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Public Relations/Advertising/Media

Sustaining Your Growth

The public relations and advertising industry is dealing with major change. The internet and social media have radically altered the way business is conducted. Global competition and increased consolidation have added further complication to an already complex business environment. Organizational structure and administrative functions need to be as efficient and as effective as possible. Firms require the tools and information necessary to develop the long-range strategic vision necessary to ensure healthy, sustainable growth.

From initial start-up through the various cycles of their business growth, success in this new world means getting relevant tax, accounting, and business advice from experts who have strong industry knowledge. Budgeting, cash flow projections, profitability analyses, revenue recognition, nexus and strategic tax planning are some issues agencies need to address.

Anchin's team currently serves some of the most well-known agency names in the industry. Whether you need an operational review, a capacity study, due diligence for a merger or acquisition, or the traditional range of accounting, auditing, and tax services, Anchin provides services optimized and customized for the unique structure and environment in which public relations and advertising agencies operate.

Services include:

  • Accounting, audit, and taxation
    • Financial reporting
    • Budgeting and forecasts
    • Obtaining bank financing
    • Profitability analysis
    • Cash flow projections
    • Pension planning
    • Retirement planning
    • Tax planning and compliance
    • Estate planning
    • Revenue recognition
    • Nexus issues
  • Management and information systems consulting
    • Succession planning
    • Operations review
    • Software selection, implementation and support
    • Time and billing systems
    • Internal control review
    • Accounting systems
    • Document imaging
    • Capacity studies
    • Disaster recovery planning
    • Merger and acquisition consulting/due diligence

Success Stories

  • Testimonial: J Public Relations

    “Partnering with Mike and the team at Anchin two years ago was one of the best business decisions we have made.  Anchin has an in-depth knowledge of the Public Relations industry.”

News

  • Understanding How the Paycheck Protection Loan Program Can Provide Support For Your BusinessMarch 31, 2020

    On Friday, March 27, 2020, The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion stimulus bill, was signed into law. The CARES Act allocated approximately $350 billion to help small businesses keep workers employed and cover certain expenses while dealing with the impact the pandemic has had on the United States’ economy and its citizens’ health.  The CARES Act established the Paycheck Protection Program (“PPP”) that enables qualifying small businesses to borrow up to $10 million.  These loans are eligible to be forgiven, if the loan proceeds are used pursuant to criteria as defined in the CARES Act, and other requirements are met.  Loans are available to eligible borrowers under this program through June 30, 2020.  The CARES Act requires the Small Business Association (SBA) to draft regulations around implementation including a list of lenders regarding these loans.  In addition, businesses who have taken out SBA Economic Injury Disaster Loans have further considerations as discussed here.

  • Introducing Anchin’s COVID-19 Resource TeamMarch 30, 2020

    To assist you with evaluating the broad range of programs now available, we have established the Anchin COVID-19 Resource Team, a coordinated group of experienced professionals that will work alongside your engagement teams, in claiming the benefits you need to meet your cash flow, maintain your workforce and handle other critical challenges.

  • Senate Approves Over $2 Trillion in Relief to Ease Economic HardshipMarch 26, 2020

    The Senate finally approved legislation providing over $2 trillion of relief designed to ease the hardship caused by the coronavirus outbreak. This legislation still requires approval from both the House and President. Approval from both is expected over the next few days.

  • Coronavirus Stimulus Act UpdateMarch 25, 2020

    Congress and the White House have agreed on a comprehensive package of relief for business, individuals, state and local governments and hospitals. The proposed package is still pending subject to a vote by the House and Senate, and approval by the President.

  • How PR, Marketing and Advertising Firms Define “Consulting” Will Impact Their Eligibility for the Valuable 20% Pass-Through Entity Tax DeductionFebruary 18, 2020

    In 2017, Congress enacted the Tax Cuts and Jobs Act (TCJA).  The legislation created new Section 199A, Pass-through Entity Deduction, allowing non-corporate taxpayers a 20% deduction on Qualifying Business Income (QBI).  However, the definition of income eligible for this tax benefit for public relations, marketing and advertising firms is not straight-forward.

  • The Impact of the New Revenue Recognition Standard for Public Relations, Advertising, Digital Media and Technology/Software CompaniesDecember 17, 2019

    Resources from our 12/17 session covering the five-step model and industry specific considerations for Services companies, including PR/Advertising/Media and Technology.

  • Hack Attack: Understanding Unauthorized Computer Data Access From the Client’s Viewpoint WebinarOctober 2, 2019

    Watch this PR Council webinar to see Russ Safirstein, leader of Anchin Digital Risk Solutions, share steps your clients must take as soon as they discover their computer system has been compromised. He also reviews risks, responsibilities, requirements and reporting deadlines that must be met with any data breach, so that you can be prepared with your crisis communications strategy.

  • 6 Ways Accounting Firms Can Innovate SuccessfullySeptember 17, 2019

    Anchin Partner Russell Shinsky is quoted extensively in this interview with BKR International's  Aiysha (AJ) Johnson about accounting firms of the future and innovation.

  • Finally Some Digestible Meal and Entertainment GuidanceOctober 3, 2018

    On October 3rd, the Internal Revenue Service released Notice 2018-76 providing transitional guidance on how the Tax Cuts & Jobs Act changes to the deductibility of Entertainment expense affects the 50% deductibility of business Meals that taxpayers and professionals had been hungering for. While the guidance is transitional, it provides clarity on some of the issues we had previously provided comments on:

  • Tax Cuts and Jobs Act Substantially Limits Meals and Entertainment DeductionFebruary 14, 2018

    The 2017 Tax Cuts and Jobs Act introduced some significant limitations to the meals and entertainment deduction. The new law makes two major changes to the meals and entertainment rules, which can impact your business.

  • How New Tax Law Will Impact PR FirmsJanuary 31, 2018

    Gould+Partners spoke with Michael Belfer, an accounting and audit partner at Anchin and leader of the firm’s Public Relations and Advertising Industry Group, to find out what agency owners and C-level executives need to know.

  • Tax Bill Impacts Service FirmsDecember 28, 2017

    On December 22, President Trump signed into law the “Tax Cuts and Jobs Act of 2017” (TCJA). The bill contains many provisions effective in 2018 that will significantly impact professional and non-professional firms.

  • Tax Cuts and Jobs Act Offers Favorable Tax Breaks for BusinessesDecember 28, 2017

    The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.

  • Tax Reform Proposals Affect Partnerships and S CorpsNovember 16, 2017

    On November 9, 2017 the Senate Republicans released their version of tax reform. The Senate version has similarities to the House’s proposal, but there are some distinct differences, including the relief for small businesses.

  • Senate GOP Releases Tax Reform PlanNovember 14, 2017

    The Senate released its long awaited tax reform proposal. While many similarities exist with the House bill many differences also exist. Here are a few observations.

  • Compare and Contrast the House and Senate Tax BillsNovember 14, 2017

    Many of the House and Senate provisions are similar. For example, both plans would repeal the alternative minimum tax and retain the charitable contribution deduction. However, there are a number of key differences. Here’s a look at some of the most significant.

  • Year-End Tax Planning for Businesses: Looming Tax Reform Creates Planning ChallengesOctober 30, 2017

    As the end of 2017 approaches, the prospect of dramatic tax reform makes year-end tax planning especially challenging. In late September, the Trump administration and Republican congressional leaders unveiled their Unified Framework for Fixing Our Broken Tax Code. The framework proposes reduced tax rates for businesses as well as changes to a variety of business tax benefits. But there’s a great deal of uncertainty over when — and if — tax reform will be implemented and which proposals could make their way into possible new tax legislation.

  • The Introduction of Gen ZJanuary 26, 2017

    By 2020, Generation Z (“Gen Z”), individuals born in 1996 or later, will account for one-third of the United States population. We’ve charted the unique factors and influences that categorize today’s generation. 

  • How to Strengthen Your Budgeting EffortsJuly 14, 2016

    Michael Belfer, Public Relations and Advertising Practice Leader, tells Gould + Partners that agencies should keep an eye on performance and adjust their budgets as needed.

  • How Does Tax Reform Impact You?

    6 Recent Tax Law Changes That Technology Companies Need to Know07/25/2019 Automatic Extension Available for Making Portability Election1/31/2019 What Should Businesses Know About Qualified Opportunity Zones?1/15/2019 How Can…

  • COVID-19 Update Center

    The Anchin COVID-19 Update Center is available to simplify your access to critical financial information. The Center will be updated regularly and will supplement your…

Videos

  • Anchin Webinar: Tax Reform Discussion - How will the Bill Affect You? Get the Answers; Not Just the FactsJanuary 12, 2018

    In this recorded webinar, Anchin assembled a panel of top professionals from varying viewpoints, including Real Estate, Financial Services, Professional Services, Technology, and Private Client to have a Q&A session on the effects of the new tax reform.

  • A Conversation with Rick GouldNovember 12, 2015

    A lively exchange between Michael Belfer, CPA, CGMA and Rick Gould, CPA, JD on best practices for management of PR & Advertising Firms, hosted by…

  • Billing Rates and UtilizationNovember 12, 2015

    A lively exchange between Michael Belfer, CPA, CGMA and Rick Gould, CPA, JD on best practices for management of PR & Advertising Firms, hosted by Anchin.

  • In Business to Make ProfitsNovember 12, 2015

    A lively exchange between Michael Belfer, CPA, CGMA and Rick Gould, CPA, JD on best practices for management of PR & Advertising Firms, hosted by Anchin.

  • Calculating Billing RatesNovember 12, 2015

    A lively exchange between Michael Belfer, CPA, CGMA and Rick Gould, CPA, JD on best practices for management of PR & Advertising Firms, hosted by Anchin.

  • Commercial Rent TaxNovember 12, 2015

    A lively exchange between Michael Belfer, CPA, CGMA and Rick Gould, CPA, JD on best practices for management of PR & Advertising Firms, hosted by Anchin.

  • How To Create Viral Movements With Digital MediaApril 22, 2015

    Anchin, Block & Anchin LLP Partner Michael Belfer on panel discussing how to create viral movements with digital media at CoInvent Media Summit.…

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