Congress Extends Tax Provisions

Congress has extended many popular tax provisions that significantly impact individuals and businesses. Late on December 16, 2014, the Senate, following earlier action in the House of Representatives, voted 76 to 16 to pass an identical version of H.R. 5771, the Tax Increase Prevention Act of 2014 (2014 TIPA).  This legislation renews, at least for tax year 2014, a retroactive extension of business and individual tax provisions that expired at the end of 2013, and comes just before taxpayers and the IRS gear up for the 2015 tax filing season.

The legislation also extends multiemployer pension provisions first enacted under the Pension Protection Act of 2006 (2006 PPA).

In addition, the extenders legislation adds “ABLE Accounts” that will help disabled individuals save for their future much like the popular §529 education plans and accounts.

The bill’s provisions are summarized below.

Individual Tax Extenders

Continue reading

December 2014 Tax Tips, Updates and More

December 2014 General Client Newsletter

IRS Warns of Telephone Scam

Scam artists are targeting taxpayers, including recent immigrants, throughout the country. According to the IRS, victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or suspension of a business or driver’s license. In many cases, the caller becomes hostile and insulting. The IRS offers advice about what to do if you receive phone call from someone claiming to be from the IRS: www.irs.gov/uac/Newsroom/IRS-Repeats-Warning-about-Phone-Scams.

Remember: the IRS will make first contact on an issue by sending official correspondence through the mail, not by phone or email. If you are unsure of what to do, please contact your accountant.

Also in this month’s issue:

Applications for 2015 Summer Intern Program Now Available

Accounting Intern Scholarship Program starts fourth year in 2015

AISP-2014-Header

2014 AISP Alumni

Following three successful years, Weltman Bernfield is pleased to be part of the Accounting Intern Scholarship Program (AISP) for the 2015 summer session along with five other Chicago-area firms. As proof of the program’s success, 12 of the 28 students who have participated during the previous three sessions have accepted job offers from participating firms. The curriculum provides students with an understanding of the business of public accounting and the processes involved.

AISP was designed and developed by Allen Bolnick, CPA and a founding member of Weltman Bernfield, in collaboration with several other CPA firms in the Chicagoland area. The program has unique features that we believe are attractive to the dedicated accounting major:

  • Each intern receives a $2,500 scholarship paid directly to his or her school upon successful completion of the program.
  • Each intern works with professionals from several CPA firms, not just one.
  • The collaborating sponsors actively assist students who are seeking employment in a CPA firm upon graduation.

A full description of the program is available on the AISP website, www.AccountingISP.com.  This website also includes testimonials from AISP alumni, links to news articles about AISP that appeared in Accounting Today, a list of participating firms and, most importantly, applications for the 2015 session.

November 2014 Tax Tips, Updates and More

November 2014 General Client Newsletter

We Can Help You Address the Issues that Keep You Up at Night…

Where will your business be in five years? Would strategic budget cuts in some areas improve your company’s health? Are there ways you can boost revenue? If you’re nearing retirement, is there a buyer or successor in the wings? These are the kinds of questions that keep many business owners up at night. Fortunately, as your CPA, we can probably help you sleep a little easier. Our firm is made up of highly qualified and educated professionals who work with clients like you all year long, serving as trusted business advisers. We act as coaches, guides and trainers for our business clients, helping them chart the best route to success.

If you want more information about our firm and how we can help you resolve your financial issues, don’t hesitate to contact us.

In this month’s issue:

Rich Kane to Speak on QuickBooks 2015 Update

Annual update on the new features of QuickBooks® accounting systems

Our Advanced QuickBooks ProAdvisor, Rich Kane, CPA, will present a QuickBooks 2015 update at the Illinois CPA Society North Shore Chapter Industry and Business Forum on Monday, November 10, 2014.

Learn about the new features and functions in QuickBooks Desktop 2015, QuickBooks Online, and the new MAC version. Rich will compare the versions and show the screen interface changes you will need to be familiar with to support your business and/or your clients. Continue reading