Tax Tips and Updates from Weltman Bernfield

Client Information Bulletin

p: 847.941.0100

September 2012

Greetings!

We can help you plan ahead...

Fall is almost upon us. The hustle and bustle of the holidays will be here before you know it. Now might be a good time to contact your accountant to plan for 2013. Perhaps there are deductions or gains that you want to make sure you take for 2012. Or maybe you simply have questions about how the scheduled tax changes will affect you. The professionals at Weltman Bernfield are available to help. Whatever your accounting need, please don't hesitate to contact us.

Also, if you requested an automatic six month extension to file personal income tax returns, the deadline is coming up in October.

- The Members of Weltman Bernfield

Entering a Roth Via the
Back Door

Unique strategy for high-income taxpayers

For some high-income taxpayers, the
door to Roth IRA contributions has been slammed shut due to annual limits imposed by the tax law. But an innovative strategy can enable you to contribute to a Roth through "the back door." Consider this technique as a means of building up your retirement nest egg. Read more...

Seven Warning Signs of Fraud

Watch out for these red flags at work

According to recent reports by the Association
of Certified Fraud Examiners (AC), an estimated 5% of revenue is lost to fraud and embezzlement every year. Surprisingly, small companies with fewer than 100 employees appear to be more
at risk than the corporate heavyweights.
Read more...

Spotlight On: Full Circle Communications, Inc.,

An inside look at one of our clients

Kathy Riemer, President, Full Circle Communications, Inc.

"I help clients deliver their messages," says Kathy Riemer, President, Full Circle Communications, Inc., a consulting and project management firm that provides communications services tailored to their clients' needs and styles. They provide services such as executive coaching; public relations; advertising and design strategies; direct/e-marketing; event, trade show and exhibit management; collateral and writing, etc. Read more...

Tax Court Sharpens
Tax Edge for FLPs

New benefit for estate-planning technique

For years, the family limited partnership (FLP) has been used by affluent individuals as a way to transfer business interests. Now a new Tax Court case gives this valuable estate-planning tool a distinct edge. Read more..

New Wrinkles for Wash Sale Rule

Tax law changes complicate matters

Tax planning for securities is especially tricky this year. Barring any legislative action, tax rates are scheduled to increase in 2013. Nevertheless, if your circumstances dictate it, you may want to preserve a loss from a securities sale in 2012. That means you must pay close attention to the "wash sale" rule as the year begins to wind down. Read more...

Someone You
Should Know

Scott Crossley, CPA

Scott Crossley is a Member of Weltman Bernfield and a Chairman of the Firm's Accounting Services Department. He has been with the firm since its inception.

Scott has over twenty years experience in accounting, tax planning, and compliance. He is involved in almost every facet of accounting, taxation, estate and trust work, business planning and consulting across diverse industries for individual and corporate businesses. His industry specialties are in professional service corporations, not-for-profit organizations, and manufacturing and construction businesses.

"As a public accountant I enjoy the diversity the career offers and the satisfaction of helping people make decisions that affect their lives," says Scott. "I pride myself in building relationships and retaining clients. My goal is to make the business owner or taxpayer feel comfortable with all the choices they may have."

Scott received his Bachelor of Arts at the University of Iowa and a Masters of Science in Accounting at DePaul University. He has served as a board member on several occasions to local organizations specializing in educational services. Scott is a member of the Illinois CPA Society and the AICPA.

When time allows, Scott enjoys painting and music appreciation.

Contact Scott Crossley at 847.941.0220 or scrossley@weltmanbernfield.com

Congratulations to...

Christine Golz, AAAPM, Firm Administrator, for her recent recognition as an Accredited Administrator in Accounting Practice Management (AAAPM) by the Association for Accounting Administration (AAA). Read more...

Upcoming

QuickBooks Webinars

September 27: "Internal Controls with QuickBooks"
November 14: "Electronic Banking and Cloud Accounting"

For more information, email Rich at:

RKane@weltmanbernfield.com

Make sure you are on the email list. Sign up now!