DEARBORN — Karl Fava, founder and president of Dearborn-based Business Financial Consultants Inc., has been appointed to the Individual Income Taxation Technical Resource Panel of the American Institute of Certified Public Accountants. The AICPA is the national professional association of CPAs, with more than 360,000 members.
Fava, a licensed certified public accountant in Michigan, New York and California, is one of 10 individual income taxation experts from around the country to be named to the association panel. Panel members provide commentary on taxation regulations and legislation, write articles and practice guides and represent CPAs to the government and public, as well as other practitioner groups.
Within the AICPA, Fava is a member of the organization’s Tax Section and the Personal Financial Planning Section. He also serves as vice chairman and national committee member of the Foreign National Income Taxation section of the International Taxation Resource Panel.
“I look forward to serving the AICPA and the public by offering my expertise on tax regulations and legislation,” Fava said. “This is a great opportunity for our firm to work with our colleagues within the AICPA in developing processes to serve the public in its ongoing struggle to deal with complex tax laws we are all dealing with right now.”
“It is a pleasure to appoint Karl Fava to the AICPA’s Individual Income Taxation Technical Resource Panel,” said Paul Stahlin, vice chairman of the AICPA Board of Directors. “This appointment provides an opportunity for Mr. Fava to contribute to our profession by working on various interesting and worthwhile assignments. The AICPA and the CPA profession benefits from having members such as Mr. Fava contribute their time and talents.”
Fava’s company specializes in assisting businesses and their owners in financial, tax, valuation and ongoing management matters. As a member of the National Association of Certified Valuation Analysts, Fava maintains a certified valuation analyst certificate. He and BFC provide business valuation services for use in estate and gift planning, litigation support and mergers and acquisitions.
Locally, Fava is active in many community organizations. Most recently, he was awarded the Henry Ford Community College Distinguished Service Award at the college’s commencement in May. Fava was honored for his many years of volunteer service on the HFCC’s Foundation Board of Directors, including terms as chairman and treasurer, where he worked to raise money from private sources to fund scholarships for academically talented students who otherwise would not be able to pursue a college education. He also serves on the advisory committee for HFCC’s associate degree Accounting Program,
Fava is treasurer and board member of the Dearborn Goodfellows.