Blog

American Health Care Act is NOT good for Middle Class Americans

There is a common misconception that the federal Medicaid program benefits only low income households. In reality, a large portion of its benefits go to supporting ailing middle class seniors. Our best guess, as CPAs working with our clients, is somewhere between 1/3 and ½ of middle class household have had an elderly parent or […]

New IRS & NYS Requirements

In order to reign in tax fraud new procedures have been imposed on taxpayers and tax professionals. Please understand that the CPA community was informed late in the process nor did they participate in the drafting of these new procedures. They are: – IRS requires certain questions be answered in order to receive the following […]

Year-End Tax Planning Moves for Individuals

Realize losses on stock while substantially preserving your investment position. There are several ways this can be done. For example, you can sell the original holding, then buy back the same securities at least 31 days later. It may be advisable for us to meet to discuss year-end trades you should consider making. Postpone income […]

Year-End Tax-Planning Moves for Businesses & Business Owners

Businesses should consider making expenditures that qualify for the business property expensing option. For tax years beginning in 2016, the expensing limit is $500,000 and the investment ceiling limit is $2,010,000. Expensing is generally available for most depreciable property (other than buildings), off-the-shelf computer software, and qualified real property— qualified leasehold improvement property, qualified restaurant […]

Phishing: Are you the next target?

A client of ours contacted us regarding a suspicious phone call she had received. A woman claiming she was from the IRS told our client she owed the federal government money for “tax payments“ she “hadn’t payed“. What makes this case especially interesting? Our client happens to be a foreign national, and was threatened with […]

Thinking of Divorce? Here’s some Advice:

Untangling the affairs of a failed marriage is full of financial & tax pitfalls. It is prudent to speak to an impartial professional before either party engages in the service of an attorney. The major items of concern are whether divorce is the only option, what do both parties really want? 8 Important things to […]

W-2/1099 Filing for 2016

NEW LAW:  W-2’s and 1099-MISC reporting nonemployee compensation are now required to be filed with Social Security or the IRS by January 31st. In an effort to make W-2 filing more efficient and accurate, please review the names addresses and social security numbers of all your employees for the year.  If any information is incorrect […]

Thinking of Divorce? Here’s some advice:

Untangling the affairs of a failed marriage is full of financial & tax pitfalls. It is prudent to speak to an impartial professional before either party engages in the service of an attorney. The major items of concern are whether divorce is the only option, what do both parties really want? 8 Important things to […]

Department of Labor and Issuing Forms 1099: Cause for concern

The IRS is referring to the US and NYS Departments of Labor taxpayers who were issued a single Form 1099Misc that was reported on their Form 1040 Schedule C and who had not been issued a Form W-2 and reported no wages on line 7 of their Form 1040. To summarize the situation in laymen’s […]

Hackers: One step further

The efforts of hackers have gone one step further, like a biological evolution, they continue to find ways to steal personal information. A computer virus doesn’t necessarily infect your computer from opening an infected email, or clicking on an advertisement on a website. What some hackers are doing now is they go into your web […]