Nanavaty, Nanavaty & Davenport –

Local CPA Firm Expands Its Corporate Services

By Jan Howard

Nanavaty & Nanavaty, CPAs, has announced that on March 1 Robert M. Davenport, CPA, joined the firm as a partner. The firm has been renamed Nanavaty, Nanavaty & Davenport, LLP, Certified Public Accountants.

Nanavaty, Nanavaty & Davenport is located at 25 Church Hill Road in Newtown. The partners, in addition to Mr Davenport, are brothers Glenn Nanavaty and Charles Nanavaty. The founder of the firm, Krishnalal Nanavaty, father of Glenn and Charles, is retired but maintains an office with the firm.

Mr Davenport has 17 years experience in providing tax services. He will further develop the firm’s growing corporate tax practice as well as assist with the corporate tax issues of the firm’s current client base.

“Bob was brought in to expand the corporate tax base of the firm,” Glenn Nanavaty said. “Our goal is to grow and provide quality services to individuals and local businesses.”

Mr Davenport resides in Sandy Hook with his wife, Suzanne, and their two sons, Bobby and Tyler. He received his bachelor of science degree in business administration with a concentration in accounting in 1983 and his master’s of accounting, with an emphasis in tax, in 1984 from the University of South Carolina. He is a member of the Connecticut Venture Group and the former treasurer of Newtown Youth Services. He plays golf and softball, coaches Babe Ruth baseball, and is a member of St Rose of Lima church.

“Hopefully I can get involved more in the community now that I’m in town more. I like to spend time with my family,” Mr Davenport said, noting that without his former commute, “I have 15 hours a week back in my schedule.”

Mr Davenport previously was employed as vice president and treasurer of American Bailey Corporation in Stamford. Prior to his seven years at American Bailey, he spent nine years at Ernst & Young LLP where he was responsible for planning, coordinating, and supervising tax engagements for start-up entities, large publicly and privately-owned corporations, and partnerships. He also worked on numerous projects for publicly-held and Fortune 500 companies.

“I met Glenn at Ernst & Young,” Mr Davenport said. He and Mr Nanavaty worked together for three years prior to Mr Nanavaty leaving the firm in 1993. Mr Davenport left Ernst & Young in 1994.

They maintained contact through involvement in Newtown Youth Services, Mr Davenport said.

“Bob has coached my nephews in baseball,” Glenn Nanavaty said.

“I’m comfortable with my relationship with Glenn and how he approaches his work, and with Charles,” Mr Davenport said. “When they were looking to expand their corporate tax department, I started to think this change isn’t a bad idea. The change was good for myself. It was a good opportunity.”

“There is a lot of opportunity to help businesses and corporations in the area. We’re excited to have Bob here to seek out these companies,” Glenn Nanavaty said.

The firm of Nanavaty, Nanavaty & Davenport provides tax, accounting, and auditing services to businesses and individuals in Fairfield and Litchfield Counties.

Kris Nanavaty started the firm in 1977 as a tax preparation and secretarial service, Nanavaty Business Services. It later was re-named Nanavaty CPAs, then in 1994 became Nanavaty & Nanavaty, CPAs. In 1996, Charles and Glenn Nanavaty bought out David E. Brown CPA, who is also employed by the firm.

From January through April, the firm offers extended hours on Saturdays and weekday evenings by appointment

“Our niche in the marketplace is our full service approach for small to medium sized clients, concentrating on closely held businesses of varying industry,” Glenn Nanavaty said. “We serve a diverse clientele with complex tax and accounting needs.”

Typical industries and professionals the firm serves are attorneys, consultants, and other service professionals; computer software development; construction and real estate; food and beverage; hospitality; manufacturing, distribution, and retailing; investment holding companies; and venture capital.

The firm provides audit work for local agencies, such as Newtown Youth Services, Nunnawauk Meadows, Newtown Health District, and the borough.

“While our focus is in Newtown, we have clients from all over,” Glenn Nanavaty said. “Many still come to us after moving out of town. We’ve established a good relationship with them.” He added the firm has clients in California, North Carolina, and Florida because of its expertise in multi-state tax law issues. The firm has also built relationships with financial advisors and attorneys for referrals, he noted.

Glenn Nanavaty, Charles Nanavaty, and Robert Davenport are members of the American Institute of Certified Public Accountants. Glenn Nanavaty and Mr Davenport are also members of the Connecticut Society of CPAs. Charles Nanavaty is a member of the New York Society of CPAs.

Charles Nanavaty is licensed to practice in Connecticut and New York. He was previously associated with the Big 5 firm of PriceWaterhouseCoopers, LLP, where he trained in audit and tax practice and where his responsibilities included Fortune 500 clients in Fairfield County. He is experienced in federal and state income tax laws, and payroll tax laws. He has served as a special master to the tax session of the Superior Court of Connecticut.

He is a former member of the Newtown Board of Education, Legislative Council, Zoning Board of Appeals, and Rotary.

Glenn Nanavaty, who is licensed to practice in Connecticut, has been providing accounting, audit, and consulting services to clients for over ten years, ranging in size from closely-held businesses with sales of $50,000 to international public companies with market capitalization of over $4 billion. His accounting and audit background includes seven years with Ernst & Young, LLP, the last two as audit manager. He handles most of the firm’s audits and accounting while Charles Nanavaty and Mr Davenport do most of the individual and corporate tax work.

However, he said, “We all do everything.”

Glenn Nanavaty moved to Newtown in 1970 and moved to Southbury in 1996. He enjoys playing golf, running, and playing basketball. He is the new chairperson of the board of directors of Family Counseling Center.