What share of your work involves individuals vs. businesses and nonprofits?
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BERNARD: The major focus of my work is business entities of all types – corporations, partnerships and LLCs. … KLR has a substantial nonprofit practice, and I am frequently brought in to consult on tax issues related to these entities.
PBN: What are some major issues facing Rhode Island businesses that CPAs can help with?
BERNARD: Statistics show that Rhode Island businesses’ pay a much higher percentage of the state’s tax burden than businesses in other states. As CPAs, we can address the issues of state taxes by planning to minimize the burden.
One of the largest expenses in many businesses is compensation and benefits. CPAs can assist with … the entire compensation package to help businesses get the most value for their expenditure. …
Many successful businesses have not planned for the future of the business with the next generation of owners. CPAs can be instrumental in designing a succession plan.
PBN: What major professional issues do you plan to address as president of the society?
BERNARD: As part of the strategic plan of the Rhode Island Society of CPAs, I expect to concentrate efforts to improve recruitment of young business students into the profession. …
Our awareness program at the Society is aimed at increasing public awareness of what the Society and its members can offer to the community. … We want to get the word out that your CPA can assist with planning for retirement, college and family succession, as well as accounting and tax issues.
