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News and Events

7/20/2010     State Making Efforts to Enforce Sales Tax Compliance

Keith Bookbinder, CPA, Partner poses question about sales tax compliance efforts.

Keith Bookbinder, CPA, Partner, recently attended a lecture by the Bar Association of Erie County (BAEC) Headquarters. The lecture educated local attorneys, CPA's and high level government officials about widespread under reporting of sales tax by business and the efforts New York State is making to enforce payment of these taxes legally owed by the business.

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7/9/2010     Business First: Small Business Turn to CPAs for Help with Lending Regs

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7/6/2010     Closing Deadline Extended to Sept. 30 for Eligible Homebuyer Credit Purchase

Eligible taxpayers who contracted to buy a home, qualifying for the first-time homebuyer credit, before the end of April now have until Sept. 30, 2010 to close the deal, according to the Internal Revenue Service.

On July 2nd the President signed the Homebuyer Assistance and Improvement Act of 2010.   This extended the closing deadline from June 30th to September 30th for any eligible homebuyer who entered into a binding purchase contract on or before April 30th to close on the purchase of the home on or befor June 30, 2010.  The new law addresses concerns that many homebuyers might be unable to meet the original June 30 closing deadline.
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6/22/2010     Watch Our for IRS 401(k) Plan Questionnaires

The Internal Revenue Service (IRS) has begun sending out questionnaires and letters to 1,200 randomly selected 401(k) plan sponsors.  Employee Plan Examinations previously conducted by the IRS indicate that 401(k) plans are by far the most non-compliant plan type in the retirement plan universe.  These plans have a significant impact on the health of private retirement in America and make up over 60% of the retirement plan universe.  It is important that they maintain the highest level of compliance possible: the Questionnaire is intended to assist the IRS in identifying compliance areas where additional education, guidance and enforcement are needed. 
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6/8/2010     Timeline for Tax Changes in Health Care Reform

The Patient Protection and Affordable Care Act and the related Health Care and Education Reconciliation Act overhauls the U.S. health care system and affects nearly all taxpayers, many employers, and many elements of the health care industry.  This massive overhaul contains a host of tax changes, many of which are both complex and novel.  To compound the challenge, the tax changes go into effect over a number of years – ten if two retrocactvely effective tax changes are counted and nine if they are not.    Below is a timeline of the tax changes and a concise summary of each new tax provision.
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4/22/2010     Health Care Tax Credit for Small Business

The new health care tax credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ low- and moderate-income workers. Find out if your business qualifies.
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3/19/2010     Tax Benefits For Employers Who Hire and Retain Unemployed Workers

Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law March 18, 2010.
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2/5/2010     Business First: Roth IRA Asset Conversion Gives Taxpayers New Option

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11/15/2009     Year End Tax Planning 2009

Tax Planning Letter for Businesses, December 2009
Tax Planning Letter for Individuals, December 2009

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9/4/2010     Business First: CPAs heading back to class as new regulations kick in

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