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EVAN C. OGRODNIK CPA
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Evan is a shareholder in the Tax Advisory Services department with more than 23 years of experience in all areas of tax compliance and reporting, planning and research. He serves clients in a number of industries, including manufacturing, technology, distribution, professional services and private equity. His expertise includes tax planning and the development and communication of tax strategies to management along with the review of corporate, partnership and individual income tax returns.
Evan has significant experience in GAAP accounting and reporting, including ASC 740 income taxes and tax provision calculations. He works with the Schneider Downs Business Advisory department on tax due diligence procedures related to buy-side and sell-side transactions, specifically in identifying and qualifying the risks and maximizing benefits with transaction structure.
Evan has also worked with the firm’s Internal Audit department assisting clients with their review of internal controls and processes as they relate to income taxes and ensuring compliance with Sarbanes-Oxley.
Education
B.S.B.A. – Accounting, John Carroll University
Professional and Community Involvement
Member – American and Pennsylvania Institutes of Certified Public Accountants
Member of the Schneider Downs Manufacturing Industry Group
Chair – Schneider Downs Private Equity Industry Group
Board Member – Advantage Credit Counseling Service
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What was the best advice you’ve ever received?
You only have one chance to make a first impression – which was told to me by Carl Monastra, my tax professor at John Carroll University.
Who was your role model?
My father, who worked multiple jobs to provide every opportunity for our family.
What was your childhood dream?
I wasn’t a big dreamer – but I fully expected to be the front man in a hair-metal band playing stadium shows. I guess being a tax advisor isn’t a bad alternative.
What is the best or most interesting thing about your career?
I spend most of my day helping people. I help clients with tax matters and planning opportunities. I help our staff work through issues and coach them in their personal development. I help a non-profit organization to address challenges during tough economic conditions. It gives me great satisfaction to help people.
Do you have advice for young professionals?
You’ve got 40 years of working life ahead of you. Find something that you are passionate about and a place that will provide you with opportunities to succeed.
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FEATURED
Big Problem: Pandemic-fueled Tax Liabilities For Dealerships
Big Thinking: Change Accounting Methods To Achieve $600,000 In Deferred Tax Savings.
Shareholder STEVE BARBER has been with Schneider Downs since 2003 and has over 20 years of experience in all areas of tax advisory services including tax planning, research and compliance, accounting, acquiring, selling and operational and financial reporting matters for closely held businesses. Steve serves clients in several diversified industries, including automobile, construction, real estate and manufacturing.
As leader of the Automotive Services Group, Steve learned from most, if not all clients that they were struggling with COVID-19’s impact on their ability to maintain an inventory of new vehicles. For dealers using the last-in, first-out (LIFO) method of inventory accounting, when inventories dip, normally the LIFO reserve is recaptured, and more federal income taxes are due. Therefore, because of the pandemic-fueled shortage, many of Steve’s clients were faced with potential significant tax liabilities.
Steve and his team took a two-pronged approach to helping their clients avoid the LIFO reserve recapture. “We suggested a different accounting method to calculate LIFO reserve to avoid the recognition of income prematurely,” he said. In addition, the group devised a way to bolster their clients’ inventory calculations. “We combine the dealer’s used vehicles and parts with their new vehicles to create a larger pool of inventory and to capitalize on the very large used vehicle inflation,” said Steve. This made the LIFO reserve recapture not as drastic and, in some cases, increased the reserve.
Working with Steve, one client experienced a 25% increase to their LIFO reserve, rather than what would have been a 60% drop caused by the pandemic. Implementing Steve’s team’s suggestions, the dealer changed their income by approximately $2 million and achieved over $600,000 in deferred tax savings.
Schneider Downs provides Big Thinking and Personal Focus in delivering a variety of services for large and small businesses, both publicly and privately held, as well as nonprofit organizations, government entities and more. Through our commitment to thought leadership and knowledge management, we deliver the solutions our clients need with a personal commitment to service.
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