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News

Members in the News

    Member:
    Edward Mendlowitz (At large member)

    Art of Accounting: 10 Reasons for Success

    Accounting Today

    Recently I was asked if I could provide some reasons for my success.

    This gave me an opportunity to think about it and I came up with a list of 10 reasons, which I am presenting here. I hope you take away some ideas from this. If you have your own list, I would appreciate it if you would share it with me.


    Member:
    NYSSCPA’s Excellence in Financial Journalism Awards

    Bloomberg, ProPublica and Fortune among NYSSCPA winners

    Talking Biz News

    The winners of the 32nd annual Excellence in Financial Journalism Awards were announced Wednesday by the New York State Society of CPAs. The awards are presented to journalists, reporters and authors on the recommendation of the Society’s board of Judges, which consists of select members of the NYSSCPA and New York Financial Writers’ Association.


    Member:
    David S. Untracht (Manhattan/Bronx)

    Customer Service, Tax Refund Fraud, Affordable Care Act, Predominate In TIGTA’s Interim Review Of Filing Season

    Wolters Kluwer (In PDF Format) – P. 225

    From our perspective, the filing season moved smoothly in return processing, David S. Untracht, CPA and senior principal at Untracht Early LLC, New York, told Wolters Kluwer. Untracht, who serves on the Financial Instruments and Transaction Committee of the New York State Society of CPAs, said that his firm experienced no processing issues during the filing season but explained that approximately 50 percent of clients are on extension.


    Member:
    Scott Adair (Rochester)

    Essential money tips for college & HS grads

    WROC News 8

    CPA Scott Adair offered some essential money tips for new college and high school graduates Monday on News 8 at Sunrise. Adair, the President of the New York State Society of CPAs, said at this time of year many young people will experience the challenge of making financial decisions for the first time and the following are the foundation for forging good habits.


    Member:
    Sidney Kess (Manhattan/Bronx)

    How the Profession Has Evolved

    Insurancenewsnet.com

    I started my career with Lybrand, Ross Bros. & Montgomery (LRB&M) in 1952. Back then, life was simpler for CPAs. If you had the credentials, many opportunities were open to you, and you could start your own practice or find employment at a firm as a general practitioner. 

    Member:
    Jamie Block (Rochester)

    Estate Planning

    WROC TV CBS Rochester

    CPA Jamie Block of Wealth Design Services discussed the importance of estate planning Monday on News 8 at Sunrise. Block advised that younger individuals put an estate plan in place to protect against the unexpected - such as death, serious illness or incarceration.


    Member:
    Edward Mendlowitz (At large member)

    Art of Accounting: Kids Did Not Want to Take Over the Family Business

    Accounting Today

    I had a client who had five sons and three daughters that worked in his business. Their ages ranged from 28 to 48. I was helping him with exit planning and suggested that I could possibly structure a transaction where either some or all of his children could buy his business.


    Member:
    Rebecca Egan (Manhattan/Bronx)

    The 3 Biggest Mistakes People Make At Tax Time

    NerdWallet

    Lugging a shoebox full of receipts into your tax preparer’s office may not be the best way to deal with your return, but at least those harried taxpayers have everything in one place. That’s not the case with many people, CPAs say. “One of the biggest mistakes we see folks make is simply not being organized,” says New York-based CPA Becky Egan. “People constantly come in for their tax appointment without all their documents, forgetting their charitable contributions, neglecting to let us know they invested in a partnership, or leaving out a 1099 they received.”


    Member:
    Rochester Chapter NextGen Group

    Young Rochester CPAs renovate home for local family

    Accounting Today

    The New York State Society of CPAs’ (NYSSCPA) Rochester Chapter NextGen group, a committee of young accountants and new CPAs, alongside the Flower City Habitat for Humanity (FCHH), will host a celebratory open house at the newly-renovated Rochester home at 44 Miller Street at 4 p.m. on May 1, according to the State Society.


    Member:
    Johnathan Gassman (Nassau)

    Tax season takeaways keep on coming

    InvestmentNews

    Jonathan Gassman, a CPA and personal financial specialist at The Gassman Financial Group, had a client who socked away a large sum of money into three mutual funds near the end of the year, just before the funds distributed their capital gains and declared dividends. “They were only in the funds for a couple of days but still had realized significant income because they got in before the dividend and capital gains,” he said.


    Member:
    Michael McNee (Westchester)

    Nonprofits and Fraud: Are Leaders Too Complacent About the Risk?

    Yahoo! Finance

    "On the one hand, it's encouraging that nonprofit leaders are confident about the integrity of their staff. On the other, it's probably worth asking whether they're overlooking or actively not working to mitigate the risk of fraud," said Michael McNee, CPA, Partner-in-Charge of the Nonprofit and Government Services Group at Marks Paneth. The practice serves approximately 150 nonprofit and government clients.


    Member:
    Joel Lanz (Nassau)

    CPAs Say Security is Their No. 1 Technology-Related Priority

    Accounting Web

    “Information security and privacy protection are critical business issues for the smallest startup to the largest global organization,” Joel Lanz, CPA, CITP, chairman of the AICPA Information Management and Technology Assurance section, said in a written statement. “This survey underscores that CPAs are keenly aware they have a unique role to play in assessing and managing tech-related security risks through a business lens for clients and employers.”

     


    Member:
    Matthew Bryant (Rochester)

    Discussing finances with older parents

    WROC TV CBS Rochester

    CPA Matt Bryant discussed the importance of discussing financial and health matters with older parents Monday on News 8 at Sunrise. Bryant, the Controller at PharmaSmart International and President-elect of the Rochester Chapter of the New York State Society of CPAs, said begin by determining if your parents have a will. 



    Member:
    Edward Mendlowitz (At large member)

    Art of Accounting: Wasted Lunch Hour

    Accounting Today

    I was recently in Manhattan during lunchtime and thought I would drop in at a CPA firm I did some consulting for to see if anyone was available to have a quick lunch with me. It was around 12:45. If no one available, no harm done. I showed up (that counts as a “client contact”), would see a few people, and then would only be there 10 or so minutes.


    Member:
    David Young (Rochester)

    CPA: Better to File Extension Than an Inaccurate Tax Return

    WXXI News

    Not everyone will be ready to file their tax return by today’s deadline. That's when accountants recommend filing a six-month extension. Local CPA David Young says fewer than ten percent of his clients typically need that extra time, but there are several reasons some do.

     


    Member:
    Martin Shenkman (Rockland)

    6 costly estate-planning minefields, and how to avoid them

    Yahoo! Finance

    A good estate plan can save your heirs some money; it also protects you and your family while you are alive. If you don’t have a plan and you become incapacitated, someone will have to go to court to be named your guardian so that he can make medical and financial decisions for you. The process not only is unpleasant but also could easily cost $10,000 or more, says Martin Shenkman, a New York City attorney and certified public accountant.

     


    Member:
    Edward Mendlowitz (At large member)

    Art of Accounting: Know the Outstanding Performers in Your Firm

    Accounting Today

    This is a response to a reader who sent me the following email about last week’s column. I addressed his comments in the order they were written. Also, some others’ comments are about some of the same things.


    Member:
    David Young (Rochester)

    Filing a tax return extension

    WROC TV CBS Rochester

    CPA Dave Young discussed the steps necessary to file a tax return extension if you're not able to file before the April 15 deadline Monday on News 8 at Sunrise. Young noted the regular "timely filing" rules apply, meaning make sure your extension request is postmarked or e-filed by the end of the day on April 15.


    Member:
    Jonathan Gassman (Manhattan/Bronx)

    What to do when you can't pay your tax bill

    Metro

    The consequences of owing the IRS are severe enough that people should search hard for ways to pay, tax professionals said. That may include borrowing money from friends or family, drawing money from a home equity line of credit or selling investments held outside retirement accounts. Sometimes clients who say they can't pay actually have the means, just not the cash, said CPA Jonathan Gassman of New York City.


    Member:
    Marlies Hendricks (Buffalo)

    Tax changes bringing costly surprises

    Jacksonville Daily News

    The health care problem lies in the federal subsidies received by many of those insured under the Affordable Care Act. “The biggest shocker is where people have received some health care prepayment and now they’ve used it and now have a balance owed,” said Marlies Y. Hendricks, a CPA with offices at 2512 Independence Blvd. and Buffalo, N.Y.


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