On May 14th 2019 the IRS informed us the schedule D worksheet for forms 1040 & 1041 did not properly reflect the lower 2018 tax rates. Therefore if you had any schedule D transactions for 2018, the IRS also informed us that they will correct this on their own. The IRS will be reviewing schedule D forms filed to correct this.
If this applies to you, you should be expecting a refund. Call our office if you are not certain that this applies to you.
For people with businesses some regulations relating to provisions of the Tax Cuts and Jobs Act were issued late in January, if you filed early the tax software used may not have been updated properly to reflect the final regulations.
If you have concerns regarding the accuracy of your returns please, contact us at your convenience.
For all of the taxpayers who are required to pay quarterly estimated taxes please remember that the second quarter estimates are due June 17th. If you are in need of or aren’t certain that you should be paying estimates, please contact our office and we will be glad to review your situation.
Although DFCPAs tax season went well there were a number of issues that complicated our work and the work of all other tax preparer, these issues are directly attributed to the Tax Cut and Jobs Act that was passed late 2017, the foremost issue was that federal income taxes withheld from employees W2s was not sufficient. It will be some time before the IRS perfects it’s withholding tables. We are advising our clients to contact us to discuss their 2019 Federal income withholding and 2019 W4 accordingly.
Our fee for this service will be $175 – $275 depending on the complexities of your ax situation.
Every three years as a member of the American Institute of Certified Public Accountants we undergo a thorough review of our firms work. We are very pleased to announce that Diapoules & Feinstein CPAs P.C. has passed its triennial peer review once again with no negative findings. We attribute our history of compliance with AICPA standards to our commitment to quality work product and putting our clients first.
2019 Tax season is in the books!! Hurray!
We’re happy that we’ve just completed another successful tax season, despite nearly a 40% increase in the number of returns processed tax season went very smoothly. We want to commend our staff for its diligence & fine work during this stressful period.
It is with a heavy heart that DFCPA announce Bob Sick is retiring. Bob is a long time friend and colleague, we always treasured his expertise, wit and wisdom. After many years as a sole practitioner, two plus years ago Bob joined our firm and transitioned himself into retirement. Well done Bob and thank you for all of your hard work and dedication.
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.
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 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.
Have your life and disability policy available for easy access. Review them to guarantee they satisfy your current needs.
Have your lawyer work with your Financial Advisor and CPA to prepare your will.
Work with your Financial Advisor to properly plan for your long term care needs.
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.
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.
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.
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.
James Diapoules and Marvin Feinstein