Beyond the Numbers: Thomas Tartaglia, CPA

(Nov, 2009)

Thomas Tartaglia, CPA joined Dermody, Burke & Brown in January 1990 after working 8 years in the private business sector. Tom has over 28 years experience in both industry and public accounting with over 20 years in corporate and personal taxation. He specializes in corporation and partnership taxation and sales tax. Tom has significant experience with the unique areas related to attorney partnership entities, NYS Empire Zone credits, and personal and corporate income tax.

New York Residency Rules

(Oct, 2009)

As the leaves turn color and the cold weather beckons the snow birds back to Florida, many New Yorkers begin to wonder what life would be like outside of New York, at least as a taxpayer. Paychex founder Tom Golisano famously stated that he was leaving New York State, frustrated with the state of politics and a 30% increase in the top personal income tax rate. We wish Mr. Golisano good luck with his efforts, but leaving New York, at least as a taxpayer, may be harder than one thinks.

Year-End Tax Planning

(Oct, 2009)

Although year end tax and financial planning should be considered throughout the year, it is extremely important to analyze your specific needs and implement the tax strategies before year-end. With only a few months remaining in the 2009 calendar year, we will discuss some ideas you may want to consider. First, it is important to analyze two years at the same time. This will allow you to reduce your total taxes instead of shifting a tax burden from one year to the next. This is a difficult concept because of the uncertainty of the future tax structures. 

Beyond the Numbers: William J. Harmatuk, CPA, Partner

(Oct, 2009)

William J. Harmatuk recently joined Dermody, Burke & Brown with 20 years of public accounting experience. He is a graduate of Syracuse University. Bill has extensive accounting and tax experience with corporations, Subchapter “S” corporations, partnerships and individuals. Bill concentrates his practice in the areas of accounting, auditing, tax compliance and planning, and business consulting with service organizations, assisted living and adult care facilities, not-for-profit organizations, and closely held businesses.

Business Valuations: Well Worth It!

(Sep, 2009)

A common question we receive from closely-held business owners is "what is my business worth?" The answer to that question is simple: It depends on who you ask. Ask a potential buyer of the business and no doubt their initial answer will be lower than what the seller perceives it to be worth. If four equal shareholders agree the business is "worth" $1 million, each shareholder could conclude that their individual share is worth $250,000. Unfortunately, the actual "value" of their stock could be significantly less than that amount.

Step Right Up - IRS Prizes

(Sep, 2009)

As the days of summer all too quickly passed by, many of us found ourselves strolling the grounds of the local county fairs or the Great New York State Fair. We viewed the livestock, pies and produce all vying for that blue ribbon prize. We heard the barkers call "step right up" and we were tempted to slap down a dollar bill with hopes of winning the stuffed animal or bowl of goldfish. The Internal Revenue Service has what could be a valuable prize for the lucky person.

Beyond the Numbers: Patricia Greenhouse, CPA

(Sep, 2009)

Pat came to Dermody, Burke & Brown in January 2005 with approximately 10 years of experience in public accounting at a national firm in the fields of accounting, auditing and tax. Pat provides comprehensive service to our closely held businesses focusing on Quickbooks support, compilations and corporate and partnership tax compliance. Additionally she serves the needs of numerous individual and fiduciary tax clients. Pat is a 1983 graduate of the Binghamton University and a member of the New York State Society of CPAs, and the American Institute of CPAs. 

Are You Playing Audit Roulette?

(Jul, 2009)

The IRS has recently upped the odds of being audited, partly due to the downturn in the economy and partly due to a "tax gap" estimated to be in excess of $345 billion. The "tax gap" is the difference between what taxpayers should pay (i.e., what they owe) and what they actually pay on a timely basis. 

New York State Tilts the Playing Field

(Jul, 2009)

The change to the Empire Zone program from this year's state budget has grabbed the headlines and attention of the business community in New York. Less noticed are the other changes affecting a variety of taxes and new tools given to our public servants in Albany charged with enforcing our complex tax laws.

New York is serious about filing information returns in a timely manner. Failure to file can result in a $1,500 civil penalty. If you are sixty days late the amount is $2,000 and if you are a repeat offender the amounts are doubled.

Beyond the Numbers: Kurt Ohliger, Jr., CPA, Partner

(Jul, 2009)

Kurt joined Dermody, Burke & Brown in October 2007 with over 20 years of experience in public accounting, specializing in a broad array of fields. In addition to serving high net worth individual tax clients, Kurt provides comprehensive federal, state and international corporate tax services to both public and private entities in a wide variety of industries. Kurt is a 1986 graduate of Le Moyne College and is currently a member of the College's Board of Regents. Kurt is also a member of the New York State Society of CPAs, the American Institute of CPAs and Bellevue Country Club.