James B. Skakun
CPA
About
Expertise
Articles
Testimonials
James’ primary focus is on the growth and continued success of the firm’s clients by delivering tax compliance and planning and best practices to private equity firms, closely-held companies and family-owned businesses.
Working extensively with multi-state companies, S corporations, partnerships and limited liability companies, James is knowledgeable on intricate tax regulations and various compliance-related matters. He works with business owners in redemption, sale and liquidation planning, as well as supporting negotiations with private equity-backed firms by providing insight into potential tax exposure for target companies.
James also serves as a mentor to our young professionals. He exemplifies leadership by providing guidance and offering best practices, which contributes to the continued development of the firm through training the next generation of leaders in both technical and soft skills. James is a trailblazer for the next generation of leaders by incorporating the firm’s core values in all professional endeavors.
Specializations
- Partnership Taxation
- S Corporation Taxation
- Cost Segregation Studies
- LIFO
- Manufacturing and Distribution
- Accounting for Income Taxes (FAS 109)
- Multi-State Taxation
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
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 >>
Commonly Overlooked Items for Maintaining S Corporation Election
S Corporations offer the benefit of passing income through to shareholders for taxation instead of being double taxed, once at the entity level, and once as a dividend when profits are distributed. To maintain S Corporation status, there. 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