Members in the News

Art of Accounting: I Am an Accountant Because of Clients like Stanley

Accounting Today

Stanley Hochhauser passed away last Wednesday. He was a client that I worked with in my first job and became my client when my father passed away in 1976.

Paying for College

WROC Rochester News 8

CPA Matt Bryant discusses various options to pay for college expenses with Amy Young Monday on News 8 at Sunrise. Bryant articulated three primary ways for people to pay for college expenses aside from savings: student loans, gift aid like grants and scholarships, and work study programs.  He discussed federal student loans and how they work as well. Bryant is a member of the New York State Society of CPAs.  More information about the organization can be found on its website, nysspca.org.

Art of Accounting: Boosting a Fixed Fee Substantially

Accounting Today

Most of my clients, large and small, have always been on fixed annual fees, payable monthly. Some also allowed for year-end adjustments based on time charges. At the end of each year we usually increased the fees across the board by 5 to 10 percent, depending on circumstances.

NYS CPA group hails change in IRS filings for nonprofits

Westchester County Business Journal

A new federal bill signed into law last month by President Obama includes a provision that makes work “a little less cumbersome” for CPAs filing tax returns for non-profit organizations, according to the New York State Society of CPAs. The provision, included in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, allows a streamlined automatic 60-day extension when requested for federal tax filings of Form 990.

New Law Simplifies Tax Filings for Nonprofits

CPA Practice Advisor

Things just got a little less cumbersome for tax professionals filing returns for non-profit organizations. A new bill, signed into law last month by President Obama, includes a streamlined automatic 60-day extension request process for federal tax filings of Form 990.

Can You Write Off Your Vacation Home?

Travel and Leisure

Note that your deductions cannot exceed the amount of income you received. “You can’t claim a loss, but you can offset the rental income,” says CPA and financial planner Ted Sarenski in Syracuse, N.Y. The IRS recommends that for the rental portion of expenses, you use the deduction for interest and taxes first, followed by operating costs and then depreciation.

Art of Accounting: Where Time-Based Fees Were Not Equitable

Accounting Today

 Equitable is not the same as equivalent. I use the word “equitable” since I have charged three completely different fees for the same result. “Equitable” refers to the value delivered and charged to the client.

The IRA Mistake The IRS Lets Taxpayers Get Away With

Forbes

Is the Internal Revenue Service doing enough to catch taxpayers who fail to take required minimum distributions from their IRAs? Not according to a new report by the Treasury Inspector General for Tax Administration, which calls on the IRS to “proactively” reach out to taxpayers on this issue. “People are making mistakes, but they aren’t getting caught,” says Barry Picker, a CPA in Brooklyn, N.Y., adding, “The IRS wants people to comply, but they don’t want to penalize them.”

Art of Accounting: Advertisements for Law Firms and Medical Practices

Accounting Today

It has become pretty popular for law firms and medical doctors to advertise in group ads in magazine supplements. When I glance at the ads I find humor such as the bald dermatologist advertising his hair transplant prowess or the young woman doctor who does proctology, or the photo of the elder law firm partners where no one looks younger than 80. And they pay for these ads?

AICPA Urges Congress to Take Action Against Patent Trolls

Accounting Today

The American Institute of CPAs is asking Congress to pass legislation that would crack down on so-called “patent trolls,” companies that buy up old patents and threaten lawsuits unless they receive high licensing fees from firms and corporations. In letters to lawmakers in the House and Senate, the AICPA expressed support Wednesday for legislation in each chamber “that we believe will protect our members and countless other individuals and businesses from unwarranted litigation from ‘patent trolls’.” Signed by AICPA president and CEO Barry C. Melancon, the letters urge support for S. 1137, the PATENT Act, in the Senate, and H.R. 9, The Innovation Act, in the House.

Accounting News Roundup: PwC Gives Thumbs-Up to Noble's Accounting | 08.10.15

GoingConcern

At least someone’s cheery this morning. (Followed by a NYSSCPA tweet that was posted yesterday morning.)

Art of Accounting: Testifying Before Congress

Accounting Today

I testified two times before the House Ways and Means Committee, in June 1980 and June 1985. Each time I was given five minutes to present my views. The first time I was shaking at least four of the five minutes. This was in the Capitol and here I was testifying about what they should do.

FAFSA myths

WROC Rochester News 8

CPA Tom Walpole discussed some important myths regarding FAFSA Monday on News 8 at Sunrise. FAFSA, the acronym for the Free Application for Federal Student Aid, is an important document for those looking to attend college.

People News: Aug. 7, 2015

Accounting Today

Marks Paneth’s partner Michele Lazzara, has been elected president of the NYSSCPA’s Westchester chapter. The NYSSCPA serves as an advocate and resource for New York State certified public accountants by representing and cultivating the profession's core values of integrity, professionalism and ethics.

New York CPAs Recommend Changes to Form 990-PF

Bloomberg BNA Daily Tax Report

A complete overhaul of a tax form used by private foundations is ultimately needed, but three changes to Form 990-PF could be made easily and in time for 2015 returns, the New York State Society of Certified Public Accountants says. In a comment letter , the accounting group tells the IRS the changes would simplify Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation, and make it more consistent with Form 990, Return of Organization Exempt From Income Tax, which is used by public charities.

New York CPAs Call for Changes in Tax Form for Private Foundations

Accounting Today

The New York State Society of CPAs has asked the Internal Revenue Service to make some long-overdue revisions in Form 990-PF, the tax form used by private foundations. In a comment letter last month, the NYSSCPA recommended three changes should be made to the form to simplify it, improve preparation accuracy and encourage increased electronic filing.

What Practitioners Should Know about IRA Distribution Rules

Accounting Today

If the beneficiary of a deceased owner of an individual retirement account fails to comply with the post-death required minimum distribution rules and the other post-death IRA distribution rules, then the beneficiary can be subject to penalties from the Internal Revenue Service. Practitioners should know the rules and work with the custodian of a deceased IRA owner to make sure the post-death rules are complied with.

Tax Breaks for college

WROC News 8 Rochester

CPA Matt Bryant discussed a number tax breaks related to college Monday on News 8 at Sunrise. Bryant said one of the most popular is the American Opportunity Tax Credit.  One can claim a credit for up to $2,500 on their Form 1040 personal income tax return for the first $4,000 that is spent on qualified education expenses within the first four years of college. 

NYSSCPA's NextGen15: 'Communicating to Cultivate Relationships and Inform'

Accounting Tomorrow (Accounting Today’s Blog)

On Friday morning, at the start of the New York State's Society of CPAs (NYSSCPA) NextGen15 Conference - the annual interactive career development conference held in Midtown Manhattan - Kevin Matz of Kevin Matz and Associates gave a presentation highlighting the merits of "real-world communication," titled "Keeping People 'In-the-Know': Communicating to Cultivate Relationships and Inform." "I want to encourage you all to put yourselves out there, to not be afraid to communicate, and to take chances," Matz told the crowd. "We are all our own brand; we're all ambassadors of our firms."

Firm News: July 31, 2015

Accounting Today

Some of New York’s young CPAs gathered in New York City on July 31, 2015 for NextGen 2015, an annual interactive career development conference hosted by the New York State Society of Certified Public Accountants.