Members in the News

CPAs examine the issues – and ethics – of marijuana as a business
Accounting Today
While marijuana is now legal to one degree or another in 28 U.S. states, the substance is still federally illegal – and that means that CPAs and others who want to serve this potentially lucrative niche face questions of professional conduct that are not easily answered. Having made the plant-based drug legal for certain medicinal uses in 2014 under the Compassionate Care Act, New York is one of those states in which marijuana can be legally distributed in some way, and recently, the New York State Society of CPAs hosted a symposium on the marijuana business.

Getting respect
Reno News & Review
In Manhattan this week, the New York State Society of Certified Public Accountants held something called a “Marijuana Symposium: Business, Tax and Legal Implications.” Nothing gives a stronger sense that this industry is here to stay than professional meetings on how accountants can keep business people out of trouble. “As the marijuana industry continues to grow rapidly, as well as generate jobs and profits, CPAs have been asked to provide their services to businesses that cater to the ever-growing medical marijuana industry,” said a statement from the Society.

The $68 billion question: Will Trump, GOP cost NY its most popular tax deduction?SiLive.com
New York taxpayers stand to lose about $68 billion that they now deduct from their federal taxes if President-elect Donald Trump and House Speaker Paul Ryan move forward with their tax reform plans next year, according to state officials and tax experts. Trump and Ryan have proposed scaling back or eliminating the deduction for state and local income and property taxes as part of one of the most sweeping changes to federal tax code in more than 100 years.

Savino: Sessions could throw medical marijuana programs into 'disarray'
POLITICO
State Sen. Diane Savino, the chamber's sponsor of the state's Compassionate Care Act, said Tuesday she is concerned about the new administration's impact on medical marijuana laws. "While the current president-elect, Donald Trump, has not said anything hostile about medical marijuana and, in fact, his comments have been pretty positive about medical marijuana ... his selection for Attorney General is a real concern for myself, and I know for people in the industry," Savino, a member of the Independent Democratic Conference, said during a panel discussion sponsored by the New York State Society of CPAs.

Why New Yorkers are rushing to divorce before New Year’s Day
New York Post
Santa baby, slip a divorce judgment under the tree, for me. While January is known as “Divorce Month” across the U.S. because couples typically wait until after the holidays to say “I Don’t” — New Yorkers rush to finalize their pending divorce cases in December, to cash in on income tax savings. “If you’re divorced as of 11:59 p.m. on Dec. 31st you can file as single for the entire year,” said Manhattan divorce lawyer Susan Moss.

IGC’s CEO to Participate as Panelist at NY CPA Society Marijuana Symposium
Nasdaq Global Newswire
India Globalization Capital, Inc. announces today that Ram Mukunda, CEO of IGC, will participate as a panelist at the New York State Society of CPAs’ Marijuana Symposium to be held Dec. 13 in New York City.  To date, 28 states and Washington, DC, have legalized marijuana for medical and/or recreational use. The Compassionate Care Act was passed in New York State in July 2014, allowing the controlled use of medical marijuana.

2016 NYSSCPA Mid-Hudson Chapter Banker, Attorney & CPA Networking Event
Introspections of a Marketing Gentleman
Last Thursday I had the pleasure of attending the NYSSCPA Mid-Hudson Chapter’s Annual Banker, Attorney, CPA Networking Event in Poughkeepsie, NY.  I know there are many associations around the country that organize this type of event, where all the key influencers convene for one night and network over drinks and noshes and listen to a speaker.  Well, the Hudson Valley is no different.

Avoid Social Security Screwups
Nasdaq
Not long ago, I attended an all-day seminar on Social Security, my goal being to soak up as much as I could about a devilishly complicated system. By noon, my brain had started to feel numb; by late afternoon, facts were bouncing off it like rubber darts. Considering that I already had a working knowledge of Social Security, I wondered how anyone coming at it cold could possibly master all the details.

NYSSCPA’s Marijuana Symposium
BV Wire Newsletter (full blurb below)
During the presidential election, voters approved marijuana initiatives in eight of the nine states where it was on the ballot. That means a total of 31 states and jurisdictions now have legal marijuana in some capacity. This is a situation that business valuators simply can’t ignore. The New York State Society of CPAs has put together an event, the Marijuana Symposium: Business, Tax and Legal Implications, to be held in New York City on December 13. Among the speakers will be Ron Seigneur (Seigneur Gustafson LLP), who is a valuation practitioner based in Colorado, one of the first states to legalize adult recreational cannabis. He will cover valuation nuances based on lessons learned in his state. Seigneur is a contributor to a new guide, What It’s Worth: Value and Business Challenges in the Budding Cannabis Industry.

Excellence in Financial Journalism Awards seeks submissions
Talking Biz News
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.

Year-end tax tips for 2016
WROC Rochester First
CPA Michelle Staebell from the New York State Society of CPAs discussed some year-end tax tips Monday on News 8 at Sunrise. "There's so many decisions happening right now," said Staebell. "For employees, they can elect retirement contributions for next year, their health savings accounts, deductible benefits for their child care expenses, and flex savings accounts. All these things will effect 2017 returns but the decisions have to be now." Staebell discussed health insurance considerations.  "As far as we can tell, the Affordable Care Act is going to be in place and everyone needs to have health insurance," she said.

The Year Ahead
Accounting Today
New year, new president, new changes, new challenges and new opportunities: 2017 promises to be an interesting 12 months. To help you start getting a handle on what it might mean for your practice, your firm and the accounting profession as a whole, we’ve turned to two different groups: a panel of experts in the field, and a large group of accountants themselves. This year’s experts are: Joanne Barry, executive director and CEO of the New York State Society of CPAs; Crosley+Co. founder Gale Crosley; California Society of CPAs CEO Loretta Doon; and others.

As New Yorkers Participate in Giving Tuesday, NYS Tax Department Reminds Them of Added Benefits
NYS Department of Taxation and Finance
The New York State Department of Taxation and Finance today reminded taxpayers to follow established guidelines when claiming charitable contributions on their personal income tax returns. Millions of New Yorkers donate to charities, especially around the holidays. In 2014, the most recent year for which tax data is available, more than two million New York taxpayers claimed $32.9 billion in charitable giving for a total tax savings of $599 million.

Back to work after retirement
WROC Rochester First
CPA Scott Adair discussed some of the considerations for people who decide to go back to work after retiring Monday on News 8 at Sunrise. "There's a lot of advice to give those people," said Adair. "One of the things is you really need to take a look at what current retirement benefits you are receiving. Take a look at what potential impact going back to work could have on income taxes, could have Social Security benefits, could have on health care, and ultimately could have on your overall financial projections as you move forward in life." Adair called Social Security benefits the hot topic.

NYSSCPA International Tax Conference, 26 January 2017 – I’m speaking about expatriation
Hodgen Law PC
Just a heads-up (and shameless promotion) for this upcoming event. I am giving a presentation at the New York State Society of Certified Public Accountants’ International Tax Conference on January 26, 2017. The topic is expatriation. Sign up to attend in person or livestreamed on the web. And many thanks to the Committee (and especially Susan Brown Otto) for inviting me.  will be in New York for a few extra days, in the name of fun, etc.  My wife is coming with me on this trip. She lived in Manhattan for 15 years before moving to California (where I met her) so she takes every opportunity she can to return to NYC.

Rising star in CPA society is a Woman To Watch
Democrat & Chronicle
When Michelle Staebell enrolled in an accounting class during college, she discovered the career path she wanted to pursue. “I always enjoyed math but I didn’t know what I could do with a math degree. Taking that accounting class helped me realize that numbers truly had a purpose in life and I was hooked.” Numbers have played an important role ever since for both Staebell, as the owner of CPA firm Towner Taxes and also for the hundreds of low income and elderly taxpayers she volunteers to help every year with VITA of Livingston County.

SCORE Staten Island Seminar Dec. 3 to Highlight Latest Tax Changes
Staten Island Live
A Dec. 3 seminar on Staten Island will provide guests with insight into some of this year's latest significant tax changes, as well as the Affordable Care Act and American Taxpayer Relief Act of 2012. Sponsored by Richmond County Savings Bank, a Division of New York Community Bank – Member FDIC, the "Highlights of 2016 Federal & New York State Tax Changes" workshop is a SCORE Staten Island event, presented in collaboration with the Foundation for Accounting Education (FAE) and the Staten Island Chapter of the New York State Society of Certified Public Accountants (NYSSCPA).

Marriage & finances
WROC Rochester First
CPA Matt Bryant discussed the challenges surrounding finances for newlyweds Monday on News 8 at Sunrise. Bryant said newlyweds need to begin with a conversation about money. "I think the first step is to write down the goals each person has," he said. "Then you can look at them as a couple and order them in terms of priorities." Even if the goals differ, Bryant said couples can work together to address their differences. "Trying to make them in an order of priority helps the couple," he said. "Try to get goals that are going to accomplish things for both people."

Election Creates ‘Very Real Possibility’ of Tax Reform
Accounting Today
With Donald Trump having aligned his tax plans with those of Congressional Republicans over the course of the campaign, his election puts the GOP in a position to enact significant changes in the nation’s tax system.  “There’s no more reason for any delay for any type of tax reform,” explained Tony Nitti, a CPA, tax educator and partner at Top 50 Firm Withum. “You’ve got a Republican in the White House, control of the House and Senate, and a tax wonk as Speaker of the House in Paul Ryan. Their plans are fairly aligned between Trump and things that Ryan has proposed in the past, so there’s really no reason not to have significant change in the tax law – if that’s what they want to happen.”

Professionals on the Move – November 7, 2016
CPA Practice Advisor
NYSSCPA Leader Named President of CPA Execs Association - New York State Society of Certified Public Accountants recently announced that Joanne S. Barry, executive director and CEO, has been appointed the 2016-2017 president of the Certified Public Accountants Society Executives Association. Barry has been recognized multiple times for her leadership in the CPA profession and serves on the accounting and taxation boards for Montclair State University and St. John’s University.