JAMES B. YARD CPA CIA

Jim leads Schneider Downs’s Risk Advisory Services Department and serves as the market growth leader for the firm’s consulting practice. He specializes in providing risk management, internal audit, Sarbanes-Oxley, business process optimization and internal control consulting services. In addition, he has directed numerous process and control improvement projects at several financial service companies.

During the past 25 years, 19 of those in internal audit and risk management, Jim has directed the internal audit and governance aspects for several large public and private companies. In his current role, Jim is responsible for the delivery of internal audit and risk advisory services to several of Western Pennsylvania’s and Central Ohio’s largest public and private companies. In serving these organizations, he has provided services to clients in both a full internal audit outsource capacity, as well as in a co-source relationship.

Jim’s client portfolio consists of a high concentration of financial service companies for which he was responsible for planning, coordinating and managing internal audits and delivering services in the areas of enterprise-wide risk assessment, 404 Sarbanes-Oxley support, business process improvement and compliance reviews. Jim also held a position in internal audit with a large publicly held specialty metals company.

Education

B.S. – Business Administration, Indiana University of Pennsylvania

Professional and Community Involvement

Member—American and Pennsylvania Institutes of Certified Public Accountants

Board Member—The Institute of Internal Auditors (The IIA), Pittsburgh Chapter

Past International Committee Member—The Institute of Internal Auditors

Member—The Information Systems Audit and Control Association (ISACA)

Chairman of the Executive Board—Junior Achievement of Western Pennsylvania
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Who is your role model? 
My father

What is the best advice you ever received?
Work hard. Nothing in life is given, it is earned.

If you could go back in time, what advice would you give to your college self?
Don’t be in such a rush to get into the real world. Enjoy every moment.

What was your first job?
I was a produce clerk for a local grocery store.

Do you have advice for young professionals?
Ask questions – you don’t know all of the answers. Don’t be afraid to seek the insight of those around you.

Our Thoughts On

FEATURED

Big Problem: Pandemic-fueled Tax Liabilities For Dealerships


Big Thinking: Change Accounting Methods To Achieve $600,000 In Deferred Tax Savings.

Shareholder STEVE BARBER has been with Schneider Downs since 2003 and has over 20 years of experience in all areas of tax advisory services including tax planning, research and compliance, accounting, acquiring, selling and operational and financial reporting matters for closely held businesses. Steve serves clients in several diversified industries, including automobile, construction, real estate and manufacturing. As leader of the Automotive Services Group, Steve learned from most, if not all clients that they were struggling with COVID-19’s impact on their ability to maintain an inventory of new vehicles. For dealers using the last-in, first-out (LIFO) method of inventory accounting, when inventories dip, normally the LIFO reserve is recaptured, and more federal income taxes are due. Therefore, because of the pandemic-fueled shortage, many of Steve’s clients were faced with potential significant tax liabilities. Steve and his team took a two-pronged approach to helping their clients avoid the LIFO reserve recapture. “We suggested a different accounting method to calculate LIFO reserve to avoid the recognition of income prematurely,” he said. In addition, the group devised a way to bolster their clients’ inventory calculations. “We combine the dealer’s used vehicles and parts with their new vehicles to create a larger pool of inventory and to capitalize on the very large used vehicle inflation,” said Steve. This made the LIFO reserve recapture not as drastic and, in some cases, increased the reserve. Working with Steve, one client experienced a 25% increase to their LIFO reserve, rather than what would have been a 60% drop caused by the pandemic. Implementing Steve’s team’s suggestions, the dealer changed their income by approximately $2 million and achieved over $600,000 in deferred tax savings. Schneider Downs provides Big Thinking and Personal Focus in delivering a variety of services for large and small businesses, both publicly and privately held, as well as nonprofit organizations, government entities and more. Through our commitment to thought leadership and knowledge management, we deliver the solutions our clients need with a personal commitment to service.

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