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.

Creating Item Records in QuickBooks

January 2015 QuickBooks® Newsletter

QBC newsletter logoAccurate, 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 Tax Tips, Updates and More

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:

Congress Extends Tax Provisions

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.

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: