Tax Tips and Updates from Weltman Bernfield

Client Information Bulletin

p: 847.941.0100

August 2012

Greetings!

A Referral Is Borrowed Trust

What exactly does that mean? At Weltman Bernfield, it means that we understand the trust that comes with a referral. We have a history of making good on our word and delivering on our promises. Add to that our experience and knowledge in the business and accounting field with the issues that are so important today, and the result is a service our clients can be confident in.

When our clients refer us to their business associates, they are conveying their assurance that we will meet their expectations.

It takes trust. Trust in our ability, our knowledge, and our dedication to serve our new and existing clients.

We appreciate your referrals. Thank you for your business.

The Members of Weltman Bernfield

Keeping Records to Protect T&E Deductions

Overview of the strict IRS rules

Typically, a small-business owner can realize tax benefits for travel and entertainment (T&E) expenses incurred during the year. But this remains a prime audit target for IRS examiners, so be careful to observe the letter of the tax law. Keeping that in mind, here is an overview of some of the key tax rules for ME expenses. Read more...

Train Your Supervisors to Supervise

Give them the tools to handle the job

If an employee has organizational questions or complaints about pay, where is the first place that he or she turns? Here are ways to train your managers to respond to inquiries in a convincing yet thoroughly professional manner. Read more...

Spotlight On: Thomas T. Field

An inside look at one of our clients

Thomas T. Field, a matrimonial and family lawyer with Beermann Pritikin Mirabelli Swerdlove LLP has been a client of Weltman Bernfield for the past two years. His cases include prenuptial and postnuptial agreements, divorces, and custody disputes. He regularly works with high-profile sports and entertainment figures. Read more...

Six Tips for "Shaping Up"
at Work

Accommodations for
computer ergonomics

The first step toward improving computer ergonomics is realizing you may have a problem. By changing the way you use your computer equipment, you may be able to reduce your risk of injury. Here are six tips to consider. Read more...

Donations of Stock: Give the Right Stuff

Consider the basis for gifts of securities

Do you want to give a large gift to your favorite charity without hurting your cash flow? You do not necessarily have to donate money...With some astute tax planning, you can maximize the available deduction by donating the "right stuff." Read more...

Not-For-Profit Audit Requirements

by Marlene Domash, CPA

Many not-for-profits have just wrapped up their fiscal year end and are trying to close up their books for the year. Are you aware of what your reporting requirements are? Does your organization need an audit of your financial statements to be performed? For reasons an audit could be needed, read more...

Someone You
Should Know

Adam June, CPA

Each month, an employee is chosen to be our "You're Fantastic" Winner. This is a person that has gone above and beyond his or her regularly assigned duties.

For the second time in less than a year, Adam June has been chosen for this award.

This month, Adam was nominated for taking leadership at the recent staff retreat at Ravinia Green Country Club. He was an active participant in the retreat and lent his opinion on a variety of topics that were up for discussion.

Partner Glenn Mikell, who made the final selection for this month's award recipient, chose Adam not only for his hard work, but also his fine leadership. "He has been doing a wonderful job and brings forth a positive effect towards the staff," said Glenn.

When Adam won the award the first time in May, he said that he realized in a small office "sooner or later you get around to nominating everyone, it's nice to be 'sooner' than 'later'." When asked how he feels about winning twice, he said "this is truly a surprise and I am very appreciative of the honor."

Adam has been with Weltman Bernfield for the past 6 years. He is a member of the Tax Department, focusing on tax planning, preparation and research. He is also a QuickBooks Advisor and is currently completing his LLM Degree in Tax Law.

Contact Adam June at 847.941.0204 or ajune@weltmanbernfield.com

Upcoming

QuickBooks Webinars

Upcoming topics include: "Internal Controls with QuickBooks" and "Electronic Banking and Cloud Accounting." For more information, email Rich at:

RKane@weltmanbernfield.com

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