August 2014 Tax Tips, Fraud Signs, Updates and More

August 2014 General Client Newsletter

It’s Back to School Time…
Student Loan Debt: We Can Provide the Decision-Making Details You Need

Now is the time of year when many kids are heading off to college, and thoughts turn to student loans. Did you know that the average student loan balance is $24,803? Student debt is taking a heavy toll on borrowers, according to a survey by the American Institute of CPAs, which found that 75% of respondents or their children had made personal or financial sacrifices because of monthly student loan payments. Sacrifices included putting off saving for retirement (41%); delaying car purchases (40%); postponing a home purchase (29%); and even waiting on marriage (15%).

Among the most troubling findings were that only 39% fully understood the burden that student loan debt would place on their future and 60% had at least some regrets about their decisions on financing their education. That’s why it’s always critical to understand the full potential impact of all your financial choices. The good news is that your CPA can help. Contact us with all your financial questions and we’ll provide the knowledge and insights you need to make the best decisions for you.

Also in this month’s issue:

 

Accounting Intern Scholarship Program Finishes Its Third Year

2014 Accounting Intern Scholarship Program interns

(l-r) The 2014 AISP interns: Gergana Tsvetkova, Corey Lettieri, Meghan Creed, Michael Bolnick, Ashley Barak, Tim Reichert, Sandra Ramirez, Sean Tews, Matt Wydra, Tim Martin

The Accounting Intern Scholarship Program (AISP) finished its third year on July 24, 2014. To celebrate, the ten interns joined representatives from all six participating firms at Arlington International Racecourse for an afternoon of fun and networking. The Weltman Bernfield team is pleased to be part of this program.

AISP accepts eight to ten interns each summer. The interns spend time at each participating firm and meet dozens of professionals. Upon completion of the program, each intern receives a $2,500 scholarship paid directly to their university. This unique program’s continued success is due to the collaboration of partners and staff at all six firms: Weltman Bernfield; Porte Brown; The Hechtman Group; BIK & Co.; Brown, Kaplan + Liss; and Horwich Coleman Levin. Everyone involved contributed a great deal of time and effort, which all of the interns greatly appreciated.

Here are comments from several of the interns:

“Thank you so much for devoting a great deal of your time to the AISP Program. I really appreciate the effort put forth in teaching me many of the necessary skills needed to work in a CPA firm. I have so much knowledge to take away from the program that I would have never learned in school.” – Meghan Creed

Getting the chance to participate in the AISP program was definitely a unique learning experience. I was exposed to so much of the accounting profession that I knew nothing about before. The opportunity to use the various software, meet accounting professionals, and interact with the other interns was great. I enjoyed the hands-on work and I feel that this internship is great at bridging the gap between the accounting theory we learn in school versus accounting in the real world. Every one of the professionals I worked with was helpful and genuinely answered any questions I had. I strongly recommend this program for any accounting major looking to apply classroom knowledge and gain real world experience.” – Sandra Ramirez

“AISP gave me a great idea of what it’s like to work in public accounting, and now I’m excited to do just that. I loved being able to work with six different firms in the program. All the participants were incredibly helpful and I know I will greatly benefit from what I learned as I start my career.” – Tim Martin

“AISP not only covers a great deal of accounting material, but also gives you a great idea of what the average day of an accountant is like. Everyone involved with the program was extremely knowledgeable, friendly, and willing to help. This program is a great medium between the classroom and the working world, and I would recommend it to anyone interested in pursuing a career in accounting.”-Sean Tews  

“Being a part of AISP has been an amazing experience. I have learned so much and have been able to apply the book knowledge I learned in school to the practical accounting we were exposed to both during training and when there was shadowing. My favorite aspect was the large amount of practical knowledge I gained. I now know what it is like to be a CPA and the tasks that are done on a day-to-day basis. I also loved going to the six different firms and being able to experience the differences in cultures. Being a part of AISP has shown me what it is like to be a CPA and where I want my career to take me.” – Ashley Barak

The firms also appreciate the effort shown by the interns and have started interviews for employment. At least one intern from 2014 has accepted an offer, which makes seven interns so far from the past three years who have found employment with a participating firm.

July 2014 Tax Tips, Scam Warnings, Updates & More

June 2014 General Client Newsletter

Relax this summer…

Did you extend your filings from March? The next corporate tax deadline is September 15 if you are a calendar year end with extended filings.

Avoid any last minute rush and make your life simpler with an “imaginary” deadline. Make time now to gather the necessary documents, set August 15 as the date to send us your paperwork and see how stress-free the rest of your summer is. Enjoy Labor Day while other business owners are thinking about the fast-approaching September 15 deadline.

Let us know how we can be a resource for you. We always look forward to hearing from you.

Also in this month’s issue:

 

June 2014 Midyear Tax Tips, Updates & More

June 2014 General Client Newsletter

In this month’s issue:

Fulfilling Dreams…

Larry Adler Rides Route 66 and Raises Money for Jewish Education

Larry Adler at the Launching PadRiding Route 66 has been a longtime dream of Larry Adler, CPA, member, Weltman Bernfield. This year, he fulfilled that dream and used the 2,448-mile ride as a fundraiser for another of his passions—Chicagoland Jewish High School (CJHS). Larry and his wife, Angie, began their trip in Chicago on May 6, arrived in Santa Monica on May 20 and, in the process, raised $30,000 for Jewish education through CJHS. Continue reading

Rich Kane Selected as “2014 Top 100 ProAdvisor”

Rich Kane, CPA, Advanced QuickBooks ProAdvisorWeltman Bernfield LLC is pleased to announce that Rich Kane, CPA, Weltman Bernfield, is included in the  Intuitive Accountant first annual “Top 100 ProAdvisor” list. This list recognizes the leading consultants who have embraced the QuickBooks ProAdvisor program and have leveraged it in order to serve their clients better and grow their own businesses.

Rich Kane selected as an Intuitive Accountant Top 100 ProAdvisor 2014

The Top 100 were selected from the tens of thousands of ProAdvisors in the country. The selection process started with a call for nominations. Then, there was a scoring based on multiple factors and, finally, an open vote in which over 2,000 peers voted. After Intuitive Accountant compiled the scores, Rich was one of the Top 100. Click here for the full list.

Part of the Weltman Bernfield team since January 2011, Rich is an Advanced QuickBooks ProAdvisor, a member of the Intuit Trainers/Writers Network and Accountants Today Executive Research Council, a Certified Xero Partner and a Chicago Intuit Brand Ambassador. He is experienced in all facets of accounting, including client accounting and tax, and works with clients on day-to-day transactions. Rich graduated from Northeastern Illinois University with a bachelor’s degree in business and Loyola University with a master’s degree in Business Administration.