EY’s Michael Ferguson, CPA, CMA, and Tracy Fisher, CPA, were featured contributors for the October/November 2016 issue of the Oregon Society of CPA’s The Accountant. Ferguson is a partner in Ernst & Young LLP’s International Tax Services Group for the Pacific Northwest, while Fisher is a senior manager in the International Tax Services Group in the Ernst & Young Portland office.
“Global tax rules are changing, and changing rapidly,” write Ferguson and Fisher. “The final reports on the base erosion and profit shifting (BEPS) Action Plan have been released by the Organisation for Economic Cooperation and Development(OECD) and endorsed by the G20. These reports recommend significant changes in international tax laws and treaties. Due to the unique global alignment on the matter, BEPS is the most comprehensive change in international taxation in history. To succeed in this new, riskier environment, it’s critical to know how BEPS will affect your organization.”
Five Indian Americans have received distinctions from the EY Entrepreneur of the Year program for their successful business ventures and growing operations, including Jyoti Bansal, whose company AppDynamics won in the technology category of the Entrepreneur of the Year program for the Northern California region.
AppDynamics is an application performance management and IT operations analytics company founded in 2008.
EY announced the winners of the EY Entrepreneur Of The Year Award in Greater Los Angeles on June 20th at a gala event at the Beverly Hilton in Beverly Hills, Calif.
The winners were:
9to5 Seating | Dara Mir, President | Hawthorne, CA | Manufacturing & Distribution category
Dollar Shave Club | Michael Dubin, Founder & CEO | Marina del Rey, CA | e-Commerce category
Legalzoom.com, Inc. | John Suh, CEO | Glendale, CA | Business Services category
MarketShare | Wes Nichols and Jon Vein, Co-Founders & Co-CEO | Los Angeles, CA | Technology category
NewMark Merrill Companies | Sandy Sigal, Founder, CEO & President | Woodland Hills, CA | Services category
Scopely | Walter Driver, Co-Founder & CEO | Culver City, CA | Consumer category
SteelHouse | Mark Douglas, Founder & CEO | Culver City, CA | Emerging category
SusieCakes | Susan Sarich, Founder & CEO | Santa Monica, CA | Hospitality category
“It’s pretty incredible knowing that EY has been celebrating entrepreneurs through this program for 30 years, but this is definitely just the beginning,” said April Spencer, Co-Director of the EY Entrepreneur Of The Year Awards program in Greater Los Angeles.
Kim Letch has just been named Managing Partner of Ernst & Young LLP’s Orange County office where she will be responsible for all services and resources in the market.
“EY’s purpose of building a better working world is something I take personally, every day. It’s our responsibility to make a difference and to give back,” Letch said. “I’m looking forward to building on our practice’s strong legacy to help our teams deliver exceptional client service and to fostering a culture where all of our people have the ability to meet both their personal and professional goals.”
Entrepreneurs from the Greater Los Angeles area gathered for an evening of competition with an independent panel of EY Entrepreneur of the Year judges on May 3 at the Peninsula Hotel in Beverly Hills, California. All three semifinalists featured in this videoadvanced to the finalist round – Jaspar Weir, TaskUs; Gregg Renfrew, BeautyCounter; Michael Dubin, Dollar Shave Club.
Winners will be announced at the Entrepreneur of the Year Awards Gala on June 21 at the Beverly Hilton Hotel in Beverly Hills, California.
IPOs were down for Q3 with 192 deals in the U.S., raising $18 billion in sales. This is significantly lower in terms of both number of deals and money raised, said Jason Brooks on KCBS radio’s “Money Watch.”
“The volatility will impact the opening and closing of the IPO window in the short term. You’ll have to time the market a little better to get the bang for your buck,” said Karim Anani, Ernst & Young partner and west region IPO leader. This has made M&A deals more attractive and IPOs less attractive to investors, he added.
Listen to KCBS “Money Watch” interview with EY’s Karim Anani
Christine Devine talks with EY Entrepreneur Of The Year 2015 elites, including Social Gaming Network founder, Chris DeWolfe, Spokeo CEO, Harrison Tang and TaskUs co-founders, Jaspar Weir and Bryce Maddock.
“If you have a dream, you can make it happen,” says Maddock.
The 2015 EY Entrepreneur Of The Year regional winners are headed to Palm Springs, California in November to compete for the national title in their category. One of the 256 regional winners will be named the 2015 national winner.
Venture capital investments in Q2 proved strong in Los Angeles with more than $2 billion raised in the first half of the year — nearly as much as LA raised in all of 2014. Seattle startups are doing well too — raising $444.5 million — a 6 percent increase from the second quarter in 2014.
“If you look at the ability of technology to enable a lot of different industries, a lot of capital is coming in because there’s a lot of opportunities emerging,” says Jeff Grabow, U.S. venture capital leader for EY.
“This is the strongest start we’ve had to a year in the last five-plus years,” says Greg Beams, partner at Ernst & Young in Seattle.
San Diego fell this quarter after a great start to the year. The number of deals went up from 16 to 22, however the capital investment dropped by more than half.
“From my perspective, I think sometimes these things ebb and flow, depending on how early-stage these companies are,” says Tim Holl, partner at Ernst & Young. “I don’t think it’s an overall trend.”
As Downtown Los Angeles’s night life and metropolitan areas are gaining popularity, a growing number of customers are seeking hotels with flair and inviting communal spaces, said Sara Lo, senior manager specializing in the hospitality business at Ernst & Young. “The shift now is not toward just renting a room where one is going to sleep, it’s going where there is nightlife,” said Lo.
For many years, downtown hotels served mostly business travelers and conventioneers. With its burgeoning restaurant and entertainment scene, downtown is becoming a destination for people traveling in their leisure time, and those people often prefer distinctive lifestyle hotels, Lo said.
This is the sixth in a series of interviews with Frank Mottek of the KNX Business Hour highlighting the EY Entrepreneur of the Year awards in Los Angeles. The recipients were revealed at a black tie awards gala on June 16 at the Beverly Hilton Hotel attended by close to 700 of the region’s elite business leaders and entrepreneurs.
Mike Karanikolas and Michael Mente, Co-Owners & Co-CEOs of REVOLVE talk with Frank Mottek about their entrepreneur journey and their target market in this clip.