James B. Skakun
CPA
About
Expertise
Articles
Testimonials
A dynamic partner at BMF, James leverages his extensive expertise in intricate tax compliance and regulatory matters pertaining to private equity firms and closely held businesses.
James is not the type of person content to observe life from the back of a room. With an unwavering drive to provide exceptional counsel and strategic advice, James actively engages with clients across diverse industries such as manufacturing and distribution, construction, and private equity groups. He collaborates closely with the firm’s Transaction Advisory practice, overseeing tax due diligence matters to identify potential exposures or tax optimization opportunities for impending transactions. James’s profound insights assist business owners in navigating critical decisions surrounding various tax strategies, including multi-state tax implications and potential tax implications of a potential transaction.
Beyond his technical prowess, James has played a pivotal role in propelling BMF’s growth and success. He has championed various firm initiatives and serves as a mentor to new staff members. His technical training blended with his innate curiosity has helped him become an invaluable asset to the firm’s clients. James is a trailblazer for the next generation of BMF leaders by embodying the firm’s core values in all his professional endeavors, charting new paths for others to follow.
James joined the firm in 2011, leaving an indelible mark on its trajectory ever since. His exceptional leadership and mentorship have fostered a culture of continuous learning and professional growth at BMF. He also is passionate about serving his community to ensure there is a better tomorrow. Noteworthy accolades include receiving the esteemed 30 For the Future Award from the Greater Akron Chamber in 2016.
An active member in the community, he has served on the board of directors for Torchbearers and Rebuilding Northeast Ohio Together and currently serves on the Board of Directors of First Tee of Greater Akron. Outside of Northeast Ohio, James is a passionate traveler, exploring worldwide destinations with his wife and two young boys.
Specializations
- Cost Segregation Studies
- LIFO
- Manufacturing and Distribution
- Mergers & Acquisitions
- Multi-State Taxation
- Partnership Taxation
- S Corporation Taxation
- Tax Due Diligence
Education
- Masters of Science in Accountancy, University of Notre Dame, cum laude
- Bachelor of Science in Business Administration, Miami University
Certifications
- Certified Public Accountant
Professional and Civic Memberships
- American Institute of Certified Public Accountants
- Ohio Society of Certified Public Accountants
- Torchbearers, Class of 2016, past board member
- First Tee of Greater Akron, board member
Awards and Accolades
- 30 For the Future award recipient, Greater Akron Chamber/Young Professionals Network
- Leadership Stark County Spotlight Program
CliftonStrengths
- Achiever
- Competition
- Learner
- Analytical
- Focus
Assessing the Profitability of Your Products
As a manufacturer, it’s essential to have a clear understanding of the profitability of your individual products, not just your overall company profitability. By assessing the profitability of each product line, you can optimize your strategies and make informed. Read More >>
Tax Structuring in M&A Transactions
*as seen in Crain’s Cleveland Business, January 17, 2022 A properly structured transaction can provide tax benefits to both the buyer and the seller. Typically, buyers want a deductible step-up in basis while sellers want capital gains treatment. Proper. Read More >>
Tax Reform Series #7: Carried Interest Extended to 3-Year Holding Period
The Tax Cuts and Jobs Act of 2017 (“TCJA”) adoption of Internal Revenue Code (“Code”) Section 1061 is targeted at hedge and private equity funds. The TCJA extends the holding period for favorable long-term capital gain treatment related to. Read More >>
I have a sweet spot for BMF, but the associates assigned to my account take very good care of our company and value the long-term relationship that was created long before any of us were involved. James did a great job, particularly communicating with the even changing rules on PPP and ERC. Always appreciated!
April, 21
I truly enjoy working with BMF and James does a great job for us.
June, 21