Members in the News

Robert Gordon (Manhattan/Bronx)

The New Tax on Stock Investors Hidden in the Senate Tax Plan
Wall Street Journal
Some of the largest fund companies in the country are pushing back against a little-noticed provision in the Senate tax bill they argue will cost investors millions. The provision would prevent investors from minimizing taxes by choosing the specific shares that are being sold when they sell part of a position. Instead, investors would have to sell their oldest shares first. If the provision becomes law, “markets will work less well. Our fund managers will have their hands tied, and our shareholders will owe more in taxes,” said Thomas Faust, chief executive of Eaton Vance Corp., a fund firm that manages more than $419 billion.

Matt Bryant (Rochester)

Tax Changes for 2018
WROC Rochester First
CPA Matt Bryant discussed some of the tax changes for 2018 that could help you save money when you go to file your tax return Monday during News 8 at Sunrise. Bryant said a change that effects most taxpayers is an increase in the standard deduction. "Taxpayers are allowed to take either itemized deductions which include real estates taxes and mortgage interest or the standard deduction which is a fixed amount based upon your filing status," he said. In 2018, the standard deduction will increase $150 to $6,500 for single filers and by $300 to $13,000 for married filing jointly. "The standard deduction is available to all taxpayers, and it's good practice to take whatever gives you a bigger deduction, itemize or standard."

Nicholas Sher (Manhattan/Bronx)

How a $1.25M New York apartment buy will fare under House and Senate tax plans
The Real Deal
The day after President Trump and the House Republicans released their tax plan, Triplemint broker Collin Bond received the first call. A client who’d just signed a contract on a $4 million home had one question: what does this all mean for her. It was the first call of many for Bond, who joined Triplemint from Douglas Elliman six months ago, and prompted him to pull together an infographic illustrating how both the House and Senate tax plans would affect buyers with different incomes.

Robert Winton (Westchester)

Tax Watch: Federal plan could cost Hudson Valley homeowners
The Journal News
While Congressional Republicans seek a vote on their tax reform bill by Thanksgiving Day, the Lower Hudson Valley is already feeling the proposal’s impact. Most troubling here are limitations on federal tax deductions in the House Republican bill. It would eliminate the deduction for state and local income taxes, cap the property-tax deduction at $10,000, and allow the deduction on mortgage interest on loans up to $500,000. The deduction of mortgage interest on vacation homes would vanish as well.

Michael Shenkman (Manhattan/Bronx)

Special-needs families may get squeezed by tax reform
CNBC
Gerardo and Mercedes Orozco have two daughters with autism spectrum disorder: Karla, 14, and Andrea, 12. Each child may have more than a dozen doctor appointments in a typical year, Gerardo said, plus hours of therapy, including occupational and speech therapy, and more. The couple said they pay as much as $50,000 per year out-of-pocket in healthcare costs. Until now, Gerardo was able to deduct a large portion of those expenses from his taxes because of a medical-expense deduction that is slated for elimination under the Tax Cuts and Jobs Act, released on Nov. 2.

Garrett Wagner (Rochester)

Save money by tax planning
WROC Rochester First
CPA Garrett Wagner of the New York State Society of CPA's discussed the importance of tax planning and steps you can take to save money Monday during News 8 at Sunrise. Wagner first explained the advantages of planning ahead when it comes to addressing your taxes.

David Young (Rochester)

How will the proposed tax plan affect your family?
WHEC
When you get a moment, get your pay stub and look at how much tax you pay to the federal government. Monday, lawmakers started revising the GOP bill to overhaul the federal tax system. We talked to two accounting firms to see how the plan could impact families. We came up with three scenarios for families and got rid of as many variables as we could. And our focus was the bottom line.

David Zweighaft (Manhattan/Bronx)

Kremlin-Owned Firms Linked To Major Investments In Twitter And Facebook
International Consortium of Investigative Journalists
A major investor in Twitter and Facebook had financial ties to two Russian government-owned firms known as vehicles for the Kremlin’s politically sensitive dealings, newly unearthed documents show. The records show that one of the Kremlin-owned firms, VTB Bank, quietly directed $191 million into an investment fund, DST Global, that used the money to buy a large stake in Twitter in 2011.

Patrick Daly and others from Citrin Cooperman

Republican tax plan takes aim at corporate rate 
New York Post – Graph is in print issue
The tax overhaul proposed by House Republicans on Thursday would slash the corporate tax rate from 35 percent to 20 percent — a move backers said would free up cash for companies to create jobs. President Trump praised the proposed cuts as “the rocket fuel our economy needs,” saying it would also encourage businesses to move operations and overseas profits back to the United States.

John Lieberman (Manhattan/Bronx)

What The Republican Tax Bill Means For The Value Of Your Home
Forbes
House Republicans released their long awaited tax bill Thursday. The proposal is a long way from becoming the law of the land, but the draft contains some red flags for the people who build, sell and own homes—as well as for people who want to buy them. Three changes are particularly relevant: a reduction in the amount of mortgage interest that can be deducted, a new cap on property tax deductions and limits to the capital gains exemption used by homeowners when they sell.

Joanne S. Barry – NYSSCPA Executive Director & CEO, Robert Fligel (Manhattan/Bronx), and Marilyn Pendergast (Northeast)

Accountants Club of America celebrates 90th anniversary
Accounting Today
The Accountants Club of America marked its 90th anniversary with a gala dinner in New York on Thursday night. ACA president Robert Fligel kicked off the proceedings, pointing to the club’s long history in the accounting profession and in New York City. “This is going to be a pretty well behaved crowd,” he promised. He introduced Neville Grusd, president of Merchant Financial Corporation, who amused the crowd with jokes.

David Lifson (Manhattan/Bronx)

Concerns Mount Over the Pass-through Tax Cut
Wall Street Journal
A special 25% tax rate on "pass-through" businesses is emerging as one of the most controversial elements of the Republican tax plan for many reasons, including who won't benefit from it and whether it's ripe for abuse. House Republicans want to spur economic growth by lowering taxes on a portion of income earned by many pass-through businesses, dropping the top rate from 39.6% to 25%. So-called pass-through businesses include millions of partnerships, limited-liability companies, S corporations and sole proprietorships that don't pay corporate taxes or dividends.

Michael Esposito (Manhattan/Bronx)

GOP Tax Proposal a Nightmare for Co-ops and Condos
Habitat Magazine
Republican lawmakers released a $1.51 trillion tax plan on Thursday that slashes corporate taxes, gives more modest tax relief to the middle class – and, as written, will hurt most owners of co-op and condo apartments in New York City.  Legislators from high-tax states such as New York and New Jersey have already expressed strong objections to the tax package. So has the National Association of Realtors.

NYSSCPA Staten Island Chapter: 7th Annual Bowl-a-thon

7th Annual Bowl-a-thon hosted by the Staten Island Chapter of the New York State Society of CPAs
Silive.com
The 17th Annual Bowl-a-thon, hosted by the Staten Island Chapter of the New York State Society of CPAs, will take place on Saturday, November 4th, 2017. Proceeds go to benefit The Batten Disease Support and Research Association. Batten disease lacks immediate diagnosis and currently there is no treatment or cure for it. Characteristics include mental and physical deterioration, seizures and loss of vision. Participation requires a minimal entry fee. Sponsorship opportunities are also available.

NYSSCPA Staten Island Chapter

2017 Annual World of Accounting at CUNY - College of Staten Island, hosted by NYSSCPA's Staten Island Chapter
Silive.com
Over 100 students from Staten Island (SI) high schools attended the annual World of Accounting (WOA) event at the College of Staten Island (CSI) last Friday. The students had a lot of smart questions, and an impromptu unscientific poll, at the end of the event revealed that not one student regarded accounting as a boring profession.

NYSSCPA Hiring Workshop

NYSSCPA to hold hiring workshop Nov. 8
Accounting Today
The New York State Society of Certified Public Accountants announced this month that they will hold a hiring workshop on November 8, 2017. Sponsored by NYSSCPA's NextGen Committee, the hour and a half session will feature Kelly Fantasia, director of Human Resources at Untracht Early, and Terry Pomerenk, director of recruitment and career development at Gettry Marcus CPA, who will offer advice to job seekers on the interview process and take general questions. A networking event will also follow.

John Huttlinger (Adirondack)

Huttlinger receives Michael H. Urbach, CPA Community Builders Award
Adirondack Daily Enterprise
John B. Huttlinger Jr., CPA of Lake Placid is the 2017 recipient of the 14th annual Michael H. Urbach, CPA Community Builders Award. The New York Council of Nonprofits Inc. and the New York State Society of Certified Public Accountants co-sponsor the award, which recognizes exemplary achievements of a certified public accountant who serves in leadership positions on charitable organizations’ boards of directors.

NYSSCPA: PCAOB Auditor’s Report Event

SEC approves PCAOB expanded audit report standard
Accounting Today
The Securities and Exchange Commission gave its approval Monday to the Public Company Accounting Oversight Board’s new standard for an enhanced audit report.

Kenneth Hall (Rochester)

Tax breaks for volunteers
WROC Rochester First
CPA Ken Hall discussed some of the tax breaks available for those who volunteer their time Monday during News 8 at Sunrise. Hall, the President of the Rochester Chapter of the New York State Society of CPAs, said the main deductions to focus on center around your transportation, your meals, your lodging and in some cases uniforms.

David Young (Rochester)

How to protect your identity
WROC Rochester First
CPA David Young of the New York State Society of CPAs shared seven steps everyone should be taking to protect their identity Monday during News 8 at Sunrise. Monitor your accounts - With apps like Mint, Personal Capital, and YNAB that allow you to check all accounts from one place, it's easier than ever to quickly monitor your accounts. Get into a habit of checking your accounts regularly, and if you have joint accounts, don't assume your account co-owner made a purchase or initiated a change if you notice activity you don't recognize.