Mike Donahue is CF&W’s new Head of Tax

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Calvetti, Ferguson & Wagner, P.C. (CF&W), a full-service public accounting and business advisory firm, has announced that Mike Donahue has joined as partner of the firm effective November 13, 2006. Mr. Donahue will lead the firm’s Tax practice and will play a strategic role in expanding the firm’s services in all areas of taxation, especially in the areas of FAS 109, FIN 48 and international taxation.

Mike joins the firm with over 25 years of experience providing clients with comprehensive tax planning and compliance services. As a former Tax Managing Director of KPMG, LLP, Mr. Donahue has advised both public and privately-held companies in a variety of areas including: international tax consulting, tax structuring and FAS 109 while also overseeing clients’ tax compliance preparation processes.

Prior to KPMG, Mike served as a Tax Partner of Hein & Associates, LLP. In this capacity, Mr. Donahue provided planning and compliance services to middle market clients in the energy, oilfield service, manufacturing and distribution industries and managed the tax preparation process of both federal and state tax returns for corporate clients. Mike is a CPA and is a graduate of Marquette University.

“We welcome Mike Donahue as our new head of tax,” said Jason Ferguson, CF&W partner. “FAS 109 has been a complicated issue for most public companies, and the new guidance provided by FIN 48 only complicated things further. Mike’s combined experience in both international tax and FAS 109 separates him from his peers and will allow CF&W to offer high-level consulting services to our clients in these critical areas.”

FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (FIN 48), is effective for fiscal years beginning after December 15, 2006 (e.g., effective January 1, 2007 for calendar year-end companies). FIN 48 creates a single model to address uncertainty in income tax positions. It clarifies the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. FIN 48 also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transitioning. Public companies are currently under significant time pressure to implement these strict new rules. Mike’s extensive FAS 109 experience will prove to be helpful to clients meet the various FIN 48 requirements.

About Calvetti, Ferguson & Wagner, P.C.

Calvetti, Ferguson & Wagner, P.C. is a rapidly growing, Houston-based certified public accounting and consulting firm that serves both private and public companies. The firm sets itself apart in the middle market by providing national and international experience while offering personal partner attention to each client. To learn more about CF&W, visit them at http://www.cfw-cpa.com .

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