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News

Members in the News

    Member:
    NYSSCPA Tax Hotline mention

    To e-file or not to e-file: Tips, tricks and tools for tax season

    Poughkeepsie Journal

    As the deadline to file federal and state income taxes approaches, taxpayers are faced with a number of questions: Should you prepare your own taxes, or use a professional? What are the benefits of filing online vs. physically through the mail? Is it better to use standard deductions or itemized? There are answers to these questions, though some may vary depending on each taxpayer’s individual situation. The tax deadline was moved this year to midnight on April 18. 


    Member:
    NYSSCPA mention

    Twelve Factors that Can Lead to Physician Stress

    Physicians Practice

    A growing number of career professionals — not just in healthcare — think that they are in a profession that uniquely contributes to stress. Insurance agents think that the insurance industry is inherently stressful. Taxi drivers know that they're in a stressful job. A study by the New York State Society of CPAs found that most CPAs agree that public accounting is a high-stress profession. 


    Member:
    John Petosa (Syracuse)

    The IRS Audit Survival Guide

    Yahoo! Finance

    You may hate bills and junk mail, but you'll probably never complain about either again if you receive an audit letter. As you likely are keenly aware, an audit letter is a piece of correspondence that no taxpayer wants to receive in the mail, and it means that the Internal Revenue Service wants to get to know you a little better. But instead of chit-chatting over coffee like old friends, your pals at the IRS want to examine your tax records for the last three years. If they really want to get to know you well, they might ask for six years' worth of records. But they won't go further back than that, according to the IRS website.


    Member:
    Joseph Falbo Jr. - NYSSCPA President and Buffalo Chapter member

    Non-CPA ownership legislation in stalemate

    Long Island Business News

    Despite widespread agreement that people other than CPAs should be able to own a stake in accounting firms, legislation has remained in limbo amid a disagreement over the percentage of ownership that should be allowed. In 1994, Nebraska became the first state to allow non-CPA ownership, followed by North Carolina in 1995. Today, only New York, Delaware and Hawaii do not allow for non-CPA ownership.


    Member:
    Matt Bryant (Rochester)

    Free help with taxes

    WROC Rochester First

    CPA Matt Bryant discussed some free resources available to people looking to complete their tax return Monday on News 8 at Sunrise. Bryant, the President of the Rochester Chapter of the New York State Society of CPAs, said there are a number of free resources available to help with your tax return.  The Internal Revenue Service and the Free File Alliance - a group of income tax software companies - make free tax preparation software available online. 


    Member:
    Robyn Cohn (Manhattan/Bronx)

    5 Financial Strategies That Save Photographers Money

    Photo District News

    Photographers are problem solvers—but figuring out expenses and taxes are the kinds of puzzles many studio owners and freelancers would rather avoid. Hiring a financial professional can ease the pain, but the onus remains on shooters to be tidy record keepers and get a handle on their expenses. Here are five ways photographers can avoid some common, and costly, business mistakes. You need to know what it costs you to keep the lights on in your studio—and all the other expenses that go into keeping your photography business running, from utilities to insurance and more.


    Member:
    David Young (Rochester)

    Tax refund ID theft

    WROC Rochester News 8

    CPA Dave Young of Young and Company discussed identity theft, tax return theft and what you can do to avoid becoming a victim Monday on News 8 at Sunrise. Young said in 2015 there were 490,220 identity theft complaints in the U.S. - a 47 percent increase from the previous year.  A little more than 45 percent of those complaints were for tax or wage theft.  In most cases, that involved someone stealing personal information and then using it to claim a tax refund. According to the Federal Trade Commission, thieves use both the taxpayer's name and Social Security number to obtain the refund.  


    Member:
    Sheila Brandenberg (Manhattan/Bronx)

    Common Mistakes to Avoid When Filing Taxes

    Rhythmandsoulradio.com

    Tune in tonight at 7pm!!! Topic: Common Mistakes to Avoid When filing Taxes! Tonight’s guest is Ms. Sheila Brandenberg. She is a CPA and owner of her own firm. She is a member of the New York State Society of CPA's, one of the largest non-profit accounting organizations and a former tax director at Grant Thornton.


    Member:
    Westchester Chapter

    Tax Hotline coming March 5

    The Journal News

    With the April 15 tax deadline looming, it’s time to dig out those folders filled with receipts, total up the income on your 1099s and consider making another contribution to your IRA. But questions may loom as you consider how to complete your 1040 and whatever other forms you need to fill out. Tax Watch, in association with the Westchester Chapter of the New York State Society of CPAs, will open up our Tax Hotline on Saturday, March 5 from 9 a.m. to noon. Volunteer CPAs will answer your 2015 tax questions. Call in at 914-694-5077.

     

    Member:
    John Lieberman (Manhattan/Bronx)

    Maximize Your Tax Refund by Exploring Credits

    NY1 News

    If you are looking to beef up your tax refund, in this Money Matters report, financial empowerment coach Ash Exantus and CPA John Lieberman explain how you can take advantage of every credit you're entitled to - because that's money in your pocket.


    Member:
    Seymour Goldberg (Suffolk)

    What CPAs Should Know About Trusts

    Accounting Today

    Many estate planners recommend that clients create trusts for various reasons, but problems can arise when the trustee is a family member who has no experience regarding the responsibilities of a trustee In many cases the trustee selected by the creator of the trust is not capable of handling the responsibilities that are involved in administering a trust. The trustee should always engage a qualified CPA to assist in administering the trust. The trustee is subject to a number of obligations, including maintaining adequate records, making investment decisions, reading and interpreting the provisions of the trust document, making sure the annual fiduciary income tax returns are filed in a timely manner, and making distributions in accordance with the terms of the trust.


    Member:
    James Grimaldi (Northeast)

    12 Times When It Makes Sense to Hire a Tax Preparer

    U.S. News and World Report

    Tax season is upon us, and if you're staring at a pile of unfamiliar forms that have you scratching your head, then it's probably time to call in reinforcements. Approximately 60 percent of taxpayers turn to a tax professional to help prepare their return, according to the Internal Revenue Service. It's similar to knowing when to stop helping your kids with their homework assignments, says Barbara Taibi, a partner at accounting firm EisnerAmper. "When you don't understand the questions that the teacher is asking, that's when it's time to get a tutor," she explains. "If you don't understand the question, you're not going to give them the right answer." If you're in one of these situations and aren't sure how it impacts your taxes, consider hiring a professional tax preparer or tax accountant so you don't miss out on valuable deductions or make other mistakes that can trigger a bigger tax bill.

    Member:
    David Lifson (Manhattan/Bronx)

    Trump's Tax Returns Might Not Answer Questions

    Morningstar

    Donald Trump has put his wealth and the success of his business empire at the center of his presidential campaign. But what if the complexity of that enterprise--packed with opportunities for write-offs and deferred profits--means he reports relatively little taxable income? Only the man, his accountant and his Internal Revenue Service auditor know for sure, but the Republican front-runner's statements and disclosures provide some clues. 


    Member:
    Seymour Goldberg (Suffolk)

    What CPAs Should Know About Trusts

    Accounting Today

    Many estate planners recommend that clients create trusts for various reasons, but problems can arise when the trustee is a family member who has no experience regarding the responsibilities of a trustee In many cases the trustee selected by the creator of the trust is not capable of handling the responsibilities that are involved in administering a trust.


    Member:
    James Grimaldi (Northeast)

    12 Times When It Makes Sense to Hire a Tax Preparer

    U.S. News and World Report

    Tax season is upon us, and if you're staring at a pile of unfamiliar forms that have you scratching your head, then it's probably time to call in reinforcements. Approximately 60 percent of taxpayers turn to a tax professional to help prepare their return, according to the Internal Revenue Service. 


    Member:
    David Lifson (Manhattan/Bronx)

    Trump's Tax Returns Might Not Answer Questions

    Morningstar

    Donald Trump has put his wealth and the success of his business empire at the center of his presidential campaign. But what if the complexity of that enterprise--packed with opportunities for write-offs and deferred profits--means he reports relatively little taxable income? Only the man, his accountant and his Internal Revenue Service auditor know for sure, but the Republican front-runner's statements and disclosures provide some clues. Mr. Trump, whose campaign has put his wealth "in excess of 10 billion dollars," says he won't release tax returns while he is being audited. Under pressure from rivals to release them, Mr. Trump has emphasized that tax returns don't reveal the size of a person's wealth.


    Member:
    Scott Adair (Rochester)

    Tax brackets

    WROC Rochester News 8

    CPA Scott Adair discussed tax brackets as it relates to your filing status Monday on News 8 at Sunrise. Adair said tax brackets determine how much we owe the IRS each year, or how much of a refund we'll receive.  In most cases, how much you pay in taxes is related to how much you make each year.  Someone who makes $100,000 a year will be in a higher tax bracket than someone who makes $30,000. For each filing status, Adair said there are about seven different income based brackets, ranging from $0 to over $400,000 a year.  Tax brackets differ from state to state.  Some states have a flat tax rate for all income, while other states have varying tax rates depending on one's income.  Adair said there are about nine states that don't levy incomes taxes.

    Member:
    Scott Adair (Rochester)

    Tax brackets

    WROC Rochester News 8

    CPA Scott Adair discussed tax brackets as it relates to your filing status Monday on News 8 at Sunrise. Adair said tax brackets determine how much we owe the IRS each year, or how much of a refund we'll receive.  In most cases, how much you pay in taxes is related to how much you make each year.  Someone who makes $100,000 a year will be in a higher tax bracket than someone who makes $30,000. 


    Member:
    Colonel Arthur Carter (NYSSCPA Historic Mention)

    A New Heroic Age

    Accounting Today

    All professions have their heroes and their golden ages. For accountants, it might very well be Fra Luca Pacioli enunciating the principles of double-entry bookkeeping, or Col. Arthur Carter of the New York State Society of CPAs proudly telling the Senate that no one needed to audit auditors: “Our conscience” would take care of that. That last was in 1933, during what many would consider one of accounting’s most heroic moments, when, with the economy broken and public trust in the markets at a shocking low, the profession stepped up to help underpin our financial system by attesting to the veracity of the information presented in corporate financial statements — a function the profession continues to fill almost a century later.


    Member:
    David Lifson (Manhattan/Bronx)

    IRS is focusing on people making more than $1 million

    MSN.com

    The sum of $1 million doesn’t go as far as it used to. But increasingly, it is enough to get you special attention from Uncle Sam. The Internal Revenue Service continued to ramp up its focus on high earners in fiscal 2015, according to data released by the agency Monday. The IRS audited nearly 10% of returns with income of more than $1 million, compared with 7.5% the year before, in the fiscal year ended Sept. 30. Overall, the agency audited less than 1% of nearly 147 million individual returns in 2015, the lowest rate in a decade. The agency collected $54.2 billion in revenue from audits and related enforcement efforts for the year, down from about $57 billion the year before.


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