Wednesday, February 23, 2011
Hope you all have signed up for the tax seminar coming up at the Troy Record. Thanks for all the support!
Actually one other thing - working through a lot of corporate returns right now and make sure you are making the right decision on whether or not to use Section 179 or Bonus depreciation (where applicable). I know there aren't too many companies out there that have taxable income over the past 2 years but bonus depreciation can create a net operating loss where section 179 can not - and if you had taxable income in the past two years maybe creating an NOL would be worth it and then you could amend your previous year's return and get some money refunded. I know this is pretty technical but your accountant should know all about this but if you need any help please don't hesitate to contact me at anytime.
Tuesday, February 22, 2011
The Roslyn School District scandal is probably the Enron of school district scandals with about $11 million in misappropriations and fraud and has since laid the ground work for more state audits and more regulation. We have seen many of our local school districts end up on the front page of the "capital district" section of a local paper talking about how money was spent inappropriately and how internal controls did nothing to prevent it - and Berry asks the same question with regards to NFP's and their spending responsibilities.
I believe this article comes at a good time because of the economic difficulties many non-profits have faced over the past couple years and some of these struggles include layoffs which can really have a negative impact on a small non-profit's internal control. Especially in these times when everyone is hurting a little in the wallet, you want to make sure that your internal controls are structured in a way that even the smallest of departments can handle and that is something your auditor should be able to help you with - but if not, as always, please feel free to give me a call.
Monday, February 21, 2011
Kevin McCoy, CPA and director, Marvin and Company, PC discussed highlights from the 25th Annual Business Climate Survey Friday, Feb. 18, 2011 at the University at Albany.
Compiled by Marvin and the University at Albany’s School of Business, the survey shows that nearly half of Capital Region firms expect business to increase in 2011, while more than nine out of 10 regional businesses expect their employment levels to increase or level off. Forty-two percent of area firms saw an overall increase in their business in 2010, the highest percentage in three years, while 49 percent of businesses believe they will see increases in 2011. You can read the full report here: http://www.albany.edu/news/12031.php?WT.svl=news
Sunday, February 20, 2011
The presentation will be about an hour and 1/2 and then we will take questions after that. There will be refreshments and such and the event will be held at The Community Media Lab on 501 Broadway in Troy. If you have any questions or would like to register please contact Rebecca Eppelmann at the Troy Record at firstname.lastname@example.org.
Hope to see you there and meet some of you who have been following my blog - I just went over the 500th reader - thanks to all of those who support this blog. Kev-
Over the past few years we have been teaming up with SUNY Albany to present and conduct the survey and this past Friday we announced the results at a joint press conference on the SUNY Albany campus, with our friends UAlbany President (and former golfing buddy) George Philip and Don Siegel, Dean of the School of Business at UAlbany. The results showed some optimism for the first time in a while but still at the top of the list of concerns is the rising costs of providing health health benefits to employees.
I am linking some interviews from the event so please take a look and if you would like any more information please let me know. Kev-
Tuesday, February 15, 2011
If you need an example of one shoot me an email or you can also google it and there are some pretty good pre-canned ones out there as well. If you have one and would like me to take a look at it I can but I would highly recommend having your attorney take a look at it as well
On another note don't forget about our free webinar on sales tax tomorrow from 12-1pm.
Monday, February 14, 2011
Check out our FREE webinar this Wednesday from noon to one on sales tax issues and what we are seeing with sales tax audits and other things like that. Hope to see you there! And did I mention it is FREE!
Friday, February 11, 2011
These events are very well attended by many non-profit leaders in the area and I don't expect this session to be any different. The panel I believe is myself, someone from the Attorney General's office and someone from the Healthcare industry so there will be many great talking points I am sure.
Hope to see you there and any questions you can also email me at anytime!! Kev-
One of my fellow partners Jim Amell, CPA will touch on topics including sales and use tax basics, such as the requirement to collect and pay sales tax, exempt entities, and exempt transactions and changes to sales tax exemptions for Qualified Enterprise Zone Entities. Jim will also discuss sales tax audits and what he has seen lately - some interesting stuff that is for sure!
I will send out the link shortly through a second blog because we are having some technical difficulties at the time - but stay tuned!
Saturday, February 5, 2011
Defined Contribution/401(k) Plans:
- Max contribution is $16,500
- Max Compensation limit is $245,000
- Additional catch-up contributions if age 50 or older $5,500
- Defined contribution plans - contribution limited to $49,000 or 100% of compensation
- IRA contributions are limited to $5,000 with additional $1,000 contribution for people 50 and over.
- Anyone can make a contribution but contributions might not be deductible - if you are not covered by an employer's plan the income limitations are as follows: Single and head of households ($56k-$66k) married filing joint ($90k-$110k)
- If your spouse is a participant in a plan but you are not you are able to take a deduction, but the income phaseout is $169k-$179k.
ROTH IRA Accounts:
- Contribution amounts are the same as the IRA amounts above - obviously there is no deduction related to the ROTH because when you take the money out it comes out completely tax free!
- The income thresholds are a little different however - for single and head of households $107k-$122k) and for married filing joint ($169k - $179k).
- ROTHs are great vehicles because there is no required minimum distribution as there is with a traditional IRA - which means you never have to touch this account if you don't need to.
If you have a SEP or other retirement plan and have any questions please feel free to email me at anytime - especially this time of year I am always in the office!!!
Friday, February 4, 2011
Thursday, February 3, 2011
Tuesday, February 1, 2011