Year in Review 2018: Michael Hanley, Michels & Hanley CPAs, LLP

Name & Title: Michael Hanley, Managing Partner

Company Name: Michels & Hanley CPAs, LLP

Address: 12 Bank Avenue, Smithtown, NY 11787

Website: mhcpas.com

Social Media: facebook.com/michelshanley

What was your most notable project, deal, transaction or professional achievement in 2018?
During this past year, the most successful Cost Segregation Study we performed for one of our Real Estate Investors that generated $151,962 of tax savings. We performed eleven other studies averaging $47,713 savings per client at an average fee of only $4,275 per client for a 1,116% average ROI.

What was the best decision that you made in 2018 and how did it impact your business?
The best decision we made this past year was hiring a younger staff accountant than we have in prior years.  Instead of going the route of finding someone with 3-5 years of experience, we hired a dynamic candidate as soon as he graduated with his Masters in Taxation.  He came in fresh, eager to learn, and without any bad habits that had been taught at previous CPA firms.  

What market trend(s) will impact your industry in 2019?
The biggest trend we see impacting our profession in 2019 is the reaction to the new tax law changes that went into effect during 2018.  From what we’ve seen so far this year, many taxpayers are not taking the necessary steps to see how they will be affected by the new tax code.  We are operating under the assumption that many of these taxpayers will see the impact for the first time when they have their 2018 tax returns prepared in early 2019 and they will make any necessary changes going forward for 2019.

What was an unexpected event that occurred in 2018, and how did it impact your career or personal life?
The oddest thing that happened to me during 2018 actually started in late 2017.  When Hurricane Irma hit Turks & Caicos, our December vacation was canceled while the resort was rebuilding.  Rescheduling this trip for June 2018 led to my family taking three vacations during the summer of 2018.  While the time travelling was relaxing, the amount of time I spent out of the office took its toll on me as I ended up having to scramble to play catch-up.

Do you have any New Year’s Resolution(s)?
Our New Year’s Resolution as a firm is to expand our footprint by purchasing a larger building, expanding our current building, merging with another CPA Firm, and/or acquiring another CPA firm.