Monthly Archives: September 2016

Are You Financially Prepared for an Emergency? by Brendan T. Hayes

Posted on September 29, 2016 by Richard Berkowitz

It can be assumed that the more wealth individuals have, the better equipped they are to cover unplanned expenses.  However, according to a recent poll conducted by the Associated Press-NORC Center for Public Affairs Research, 38 percent of households earning more than $100,000 a year admitted that they would have some difficulty coming up with […]

Looking to Change Jobs? You May Qualify for a Tax Break by Nancy M. Valdes, CPA

Posted on September 27, 2016

The Internal Revenue Service (IRS) allows U.S. taxpayers to deduct costs for certain expenses they incur while searching for new jobs.   To qualify, a taxpayer must seek employment in his or her current line of work. Expenses incurred searching for a job in an entirely new field are not deductible.  Similarly, taxpayers cannot deduct […]

Students, Families Face Earlier Federal Financial Aid Application Deadline in 2016 by Joanie B. Stein, CPA

Posted on September 22, 2016 by Joanie Stein

Students planning to attend college for the 2017-2018 academic year may begin applying for federal financial assistance as early as October 1, 2016. In prior years, students were required to wait until after January 1 to complete the Free Application for Federal Student Aid (FAFSA) and subsequently wait until the Spring to determine their eligibility […]

How Families Can Sustain Wealth Through Multiple Generations by Richard A. Berkowitz, JD, CPA

Posted on September 20, 2016 by Richard Berkowitz

High-net-worth families who intend to transfer wealth from generation to generation face a harsh reality: 70 percent of family fortunes are destroyed by the second generation, and 90 percent by the third. As the story is often told, the first generation starts with nothing and works hard to create wealth. Subsequent generations either live lavishly […]

It’s Not too Early to Begin Adopting New Non-Profit Financial Reporting Standards by Megan Cavasini, CPA

Posted on September 15, 2016

On August 18, 2016, the Financial Accounting Standards Board (FASB) issued its latest update relating to how not-for-profits (NFPs) communicate their financial stories. While the new standards will not go into effect until after December 15, 2017, nonprofit charities, foundations, associations, museums, universities and religious organizations should take the time now to become familiar with […]

Can Foreign Investors Be In The U.S. Without Being Here For Income Tax Purposes? by Joseph L. Saka, CPA/PFS

Posted on September 13, 2016 by Joseph Saka

A fragile global economy and political uncertainty continue to fuel the United States’ status as the world’s most attractive location for foreign investment. However, investors chasing positive returns, high yields and portfolio diversification face a tricky U.S. tax system that may provide tax-savings opportunities in some instances and significant income-tax traps in others. Contrary to […]

Hospitals Brace for Increased Medicare Patient Readmission Penalties by Whitney K. Schiffer, CPA

Posted on September 09, 2016 by Whitney Schiffer

Beginning on October 1, 2016, more than half of the United States’ acute-care hospitals that are paid through the Inpatient Prospective Payment System (IPPS) will receive less money from Medicare due to a history of higher-than-expected patient readmissions within 30 days of discharge. The penalties, which can equal as much as a 3 percent reduction […]

Tax Breaks for Members of the U.S. Military by Jack Winter, CPA/PFS, CFP

Posted on September 07, 2016 by Jack Winter

The United States provides active members of its Armed Forces with unique opportunities to save money and exclude certain types of their pay from taxes. Lowering one’s tax liability requires members of the military to understand special rules that apply to them for applying tax breaks, credits and deductions.   Combat Pay Exclusion. Members of the military who […]

Latest Tax Scam Targets Students by Joseph L. Saka, CPA/PFS

Posted on September 02, 2016 by Joseph Saka

Back-to-school should be an exciting time of year for students and their families. However, according to the IRS, families should be on alert to scammers taking advantage of this year’s back-to-school season and attempting to trick students and parents into making bogus payments for fake taxes. In the latest scam, criminals impersonate IRS officials and […]