October 2014 Tax Tips, Updates and More

October 2014 General Client Newsletter

What’s So Great about CPAs?

You may not have asked yourself that question in so many words, but you may have wondered what sets CPAs apart from other financial professionals. The answer in short: a lot. We typically begin our careers with years of college and graduate education. To become licensed, we must take the demanding Uniform CPA Examination, which tests our knowledge on a wide range of business topics over a total period of 14 hours. In addition, we have to meet an experience requirement and then be licensed by a State Board of Accountancy to practice. But it doesn’t stop there. Once we become CPAs, we also must meet continuing education requirements to update our knowledge of new business developments as well as commit to a strict code of ethical standards. Armed with this rigorous training, we’re on the job year round, ready to help individuals and businesses address their own unique challenges.

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:

Stephen Young Receives CPA Designation

Stephen Young receives CPA designationWe are pleased to announce that Stephen Young, CPA, having successfully completed all requirements, received his CPA designation.

Stephen received his bachelor’s degree in finance from DePaul University. He started his position at Weltman Bernfield in July 2013 in our Audit Department and is currently pursuing a Certified Fraud Examiner (CFE) designation.

Congratulations, Stephen!

October 2014 QuickBooks Tip

Check Your Math with “Use Calculator”

by Becky Allen, Staff Accountant

A quick way to check your math and save time while in Quickbooks is to go to Edit then Use calculator. A calculator pops up in the Quickbooks screen, allowing you to easily check your calculations. Another nice feature is that you can run a tape any time you are in a field. All you have to do is just start typing in a number, use the +,-, *, / signs and Quickbooks will do the calculation for you and put the correct number in the field.

Have QuickBooks questions? Contact our QuickBooks Pros…they have the answers!



September 2014 Tax Tips, Updates and More

September 2014 General Client Newsletter

It’s not too early to start planning for next year…

We had a really early Labor Day this year and fall is right around the corner. It seems like the year is flying by. Now might be a good time to plan for 2015 before the hectic holiday season hits. Whether it’s tax planning or other accounting needs, the professionals at Weltman Bernfield are available to help. Please don’t hesitate to contact us.

In this month’s issue:

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.