Author Archives: c07582307

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)

IMPORTANT: EMPLOYERS BEWARE!!

Acting Deputy Director of Immigration and Customs Enforcement (ICE) Thomas D. Homan recently announced that the agency (ICE) will quadruple the number of Form I-9 on-site worksite inspections in the coming year.

If an employer receives a Notice of Inspection, ICE will request their employee records. Most importantly their Forms I-9 for each employee must be in order and remitted to ICE within three days. Failure to do so, including minor paperwork mistakes, can result in penalties. The Form I-9 is used by the The United States Citizenship and Immigration Services (USCIS) to verify the identity of individuals hired for employment in the United States. All employers in the United States are tasked with making sure their new hires have completed the document on or before the employees first day of work.

All businesses in the United States with employees hired after November 6, 1986, are responsible for ensuring that newly hired employees complete a Form I-9, regardless of citizenship.

Effective September 18, 2017, employers must begin using the revised Form I-9 (dated 7/17/17) for all newly hired employees; any previous version of the I-9 is no longer considered valid, however it is not necessary for employers to request current employees to provide a new Form I-9.

The Importance of valid Forms I-9 are that:

  • By Signing the Form I-9 and providing acceptable documentation ( as noted on the From I-9 List of Acceptable Documents), an employee confirms his or her identity and that he or she is authorized to be employed in the United States. He or she presents government-issued identification to the employer, to prove his or her identity and eligibility to legally work.
  • Upon presentation and verification of the acceptable document(s), the employer signs the Form I-9 attesting to the fact that the documentation appears genuine, and retains a copy of the Form I-9. Employers are required to accept whatever forms of identification prospective employees present, provided they are on the list of acceptable documents and are mandated to receive certain documents on the list ( such as a driver’s license and Social Security card).

We feel it is imperative for all of our U.S.- based employers to comply with the most recent standard and requirements for employment verification. Employers not compliant with the current Form I-9 paperwork process will be subject to civil and criminal fines ranging from $216 to $2,156 per form.