| Meet Our New
G & S Team Members |
 |
|
|
|
|
Kerrie A. Shanahan, Staff Accountant, Received a B.S. in Accounting from University at Albany, State University of New York, 2009. |
|
|
|
Accounting Insights
Green & Seifter CPAs E-Newsletter
September, 2009 |
This e-newsletter was designed to provide updates and information relating to the accounting profession. If you have any questions, comments or suggestions, we would like to hear them. As always, it is our pleasure to serve you. |
|
Individual Taxation - Empire Zone Tax Credits If you are one of the taxpayers currently receiving Empire Zone Credits as a business or individual, you should have been notified by the Empire State Development Corp. of your continued participation in the program. Green & Seifter CPAs is assisting individuals and businesses with the new legislation requirements. The legislation requires taxpayers claiming these credits for all tax years beginning on or after January 1, 2008, to include an EZ retention certificate with their tax returns. To learn more about Empire Zone Tax Credits, click here. |
|
IRAs - Avoid Rollovers to Avoid Penalties
Planning to tap into your IRA early? If so, don't do a rollover in or out of it. Doing so will void an exception to the 10% penalty on pre-59-1/2 distributions, according to a new private ruling by the Revenue Service. If you take a series of substantially equal payouts from the IRA for at least five years, you are exempt from the early distribution penalty. However, the IRS treats any rollover into or out of the IRA during this time as a prohibited change in withdrawals, triggering the 10% penalty on all previous payouts. If you have questions relating to IRAs, click here. |
Tax Tips
Did your child or grandchild work a summer job? By contributing to a Roth IRA for him or her this year, you could create a nest egg for the child, while you benefit from the tax savings. The annual threshold is $5,000, but not more than the child's earnings. However, that amount counts toward the $13,000 annual gift exclusion ($26,000 for couples). Taxes for students with summer jobs can be avoided if they did not owe any tax last year and do not expect to owe any this year.
Hiring your children can save tax as well. No Social Security tax is due when sole proprietors or husband-wife partnerships hire their under age 18 children. Federal unemployment tax isn't owed on the kids' pay until they reach 21. | |
|
Community Corner
The employees and partners at Green & Seifter CPAs are pleased to announce a new in-house program which benefits local 501(c)(3) agencies. Each month a not-for-profit charity is selected by Green & Seifter CPAs employees. They then coordinate a fundraiser such as a "jeans day", pot luck luncheon, food drive, etc. "With the current state of the economy, not-for-profits are taking a big hit across the board. Our employees felt the need to find other ways to give back to the community", said Gary Grossman, Co-Managing Partner. The program allows employees to select the charities themselves and sometimes it is one that is close to the heart. A volunteer events committee was set up to help select and coordinate the requests. Local charities that have benefited from the firms efforts are Cystic Fibrosis-CNY Chapter, Vera House, Interreligious Food Consortium, SPCA, The Learning Place and Everson Museum of Art. |
|
Important Dates
September 10, 2009 - Individuals - Tip Income Received - Employees who received 420 or more in tips during previous months report them to the employer using Federal Form 4070.
September 15, 2009 - Individuals - Estimated Tax - Third installment of current year estimated tax by individuals (Federal Form 1040-ES).
September 15, 2009 - Corporate Estimated Tax - Deposit the third installment of current year estimated income tax by corporations using Form 1120-W to determine estimated tax liability.
September 15, 2009 - Corporations - Income Tax - Last day of filing for previous year income tax return (Form 1120 series) by calendar year corporations that obtained an automatic six-month filing extension.
September 15, 2009 - Partnerships - Income tax - Annual return - Last day to file calendar year, previous year partnership return (Form 1065 series) for those taxpayers who received an automatic five month extension.
September 21, 2009 - Businesses required to file part-quarterly sales and use tax - Part quarterly filers required to file Form ST-810 for sales and use tax collected in the 3rd quarter.
September 21, 2009 - Businesses - Sales Tax - businesses are required to file New York State Quarterly Sales and Use Tax Form ST-100 for sales and use tax collected in the third quarter. | |
|
