Sales Accounting

Efrem Schnoll, cpa

** ***** ****** **********, ** 11516 917-***-****

adgrvl@r.postjobfree.com

Senior Level – Finance Executive

Professional Experience

ROYAL WINE CORP/KAYCO ($400 million manufacturer and distributor), Bayonne, NJ May 1993 - present

Controller/CFO. Responsible for the financial reporting for an affiliated group of companies. Preparation of sophisticated management reports for the determination of gross profit by item and by customer, and detailed expense analyses to determine where to implement cost-cutting measures. Responsible for the day to day banking relations, including preparation of monthly asset based lending bank reporting which includes detailed accounts receivable and inventory reporting. Closely involved in planning and forecasting both short-term and long-term liquidity needs. Worked closely with banks and other financial institutions in obtaining lines of credit, term loans, bank guarantees mortgages, long-term debt, and tax-exempt bond financing and operating leases. Preparation of detailed inventory cost analyses. Supervised several major software upgrades and new software implementations. Responsible for cash management of controlled disbursements, operating, collateral, and money market accounts. Preparation of financial forecasts presented to financial institutions, and budgeting. Sophisticated tax planning and preparation for the related officers, shareholders, directors and numerous other related parties. Preparation and review of corporate income tax returns. Supervised an entire accounting and bookkeeping staff. Became a resource person within the organization. Trained subordinates, and inspired creativity.

Developed a novel approach to reallocate Passive Losses to specific shareholders to offset Passive Income in a more advantageous manner, resulting in tax savings over $1,000,000.

Took full advantage of the aggregation rules under Section 469 of the Internal Revenue Code, to convert millions of dollars of Passive Losses to Active Losses, generating tax savings over $800,000.

Expedited the remittance of over $3,500,000 of Federal Excise Tax refunds by contacting the office of a US Senator.

Created a new approach to reduce New York City General Corporation Tax for S Corporations resulting in tax savings over $1,130,000.

Actively participated in the obtaining of over $20,000,000 in “GROW NJ” tax credits. Developed tax strategies to maximize the use of these credits by converting them to grants that were sold to third parties. Conducted tax research to determine that these grants would qualify for the Section 199A QBI deduction, resulting in tax savings over $150,000 annually.

Set up a Like Kind Exchange, under Internal Revenue Code Section 1031, to exchange a New York property with a California property, resulting in combined federal and state tax savings of approximately $1,500,000.

Discovered a much faster way to write-off the improvements on a new building by conducting cost segregation study. The present value of the resulting tax savings was increased by over $130,000.

Implemented a Domestic international Sales Corporation (DISC), which generates substantial tax savings on export sales. Developed a novel approach to allocate costs between export vs non-export sales, resulting in tax savings of $240,000 in the initial year alone.

Prepared sophisticated tax projections for individual S corporation shareholders saving nearly $200,000 in Alternative Minimum Tax by fine-tuning state estimated tax payments.

Accelerated the write-off of $900,000 of leasehold improvements. The present value of the acceleration in tax benefits exceeded $180,000.

Filed a Substitution Drawback claim covering a four-year period, resulting in federal wine tax and US customs refunds of $736,000.

Challenged several workers compensation audit resulting in $280,000 of savings.

Implemented a hand-punch employee time clock system to eliminate ‘buddy punching’, and saved approximately eight thousand dollars in payroll costs.

Implemented numerous tax saving strategies at the corporate and individual shareholder levels, resulting in hundreds of thousands of dollars of tax savings.

Adopted an aggressive tax position relating to a lawsuit claim, reclassifying it as a nontaxable return of capital, resulting in over $300,000 in tax savings.

WEISS STERN & COMPANY, New York, NY October 1984 - May 1993

Senior Manager. Syndicated limited partnerships in real estate and horse breeding. Prepared and reviewed workpapers, financial statements including compilations, reviews and audits, individual and corporate tax returns for clients in many diverse industries such as manufacturing, jewelry, real estate, oil and gas and professional firms. Prepared and reviewed numerous high net worth individual income tax returns, and prepared sophisticated tax planning scenarios to maximize tax savings, especially looking to avoid the alternative minimum tax. Supervised the senior and junior level staff. Represented clients in tax audits of various types. Lectured to Fortune 500 companies about the corporate and individual alternative minimum tax and accounting for deferred taxes under FASB 96 and FASB 109. Assisted a $1billion pharmaceutical company adopt FASB 96.

Technology Skills

Expert knowledge of spreadsheets; designed spreadsheets for colleagues, subordinates and seminar participants. Strong network administration skills. Working knowledge of many popular general ledger, database, and tax preparation and word processing programs.

Education

TOURO COLLEGE, New York, NY

B.S. in Accounting, January 1984, Summa Cum Laude

GPA 3.92 / GPA in accounting 4.00

Deans List

Certifications/Awards

CPA ELIJAH WATT SELLS AWARD with high distinction for passing the May 1984 CPA Examination with one of the 125 highest scores out of the approximately 50,000 candidates who sat for the exam.

Writer Published writer for the Touro College Business Review

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