June 2013 Tax Tips and Updates from Weltman Bernfield

Client Information Bulletin

p: 847.941.0100

June 2013

Greetings!

Yes, April 15th has long passed, but we're still keeping busy! For those needing to pay estimated taxes, we will send out your estimates in the near future. It's also Employee Benefit Plan Audit time for many businesses (see article below).

In addition to our normal day-to-day accounting activities, the staff and partners of Weltman Bernfield are actively participating in the 2013 Accounting Intern Scholarship Program (AISP). This eight-week program offers ten college students a combination of hands-on learning, job shadowing and networking opportunities among five area CPA firms. This year's program began with an orientation session on June 4th where the interns were able to interact with staff and partners from the participating firms before starting the curriculum on June 5th. To learn more, visit the AISP website at www.AccountingISP.com

Remember, though, we are never too busy to take a call, connect with new and old friends, and share information that will make your life less complicated.

We are not just in the accounting business...we are also in the business of building relationships. Let us know how we can help you.

- The Members of Weltman Bernfield

Golden Opportunity for

Small-Business Owners

Generous Section 179 deduction available

Are you contemplating the purchase of new equipment or other assets for your small business? It's a good time for many business owners to "spin straw into tax gold." Under the American Taxpayer Relief Act of 2012, you can claim a generous current deduction of up to a half million dollars for property you acquire for you business. Read more...

Does Your Business Need an
Employee Benefit Plan Audit?

Does your business offer a 401(k) plan to your employees? If you answered yes, your company may need an audit of your 401(k) plan. An Employee Benefit Plan or 401(k) Plan audit is something that might be required for your business to be in compliance with U.S Department of Labor ("DOL") filing requirements. Read more...

Uncover Key Change for Roth 401(k)s

New law allows in-service conversions

It has not received much attention in the media, but a "hidden" provision in the new American Taxpayer Relief Act of 2013 (ATRA) creates a new tax-saving opportunity for retirement-savers. As a result, you may be encouraged to transfer funds to the Roth version of a traditional 401(k), if it is offered by your employer. Read more...

Tax Tactics: Giving IRA Funds to Charity

New law restores technique for retirees

A unique tax-saving strategy for retirees has been revived by the American Taxpayer Relief Act of 2012 (ATRA). The new law allows you to contribute to charities by transferring funds directly from your IRA. Read more...

Seven Tips for Bright Business Ideas

How to inspire entrepreneurial spirit

Are you looking for the next great business idea? It could be staring you in the face, or it might be lurking right around the corner. If you need some inspiration, here are seven suggestions that should help get the creative juices flowing...

Someone You
Should Know

Allen Bolnick, CPA

Allen Bolnick, CPA
847.941.0212

abolnick@WeltmanBernfield.com

Allen Bolnick is one of the eight founders of Weltman Bernfield and serves
on its Executive Committee. He also spearheaded the development of the Accounting Intern Scholarship Program (AISP) and is an active participant in the program.

"I am proud to have been entrusted with the task of continuing the tradition
and foundation laid by our former partners and excited about enhancing the opportunities for those to follow. Given the mindset of today's clients and our staff, we understand our approach requires energy, creativity, coordination, collaboration and commitment."

Allen's entrepreneurial ability and visionary nature lead him to continually pursue growth opportunities. He has been instrumental in bringing many such opportunities to the firm over the years, merging in and purchasing other practices, and recruiting both staff and partners that add value to the firm. He has also been a leader of technology within the firm, always seeking to make WB more operationally efficient.

Allen is a member of both the AICPA and the Illinois CPA Society. He is also
licensed by the Nevada State Board of Accountancy. He has been a frequent guest speaker in the field, lecturing at college accounting classes as well as other accounting firms, sharing advice on management operations and mergers and acquisitions.

Weltman Bernfield voted

"Best Tax Preparation Service"

Thank you to all who voted!

The information contained within this email is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant.

Any U.S. federal tax advice contained in this email is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law.

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