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Five Questions With ... Alfred Fricano

Posted by Admin Posted on Mar 27 2017

Q. When and why did you decide to go into accounting?

My dad was in the grocery business, next to our home, so I was always around a business. However, when I graduated from high school, I went to school for engineering, which I discovered wasn’t for me.

At age 21, I went into the candy tobacco wholesale business. I had about $80,000 of my dad’s money in salable inventory in 1957. I really didn’t know if I was making a profit or loss, so I went to the local business college to take bookkeeping to find out. Shazam, I had never heard of accounting, so a whole new world opened up for me.

Business was not that profitable. I sold the inventory, paid my dad, went to Youngstown State University to major in accounting and minor in economics. After graduation, I went to work for Arthur Anderson, and found out that I hated auditing.

I then went to work for the IRS auditing tax returns. After 4 ½ years, I recognized the fact that there was a need to help small businesses with their tax compliance. So, I became a CPA and purchased a small tax practice.

Q. What qualities make a good accountant?

It is a given that if you are a CPA, you understand accounting. However, understanding business is different, and knowing how the IRS works gives you insight into complex areas of tax law. This equips you to be able to help clients make tax-saving and sound business decisions. Sometimes, you have to look past the numbers to make a good decision. You need to listen to what is troubling your clients, and be responsive quickly after they call you for help.

Q. What areas of the business do you focus on?

My main focus is on tax planning, tax consulting, tax preparation of individual, corporate trusts and partnership LLC. As a Certified Business Valuation Analyst, I also perform business valuation consulting in business transitioning and estate planning.

Q. What has been the greatest moment in your career?

I can’t recall any greatest moment in my career. I just feel blessed that I am doing what I am doing and able to provide beneficial services to my clients.

Q. What do you do outside the office for fun?

I like to work in my yard growing flowers, golf trap shooting and dancing.

 

 

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