Managing Partners Robert Mayer and Mark Meinberg along with Partner Lois Clinco attended the BDO Seidman Alliance Conference earlier this month in Las Vegas. The conference also featured the latest technological advances in vendor software and explained how the cloud can provide greater mobility for staff. 

MayerMeinberg this past year (please see September Newsletter) joined the Alliance, which is comprised of over 170 member firms. As a member of the Alliance, MayerMeinberg can now provide services for locations in the U.S. and internationally.

Why did we attend, and what value does our membership provide to our clients? Over 1040 people attended representing the 170 member firms in the Alliance. We had an opportunity to meet and speak with our colleagues from these member firms and learn how they have leveraged their membership to help their client base. Equally as important we were able to meet many of the top BDO technical people in Audit, Tax and Consulting. These are typically the people we call upon when helping to research complex client questions and transactions.

We look forward to continuing to leverage our membership to benefit our clients. 

The American Taxpayer Relief Act of 2012 (ATRA) (H.R. 8) extends the Work Opportunity Tax Credit (WOTC) for hiring certain workers through Dec. 31, 2013, and also extends the WOTC for targeted group members, other than qualified veterans, hired after Dec.31, 2011, and before Jan.1, 2014.     

All employers must obtain certification that an individual is a member of a targeted group, before the employer may claim the Work Opportunity Tax Credit. The process for certifying the veterans for this credit is the same for all employers. To obtain certification, employers must file Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit. Please visit the IRS website for more information.

Dear clients & friends,

Every so often we hear of a worthy event or cause to sponsor and support. Here is one such cause that our Partner Lois Clinco is involved with as it supports her great nephew, Luke Lang. Luke is a five year old boy who was recently diagnosed with A.L.L. Leukemia.

Please find the courage to donate and help the entire Lang family. Click here to donate.

Fundraiser Information:

Mulcahys in Wantagh

Sunday, June 30

4:00-8:00pm

Tickets are $60

Please contact Lois Clinco lclinco@mayermeinberg.com for tickets

Beginning in 2013, a provision in the health care reform law increases the hospital insurance (HI) tax on high-wage individuals by 0.9 percent (to 2.35 percent). The Affordable Health Care for America Act raises the Medicare tax percentage on wages exceeding $200,000 per individual (or $250,000 for couples filing jointly) to 2.35 percent. The regular percentage remains at 1.45 percent for wages under $200,000. The Additional Medicare Tax applies to individuals' wages, other compensation, and self-employment income over certain thresholds; employers are responsible for withholding the tax on wages and other compensation in certain circumstances.

This change is to the employee portion of Medicare only. You are only responsible to withhold the additional 0.9 percent on wages paid to your employees. You do not have to take into account spouses' wages for determining the tax rate. The Internal Revenue Service (IRS) has communicated that the first quarter 2013 Form 941 will have the additional Medicare withholding reported on a separate line. The IRS has not yet released a draft of the new Form 941.For more information about the additional Medicare Tax, please click here.

Woody Goldstein was asked to attend the Cooperator's 'Ask the Expert' booth at the annual Co-op & Condo Expo on Tuesday, April 16th, and answer the questions of Board Members. The expo focuses on educating Boards on best practices for managing and maintaining co-op and condo properties. Topics discussed included budgeting and the fiduciary duties of Board Members. For more information about the event, please click here. Thank you to everyone who attended!