Services
Industries
Overview
Mark Thomson has been with Ostrow Reisin Berk & Abrams, Ltd. since 1980 and became a director in 1991. Mark’s career has focused on providing financial and business advisory services for a variety of industries, including manufacturers, distributors and various service organizations. For these clients, he provides guidance on a full range of services, including audits, reviews and compilations, strategic management and income tax planning.
Mark has extensive experience with buy/sell situations and has helped clients plan for, and complete, their sales transactions. He also provides clients with consulting and planning services that maximize the goals of each organization. Mark has published articles on various manufacturing issues and led seminars covering several costing topics. Mark has been involved in litigation support and insurance loss engagements. He has also led the firm’s Employee Retirement Plan audit group.
Services
Industries
Overview
Mark Thomson has been with Ostrow Reisin Berk & Abrams, Ltd. since 1980 and became a director in 1991. Mark’s career has focused on providing financial and business advisory services for a variety of industries, including manufacturers, distributors and various service organizations. For these clients, he provides guidance on a full range of services, including audits, reviews and compilations, strategic management and income tax planning.
Mark has extensive experience with buy/sell situations and has helped clients plan for, and complete, their sales transactions. He also provides clients with consulting and planning services that maximize the goals of each organization. Mark has published articles on various manufacturing issues and led seminars covering several costing topics. Mark has been involved in litigation support and insurance loss engagements. He has also led the firm’s Employee Retirement Plan audit group.
Proactive
Mark enables his clients to manage their businesses more effectively by helping them see both across the organization and into it. He assists clients in reviewing product profitability, evaluating existing inventory issues and establishing more efficient buying guidelines and obtaining available funding from state and local organizations. Mark also helps review or set-up costing models by product and/or product lines, as well as develop proper systems of internal controls for their financial functions. In addition, he assists many clients with the implementation of their financial/accounting software packages.
As ORBA’s managing director, he oversees the firm’s vision, strategy, growth and overall performance. Mark is also focused on maintaining the firm’s strong team organizational structure that enables everyone to bring the best practices to each client engagement. He ensures that the firm’s environment fosters collaboration, cooperation and development enhancing client value and building strong relationships.
Outside of the Office
Mark is exposed to growth outside of work too. His wife and three children enjoy taking adventure vacations that expose them to different cultures. Vacations are also built on following his children’s competitive sporting activities.
Seminars & Events
- How Manufacturers Can Drive, Measure and Capture Value, ORBA, Chicago, IL, January 29, 2015
- What Should I Be Doing Today For My Firm’s Succession in the Future?, Illinois CPA Society, Rosemont, IL, August 27, 2014
Certifications & Licenses
- Certified Public Accountant
Memberships & Affiliations
- American Institute of Certified Public Accountants Member, G400 Advisory Group
- Employee Benefit Plan Audit Quality Center Firm Leader
- Illinois CPA Society Former Subcommittee Chairperson, Manufacturing Seminar Committee Former Member, Accounting Principles Committee
- Illinois Manufacturer's Association
Education
- B.S., Accounting, University of Illinois at Urbana-Champaign
Blogs
Get Ahead on Cybersecurity — Before It Is Too Late
Manufacturers cannot afford to put cybersecurity issues on the back burner. Just because manufacturers may not sell directly to consumers, it does not mean that they are not at risk. Sometimes manufacturers are impacted when their customers or vendors get hit by a cyberattack. And while news media gives play to data breaches that occur […]
The Future of the Supply Chain Is Digital
As the supply chain for the manufacturing industry becomes increasingly global, it is also becoming increasingly complex. Even before the COVID-19 pandemic, many manufacturers and distributors were adopting digital solutions — particularly blockchain — to improve the visibility and traceability of raw materials and goods through the supply chain. These upgrades have helped enhance transparency, […]
The COVID-19 pandemic has resulted in many companies conserving cash and not buying much equipment during the past year. An unintended downside is that you may not be able to claim the same amount of depreciation tax deductions as you have in past years. What can you do? A cost segregation study may allow you […]
SECURE Act: New Tax Incentives for Employers to Offer Retirement Benefits
The Setting Every Community Up for Retirement Enhancement (SECURE) Act authorizes a new, cost-effective type of retirement plan: The pooled employer plan (PEP) beginning in 2021. This is a new type of multiple employer plan (MEP). MEPs have been available for many years, but they suffer from some serious drawbacks and inherent complexities that make […]
Work Opportunity Tax Credit Extended Through 2020
2020 may be a good year for hiring, since the Further Consolidated Appropriations Act extended the Work Opportunity Tax Credit (WOTC) through 2020. This federal income tax credit is available to businesses that hire members of certain “targeted” groups. Let’s examine how the credit can benefit your business. Reviewing the basics The WOTC encourages businesses […]
Why the Segmented Income Statement is a Powerful Management Tool
A company car can be a valuable perk for business owners, salespeople and other key employees who use their vehicles for business purposes. Now may be an ideal time to acquire business vehicles, as the Tax Cuts and Jobs Act of 2017 (TCJA) more than tripled the “luxury auto” threshold, from an original cost of $15,800 to an inflation-adjusted cost of just over $50,000. Depreciation deductions for 2019 are not limited until a vehicle’s cost exceeds $50,400, and accelerated depreciation opportunities are available.
Revenue Recognition Is Here: Are You Ready?
Non-public manufacturers and distributors are affected by the 2019 GAAP change in how revenue is recognized. Have you made changes already? Do you understand how your financial statements will be modified for 2019? Have you discussed this with your bank? Industry information collected indicates that most companies and firms are still struggling with understanding and […]
Moving Your Business to the Cloud
Many manufacturers and distributors have already jumped aboard the cloud computing bandwagon, but is it right for your business?
Is it Time to Switch Accounting Methods?
The Tax Cuts and Jobs Act (TCJA) liberalizes the eligibility requirements for certain accounting methods that are generally easier to use and more flexible. As a result, more small and midsize manufacturers may be eligible for tax reporting shortcuts that may warrant accounting method changes.
Many employers mistakenly believe that the misclassification of employees as independent contractors does not really matter, so long as contractors satisfy all of their tax obligations. This could not be further from the truth. This article explains the stakes involved when employers classify workers as employees or independent contractors.
Waste Not, Want Not: Audit Warehouse Operations for Inefficiencies
Management can never be too busy to review how warehouses are laid out and how employees move around the space. Small adjustments can make a big difference in the bottom line. This article offers three steps toward more efficient warehouse management.
Following the New PATH: Recent Tax Law Extends Depreciation-Expensing Tax Breaks — and More
Creating a three- to five-year capital expenditures budget is important for manufacturers and distributors since they tend to invest heavily in equipment, technology upgrades and leasehold improvements. Among numerous other provisions, the Protecting Americans from Tax Hikes (PATH) Act of 2015 retroactively reinstated many tax breaks related to depreciating these assets which can affect the timing of when companies will place these assets in service. This article provides details on some depreciation-related breaks that have been permanently carved into the IRS rules and others that have been extended for several years. It also highlights the importance of planning ahead to reap the full benefits of the broad-reaching PATH Act.
Leading Lean Means Walking the Walk
The road to excellence in lean manufacturing can be never-ending, but excelling in lean leadership can make it less bumpy. Implementing lean principles can improve quality, timeliness, capacity, customer satisfaction and overall profits to the company. This blog explores the value and importance of lean leadership.
Inventory: An Often-Overlooked Asset
Inventory – is it an asset or a liability with a host of hidden problems? True, it is an asset shown on the balance sheet, but what is inside that number? And, more important, how can an owner or CEO stay informed as to how that line item affects the company’s bottom line results?
Big Data Strategies for Manufacturers and Distributors
“Big data” is a marketing buzzword used to describe any large set of electronic information that can be analyzed by businesses to increase efficiency. This article explains how, using these latest customer-behavior analytics applications, manufacturers and distributors can crunch their internal databases to see how their conclusions compare to those of their competitors, as well as more effectively analyze, track and predict their customers’, employees’ and inventory’s behavior.
Newsletters
Manufacturing and Distribution Group Newsletter – Fall 2022
ORBA’s Manufacturing and Distribution Group’s Newsletter looks at issues manufacturers entertaining a transition to a “Made in America” model should consider and advises business owners on developing a solid exit strategy should they decide to sell.
Manufacturing and Distribution Group Newsletter – Fall 2020
Our Manufacturing and Distribution Group’s Fall 2020 Newsletter provides guidance to those who are thinking of acquiring a distressed business and reviews first-year bonus depreciation and Sec. 179 expensing.
Manufacturing and Distribution Group Newsletter – Fall 2019
Our Manufacturing and Distribution Group’s fall newsletter includes advice on how to properly value your business, as well as information on the new lease accounting rules.
Manufacturing and Distribution Group Newsletter — Spring 2016
ORBA’s Manufacturing and Distribution Group Newsletter is a quarterly publication focused on effective manufacturing and distribution management. The Spring 2016 issue includes two articles, “Strategic Alliances: Leverage Strength and Minimize Weaknesses” and “The Importance of Using Qualified
Employee Benefit Plan Auditors”
Manufacturing and Distribution Group Newsletter – Fall 2014
ORBA’s Manufacturing and Distribution Group Newsletter is a quarterly publication focused on effective manufacturing and distribution management. The Fall 2014 issue includes two articles, Look Who Tops the 2014 Fraud List and Reshoring – A Growing Phenomenon?
Manufacturing and Distribution Group Newsletter – Fall 2013
Welcome to ORBA’s Manufacturing & Distribution Group Newsletter, a quarterly publication focused on effective businesses management for the manufacturers and distributors.
Client Alerts
Message from Managing Director Mark Thomson
Over the past two weeks, I have watched the many peaceful protests across the City of Chicago, our local communities and across the nation. People of all backgrounds are speaking out against the continuing injustice against people of color, specifically Black people.
BREAKING NEWS: IRS Extends More Tax Deadlines
In Notice 2020-23, the Internal Revenue Service has extended the payment and filing obligations for certain income tax returns and income taxes due (originally or pursuant to an extension) on or after April 1, 2020 and before July 15, 2020. The due date of these extended payment and filing obligations is now July 15, 2020.
BREAKING NEWS: Illinois Income Tax Filing and Payment Extension Not Perfect
On Wednesday, March 25, 2020, Governor Pritzker announced that the 2019 income tax filing and payment deadline is now extended from April 15, 2020 to July 15, 2020.
BREAKING NEWS: Tax Filing and Payment Deadlines
As we reported yesterday, the Internal Revenue Service has postponed the tax filing and payment deadlines for calendar year taxpayers until July 15, 2020. Revised guidance has now been issued which expands the provisions to remove the dollar limitation on the amount of the payment that may be postponed until July 15.
BREAKING NEWS: U.S. Treasury Secretary Now Says Tax Filing Deadline Is Moved to July 15
U.S. Treasury Department Secretary Steven Mnuchin announced this morning that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19) outbreak.
On Tuesday, March 17, Treasury Secretary Steven Mnuchin announced at a press conference that individuals and corporations can delay their tax payments until July 15 due to the coronavirus pandemic. Mnuchin stated that individuals can defer up to $1 million in payments for 90 days from the April 15 deadline and corporations can defer up to $10 million in payments for 90 days.
Message To Our Clients About COVID-19
We want to let you know that we are closely monitoring information from the Centers for Disease Control (CDC), as well as local and state authorities, relating to the COVID-19 outbreak and the potential impact on our ability to provide exceptional client service to you during this time. It is important that we protect your health and the health of our personnel, their families and our communities.
News
ORBA Named to Accounting Today’s 2021 “Beyond the Top 100: Firms to Watch”
ORBA, one of Chicago’s largest public accounting firms, has been named as one of Accounting Today’s “Beyond the Top 100: Firms to Watch” for 2021. The firm is also ranked among the top 20 firms in the Great Lakes Region.
Message from Managing Director Mark Thomson
Over the past two weeks, I have watched the many peaceful protests across the City of Chicago, our local communities and across the nation. People of all backgrounds are speaking out against the continuing injustice against people of color, specifically Black people.
ORBA Named as a Top Firm to Watch in Accounting Today’s 2015 Rankings
CHICAGO – Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, was named as one of the “Firms to Watch” for 2015 by Accounting Today in its 2015 Top 100 Firms Annual Report.
CHICAGO – Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest accounting firms, is pleased to announce that Managing Director Mark Thomson will speak at the Illinois CPA Society’s Midwest Accounting & Finance Showcase, which will be held on August 27-28 at the Donald E. Stephens Convention Center in Rosemont, Illinois.
CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest accounting firms, is pleased to announce that Managing Director Mark Thomson will speak at a conference focused on developing new clients.