Members in the News

Scott Adair, Jamie Block, Antoinette Spina, Tom Walpole, and David Young (Rochester)

NYSSCPA to answer public's tax questions on Rochester TV
Accounting Today
The New York State Society of CPAs (NYSSCPA) Rochester Chapter announced on Friday that they will answer the public's tax season questions on local CBS affiliate WROC-TV on Feb. 6th from 5 – 6:30 p.m. The live questions will be answered by expert CPAs via phone, a tax hotline number, and a live chat. The event is part of NYSSCPA's financial literacy initiative, Get Money Smart, which looks to provide free educational programs on topics such as investing, college planning, and budgeting for New York State.

Adam Baruch (Manhattan/Bronx)

Filing Season Gets Underway; IRS Reminds Taxpayers Of Refund Delays
Wolters Kluwer – Federal Tax Weekly, Issue 5 (Page 1)
The 2017 filing season has opened with the IRS expecting to receive and process some 150 million returns. As in past years, the IRS continues to caution taxpayers about cybercrime and tax-related identity theft. This filing season, the IRS also has reminded taxpayers that some refunds may be delayed early in the filing season because of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). Take Away. “The delay in refunds is significant for many taxpayers, especially taxpayers who file early in the filing season in anticipation of a refund, ” Adam Baruch, CPA, partner, Melzer & Associates, CPA’s, P.C., New York, told Wolters Kluwer. The changes made by the PATH Act are permanent, so the delays encountered this filing season will be repeated in the future, Baruch, past chair of the Small Business Committee of the New York State Society of CPAs (NYSSCPA), noted.

Michelle Staebell (Rochester)

Finding a trusted tax preparer
WROC Rochester First
CPA Michelle Staebell of the Rochester Chapter of the New York State Society of CPAs offered some advice for those looking for help from a trusted tax preparer this tax season Monday on News 8 at Sunrise. "When choosing someone to prepare your taxes, you definitely want to make sure they're trustworthy and experienced," said Staebell. "It's a good idea to keep in mind, even if you hire somebody, the responsibility of that return still falls on the taxpayer. Even if somebody else puts the numbers in and files the return with software, the I-R-S is going to come back to the taxpayer, not the preparer."

NYSSCPA’s Marijuana Symposium

Top Legal Marijuana Client Concern? Banking
Law.com
New York medical marijuana dispensary owner Hillary Peckham—holder of one of only five licenses in the state—just saw her company, Etain Health, through a major right of passage: getting kicked out of their bank. Most banks and major credit card companies won’t accept accounts for marijuana-related businesses because of the Bank Secrecy Act (BSA), which requires financial institutions to thoroughly monitor customer accounts for activities associated with crime and prohibits them from doing business with them. Other questions of concern relate to guaranteeing collateral and the federal insurance of deposits.

NYSSCPA - Marijuana Symposium

With Eyes on Trump, Legal Marijuana Warily Rolls Along
Law.com
For legal marijuana, business is booming—but the industry’s rapid growth has resulted in landmines for proprietors and the attorneys who advise them. Connecticut has a relatively narrow medical marijuana program in place. It’s similar to New York’s, which dispensary founder Hillary Peckham—one of only five license holders in the state—recently called one of “the most restrictive in the nation.” But New York state Sen. Liz Krueger sees Massachusetts’ vote to legalize recreational marijuana in November as a sign the tide has turned. “I do believe … the growing fact that states on the east coast are joining our colleague states farther west in legalizing will trigger broader discussion,” Krueger said at a recent panel discussion hosted by the New York State Society of CPAs.

Matthew Bryant (Rochester)

Selecting your tax filing status
WROC Rochester First
CPA Matt Bryant of the New York State Society of CPAs discussed choosing the proper filing status for your tax return Monday on News 8 at Sunrise. Bryant began by discussing the filing options for a single person.  "There's three options to the IRS," he said. "There's single, there's head of household, and there's qualifying widower.  An unmarried person who files single, if that unmarried person supports their own children, they may qualify as head of household, and if someone had a spouse that recently passed away, they could qualify as qualifying widower."

Sheila Brandenberg (Manhattan/Bronx)

Tax season just started. Here's what you need to know
CNBC
Monday is the first day you can file your 2016 income tax returns. Don't worry if you haven't started. Employers have until Jan. 31 to send you the W-2 and 1099 forms most people need to complete their returns. If you had investment income last year, you may have to wait until mid-February before you receive all the necessary paperwork. Taxpayers who claim the earned income tax credit and the additional child tax credit will have to wait until Feb. 15 to receive their refund. 

Joanne S. Barry – Executive Director and CEO

Five ways CPAs can build a stronger democracy
Accounting Today
Some people love him. Some people hate him. Regardless of what anyone feels about him, New York City real estate mogul and TV reality show star of The Apprentice Donald J. Trump has been sworn in as the president of the United States. While some of the new president’s proposals have, at times, lacked specificity, anyone seeking some level of certainty in the immediate future can find it in the fact that the United States will have a sitting Republican president acting with the full power of a Republican-majority House and Senate behind him.

Rumbi Bwerinofa-Petrozzello (Queens/Brooklyn)

NYSSCPA to provide free college advice to Bronx school
Accounting Today
The New York State Society of Certified Public Accountants (NYSSCPA) announced on Thursday that they will provide a free college planning seminar - presented via the Society's Get Money Smart campaign - on Jan. 21, for the students and parents of The Eagle Academy for Young Men in New York City. NYSSCPA’s Queens/Brooklyn Chapter member, Rumbi Petrozzello, principal from Rock Forensics, will lead the session - held 10 - 10:30am - and will look to provide college planning tips and info on financial resources relating to FAFSA, college tax credits, and the 529 college savings plan.

Jamie Block (Rochester)

Identity theft during tax season
WROC Rochester First
CPA Jamie Block of the New York State Society of CPAs discussed efforts by the IRS to help prevent identity theft this tax season Monday on News 8 at Sunrise. Block, of Wealth Design Services, said, “If you have a Social Security Number or you're a living, breathing person, you could be a victim. It's very important you're aware of all the various scams that are around, as well as how you can control, or at least try to prevent them as much as possible." Block said electronic theft is hard to control - including computer hacking, telephone scams, email scams and also tax return fraud filing with the government.  

NYSSCPA’s Sid Kess Financial Planner Conference

CPA Society Presents Sidney Kess Financial Planner Conference, Jan. 17
Public.
Financial planning experts will cover topics related to social security, estate planning, as well as a paneled overview of financial planning software valuable to financial planning professionals and their clients. Other segments include: William Kriesel, CPA/PFS, CFP, AEP and partner of Bowers & Company, will discuss partnership tax concepts related to granting interests as compensation and income allocation methods. During this segment, Kriesel will share real life examples on how appreciation and income from a senior generation to a younger generation is possible without the use of a gift tax or generation-skipping tax exemptions.

NYSSCPA's Sid Kess CPA as Financial Planner Conference

CPA Society Presents Sidney Kess Financial Planner Conference, Jan. 17

InsuranceNewsNet.com

On behalf of the New York State Society of CPAs' (NYSSCPA) Foundation for Accounting Education (FAE) and Baruch College, Sidney Kess, counsel to Kostelanetz & Fink, LLP, and accounting profession icon presents, The CPA as Financial Planner Conference on Jan. 17, from 8:30 a.m. - 5 p.m. The conference will be held at Baruch College's Zicklin School of Business, 55 Lexington Ave, in New York City.  Financial planning experts will cover topics related to social security, estate planning, as well as a paneled overview of financial planning software valuable to financial planning professionals and their clients.

Tom Walpole (Rochester)

Deductions for your tax return

WROC Rochester First

CPA Tom Walpole discussed the decision of whether to itemize your deductions or take the standard deduction on your tax return Monday on News8 at Sunrise. "What's going to make a difference is your filing status," said Walpole.  "You've got to look at your filing status first, and that's going to help decided what to do. The itemized deductions are going to be things like charitable contributions, property taxes, New York State taxes, medical expenses and contributions, miscellaneous deductions. Those types of things all add up, money you spend during the year.

NYSSCPA - EFJ Awards

Contest: Excellence in Financial Journalism Awards
Motherhood Moment
It’s about that time again! The 34th annual Excellence in Financial Journalism Awards (EFJ) — honoring the best in business news journalism — is calling for submissions. Broadcast, print, radio and online news organizations and reporters can submit financial news stories that were published, posted or aired between Jan. 1, 2016 and Dec. 31, 2016. Business book authors and publishers can also enter the national contest. The Excellence in Financial Journalism Awards is sponsored by the New York State Society of CPAs (NYSSCPA) and are judged by a select panel of NYSSCPA members.

Matthew Bryant (Rochester)

Financial resolutions for 2017
WROC Rochester First
CPA Matt Bryant discussed some financial resolutions for 2017 Monday on News 8 at Sunrise. "The first step should be to review last year's finances," said Bryant.  "Did you earn more?  Did you increase debt?  Did you save?  If you can't answer these questions, consider finding a financial advisor to assist you." Bryant said make a comparison.  "You can compare what you actually did to the goals that you have," he said.  "For example, if your goal is to save to purchase a house but you increased your credit card debt last year, that could point out that you would need to increase you earnings or decrease your spending in the current year to pay down the credit card debt and save for the house."

NYSSCPA – Marijuana Symposium

BV Wire Newsletter
NYSSCPA symposium spotlights the legal cannabis industry
It was standing room only at the Marijuana Symposium: Business, Tax and Legal Implications, sponsored by the New York State Society of CPAs. New York is one of 28 states that have legalized marijuana for medical purposes, but it is not among the eight states that have legalized recreational marijuana. If the momentum toward legality includes all states by 2020, U.S. retail marijuana sales could reach $35 billion.

NYSSCPA Marijuana Symposium

International Law Expert Explains Tax Implications And The Search For Legitimacy In Cannabis Industry
Benzinga
The New York State Society of Certified Public Accountants (NYSSCPA) and the Foundation for Accounting Education (FAE) hosted their 2016 Marijuana Symposium: Business, Tax and Legal Implications last Tuesday. After the event, Benzinga had the chance to chat with one of the keynote speakers, Zameer Qureshi, a legal consultant to the Acta Group EU, Ltd, an affiliate of Bergeson & Campbell, P.C. that focuses on marketing chemicals, biocides and products of industrial biotechnology, nanotechnology and synthetic biology.

NYSSCPA Marijuana Symposium

Accounting News Roundup: Apple Strikes Back, CPAs Going to Pot and Whistleblowers | 12.19.16
GoingConcern
CPAs going to pot - Ranica Arrowsmith reports in Accounting Today about the New York State Society of CPAs' recent marijuana symposium. The society's president F. Michael Zovistoski "noted that the society prides itself on remaining ahead of the curve in all things that affect the accounting profession, and the opening up of marijuana laws should be no different." Let GC be the first to welcome NYSSCPA to the party. We've been here since at least 2014.

Kenneth Hall (Rochester)

Getting the most out of Social Security benefits
WROC Rochester First
CPA Kenneth Hall of the New York State Society of CPAs discussed considerations for your Social Security benefits Monday on News 8 at Sunrise. "I would first tell viewers to defer their benefits to age 70 instead of the earliest full retirement age of 62," said Hall. "By delaying receipt of benefits from an earlier age to 70, retirement income payments can increase by 76 percent, in addition to any cost of living adjustments."

NYSSCPA - Excellence in Financial Journalism Awards

2017 Excellence in Financial Journalism Awards – Call for Submissions
Authorlink
It’s about that time again! The 34th annual Excellence in Financial Journalism Awards (EFJ) — honoring the best in business news journalism — is calling for submissions. Broadcast, print, radio and online news organizations and reporters can submit financial news stories that were published, posted or aired between Jan. 1, 2016 and Dec. 31, 2016. Business book authors and publishers can also enter the national contest. The Excellence in Financial Journalism Awards is sponsored by the New York State Society of CPAs (NYSSCPA) and are judged by a select panel of NYSSCPA members.