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News

Our news articles are posted on a regular basis to give our clients relevant and timely information about matters pertaining to our financial services. Browse through our current and archived articles to learn more.

Tag Archives: Long Island CPA Firm

Tax Provisions Expiring in 2013

Many of these temporary tax provisions were previously extended as part of the American Taxpayer Relief Act. Temporary tax provisions that are regularly extended, for one to two years, are referred to as “tax extenders.” The President’s 2014 Budget identifies … Read more

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Accounting & Tax :: Potential Tax Return Audit Red Flags-What They Are and How to Avoid Them

Millions of individuals file tax returns but only a small percentage of those returns are examined by the IRS or other taxing authorities. While there should be little reason to worry about an IRS examination, there are a few things … Read more

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Accounting & Tax :: Unreimbursed Business Expenses

The tax treatment of unreimbursed business expenses for partners and S corporation shareholders differ. Unreimbursed business expenses are ordinary and necessary expenses incurred by a partner or shareholder which are not reimbursed. Individual partners and shareholders may deduct unreimbursed employee … Read more

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Accounting & Tax :: Hurricane Sandy: What To Consider If You Experienced A Casualty Loss

In the aftermath of Hurricane Sandy, the Internal Revenue Service has recognized the effects the disaster has caused for many individuals and businesses that have sustained losses. These individuals and businesses will need to consider how to account for the … Read more

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Accounting & Tax :: Severance Payments are not Subject to FICA Tax, Again!

In June 2010, the IRS announced it was not following the taxpayer friendly decision reached in Quality Stores Inc. and would continue to impose FICA taxes on certain employee severance payments. As a result of the Quality decision, many taxpayers … Read more

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Accounting & Tax News :: 2012 Year-end Planning: Part 3

Tax planners and their clients face the prospect of a darker tax climate in 2013 for investment income and gains. Under current law, higher-income taxpayers will face a 3.8% surtax on their investment income and gains under changes made by … Read more

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Understanding Federal Tax Credits

Over the years, Congress has populated the tax code with a plethora of tax credits. Most states have followed suit with their own credits. Some of these credits are available only temporarily, to encourage certain activities to take place before … Read more

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Time Is Running Out to Utilize the Full $5.12 Million Gift Tax Exclusion Expiring 12/31/12

Preferential gift and estate tax treatment afforded under current law is set to expire on December 31, 2012. Individuals with assets in excess of $1 million should consider taking steps now to take advantage of this favorable tax law before … Read more

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Looming Sunsets Would Affect Almost All Taxpayer

Unless Congress acts, the Bush-era tax breaks—those in the EGTRRA and JGTRRA legislation of 2001 and 2003—will come to an end (i.e., they will sunset) at the end of 2012. Depending on how the November elections play out, the sunsets … Read more

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