Dear clients & friends,
All of us at MayerMeinberg would like to take this opportunity to express our appreciation for your continued support and referrals.
We would like to welcome our new clients and we hope you will take full advantage of our pro-active accounting services and experience the many different ways MayerMeinberg can help you meet your financial goals - both professionally and personally. Your support means a lot to us and 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.
The Partners of MayerMeinberg LLP |
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MayerMeinberg featured in Newsday's Executive Suite |
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Photo credit: Howard Schnapp (9/27/12) |
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Since the crash of 2008, some firms in the accounting world have expanded because more individuals and business owners want a frequent financial "snapshot" of how their investments are doing, said Robert Mayer, co-managing partner of MayerMeinberg LLP, a firm of accountants and business advisers.
The challenges of the economic downturn demanded reorganization and refinancing from so many clients that a year ago, Mayer's 19-year-old firm, Mayer & Co. LLP, merged with Feldman, Meinberg & Co., which had been in business more than 60 years and was managed by Mark L. Meinberg.
Since then, the firm has merged again with Mark Ackerman and continues to expand its offices in Syosset and Manhattan. MayerMeinberg recently joined the BDO Alliance, which gives their clients access to a nationwide network of accountants including international tax expertise.
Continue reading
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Vote MayerMeinberg Best of Long Island! |
We are excited to announce that MayerMeinberg LLP has been nominated for Long Island's Best Accounting Firm & Andrew Sgro for Best CPA/Accountant.
We would like to ask you to take a moment of your time and place your vote for the Best of Long Island. Voting ends December 15th.
Thank you for your support! Click here to vote. |
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Post-Election Tax Policy Briefing |
This Tax Briefing provides details of the potential legislative activity during the remainder of 2012, as well as the coming changes in 2013. We recommend reading over the information to help make decisions regarding various proposals and changes that may take place. Click to view article. Please consider: As 2012 comes to an end, we remind our clients that one of the best estate planning opportunities will also come to an end. That is the gift exemption of up to $5,160,000, which must be made by December 31st. If congress does not make any changes between now and year end, this will revert back to $1,000,000. If you would like to consider this opportunity and have no done so, please discuss with one of our partners. Metropolitan Communter Tax Protective Claim Extended The New York State Department of Taxation and Finance announced the extension of certain tax filing and payment deadlines for taxpayers directly affected by Hurricane Sandy. Deadlines have been extended to November 26, 2012. This covers filings and tax payments due during the period beginning October 26, 2012 and before November 26, 2012. The extension also applies to protective claims associated with the Metropolitan Commuter Transportation mobility Tax. Please click here for more information. Suffolk Exempts Small Businesses From Sales TaxSuffolk County has implemented an emergency sales tax relief program for small businesses as they look to rebuild after Hurricane Sandy.The Suffolk Industrial Development Agency's emergency sales tax relief program is for small businesses that have been affected by Hurricane Sandy. The program exempts small businesses from state and local sales taxes on building materials and purchasing of replacement equipment on up to $100,000 in costs. To be eligible, the company must have 50 or less full time or equivalent employees, damages as a result of Hurricane Sandy, be Suffolk County based and have a commercial place of business. For more information please visit the Suffolk County IDA website |
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Robert Mayer Joins Hofstra's Business Advisory Board |
 MayerMeinberg LLP Co-Managing Partner Robert Mayer has been named a member of Hofstra University's Frank G. Zarb School of Business Dean's Advisory Board. Having worked closely with the School of Business' Dean Dr. Patrick Socci, Mayer joins a group of high-profile Long Island business men and women, who work to incorporate the school's curriculum into local firms.
Mayer has been an advocate of bringing entry-level talent into his firm, an accounting and business advisory firm and is looking forward to working with the school and helping young talent filter into Long Island's workforce.
"We are thrilled to have someone like Bob join the Frank G. Zarb School of Business Dean's Advisory Board. Bob has been a long-time supporter of Hofstra and the business school. I am confident that his business experience and dedication will make him a valuable asset to this group," said Dr. Patrick Socci, Dean Frank G. Zarb School of Business. |
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MayerMeinberg at Company Bar & Grill | |
The MayerMeinberg team joined Hayley Mayer, director, and her husband at their NYC bar, Company Bar & Grill for an afternoon of food, drinks and fun. Thank you Hayley!
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If you or your business suffered property damage from Hurricane Sandy you may qualify for a tax break to offset losses that aren't covered by your insurance. Losses resulting from disasters such as hurricanes, floods, blizzards, tornadoes and earthquakes (but not accidents or deterioration) are deductible if they are not reimbursed by insurance. However, if the property is insured and you don't file a claim, you can't take a deduction.
To deduct a casualty loss, the taxpayer must meet all of the following tests and requirements to take a casualty loss:
- Be able to show that there was a casualty loss including showing all of the following:
- The type of casualty
- Its date of occurrence
- That the loss was a direct result of the casualty
- That the taxpayer owned the property or was liable for the damage to the owner of the property, and
- Whether there is a claim for insurance reimbursement with a reasonable expectation of recovery and justify the amount taken as a deduction.
A generous rule applies to losses in federally declared disaster areas, such as the locales affected by Hurricanes Sandy. You can deduct 2012 casualty losses on either your 2011 or 2012 tax return, whichever saves more money. Since you've already filed your return for 2011, we can assist you in amending your 2011 tax returns and you get a refund check from the IRS sooner, if that is more favorable than waiting to file your 2012 tax return. Most of the northeast US was affected by Hurricane Sandy. You can check out www.fema.gov/disasters to view a list of presidentially declared disaster areas.
Continue reading about individual losses & business losses.
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MayerMeinberg's Carol Markman Recognized by PPNC |
 Planned Parenthood of Nassau County (PPNC) honored Carol Markman, CPA, a tax partner at MayerMeinberg LLP for her support and commitment in serving as a PPNC board member for seven years. Carol received PPNC's Margaret Sanger Award at the organization's Annual Fall Luncheon on November 14 at The Carltun in East Meadow.
As PPNC's board treasurer, Carol's financial acumen has helped ensure that PPNC continues to provide affordable preventive reproductive health care and information. As a young mother, Carol has long understood the importance of women's health and rights. After going back to school, launching a successful career and starting a family, Carol continues to support women's decisions through her involvement with Planned Parenthood.
"Carol Markman is a true friend to Planned Parenthood of Nassau County and to women across Long Island," said Planned Parenthood of Nassau County President & CEO JoAnn D. Smith. "As a member of our board, she goes above and beyond to ensure our agency's fiscal integrity and promote our mission, and we are thrilled to honor her steadfast support at our annual luncheon." |
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2013 Tax Numbers published by the IRS and SSA
Please take this into consideration as you begin your tax planning.
- Social Security taxable wage limit increases from 2012 limit of $110,100 to $113,700 for 2013. Retirees under full retirement age can earn up to $15,120 without losing benefits.
- 401(k) Maximum salary deferral increases from 2012 limit of $17,000 to $17,500. The catch-up limit for 50 and older remains unchanged at $5,500.
- Simple maximum deferral increases from 2012 limit of $11,500 to $12,000. The catch-up limit for 50 and older remains unchanged at $2,500.
- IRA Contribution limit increases from 2012 limit of $5,000 to $5,500 ($6,500 for 50 and older).
- HSA Contribution limit increases to $3,250 for individuals and to $6,450 for families.
- Kiddie Tax threshold increases from 2012 level of $1,900 to $2,000.
- Annual Gift Tax Exclusion increases from 2012 limit of $13,000 to $14,000.
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CAI-Long Island Trade Show
MayerMeinberg attended the 6th Annual CAI Trade Show at the Huntington Hilton in Melville, New York on October 20th. The exhibits and seminars provided Board members with information to help make educated decisions.
MayerMeinberg was proud to have Lois Clinco, Partner, & Woody Goldstein, Senior Manager, give a presentation on "The ABCs of Financial Statements for Boards." This seminar was meant to help guide boards in understanding the financial statements received, set forth what should be received, and briefly touch on the budgeting process. In addition a Q&A session followed. Thank you to those who visited our booth and attended our seminar. | |
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Social Security Announces 1.7% Benefit
Increase for 2013
Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 62 million Americans will increase 1.7 percent in 2013, the Social Security Administration announced today.
Some other changes that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $113,700 from $110,100.
Information about Medicare changes for 2013, when announced, will be available at www.Medicare.gov. For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.
Click here for more information. | |
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Mary Mooney, Partner |
Congratulations to Mary Mooney for being selected as one of CPA Practice Advisor's Most Powerful Women in Accounting - 2012. View article. |
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Mark Meinberg, Co-Managing Partner |
Quoted in Newsday article about smart moves to make before year's end.
View article. Also quoted in Long Island Business News article about mentoring. View article. |
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Mark Ackerman, Partner |
Featured in Long Island Business News "Who's Who in Accounting."
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Jill Schneider, Tax Director | |
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Donna Zincone, Senior Manager |
Congratulations to Donna Zincone for raising $4,355 for the American Cancer Society's Making Strides Against Breast Cancer Walk. Thank you for all of your support! Tax deductible donations are accepted through December. Visit her team site. |
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We would like to welcome and introduce you to our new team member:
Nicholas Parisi graduated from Bryant University in 2012 with a degree in Business Administration and a concentration in Accounting. Previously, he worked as a Forensic Accounting intern in NYC. | |
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CIRA Board's Fiduciary Duties
Due to the weather, the seminar's on Board's Fiduciary Duties have been rescheduled. Join us as we discuss the Board's fiduciary duties on a panel featuring MayerMeinberg employees and lawyers from the community.
- December 6, 6-8 pm MayerMeinberg Panel with Michael Cohen, Esq.
- December 10, 6-8 pm MayerMeinberg Panel with Marc Schneider, Esq.
Please contact Amanda Zyta:
(516)921-8900 x102
azyta@mayermeinberg.com | |
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