News from AVZ

September 2011

President Proposes $447 Billion Jobs Package; Offsets Target Higher Incomes, Carried Interest

President Obama has challenged Congress to immediately pass the American Jobs Act of 2011 - a $447 billion jobs package, including payroll tax cuts and tax credits to encourage hiring, along with extended 100 percent bonus depreciation, which would be paid for by limiting deductions for higher income taxpayers and changing the taxation of carried interest. The offsets, however, would not take effect if the Joint Select Committee on Deficit Reduction achieves additional savings. President Obama described his jobs package during a speech to a Joint Session of Congress on September 8 and unveiled the legislative text on September 12.

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Tom Murray honored by Hauppauge Industrial Association

Tom Murray

The Hauppauge Industrial Association (HIA) will honor Thomas J. Murray, Managing Partner of Albrecht, Viggiano, Zureck & Company, P.C. (AVZ), at the organization's 32nd Annual HIA-LI (Long Island) Golf Outing on Tuesday, October 4th. HIA member companies represent tens of thousands of business professionals throughout the Park, one of the largest corporate parks in the United States, and Suffolk County.

AVZ has been a Park company since 1989, committed to HIA service on its Business Achievement Awards Committee and Board Revenue Subcommittee. The company also supports many philanthropic causes in health, educational, environmental, community, art, humanitarian and other arenas. Tom Murray, who joined AVZ in 1977, is responsible for the firm's Accounting & Auditing, Taxation, and Wealth Management practices. He is President-Elect of The Advancement for Commerce, Industry & Technology (ACIT), a business networking organization based on Long Island, and a board member of Long Island Cares, which provides food and support services for a network of more than 540 community-based member agencies.

"It is a privilege to be recognized by the HIA, which operates under a we mean business philosophy," Mr. Murray said. "At AVZ, we stand for personal service and trusted advice, resulting in an excellent partnership with the HIA."

"Tom is being honored for his long-term business and charitable endeavors as part of AVZ, a highly respected firm and a business leader admired throughout the community," said Terri Alessi-Miceli, HIA-LI President.

New York State Tax Department Implements New Hardship Eligibility for Settlement Program

The New York State Department of Taxation and Finance announced today new reform measures that will improve tax administration on behalf of taxpayers statewide. New eligibility consideration for severe economic hardship will allow the Department to offer more favorable payment terms to taxpayers with overwhelming tax liabilities. The new eligibility factors will be added to the Department's existing liability settlement program known as the Offer in Compromise Program.

"The changes to the Offer in Compromise Program will allow us to provide relief for taxpayers experiencing undue economic hardship," explained Commissioner Thomas H. Mattox. "The global economic downturn has made it more important than ever for government to provide more flexible payment options while at the same time protecting all taxpayers with a common sense approach to settling outstanding debt that may otherwise go unpaid."

Prior to the changes, the Offer in Compromise Program limited the Department to accepting settlement offers due to insolvency or bankruptcy. Now, the Department can consider other factors that may make it unduly burdensome for a taxpayer to pay a liability in full. These factors could include extraordinary individual or family health care costs, or unemployment. Each case will be carefully analyzed so that all taxpayers are protected. No settlement will be accepted that could decrease overall compliance or that would be counter to the best interests of the State.

"In many cases it is in the State's best interest to settle with a taxpayer experiencing financial hardship," said Commissioner Mattox. "For example, if paying the entire liability means a taxpayer will lose his or her home to foreclosure, it's clearly in the best interest of the State, as well as the taxpayer, to agree to some form of settlement alternative."

The Department will also implement a fixed twenty year statute of limitations. Delinquent debt collection rates decrease over time, and debt of an age older than twenty years is typically uncollectible.

Taxpayers who want more information about the Offer in Compromise Program can visit the Department of Taxation and Finance's website at www.tax.ny.gov or call 518.457.5434