Welcome to Weltman Bernfield, a certified public accounting and business consulting firm located in the Chicago suburb of Buffalo Grove. We serve clients across the country, offering the expertise of a large CPA firm with the benefits of personalized service. Our accountants‘ combination of education, experience and ongoing training means clients consistently receive efficient service and value. We provide a full range of services, including audit and attest, tax, valuations and more.
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 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.
January 2015 QuickBooks® Newsletter
Accurate, thorough item records inform your customers and help you track inventory levels correctly.
Whether you’re selling one-of-a-kind items or stocking dozens of the same kinds of products, you need to create records for each. When it comes time to create invoices or sales receipts, your careful work defining each type of item will:
- ensure that your customers receive correct descriptions and pricing;
- provide the information you must know about your inventory levels; and,
- help you make smart decisions about reordering.
You’ll start this process by making sure that your QuickBooks file is set up to track inventory. Continue reading
January 2015 General Client Newsletter
Make Tax Organization a Resolution
Are you ready for tax time? You can take a couple of steps now to alleviate some of the stress of filing your return. Plan to get organized early. Begin by putting together a tax folder with W-2s from your employer, 1099s for other income you may have earned, bank and other financial statements and receipts for things such as medical bills and charitable donations. A helpful video from the American Institute of CPAs offers more information on the best ways to get ready now and throughout the year.
Once you’ve gathered all your important paperwork, this is a good time to meet with your CPA to talk about changes in your financial situation or in tax laws that may affect your return. Having this discussion early is key to avoiding surprises at tax time and a great time to get started on planning that can potentially minimize your tax bite and strengthen your financial situation. Call us today!
Also in this month’s issue:
- Congratulations to WB’s newest member: David Simon, CPA!
- Accounting Intern Scholarship Program
- How to Audit-Proof T&E Deductions
- Work for Yourself? Four Retirement Plan Options
- Finding Tax Shelter for Winter Storm Damage
- Five Ways to Improve Employee Reviews
- January 2015 QuickBooks Newsletter – Creating Item Records in QuickBooks
Congress has extended many popular tax provisions that significantly affect 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.