IN THE NEWS

Sponsel Open House January 27

The Sponsel CPA Group Open House will help kick off the Big Game coming to Indianapolis!

There will be plenty of football fun at the open house, which will be held 4-8 p.m. on Jan. 27, just as things are gearing up for the Big Game on Feb. 5. All of Downtown Indy will be hopping with excitement, and we're getting in on the action!

Stay tuned for invitations going out in early January.

Hemmelgarn wins INCPAS award

Liz Hemmelgarn has won the Emerging Leaders Award from the Indiana CPA Society. A Senior in the Tax Services department, Hemmelgarn was one of five up-and-coming leaders under age 35 identified by INCPAS for their initiative within the profession.

INCPAS issues its distinguished awards annually each fall to pay tribute to CPAs who serve their profession and community in a commendable manner.

Way to go, Liz!

Sponsel Welcomes Beth McGraw

Beth McGraw has joined the Sponsel CPA Group team as a member of the Entrepreneurial Services department. The entire firm looks forward to working with Beth and to the valuable contribution she will make.

Keeping You Informed on Indiana's
Tax Changes
By Jennifer McNett, CPA
Manager, Tax Services

In 2011, Indiana's lawmakers made several changes that affect income, sales and use taxes. Do any of these changes benefit or burden you? Here's a quick summary of some of the key changes.

Several of the deductions that had been allowed on federal income tax returns in recent years will need to be added back on your Indiana return for 2011. Some of these include:

Client profile: WoundVision

Dr. James G. Spahn got his start in otolaryngology (ear, nose and throat medicine) and head and neck surgery, but today he spends most of his time as an entrepreneur rather than as a practicing physician.

Fascinated by the positioning mattresses used to keep his patients' heads elevated post-operatively, Spahn founded EHOB Incorporated in 1986 to find ways to prevent and treat pressure ulcers. This resulted in the well-known WAFFLE® brand product line, used in a variety of medical settings to prevent and heal a variety of tissue damage.

Ever restless in his desire to invent new medical products and gain understanding of the way the human body heals itself, Dr. Spahn founded WoundVision in 2010. For the past five years he and his associates have been researching the use of thermal imaging to detect ulcers and other tissue damage – before they even become noticeable in a physical examination.

Using hand-held thermal imagers and special computer software, WoundVision can gain a detailed picture of the warmer and cooler layers of tissue. Essentially, this cutting-edge technology allows doctors to know what's going on underneath the skin, at the metabolic level of soft tissues.

“We're identifying an abnormality of the tissues, which is a predictor of areas that will develop into wounds or infections,” Spahn said.

By catching trouble spots before they're visible to the naked eye, physicians are able to dictate preventative treatment or early intervention. The WoundVision method also allows them to assess the ongoing treatment of existing open wounds, to judge the effectiveness of the care being given.

The WoundVision software is now available commercially, and Spahn expects the imaging scanners to obtain FDA approval and hit the market in the second quarter of 2012. The company currently employs 17 people.

Spahn's relationship with Sponsel CPA Group Managing Partner Tom Sponsel and his team goes back several years, having assisted him with business valuation as well as strategizing for growth. Spahn credits a good business relationship based on professional respect that has evolved into friendship.

“It's a very good working relationship,” Spahn said. “You can ask them questions and know you'll get a professional answer, but at the same time they understand the needs of a family business, and that's what we have.”