March 2015 Tax Tips, Updates and More

March 2015 General Client Newsletter

Tax Season Reminders

Tax season is a hectic time. Here are a few tips:

  • Let us know as soon as possible if you need to file an extension. If you don’t think you can meet the deadline for filing, an extension gives you six more months to file without incurring late-filing penalties. March 16 is the deadline for filing corporate tax returns or extensions; April 15 is the deadline for individual tax returns or extensions. When filing an extension, you must make a reasonable estimate and pay any outstanding amount when you submit the extension form; otherwise, you could end up owing late-payment penalty charges.
  • Contribute to your retirement accounts. You have until April 15, 2015, to contribute to your traditional or Roth IRA for 2014. The maximum IRA contribution for 2014 is $5,500 ($6,500 if you were age 50 or older by the end of 2014). Your traditional IRA contributions may be tax-deductible; however, the deduction may be limited if you or your spouse participate in a retirement plan at work and your income exceeds certain levels. Contact your tax advisor if you have questions about eligibility, or visit
  • Evaluate your situation for 2015. This is a good time to evaluate your financial situation and investment options. Set up an appointment with your tax advisor to discuss how you can minimize your exposure in 2015.

Be sure to contact your advisor if you have any questions. We are here for you.

Also in this month’s issue:

John Lloyd Receives CPA Designation

John-Lloyd-CPA-1We are pleased to announce that John Lloyd, CPA, having successfully completed all requirements, received his CPA designation.

John is a tax accountant at Weltman Bernfield and received his bachelor’s degree in accountancy from Northern Illinois University – College of Business. He started his career at Weltman Bernfield in September 2012.

Congratulations, John!

February 2015 Tax Tips, Updates and More

February 2015 General Client Newsletter

Processing Delays

If you are receiving a tax return, you will probably have to wait a little bit longer this year for the money. The IRS is expecting delays due to budget cuts; however, they do offer a tool to check the status of your federal return at The State of Illinois is also expecting processing delays due to new security measures to avoid identity theft.

Be sure to contact your advisor if you have any questions concerning your tax return. We are here for you.

Also in this month’s issue:

WB Team Members Volunteer for Third Year at Feed My Starving Children

WB team volunteers at Feed My Starving Children for third year

Having had so much fun in 2013 and 2014, the WB team decided to volunteer at Feed My Starving Children again this year. The group may have been a little smaller than previous years, but they still did a lot of work. On January 22, 2015, 17 WB team members helped fill 69 boxes for the charity. See more photos on our Facebook page.

Feed My Starving Children is a non-profit organization where children and adult volunteers hand-pack meals specifically formulated for malnourished children throughout the world.

David Simon, CPA, Named Member at Weltman Bernfield

David Simon, CPAWeltman Bernfield LLC is pleased to announce that David Simon, CPA, was named member at Weltman Bernfield effective January 1, 2015. David joined the firm in January 2009 as director of tax services.

“David is the total tax professional,” says Glenn Mikell, managing member, Weltman Bernfield. “His expertise in tax planning and compliance has allowed us to increase our services, especially in the areas of international tax and multi-state taxation. He works extensively with international law firms to assist their clients in cross-border taxation issues. He is a great addition to our partner group.”

“David is one of the most creative tax professionals I’ve ever met,” says Jeff Kray, CPA, member, Weltman Bernfield. “His ability to relate and express tax advice to clients is second to none.”

David has more than 25 years of experience providing tax compliance and consulting services to privately owned and operated companies in the middle market. He is a trusted business and tax advisor to his clients, identifying, evaluating and implementing proactive tax strategies. He also has extensive experience resolving federal and state tax controversy.