Overview
Tom Pierce has been with ORBA since 2011 and provides advisory, assurance and tax services to his clients, including manufacturers, professional service providers and high-net-worth individuals.
Tom currently co-chairs the firm’s Manufacturing and Distribution Group.
Overview
Tom Pierce has been with ORBA since 2011 and provides advisory, assurance and tax services to his clients, including manufacturers, professional service providers and high-net-worth individuals.
Tom currently co-chairs the firm’s Manufacturing and Distribution Group.
Proactive
Tom always makes sure he is available to his clients to answer questions and provide guidance. He takes pride in gaining each client’s trust by helping them with their unique issues in an effective and efficient manner.
Outside of the Office
Outside of work, Tom enjoys staying active. Whether in a social league or on a company team, you can usually find Tom playing whatever sport the season dictates. Growing up in the Chicago suburbs, Tom has always been a huge supporter of Chicago teams, especially the Chicago Bears.
Certifications & Licenses
- Certified Public Accountant
Memberships & Affiliations
- American Institute of Certified Public Accountants
- Illinois CPA Society
Education
- B.S., Accounting, Purdue University
Blogs
Nine Tips for Combating the Restaurant Labor Shortage
One of the biggest challenges restaurants face today is the continuing labor shortage. In a recent survey by the National Restaurant Association, 65% of restaurant operators reported that they do not have enough employees to support customer demand. Although the right strategies for addressing the labor shortage will depend on your restaurant’s particular facts and […]
Six Tips for Dealing With Rising Material Prices
Manufacturers face enormous business challenges today. According to the fourth quarter 2021 Manufacturers’ Outlook Survey conducted by the National Association of Manufacturers (NAM), the top two are rising raw material costs and supply chain challenges. Other significant challenges that may affect the availability of materials include rising transportation and logistics costs, unfavorable business climates and […]
The Price Is Right: Implementing the Right Pricing Strategy
COVID-19. Inflation. Labor shortages. Supply chain delays. Manufacturers have had a lot on their plates the past couple of years. Across the board, the result has been increasing prices. But simply increasing prices without factoring market-based considerations into your pricing strategies might not be enough. Related Read: Manufacturing Evolving from COVID-19 What is production-based pricing? Direct […]
Law firms face disruption on multiple fronts and they are struggling to get things done. Firm leaders must contend with the pandemic’s health threat and the challenges of managing a remote workforce, as well as supply chain disruptions, demand shifts, resource constraints and more, all while devising critical plans for the road ahead. Combined with […]
Is a Dedicated Sales Team the Answer to This Economy?
The practice of law is almost always stressful, but current conditions make this period and the near future more anxiety-producing than ever. Law firms are balancing the COVID-19 pandemic, economic uncertainty and ongoing pressure to bring in new business. This has led some to follow the lead of other professional services and create dedicated teams […]
Final Meal and Entertainment Regulations — A Much-Needed Win for the Restaurant Industry
As the restaurant industry continues to struggle amid the COVID-19 pandemic, any relief that can help restaurants boost their cash flow is welcome. Recently, the IRS issued final regulations regarding limits on the deductibility of meal and entertainment expenses. The regulations confirm that most entertainment expenses are nondeductible, but they clarify that some meal expenses […]
SECURE Act Expands Access to Multiple Employer Retirement Plans
The Setting Every Community Up for Retirement Enhancement (SECURE) Act increases access to multiple employer plans to help employees save for retirement.
Illinois’ New Minimum Wage Law: Much More Than a Rate Hike
Illinois recently joined the growing list of states increasing their minimum wage. On February 19, Governor Pritzker signed the Lifting Up Illinois Working Families Act (the Act), which amends the Illinois Minimum Wage Law (IMWL) to gradually increase the state’s minimum wage from its current rate of $8.25 per hour to $15 per hour by […]
Restaurants often talk about establishing a social media presence. However, most restaurants already have such a presence, whether they know it or not. It’s likely that people are discussing your restaurant on Facebook, sharing photos of your food or decor on Instagram, and posting reviews to sites like Yelp and Foursquare.
Best Accounting Practices for Restaurants
While a big focus for restaurants revolves around the food, service and atmosphere, owning and operating a successful restaurant really starts with good accounting. Countless restaurants close their doors every year because the numbers were ignored or not given the attention that they deserve. While the accounting function is not the most exciting part of owning a restaurant, it is certainly one of the most important aspects that should be taken seriously. This article presents a handful of best accounting practices for owners and managers of restaurants of any size.
Restaurant and Retail Remodeling Safe Harbor Election
Are you considering updating part of your restaurant or retail space and not sure of the tax implications? The IRS has developed a new Safe Harbor election for a select few restaurateurs and retailers. However, its requirements can be rather daunting. This article will give you a rundown on this Safe Harbor’s requirements to help you decide whether or not you qualify.
Newsletters
Law Firm Group Newsletter – Fall 2022
ORBA’s Law Firm Group’s Fall 2022 Newsletter discusses ways a law firm can retool its policy for origination credits and reminds law firms to carefully consider the need for lateral hires as the costs of bringing them on can be high.
Law Firm Group Newsletter – Summer 2022
ORBA’s Law Firm Group’s Summer 2022 Newsletter summarizes the updated Attorneys Audit Technique Guide and looks at how law firms are valued compared to other businesses.
Law Firm Group Newsletter – Winter 2022
ORBA’s Law Firm Group’s Winter 2022 Newsletter examines how electronic payments can often improve collections and discusses why a risk-based approach may help firms reduce the odds of falling prey to complex money laundering schemes. A short sidebar highlights a “practical” approach to identifying and assessing money laundering risk for smaller firms and solo practitioners.
Law Firm Group Newsletter – Fall 2020
Our Law Firm Group’s Fall 2020 Newsletter provides four areas law firms should consider when making decisions about long-term sustainability and highlights a few ways that law firm leaders can take control of their firms’ profitability.
Client Alerts
How Will the Minimum Wage Increase Affect Chicago’s Restaurants?
As if rising health care and food costs weren’t troubling enough, now Chicago restaurants can add higher payroll expenses to the list. On December 2, 2014, the Chicago City Council voted to raise the City’s minimum wage to $13 per hour by 2019, which is up from the current rate of $8.25 per hour.