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Becoming financially organized with D&F

In order to organize your life,

and save for the future, begin by organizing yourself financially.

Financial organization is a cornerstone of a healthy financial life. At the basic level, financial organization saves time and money because it aids in paying bills on time, finding needed documents during tax season, providing proof of payment, disputing credit cards or billing errors, and avoiding the stress of dealing with piles of unorganized bills and paperwork.

  • Prepare a budget
    • Prioritize your expenses by categorizing them as fixed (rent, electric, utilities etc.) necessary (food, insurance etc.) and discretionary (eating out, vacations etc.). Be truthful about what is necessary versus what is luxury.
  • Follow your budget
    • Pay all the fixed and necessary expenses, put money aside for emergency or retirement then save for those luxuries.
  • Keep all invoices and statements.
    • Review them before you pay them, again ask if these are necessary.
    • Review and organize, if you are not paying attention there could be money drawn from your account unbeknownst to you. Remember the membership fee for the gym that you no longer go to.
  • Keep only two credit cards.
    • To control your credit card balances, your monthly payments should be greater than the interest charged on your balance, interest charges are usually greater than the minimum payment required.
    • Have one for everyday use, and another for extreme emergencies only.
  • Investment planning
    • There are common investor accounts which you may or may not have. Keep policies, statements, and other important paperwork for these accounts accessible to help you and your advisor develop an investment strategy.
  • Credit and Debt planning
    • Debt is often a significant part of an overall financial picture. Statements for loans will help you get a handle on your level of debt, interest rate of that debt, and loan terms on these kinds of revolving and installment credit debt.
  • Retirement planning
    • Retirement is the largest financial goal for most investors. As such, its very important to keep track of all retirement accounts, including 401(k)s from current and previous jobs, traditional and Roth IRAs, and other accounts such as 457 plans.
  • Insurance Planning
    • Have your life and disability policy available for easy access. Review them to guarantee they satisfy your current needs.
  • Estate Planning
    • Have your lawyer work with your Financial Advisor and CPA to prepare your will.
  • Life Planning
    • Work with your Financial Advisor to properly plan for your long term care needs.

Happy New Year from Diapoules & Feinstein

We would like to wish you a Happy New Year and thank you for using D&F for your accounting and tax needs.

Unfortunately, we believe that due to the complex aspects of the new tax law additional time will be necessary in assessing how they affect each of our client’s individually and increase the amount of time needed to properly prepare your returns.

Therefore, we are requesting that all of our clients forward their tax information as soon as possible and that we will be forced to put any business tax return on extension if we haven’t received all of the necessary information by February 28 and any personal return if we haven’t received all of the necessary information by March 31.

As always our clients’ best interest is our top priority.

 

We apologize for any inconvenience that this may cause.

 

 

We at D&F are happy to announce:

It is with great pleasure that Diapoules & Feinstein CPAs P.C. announces the merger of its accounting and tax practice with Richard Grebinger CPA. Rich is joining our team in his desire to utilize the benefits of a larger firm that offers additional services while still maintaining his personal touch. 

 Diapoules & Feinstein CPAS, P.C. utilizes a team approach so that clients benefit from the full range of the firm’s expertise and can always speak with someone who is knowledgeable about their business and able to address their concerns, while at the same time offering personalized and individualized service. 

 At D&F you are not “just another client”. We realize that each and every client is different with a different set of needs and concerns. We believe that our mission is to be your “Trusted Advisor” who will help guide you through business and life’s concerns.  

 As a D&F client we take great care to continue and nurture our relationship 


 We would like to extend an offer for you to meet the D&F team at either of our two “Meet and Greet” events: 

Breakfast Meeting: 8:30am 11/8/18 at the Golden Coach Diner, 350 W. Jericho Tpke. Huntington NY. 

Evening Meeting:  5pm to 7pm 11/27/18 at our Melville office, 900 Walt Whitman Rd Suite 200. We will be serving wine, light refreshments and hors d’oeuvres. 

Please RVSP via e-mail (sc@dfcpaonline.com) or by phone @ 631 547-1040.

Diapoules & Feinstein CPAs P.C. is happy to announce..

Diapoules & Feinstein CPAs P.C. is happy to announce that they have agreed to a merger and subsequent buyout of Union Accounting & Tax Services Inc and James Cavole, CPA of Baldwin NY. 

 Union Accounting & Tax Services Inc and James Cavole, CPA practice services the New York City Metro Area and includes a number of retail and professional businesses as well as providing individual tax preparation services.  

 James Cavole, CPA will be joining Diapoules & Feinstein in their Melville office and will continue to work on a part time basis. His knowledge and expertise will certainly enhance D&F’s capabilities and its ability to deliver quality service.

Important! Law update for all employers in NYS

On April 12, 2018, Governor Andrew Cuomo signed the New York State 2019 Budget bill, which contains, among other things, provisions regarding sexual harassment claims and policies in the workplace.

EFFECTIVE IMMEDIATELY:

  • Under the New York State Human Rights Law, liability will be imposed on employers for permitting sexual harassment against non-employees, including contractors, subcontractors, vendors, and others providing services pursuant to a contract in the workplace.

EFFECTIVE JULY 11, 2018:

  • It will be prohibited to use non-disclosure agreements in connection with the resolution of sexual harassment claims unless the claimant prefers confidentiality.
  • It will also be prohibited to have mandatory arbitration clauses requiring arbitration of sexual harassment claims in written contracts.

EFFECTIVE OCTOBER 9, 2018:

  • Employers will be required to distribute written anti-harassment policies in the work place and provide anti-harassment training for all employees.
  • The written policies and training will be based on models developed by the New York State Division of Human Rights and Department of Labor.

EFFECTIVE JANUARY 1, 2019: 

  • Bids on certain state contracts will have to contain language showing that the bidder has provided employees with written policies addressing sexual harassment at work and annual sexual harassment training.

 We believe that with the recent input from the business community, New York State will be receptive to mitigating circumstances if a business has a reasonable explanation as to its non-compliance. 

On August 10, 2018, The New York City Commission on Human Rights published an English-Language workplace poster that must be displayed by all New York City employers beginning on September 6, 2018. The poster is requirement is mandatory; all employers in New York City must comply by the September deadline. The new legislation also requires that this poster be displayed in Spanish, which can be found here.

Please contact us if you have any questions about the information in this article.
Best regards,
James Diapoules and Marvin Feinstein

Tax Alert

There are new rules regarding sales tax collection and remittance for out of state sales. Up until June 21, 2018, registration is required only of remote sellers that have physical presence in a state.

On that date the U.S. Supreme Court decided in the South Dakota v. Wayfair, Inc. case that a new type of nexus was needed. Retailers with no physical presence in the state that are making sales of tangible personal property into a state may be required to collect and remit the states Sales Tax.

Remote sellers with no physical presence in a state that meet either of the following thresholds are likely required to register with that state’s tax department and begin collecting and remitting that state’s Sales Tax.

 

  • the retailer’s cumulative gross receipts from sales of tangible personal property to purchasers in the state are $100,000 or more; or
  • the retailer enters into 200 or more separate transactions for the sale of tangible personal property to purchasers in the state

Since each state will or has issued their own regulations regarding this decision, please contact us if you believe that this decision affects your business.

The IRS “Paycheck Checkup”

Launching a special week of activities the IRS today continued its effort to encourage taxpayers to do a “paycheck checkup” to make sure they have the right amount of tax taken out of their paychecks for their personal situation.

To help taxpayers understand the implications of the Tax Cuts and Jobs Act, the IRS unveiled several new features to help people navigate the issues affecting withholding in their paychecks. The effort includes a new series of plain language Tax tips, a Youtube video series and other special efforts to help people understand the importance of checking their withholding as soon as possible.

https://www.irs.gov/newsroom/irs-encourages-paycheck-checkup-for-taxpayers-to-check-their-withholding-special-week-focuses-on-changes

ALERT FROM WASHINGTON

The IRS and partners in the Security Summit effort on January 17 warned that the upcoming tax season could bring a “new surge” in the Form W-2 phishing scam.

The Form W-2 scam has emerged as one of the most dangerous phishing emails in the tax community. The scam involves cyber-criminals tricking payroll personnel or people with access to payroll information into disclosing sensitive information for entire workforces.

Businesses, public schools, universities, hospitals tribal governments and charities have all been targeted. Reports of the scam first emerged in 2016 when approximately 100 were received by the IRS. A year later, the number of reports hit 900 with more than 200 employers being victimized.

“By alerting employers now, the IRS and its partners in the Security Summit effort hope to limit the success of this scam in 2018”, the agency said, adding that “IRS last year also created a new process by which employers should report these scams.”

For important details and a link to report the phishing scam to IRS, go to:

https://www.irs.gov/privacy-disclosure/report-phishing

New York State Legislative Changes

New York – Sales & Use Taxes

Tax exemption for New York alcohol tastings.

L.2017 , A6945 (c. 418), effective 03/01/2018, provides an exemption from sales and use tax for tastings (beer, cider, or liquor) held by a licensed brewery, cider producer, farm cidery, distillery or farm distillery. The bill was enacted to create uniformity across the alcohol industry where only wineries were also permitted a sales tax exemption for tastings the wineries charged a fee for.

New York- Personal Income Tax

Discharged student loan deduction.

L.2017, S4491 (c.456), effective 12/13/2017, grants a personal income tax deduction for the amount of a student loan that is discharged due to the death or a permanent and total disability of the borrower. The law applies to the 2017 tax year and to subsequent taxable years.

New York- Personal Income Tax

Deduction for first time home buyers’ deposits into savings account.

L.2017, A5616 (c. 472), applicable to taxable years commencing on or after 01/01/2018, establishes the New York state first home savings program, which authorizes first time home buyers to establish savings accounts to purchase a home; and provides a personal income tax deduction of up to $5,000 ($10,000 if married and filing jointly), for deposits into a New York State First Home Savings account.

Stock Market Worries

As you all most likely are aware of, we have seen a major correction in all of the major stock indices.

At this time we believe that investors should keep a cool head and review their portfolio.

If you would like to discuss your concerns and your portfolio with us please feel free to contact us.

For more information: (click here to read more)