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News

Members in the News

    Member:
    Peter Maniscalco (Staten Island)

    Lessen your tax bite with savvy year-end strategies

    CNBC

    Death and taxes may be two of life's major certainties, but just as healthy living can help extend your life, savvy tax moves can help boost your tax savings – as long as you make them before Dec. 31. There are no significant tax changes looming as 2015 winds down, which is good news. However, that's no reason to slack on your year-end tax planning. There are myriad strategies that can be used to lessen your tax bite, from more basic maneuvers to shave a few bucks off your tax bill to more sophisticated estate-planning tactics, which for some could amount to millions in savings.


    Member:
    Matthew Bryant (Rochester)

    Giving thanks for tax changes

    WROC Rochester First

    CPA Matt Bryant discussed some tax changes to be thankful for Monday on News 8 at Sunrise. Bryant said the tax filing deadline has been moved from April 15 to April 18 next year.  The change is due to April 15 falling on Emancipation Day which is observed as a legal holiday. He said another change has come from the Supreme Court, which ruled that all states must recognize married couples in the same manner for income taxes, regardless of gender.  Combining incomes in some cases can lower tax rates and may help save money.  The Court ruled all spouses are eligible for Social Security spousal survivor benefits and Social Security spousal retirement benefits.


    Member:
    Seymour Goldberg (Suffolk)

    Seymour Goldberg Writes Four Books for the American Bar Association

    American Bar Association Publishing

    One of our prominent and respected authors, Seymour Goldberg, an attorney and a CPA has written four cutting edge books for the American Bar Association. These products provide necessary information for any attorney, accountant and financial planner who is involved in estate planning, trusts and/or IR planning.


    Member:
    Joanne S. Barry - Executive Director and CEO

    People News – Nov. 13, 2015

    Accounting Today

    The CPA Society Executives Association elected its 2015-16 leadership at a meeting in Maui: James T. O’Hallaron, of the Missouri Society of CPAs, has been elected president of the board; Joanne S. Barry, of the New York State Society of CPAs, will serve as president-elect; Ronald A. Gitz, of the Society of Louisiana CPAs, will serve as secretary/treasurer; and Stephanie Peters, of the Virginia Society of CPAs, is immediate past president. At-large board members include: Cindy Adams, Renee Brower, John A. Carey, Kathy Castillo, Michael D. Colgan, Penny Gold and Sherri L.D. McPherson.


    Member:
    Jamie Block (Rochester)

    Tax benefits for veterans

    WROC Rochester First

    CPA Jamie Block discussed some tax benefits for veterans Monday on News 8 at Sunrise. Block said there are tax credits and benefits, education benefits, and state property tax exemptions that veterans can receive due to their service as a member of the U.S. Air Force, Army, Navy, Marines or Coast Guard. Many disabled veterans are eligible for the Earned Income Tax Credit (EITC) which is a refundable federal income tax credit for low to moderate income working individuals and families.


    Member:
    David Young (Rochester)

    Compound Interest

    WROC Rochester First

    CPA Dave Young discussed the benefits and drawbacks of compound interest Monday on News 8 at Sunrise. Young explained compound interest is calculated on the initial principal and also the on the accumulated interest of previous periods of a deposit or loan.  Compound interest can be thought of as "interest on interest," and will make a deposit or loan grow at a faster rate than simple interest, which is interest calculated only on the principal amount. The rate at which compound interest accrues depends on the frequency of compounding; the higher the number of compounding periods, the greater the compound interest. 


    Member:
    The CPA Journal

    High Praise for Baruch College

    Baruch College Alumni Magazine

    Baruch College was featured in a special 85th anniversary edition of The CPA Journal, the monthly journal of the New York State Society of CPAs. Included in the August 2015 issue was the historical essay “Celebrating 85 Years Together Serving the Profession: The NYSSCPA and Baruch College.” Explaining Baruch’s selection for this honor, Journal editors wrote, “The history of the accounting profession has also been one of expanding opportunity. That’s been part of the mission of Baruch College, one of the oldest and most distinguished institutions of accounting education and one that has long worked with the NYSSCPA to make the profession more inclusive and responsive.”


    Member:
    Matt Bryant (Rochester)

    Federal Reserve

    WROC Rochester First

    CPA Matt Bryant discussed the Federal Reserve and interest rates Monday on News 8 at Sunrise. Bryant said the Federal Reserve Bank is a group of interrelated private corporations, independent from the U.S. government but engaged with it.  The Federal Reserve has the power to influence interest rates through government back securities.  If the Fed buys government back securities, it infuses the banking system with cash.  With more funds available, interest rates decrease.  Conversely, if the Fed sells government back securities, fewer funds are available in the banking system and interest rates rise.

    Member:
    NYSSCPA (Get Money Smart)

    Free Money Brunch Financial Fitness Day with CPAs on October 24

    Bronx Chronicle

    Everyone knows that the initial embarrassment of bouncing a check, or getting an “Insufficient Funds” message from an ATM, fades.  However, the cost of continued financial ignorance is lasting. Many people don’t have a firm grasp of, or teach their children about, money management, credit, debt, taxes or the basics of compound interest, investing or retirement planning. Members of the New York State Society of Certified Public Accountants (NYSSCPA) want more New Yorkers to Get Money Smart at their first-ever Money Brunch event to be held Saturday, October 24 at the Eagle Academy in the Bronx, 1413 Third Ave. from 10 a.m. – 2 p.m.


    Member:
    Fred Slater (Manhattan/Bronx) & Ellen Minkow (Suffolk)

    CPA Estate Planning Tips for National Estate Planning Awareness Week

    Accounting Today

    National Estate Planning Awareness Week is October 19 to 25, and two New York CPAs have some advice for estate planners and their clients. Fred Slater, CPA of MS 1040 LLC, pointed out that only approximately 3,700 estates, or 0.12 percent of the total, are expected to owe federal estate tax this year. “Lifetime gift and estate tax exclusions have risen slightly, to $5,430,000 in 2015, while the maximum estate and gift tax rate remains 40 percent,” he said. “The applicable exclusion amounts will continue to be indexed for inflation annually, and the portability provision that allows couples to take full advantage of each other’s unused federal estate and gift tax exclusion amounts, without having to create complicated trusts or wills, remains effective.”


    Member:
    Jaqueline Tepfer (Rochester)

    The Cost of Money

    WROC Rochester First

    CPA Jacqueline Tepfer of EFP Rotenberg discussed the cost of money Monday on News 8 at Sunrise. Tepfer said the cost of money is the opportunity cost of holding money instead of investing it, depending upon the rate of interest.  It's further explained by the time value of money, the concept that a dollar in hand today is worth more than a dollar in hand in the future.  The trade-off between money in the present and money in the future depends upon, among other things, the rate of interest you can earn by investing. Interest is the price you pay for using someone else's money according to Tepfer. You pay a rate for the opportunity to use money today that would otherwise take time for you to accumulate.


    Member:
    Sidney Kess (Manhattan/Bronx)

    Year-End Tax Planning for Individuals and Businesses

    New York Law Journal

    In his Tax Tips column, Sidney Kess writes: Despite rhetoric about tax reform from Congress and presidential contenders, tax rules for planning now are essentially the same as they were last year. Nonetheless, there are many tax planning opportunities that can be implemented now that will make a favorable impact on 2015 income tax returns.


    Member:
    NYSSCPA (Albany)

    On the Books - October 2015

    CPA Practice Advisor

    The New York State Society of Certified Public Accountants (www.nysscpa.org) has announced that they have opened a government affairs office in Albany as the 28,000-member association renews its focus on state legislation and regulations. The office will be used by the Society's government affairs team for advocacy efforts with state lawmakers and regulators regarding the NYSSCPA's legislative priorities.


    Member:
    Joanne S. Barry – Executive Director and CEO

    Will the CPA Exam Become Optional?

    GoingConcern

    I'm catching up on my reading and lo and behold, here's another change in accounting so fast article. It's only been [counts fingers] a few weeks since we last touched on the topic, but we can't waste a good crisis, can we? No, we cannot. This particular piece is based on a speech by Joanne Barry, the Executive Director of the New York Society of CPAs gave at the Accountants Club of America last week. It touches on all the talent/change/succession scary stuff, even dress code: She noted that 71 percent of CPA firms in New York now have a “business casual” dress code, while only 6 percent require traditional business attire such as a jacket and tie all the time.

     


    Member:
    Joanne S. Barry – Executive Director and CEO

    NYSSCPA letter urges caution with CPE 'nano learning'

    Accounting Today

    While recognizing the increasing popularity of the continuing professional education (CPE) format known as “Nano-Learning” - which awards a fraction of a credit through a 10-minute lesson and evaluation - the New York State Society of Certified Public Accountants (NYSSCPA) urged CPAs in an Oct. 1 comment letter to not rely on nano courses for the majority of their credits. Members of the NYSSCPA’s Foundation of Accounting Education’s Board of Trustees and Curriculum Committee wrote the letter in response to the nano-learning exposure draft released by the AICPA and the National Association of State Boards of Accountancy (NASBA) who are looking to update CPE programs.

    Member:
    Joanne S. Barry – Executive Director and CEO

    New York CPA Society Proposes Limits to Nano-Learning CPE Credits

    CPA Practice Advisor

    While acknowledging the growing popularity and use of a new continuing professional education (CPE) format called “nano-learning” - which awards a fraction of a credit through a 10-minute lesson and evaluation - the New York State Society of Certified Public Accountants (NYSSCPA) is cautioning against allowing CPAs to rely on such courses for the bulk of their professional development.


    Member:
    Tom Walpole (Rochester)

    Financial Planning Tips

    WROC Rochester First

    CPA Tom Walpole discussed some financial planning tips Monday on News 8 at Sunrise. The New York State Society of CPAs has recognized October as Financial Planning Month.  The Society has provided a great resource on its website called "Get Money Smart."  You can learn about such financial planning topics as budgeting, investing, estate planning and compound interest.


    Member:
    Tom Walpole (Rochester) and Anil Melwani (Manhattan/Bronx)

    NYSSCPA shares 6 tips to prepare for the 2016 filing season

    Accounting Today

    In preparation for the 2016 filing season, the New York State Society of CPAs (NYSSCPA) is sharing six tips to help you prepare as part of its new Get Money Smart financial literacy initiative. Get your receipts and other paperwork compiled and organized– When January comes, you do not want to be looking frantically for receipts from the summer of 2015.


    Member:
    Joanne S. Barry – Executive Director and CEO

    Changes Coming Fast in CPA Profession

    Accounting Today

    The pace of change in the CPA profession is getting faster, and not enough accountants are ready, according to New York State Society of CPAs executive director Joanne Barry. Speaking Thursday during an Accountants Club of America luncheon in Manhattan, Barry talked about a host of recent trends. “The landscape is changing dramatically, and not enough CPAs that I speak to are aware of the dramatic changes that are happening in the profession and how the profession needs to be responsive to what’s going on, more so than they have been in recent years,” she said.


    Member:
    Allen Fetterman (Rockland)

    Allen Fetterman receives 2015 Community Builders Award for synagogue merger

    Accounting Today

    Allen Fetterman, a CPA from West Nyack, N.Y., has been chosen to receive the 2015 Urbach CPA Community Builders Award for his leadership in the merging of two Rockland County synagogues this past year, NYSSCPA announced on Monday. Fetterman led the consolidation of Temple Beth Torah, of Nyack, N.Y.; and Temple Beth El of Spring Valley, N.Y.; into a newly formed 501(c) (3) entity called The Reform Temple of Rockland. He is currently the co-president of the temple’s board.


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