Cara C. Hoffman

CPA, MST

Tax Senior Manager 

A Senior Manager and Assistant Department Head in Blackman Kallick’s Tax Services group, Cara Hoffman delivers insights into inventory methods, tax accounting methods, and green tax incentives to manufacturers, distributors, and construction companies, and their high-net-worth owners.

Cara helps her clients plan strategies to achieve their personal and business goals by:

• Advising on tax-efficient methods of accounting for fixed assets and inventory, including compliance with new IRS regulations regarding whether repairs are capitalized or expensed 
• Exploring opportunities and pitfalls involved in changing tax accounting methods
• Identifying and maximizing opportunities for green tax incentives, such as those for energy-efficient lighting and alternative fuel use
• Performing year-end and quarterly planning with business owners to project cash flow, identify potential tax savings, and initiate wealth transfer strategies
• Advising on the proper use of net operating losses following an ownership change (IRC Section 382)
• Representing clients before federal and state tax agencies

The hot-button issue of environmental sustainability has given rise to a number of green tax incentives, which Cara monitors to determine their applicability to Blackman clients. In addition to advising her clients on opportunities to take advantage of these incentives, Cara connects them with the consultants and engineers who can perform the required studies and analyses.

Cara uncovers these opportunities for tax incentives, as well as other cost savings, because she commits her time at client sites to understanding their processes and operations, and what is truly important to them. Cara is a trusted advisor for all aspects of the client’s needs. Her tax structuring and preparation services help the business entity as well as the individual owner and family.

As Assistant Tax Department Head, Cara enjoys the opportunity to mentor other Blackman team members. She further helps develop her colleagues as an integral member of the Training and Development Committee. Cara also participates in Blackman’s Environmental and Community Outreach (ECO) committee, which strives to constantly improve the environmental and social impact that the firm’s decisions have on the community.

Credentials and Professional Involvement

As a member of the American Institute of Certified Public Accountants (AICPA) Tax Methods and Periods Resource Panel, Cara comments on evolving tax legislation, and regularly meets with other tax professionals, and members of the IRS and Department of Treasury. She is a member of the Illinois CPA Society (ICPAS) and former member of the ICPAS Board of Directors and Individual Taxation Committee. 

Cara is a frequent author and speaker on individual taxation topics and tax legislative updates. She has been published in Taxes – The Tax Magazine and regularly authors articles for Blackman’s Tax Highlights newsletter. She has been interviewed by media outlets such as Chicago’s First Business News and ABC Channel 7 News.

Cara earned a BS in Accounting and Economics and an MS in Taxation (with distinction) from DePaul University.

Articles by Cara C. Hoffman

• A Year-End Planning Checklist for Every Manufacturing Company and Distributor
• Significant Tax Savings for Fixed-Asset Investments in 2011
• Are There Benefits to Being a Small Contractor?
• Domestic Production Deduction Increases by 50% in 2010
• EFTPS changes as of January 1, 2011
• Research & Development Credit: To Be, or Not to Be?
• Be Irish — Going Green has tax benefits!
• Tax Benefits from the HIRE Act
• Excess Capacity - Tax Advantage or Disadvantage?
• LIFO and Decreasing Prices—The Perfect Storm?

News about Cara C. Hoffman

• Hoffman Discusses New Tax Hikes on First Business News
• Hoffman Appointed to Illinois CPA Society Board of Directors
• Hoffman Interviewed by ABC Channel 7 News