Monthly Archives: January 2015

When You Need A Tax Professional by Joseph L. Saka, CPA/PFS

Posted on January 30, 2015 by Joseph Saka

January, the start of a New Year and the time that taxpayers start gathering information and stuffing folders with documents to prepare for the April 15 filing deadline. Sure, taxpayers can prepare their own returns using a variety of online tools. However, these software programs lack the human touch required to understand individuals’ unique financial […]

Lifetime Income Option Now Available to Older Participants in Defined Benefits Plans by Jeffrey M. Mutnik, CPA/PFS

Posted on January 27, 2015 by Jeffrey Mutnik

The IRS and U.S. Treasury recently issued a special rule that should allow employees some peace of mind regarding how long their 401(k)s will last through their retirement. The rule grants defined contribution plans permission to offer older employees the option to invest in deferred income annuities in target date funds (TDFs) without violating plans’ […]

Some Taxpayers Exempt from Passive Foreign Investment Companies (PFIC) Reporting by James W. Spencer, CPA

Posted on January 15, 2015 by Jim Spencer

The IRS recently eliminated reporting requirements for certain U.S. persons who hold stock in Passive Foreign Investment Companies (PFICs) that is marked-to-market (MTM) under Internal Revenue Code 1296. According to the IRS, a PFIC is any foreign investment vehicle for which either 75 percent or more of its gross income is passive or more than […]

IRS Issues Optional Standard Mileage Rates for 2015

Posted on January 09, 2015

The IRS has increased the optional standard mileage rate for employees and self-employed taxpayers who use their cars for business use in 2015 to 57.5 cents per mile, up from 56 cents in 2014. Conversely, the IRS reduced the deductible costs for mileage driven for medical and moving purposes to 23 cents, down from 23.5 […]

2015 Ushers in New Audit Requirements for Non-Profits Receiving Federal Funding by Megan Cavasini, CPA

Posted on January 06, 2015

Effective January 1, 2015, states, local governments and nonprofit agencies receiving federal grants must comply with new single-audit requirements issued by the U.S. Office of Management and Budget (“OMB”). Included in the updated and revised guidance to Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, are the following provisions for which organizations receiving […]

Celebrating 35 Years in 2015

Posted on January 05, 2015 by Richard Berkowitz

We are incredibly proud to celebrate 35 years of service to our clients, our community and our profession.   Our growth was achieved through a committed focus on client service, a dedication to the well-being and career development of our firm members and a consultative approach to every client engagement. This philosophy has enabled us […]

Landmark Court Ruling Signals Tax Opportunities for Real Estate Builders and Developers by Steve Messing, CPA

Posted on January 05, 2015 by Steve Messing

Residential home developers may have a new option to defer significant income until they are close to completing construction on an entire community, rather than at the time home buyers close on the homes. In February 2014, the U.S. Tax Court permitted residential home developer Shea Homes and its subsidiaries to delay the recognition of […]