From the Managing Partners
 In this season of thanksgiving, it is especially appropriate for all of us at MayerMeinberg to extend our appreciation and thanks to our wonderful clients. We are thankful, and privileged to serve as your trusted professionals.
During challenging economic times, it’s particularly gratifying when we can play a significant role in helping businesses thrive, or retool, when necessary, to meet a changing environment or embrace an emerging opportunity.
Thanksgiving also signals the approach of the year’s end. For MayerMeinberg, it’s been an exciting and remarkable year. Through the expansion of our services, we are proud to offer our clients additional expertise and continue the personal service and attention you expect.
Your support and enthusiasm through our merger means a lot to us. We look forward to serving you in the coming year and for many years to come.
Our warmest wishes for a happy and healthy holiday season.
New heath insurance premium reporting requirements
Employers must modify recordkeeping beginning January 1, 2012 in order meet reporting health insurance requirements for January 2013. The Patient Protection and Affordable Care Act (PPACA), passed into law on March 23, 2010, added a new requirement to the Internal Revenue Code (IRC) that obligates employers to report the cost of "applicable employer-sponsored coverage" on the Form W-2 Wage and Tax Statement.
Government crackdown on independent contractors
coincides with IRS amnesty program
Just two days before the IRS launched its voluntary reclassification program, the U.S. Department of Labor kicked off a program "to end the business practice of misclassifying employees in order to avoid providing employment protections."
Under the IRS "Fresh Start" initiative, eligible employers can obtain substantial relief from federal payroll taxes they may have owed for the past. This amnesty program gives employers an opportunity to come into compliance by making a payment covering past payroll tax obligations.
Bonus Depreciation Opportunity
Should you trade in machinery or equipment before year’s end? Businesses that trade in machinery or equipment for which they claimed bonus depreciation under Code Sec. 168(k) may qualify for another bonus depreciation deduction on the remaining depreciable basis if they swap for like-kind property that also is eligible under Code Sec. 168(k). Time is running short for companies seeking the opportunity to take 100% first-year bonus depreciation, so don't miss this opportunity.
Look to our December newsletter for late breaking tax developments that can potentially impact you and your business. We will keep you posted.
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Announcements and Achievements
Managing partner Mark L. Meinberg, CPA and partner Stuart Mayer, CPA were both recognized by Long Island Business News as among the Who’s Who in Accounting.
 Managing partner Mark Meinberg was celebrated as one of the Fifty Around 50, a Long Island Business News award that recognizes high achieving professionals in mid career.
 In the Growth Strategies focus section of Long Island Business News, partner Stuart Mayer was listed among the Ones to Watch for his expertise in guiding companies to growth and profitability.
 Long Island Business News featured partner Marianna Mooney, CPA in its Ones to Watch in Accounting feature.
 Partner Carol C. Markman, CPA was recognized among Long Island's top professional women in the Long Island Business News feature, Who’s Who in Women in Professional Services.
 Tax Director Jill Schneider, JD, LLM was quoted twice in Long Island Business News this fall. She contributed her expertise to the articles, “New regs make it tougher on wealthy donors” and “States missing out on internet tax revenue.”
 Congratulations to MayerMeinberg manager Mark Goldschmitt, CPA, on the birth of his third son, Jack. Jack joins brothers Jonathan and Josh.
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