Mr. Foley is a founder and managing member in Foley & Smith, LLC (“F&S”) with over 40 years of experience.  Mike has eighteen years industry experience working as a Process Engineer and as a Plant Manager at Mining, Chemical, and Petrochemical facilities in Europe, Canada, and throughout the United States.  He managed a research department for a Fortune Fifty company and has had responsibility for numerous new plant construction and start-up projects.  He was the R&D Practice Leader at WTAS (now known as “Andersen Tax”) for four years; was a national leader of PricewaterhouseCoopers’ (“PwC”) Tax Products Delivery practice for seven years; and, has over 10 years’ experience with the Internal Revenue Service as an Engineer and Valuation Group Manager responsible for all aspects of Engineer Agent examinations.

 

Mr. Foley has worked on depreciation/amortization and capitalization issues for many years and has been involved with the research credit since its inception in 1981.  He has been involved in over 1,000 projects and is currently working on several studies demonstrating a broad range of industry expertise.  The Research Credit and/or Depreciation/Repairs studies have covered the following industries:

 

- Financial Services  - Healthcare  - Paper Mfg Products

- Computer Hardware & Software  - Mining & Mineral Processing  - Transportation

- Petrochemical/Oil & Gas  - Chemical Processing  - Telecommunications

- Aerospace and Defense  - Pharmaceuticals  - Manufacturing

- Insurance  - Utilities  - Textile

- Retail Operations  - Food Services  - Construction

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Mr. Foley has written IRS training materials and instructed numerous training courses for IRS Revenue Agents, Engineers, and Appeals Officers.  He has made many presentations at TEI meetings throughout the Mid-Atlantic Region from covering Indopco, Depreciation, R&E, Environmental, IRS Audit Techniques, (and other) topics.  He also participated on teams that initiated and conducted joint IRS/Taxpayer efforts to curtail or eliminate the problems and the occasionally contentious nature of IRS R&E audits.  Mr. Foley wrote the original published R&E Credit Audit Guide; wrote and co-instructed the IRS CPE R&E and Component Depreciation Modules; teaches Advanced Revenue Agent Training Courses; has co-instructed numerous topics at the IRS Large and Mid-Size Business CPEs; and, worked on an IRS Strategic Initiative to “re-design” the job of the specialist agent in the IRS.

 

Mr. Foley has undergraduate degrees in engineering and in statistics from Johns Hopkins University and MBA from the University of Baltimore.