CPA Association - National Conference of CPA Practitioners

Installation Dinner Souvenir Program Guide – in addition to NCCPAP Members including advertisements, there were other supporters of our chapter among which were-

Commerce Clearing House (CCH), Peter Caparelli, Rep. (516) 365-5236 – Our members are getting a 30% discount on all purchases, which will be billed and shipped, directly to the member firms. Refer shortly to the NCCPAP website www.ns-63.134.211.24.

Pace Professional Services – Ken Gross (516)222-6006 Accountants Professional Liability Insurance.

INC Corporate Services – Providers of Nationwide Corporate filing and research services to the legal and accounting professions. Services offered include incorporation, not-for-profit corporation, LLC, amendment/correction, dissolution/reinstatement, and corporate kits. Min Jung, Rep. (718) 888-7773

Anthony Finazzo, CPA (chapter member) - (631) 225-6409. Litigation support, business valuation and forensic accounting services.

Long Island Employee Benefits Group and Law Offices of Vaccaro and Prisco. Ralph Prisco, ESQ. (631) 273-9220. Legal representation in qualified and non-qualified deferred compensation plans, cafeteria and flex benefit plans, group health (fully and self-insured,) qualified retirement plans – 401 (K) and 403 (b).

Futterman and Lanza, LLP, Attorneys (631) 979-4300. Estate planning, elder law, credit shelter trusts, probate avoidance techniques, Medicaid planning, living wills and guardianships.

ATM Express Northeast. Joseph LaLima, Pres. (631) 586-6244. Furnishes ATM machines in business. Looking for partners in this area.

Karen J. Tenenbaum, P.C. (chapter member) (631) 465-5000. Concentrating in federal and state tax controversies.

CDS Companies. Leonard Leff (516) 379-1053 x 118- Accounts receivable financing, factoring, receivables management outsourcing, commercial and consumer receivables.

Capell Barnet Matalon and Schoenfeld, LLP. Robert S. Barnett, CPA (NCCPAP member) (516) 931-8100. Counsel to professionals, businesses, individuals and not-for-profit/religious corporations.

Lazar Sanders, LLP, and Wealth Advisors, LTD. Scott Sanders, CPA. (chapter member) (516) 932-6515. Estate planning, 529 Plans, annuities, education funding strategies, asset allocation strategies, retirement planning, business valuations, accounting system consulting, litigation support and matrimonial services.

Employment identification numbers now available online - Paychex Payroll Services advices that businesses can now apply online for Employer Identification Numbers (EIN). This new process offers a convenient way to obtain an EIN by eliminating the need to send paperwork to the IRS.

About Online EIN Application

Businesses complete an online Form SS-4 application that can be accessed at www.irs.gov. The online Form SS-4:

is available at all times and
requires no registration to access.

After all fields on the form are complete, the system performs a preliminary validation and alerts applicants if any required information is missing. An EIN is issued after the successful submission of Form SS-4. The business may begin using the EIN immediately. Applicants should print a copy of the completed Form SS-4 for their records.

Note: Limited liability companies requesting an EIN must supply the following information on Form SS-4:

Include LLC in legal name on Line 1. Check the type of entity in Line 8a; partnership, sole proprietorship or corporation.
Indicate “single” or “multi-member” on the line by Other. Do not check Other.

About the Issued EIN

The EIN issued via the Internet is the permanent number for the business. However, the IRS may void the number and notify the applicant if:

the name and Social Security number of the principal officer of the business do not match Social Security Administration records or
an EIN has already been assigned to the business.

Third Parties

Third parties may request EINs via the Internet on behalf of their clients. The party must maintain a copy of the Form SS-4, signed by the client, in the third party business files

Exclusions

The following organizations are excluded from applying online for an EIN:

requestors from addresses outside the continental USA, Alaska or Hawaii limited liability companies without type of entity real estate mortgage investment conduits (REMIC) state and local governments federal government and military
Indian tribal governments or enterprises.

New York State Department of Labor- Unemployment Insurance Division

The SUI is now assessing $25.00 fines connected with inaccurate reporting as is evidenced by a notice received by a member’s client. “Our records show that when the above claim was taken, the Wage Reporting information on record for this claimant was incomplete and/or inaccurate. You report this information to the NYS Department of Taxation and Finance on the Quarterly Combined Withholding, Wage Reporting and Unemployment Insurance Return form NYS- 45 Part C or NYS- 45ATT. A $25 penalty is assessed when incomplete or inaccurate information is discovered ad a result of a claim for benefits.”

Probate- Newsday recently printed an article about probate.

The problem: Which of the following are part of the probate estate: IRA account payable to the beneficiary; bank account in trust for the beneficiary; joint bank account?

The rules: The probate estate is made up of any asset held at the time of death in which there is no provision for a beneficiary in the title of the asset. None of the accounts that you’ve named are generally part of a probate estate.

The strategy: It is becoming more common for individuals to hold their assets so that the ultimate beneficiaries are named when the account is created. The intent is to avoid the probate process and access these assets when the owner dies. These types of accounts are often called “will substitutes.”

How it works: An IRA account payable to a named beneficiary is a type of will substitute that will not be part of your probate estate. Probate is not required to determine who will receive the asset. Bank accounts also can function as will substitutes if the account holder names a beneficiary as with “in trust for” accounts, also known as “Totten Trust” accounts. The bank is contractually obligated to pay the funds in the account to the named beneficiary when a death certificate of the account holder is provided. Again, there is no need for a formal probate proceeding.

Finally a joint bank account is customarily considered a will substitute. Some accounts will specifically note the title as “joint tenants with right of survivorship.” In these accounts, the survivor receives the balance in the account.

New Bankruptcy Law and 529 College Savings Plans- The new law which went into effect in October, 2005 according to Business Week Magazine shields any money in state-sponsored 529 College Savings Accounts as long as you contributed it more than two years before declaring bankruptcy. The federal law overrides any states in which 529 assets are fair game for creditors.

Fictional SSN Numbers- according to “Accounting Today”

Internal Revenue Service officials have been given a thumbs up from head quarters to freeze on tax refunds sought by aliens in the United States using fictitious Social Security numbers. In an advisory from the IRS’s national office, tax service officials concluded that returns filed with a W-2 form listing an incorrect Social Security number are not submitted in “processible” form, even if the 1040 bears the taxpayer’s correct Individual Taxpayer Identification Number. ITINs are issued by the IRS for use on tax returns that are filed by resident or non-resident aliens who are ineligible for U.S. Social Security numbers.

Tips for avoiding burn out- According to Business Week Magazine a generation ago, the good manager was organized, planned ahead, and set goals – both on the job and at home. Today the watchwords are flexibility, coordination, and communication.

Set Priorities Pareto’s Principle says that 20% of what you do creates 80% of the value. Flag the tasks that really need your attention, and back-burner or outsource the rest.
Be Flexible Leave yourself time to adjust to unforeseen events and new information in both your professional and personal life. Scheduling too many activities in too short a time frame inevitably creates stress.
Build in Buffers Time- management experts say it’s easy to get overwhelmed when you don’t build enough time to switch from one task to another. When mapping out your day, give yourself a breather between different activities.
Stay in Touch No longer do workers have to choose between work and family. Technology offers the flexibility to manage schedules around family events, and vice versa. Don’t forget: there’s always an off button.
Practice Active Screening Yes, you’re always reachable through some sort of electronic gizmo. But if logging off on weekends and evenings isn’t an option, do the next best thing: Use technology to screen your calls and e-mails.
Understand the Limits of Technology Face time still matters, both in the office and at home. Hold a weekly family meeting to coordinate schedules, raise family matters, and address money concerns.
Fuel your Creativity Run a marathon, learn how to cook, listen to music. Such activities offer rest, relaxation, and time to think creatively while not worrying about a deadline.

Charitable Deductions:

The New York Times reported on October 27, 2005 that a little-noted provision in the tax relief package to aid victims of Hurricane Katrina is shaping up as a windfall for charity and a drain on government coffers.

It allows donors who make cash gifts to almost any charity by the end of this year to deduct an amount equal to virtually 100 percent of their adjusted gross incomes, double the normal limit of 50 percent of income. The tantalizing prospect has set off a financial scramble among some wealthy donors and charities vying for their dollars.

Moreover, some donors may be able to use the provision to take deductions this year for gifts made in past years. When taxpayers have more charitable deductions that they can use in a given year, they may carry them forward to future tax years. This possibility may further dampen tax revenues.